Latest news with #Sace
Trade Arabia
25-02-2025
- Business
- Trade Arabia
Metito in deal with Italian groups to boost MEA water infrastructure
Metito Utilities, a global investor, developer and operator of sustainable water management solutions and climate-resilient water assets, said it has signed three landmark MoUs with leading Italian institutions this week. These are Italy's national promotional institution and development bank, Cassa Depositi e Prestiti (CDP), Sace – Italy's Export Credit Agency and insurance–financial group, and Acea, a major industrial group in the water sector and a leader in environmental and energy services. The agreements, formalised during the UAE-Italy Business Forum in Rome and signed in the presence of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, and Italian Prime Minister, Giorgia Meloni. These strategic partnerships set the stage for transformative water infrastructure developments that will enhance water security and improve millions of lives across Africa, the UAE, and other regions where water infrastructure is critically needed, said Metito Utilities in a statement. These collaborations usher in a new era of Italy-UAE cooperation in sustainable water infrastructure, fully aligned with Italy's ambitious Mattei Plan and the United Nations' Sustainable Development Goals for clean water and sustainable communities. By leveraging the combined expertise and resources of CDP, Sace and Acea, Metito Utilities is set to accelerate the deployment of sustainable water solutions across key markets, it stated. Rami Ghandour, CEO of Metito Utilities, said: "As countries work to achieve water security for their growing communities, these partnerships create unprecedented opportunities to accelerate sustainable solutions. By combining Metito Utilities extensive experience with Italian expertise and financial capabilities, we are creating a powerful framework to address critical infrastructure needs and enhance water security across multiple markets." "Building on our commitment to Africa initiated with Africa Water Infrastructure Development (AWID) launched with British International Investment, these collaborations further underscore our dedication to developing sustainable water infrastructure across the continent," he stated. The collaboration with CDP opens vital funding channels for water infrastructure, with a particular focus on Africa's Official Development Assistance (ODA)-eligible nations. By aligning with Italy's development goals, this initiative creates opportunities for Italian businesses while addressing critical infrastructure needs in developing markets. The strategic co-operation with Sace will bring innovative financial solutions and insurance mechanisms to accelerate project development throughout Africa, the UAE, and other high-need regions, strengthening the ties between Italian industry and emerging markets, fostering both economic growth and sustainable development in the water sector. Working with Acea, a leader in water and energy services, Metito Utilities will spearhead innovative solutions for sustainable water management across Africa and the Middle East.
Trade Arabia
28-01-2025
- Business
- Trade Arabia
NEOM secures $3bn Italian Sace funding for key projects work
NEOM, the developer of Saudi futuristic city, has announced the successful closing of a landmark export credit agency (ECA) financing transaction, with Italy's export credit organisation Sace, securing approximately $3 billion under a long-term multicurrency untied facility. The deal, which marks NEOM's first corporate ECA financing and the largest untied financing ever guaranteed by Sace, will support various projects across the mega development. The funding is backed by a syndicate of nine prominent international banks – HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Crédit Agricole CIB, Agricultural Bank of China, Citi, China Construction Bank, J.P. Morgan and Bank of America, said NEOM in a statement. The partnership will enable NEOM to leverage supplies from Italian businesses, particularly SMEs, to support the project's development across key sectors, such as infrastructure, urban development, construction and transport (rail, road and maritime), it stated. To date, Italian suppliers and contractors have supported NEOM on a range of projects, with contracts worth $6.3 billion, and the deal aims to further strengthen and develop these important international business relationships, it added. NEOM's Acting CEO Engineer Aiman Al Mudaifer said: "We are committed to working with global partners who share our passion for visionary projects and initiatives that will advance human progress. This deal will support us in delivering our significant portfolio of developments and reflects the strong confidence that leading financial institutions worldwide place in NEOM." "It advances the kingdom's aim of generating capital investment in line with Saudi Vision 2030, with foreign investment being instrumental in diversifying the economy. This partnership with Sace and the consortium of leading international banks also creates strong ties with major Italian companies that will enhance international trade and investment flows," he added. Sace CEO Alessandra Ricci said: "We are glad to play our part alongside NEOM in this cutting-edge project, which generates opportunities in a wide range of sectors for Italian SMEs and supply chains. Opening new routes to 'Made in Italy' is a priority to allow a long-term growth for Italian exports, matching their potential." "Our Riyadh office supports Italian companies and their potential partners and counterparties, by providing experience and insurance financial solutions combined with the added value of a physical presence in the area," she stated.
Bloomberg
26-01-2025
- Business
- Bloomberg
Italy Credit Body Sace Signs $6.6 Billion Deals in Saudi Arabia
Italian insurer and export credit agency Sace said Sunday that it signed five accords worth $6.6 billion in Saudi Arabia. The agreements come as part of an Italian government mission — spearheaded by Prime Minister Giorgia Meloni — to the country, according to a statement. The deals are with 'primary Saudi counterparts active on the market,' with the goal of facilitating trade and investment between the two countries.
