Saudi Gazette JEDDAH — Italian export credit agency SACE has signed a memorandum of understanding (MoU) with the Jeddah Chamber of Commerce and Industry (JCCI) that will strengthen relations and identify new cross-border opportunities for companies. The agreement is also intended to actively strengthen economic-commercial relations between Italy and Saudi Arabia. Through this agreement, Italian companies, active or interested in operating in the country and potential Saudi customers will have a point of contact at the Chamber of Commerce and a team of specialists available for meetings and assistance. "This initiative lays the foundations for a partnership that will enable us to generate new opportunities in a market of primary interest for Italian exporters," said Michal Ron, Managing Director International Business of SACE. "With 1 billion euros of exposure, Saudi Arabia ranks third in our portfolio of initiatives in the Middle East, and we are working on new projects worth 1.7 billion euros in a number of industries ranging from oil & gas to petrochemicals, from infrastructure to the medical sector and capital machinery." The main areas of cooperation will include sectors of interest such as co-organization of events and seminars focusing on sectors of mutual interest to expand the reach of SACE and introduce its activities to local companies. Moreover, JCCI and SACE will cooperate to enhance communication tools to increase penetration in Saudi market. "Italy's presence is Saudi Arabia is here to stay. Today with SACE, we are signing an agreement with JCCI, but this is just the first step," said Elisabetta Martini, Consul General of Italy. "I paved the way together with SACE's head of MENA region to sign this agreement which will lead the way in setting up a SACE desk at the Jeddah Chamber of Commerce that will be an entry point to Italian financial and insurance products," she said. The signing comes a few days after the inauguration of the SACE office in Dubai and is part of a roadshow that has involved SACE in several workshops in Abu Dhabi and Jeddah.
