Tuesday 29 June 2021
China Export and Credit Insurance Corporation (known as Sinosure), has chosen the Dubai International Financial Center (DIFC) as the location for its first office in the Middle East.
Sinosure is a state-funded and policy-oriented insurance company established to promote China’s foreign economic, trade development, and cooperation on a non-profit basis. As of the end of 2020, it had accumulatively supported more than USD 5.3 trillion of domestic and foreign trade and investment, provided credit insurance-related services for over 210,000 enterprises, and facilitated nearly 300 banks offering more than RMB 3.9 trillion of financing for exporters.
Since 2015, Sinosure has maintained a top ranking amongst export credit agencies based on the total insured amount, according to the Berne Union (the leading global association for export credit and investment insurers).
With its new regional headquarters, Sinosure aims to further support China’s national Belt and Road initiative, and other interests, as well as promoting the development of China’s foreign trade and investment.
The group writes short, medium, and long-term export credit insurance, foreign investment insurance, domestic trade credit insurance, bonds, guarantees, and reinsurance related to export credit insurance, accounts receivable management, and information consulting services among others.
DIFC is the preferred financial center in the region for Chinese firms and home to the major financial institutions from that country.