DUBAI: UBI Banca inaugurated a new representative office in Dubai, confirming the strategic importance UBI Banca places on having an international presence to support the business of its corporate clients.
With an official mission led by Andrea Moltrasio, the chairman of the supervisory board, the opening of this representative office, in addition to those in New York and Casablanca, marks the third office to be inaugurated by the group in around six months.
“As representatives of the second largest manufacturing economy in Europe, we welcome the interest shown by countries like the UAE involved in a number of major projects, able to benefit from contributions from the international economy,” said Andrea Moltrasio. “Our group has its roots in some of the most dynamic economic areas in Italy and acts as a partner for the international growth of companies that form the manufacturing backbone of those areas.”
A memorandum of understanding was also signed during a visit by the mission, in the presence of Liborio Stellino, the Italian ambassador to the UAE and Saeed Mohammed Al Tayer, MD and the CEO of Dewa. This agreement represents future co-operation between the UBI Banca Group and Super ESCO Etihad Energy Services. The memorandum is an agreement designed to inform Italian companies of opportunities within the region and involve them in bidding for contracts, while supplying technology for a retrofit programme, connected with the broader Dubai Clean Energy Strategy 2050 programme.
The first stage of the retrofit programme, which finishes by the end of 2018, involves investments of at least $500 million in energy savings of public service facilities such as roads, post offices, free zones, mosques, and public security.
Approximately 600 Italian firms are already active in the UAE – in comparison to the 200 from five years ago – making the UAE the main market for Italian exports to the Arab world. In 2014, UAE imports stood at around $185 billion and approximately 30 per cent of the manufactured goods imported came from leading ‘Made in Italy’ sectors.
UBI Banca is the third largest commercial banking group in Italy by stock market capitalisation, with a market share of over five per cent, 1,560 branches located mainly in the wealthiest regions of the country and more than 17,500 employees. UBI Banca is a banking Group listed on the Milan stock exchange and included in the FTSE/MIB index.
