As indicated in the focus published by Intesa Sanpaolo, trade between Italy and the United Arab Emirates has grown over the years, reaching a total of around 2011 billion euros in 5,6. After scoring a average annual growth rate of 22% in the period 2003-08, up to 5,7 billion euros, the international crisis of 2009 caused a decisive contraction (-28%). 2010 saw a slight recovery in trade (+0,7%), to then expand in 2011 (+35,2%). As regards the first eleven months of 2012, one can note one contraction of Italian imports (-21,9%), while exports marked a marked increase (+17%). The weight of trade with the Emirates on the Italian trade balance has been growing over time, reaching almost 0,8% in 2008. Despite this, the trade balance is largely positive for Italy: during 2011 the surplus with the UAE was equal to approximately 3,9 billion euros, while it exceeded 4,3 billion euros in the first eleven months of 2012.
Italy imported in 2011 mainly refined petroleum products, metals and metal products (aluminium, precious metals, iron, cast iron and primary steel), foodstuffs (oils and fats, sugar and meats, both fresh and processed), plastic bags (plastic laminates, tiles and plastic sanitary ware) e minerals (raw). Among the exported goods are found above all mechanical machinery (taps, valves, pumps and compressors, general purpose machinery, industrial refrigeration and ventilation machinery, special purpose machinery, motors and turbines), manufactured goods (gold and jewelery), refined petroleum products, metals and metal products (pipes, ducts, hollow sections, as well as iron, cast iron, steel, primary transformation ferroalloys), electrical machinery (wires, electric cables, electricity distribution and control equipment, motors, transformers, generators). During 2011 the share of the main imported category, refined petroleum products, grew significantly, to the detriment of that of metals, in the past a key element of Italian imports from the Emirates. The food component is also on the rise. Furthermore, on the export side, the consolidation of the percentage relating to mechanical machinery and various manufactured goods should be noted, while that of refined petroleum products is on the rise. Metals and metal products, such as electrical machinery, were down.
The stock of FDI in the Emirates in 2011 was equal, according to UNCTAD, to about 85 billion dollars, just under 24% of the GDP produced in the year. Are present about forty free trade zones and special economic zones, in which special tax exemptions are granted to trade and investment, as well as better conditions for the establishment of foreign companies. While in the various Emirates foreign companies have limitations both on establishment and on participation in tenders, in the free trade zones it is possible to renounce local partners, acquire majority stakes, benefit from tax exemptions for both business income and exports, the repatriation of capital. Foreign investors generally favor the possibility of invest in j with local companies also in the free zones to benefit from the privileges granted to joint ventures in tenders. The main special zones for services are those of Dubai Internet City, Dubai Media City, Dubai Health Care City, Dubai Knowledge Village, Dubai International Financial Center, Dubai Academic City, Dubai Biotech Research Park, Dubai Outsource, Fujairah Creative City Zone. As far as industrial production is concerned, Hamryiah Free Zone, Khalifa Industrial Zone, Dubai Auto zone, Gold and Diamond Park, Dubai Flower Centre, ICAD2 and Ajman Free Zone should be mentioned. Finally, for logistics, Abu Dhabi Ports Company, Abu Dhabi Airport Free Zone, Dubai Airport Free Zone, Dubai Logistic City, Dubai Maritime City, Sharjah Airport Free Zone, Rak Maritime City are worth mentioning. UNCTAD reports that the services sector is the one that has most catalysed the interest of foreign investors. Based on the number of foreign-owned enterprises the financial sector is the one that has seen the highest number of settlements by foreign companies, followed by that of commerce, transport and construction. In industry, the sectors of metallurgy, electronics, mechanics and chemistry stand out. The companies are mostly American, followed by British, German and Japanese ones.
According to the Italian Ministry of Foreign Affairs Italian investments are still limited today, due to the exclusion of the possibility of a majority shareholding by foreign companieseffectively reducing investment opportunities. According to the MAE, there are around 160 Italian companies active in the UAE energy, infrastructure and construction sectors, the latter at high risk of exposure to global developments, as already indicated in a previous article. The main Italian industrial names present in the area are Ansaldo Energia, ABB Energy Automation, Snam Progetti, Saipem for energy, Agusta for aeronautics, Astaldi for infrastructure, Maire Tecnimont, Impregilo, Gas Turbine for mechanics and electronics Technologies (formerly Fiat Avio), Danieli mechanical workshops, Nuovo Pignone, for Luxottica optics, for Pirelli rubber, for Telecom telecommunications, for Cai Alitalia transport, for Mapei construction products. The banks include Unicredito present with a representative office, Intesa Sanpaolo with a branch and BNL with an Italian desk. Generali is also present among the insurance companies. As for i ongoing projects, Impregilo started a construction site in January 2011 for the construction of a water canalization work, in May of the same year Prysmian concluded two contracts for the supply of cables while Techint began the construction of a processing, storage and transport system for sulfur. In October 2011 Saipem and Maire Tecnimont were awarded a contract for the construction of the first 266 km railway section in the Emirate of Abu Dhabi for the connection between the sulfur mines and the oil fields (Shah-Habshan Ruwais). The work will be completed by the end of 2014. According to MAE, the total volume of contracts stipulated in 2011 by Italian companies in the Emirates is around 7,5 billion euros.
In fact, the United Arab Emirates enjoy a high endowment of infrastructures, thanks to a modern and articulated road network, very efficient and integrated port and airport platforms. If we look at the projects under construction, the expansion of the railway network will allow not only the transport of people, but also of goods both in the east-west direction, also with high-speed systems, and in the north-south direction to connect the production centers at the outlet ports. Also worth mentioning is the important oil pipeline linking Habshan to Fujairah (370 km), thus allowing the volumes of crude oil to be exported to avoid the Strait of Hormuz. Without forgetting the tourism infrastructure, where the circuit destined for the Formula One Grand Prix was recently built on Yas Island, in the immediate vicinity of Abu Dhabi, which is flanked by the first theme park dedicated to Ferrari (Ferrari World). In addition to the palm-shaped artificial islands with exclusive tourist villages (Palm Jumeirah, Palm Jebel Ali and Palm Deira) and those dedicated to the solar system (The Universe), the two largest shopping centers in the world have been built (The Mall of Emirates and Dubai Mall) and the largest indoor ski facility in the world (Ski Dubai). A cultural district has also been created on Sadiyyat Island, in collaboration with the most prestigious museums in the world (Louvre, Guggenheim).
