A state-funded, policy-oriented insurance company, Sinosure promotes China’s economic, business and commercial development abroad on a not-for-profit basis.
The Dubai International Financial Center (DIFC) announced that the China Export and Credit Insurance Corporation (Sinosure) has selected DIFC as the location for its first office in the Middle East.
Sinosure is a state-funded, policy-oriented insurance company established to promote China’s economic, trade and business development abroad on a not-for-profit basis. Sinosure had cumulatively supported more than $ 5.3 trillion in domestic and foreign trade and investment, provided credit insurance-related services to more than 210,000 businesses, and facilitated nearly 300 banks offering more than $ 3,900 billion. RMB financing to exporters, at the end of 2020.
Since 2015, Sinosure has maintained a top ranking among export credit agencies based on the total amount insured, according to the Berne Union. With its new regional headquarters, Sinosure aims to further support China‘s Belt and Road National Initiative and other interests, as well as promote the development of China’s foreign trade and investment.
Sinosure as a group underwrites short, medium and long term export credit insurance, foreign investment insurance, domestic trade credit insurance, insurance-related bonds, guarantees and reinsurance. export credit, accounts receivable management, information advisory services, among others.
DIFC is the region’s preferred financial center for Chinese companies and is home to the country’s major financial institutions. The choice of Sinosure reflects DIFC’s position as a global financial hub, with a world-class legal and regulatory framework, infrastructure, connectivity and access to major global businesses.
In this regard, Arif Amiri, CEO of DIFC Authority, said: âWe extend our congratulations to Sinosure for successfully completing 20 years and for choosing DIFC for its first office in the region, which is a testament to Dubai’s position. as the main hub for business and commerce in the Middle East, Africa and South Asia. DIFC has a well-established reputation as an ideal base for large Chinese companies and Sinosure strengthens it. Their collective presence is underpinned by the strong bilateral relations between the UAE and China and we strive to help them grow in this region, which is home to a number of the world’s fastest growing markets.
Song Shuguang, Chairman of Sinosure, said, âIt is a great pleasure for Sinosure to witness the establishment of the Dubai office at DIFC on the occasion of the 20th anniversary of the founding of our company. Sinosure’s presence at DIFC reaffirms our commitment to increasing trade and investment opportunities for Chinese companies in the Middle East and South Asia. Dubai is the ideal ecosystem for Chinese companies looking to expand in the region and we are confident that our presence at DIFC will open up a wide range of opportunities and create value for ourselves and our stakeholders. “