Abu Dhabi: Italy is offering to subsidise up to 30 per cent of direct investments by the UAE in the form of investment grants from the Italian National Agency for Investments Attraction (INAIA), officials said.
The announcement came during a visit by an Italian delegation headed by Domenico Arcuri, INAIA's chief executive, as part of an investment roadshow offering 20 projects in the fields of logistics, tourism and real estate for a total value of one billion euros (Dh5.4 billion).
"We are not interested in financial investments, but rather direct investments through joint ventures by acquiring a stake in the business, or taking over an existing business, or establishing a totally new business in Italy," Arcuri told Gulf News.
"Italy's international trade balance grew 13 per cent last year, while its trade with the region grew at a more significant 30 per cent, with the UAE and Qatar accounting for the highest rates," he added.
The Italians offered 15 tourism-related and five logistics investments. They were speaking to representatives of top Abu Dhabi companies Mub-adala Development, Sorouh Real Estate, Aldar Properties, National Bank of Abu Dhabi, Abu Dhabi National Energy and First Gulf Bank.
The projects include commercial and cruise ports in the north and south of Italy.
Maritime ports
"In the field of marine ports, INAIA has reinforced the commercial ports under its umbrella, while our companies are establishing 30 cruise and tourist ports. We have also established a company, owned by the agency, dedicated to managing these ports, and we are offering UAE investment companies the opportunity to manage and buy commercial and tourist ports in Trieste in the north, and Tarantino in the south," Arcuri said, referring to the potential of an agreement with DP World.
"We are here to explore the opportunities offered by the Italians in general, and weigh the options, as we are open to investing overseas. Yet our first priority remains to be developing Abu Dhabi," said Firoze Kapadia, Sorouh's investment director.
"In assisting UAE investors, the agency's role will not stop at offering financial grants, as we will do everything necessary to protect investors from complications or delays related to red tape and bureaucracy," Arcuri said.
