SACE, the main Italian insurance and financial group, participated last week in the government mission in Saudi Arabia, sponsored by Ministry of Economic Development, with the aim of supporting Italian companies in one of the most promising markets in the Persian Gulf area. In particular, new operations worth 120 million euros are being examined to support Italian exports and investments: a figure that expresses the potential offered by this strategic market for Italy. About this, SACE has created ad hoc operations aimed at MENA countries, with the aim of expanding the network of potential customers and developing new business and partnership opportunities.
After the UAE, Saudi Arabia is the second reference market for Italy in the Middle East, equal to a total export value of over 4,5 billion euros in 2013, with an increase of 11,4% compared to 2012. The portfolio of operations insured by SACE in Saudi Arabia is currently over 1 billion and is mainly concentrated in the mechanical engineering, energy and metals sectors. In this market, SACE has supported both large groups operating in plant engineering for the iron and steel and petrochemical industries, and SMEs producing machinery for the construction industry, electric generators and equipment for logistics and management. And, in order to increase business opportunities for Italian companies, SACE has concluded two important insurance and cooperation agreements with ICEC, the leading Export Credit Agency in the region, in order to consolidate and expand the business opportunities between the two commercial partners.
Compared to the main European competitors, with the exception of Germany, Italian exports to Saudi Arabia are already well positioned in key sectors for industrial development, such as mechanical engineering (which alone represents over 30% of total exports) and rubber and plastic materials (with a market share of around 7%). According to SACE forecasts, Italian exports to Saudi Arabia will see an average growth of 9,2% over the next four years. Over this time period, above-average performances are expected in mechanical engineering (+10,3%), textiles and clothing (+14%), furniture (+13,8%) and other consumer goods (+12,4, XNUMX%) led by jewelry.
