SINOSURE becomes first Chinese insurer to open regional office at DIFCPress Release 27 Jun 2021 12:00 pm
A state-funded and policy-oriented insurance company, SINOSURE promotes China’s foreign economic, trade development and cooperation on a non-profit basis.
In 2020, SINOSURE supported 147,000 Chinese customers, with the total insured amount of US$ 704 billion, contributed to 22.4% of China’s total export value.
Through its office in DIFC, SINOSURE will further support China’s Belt & Road Initiative.
Dubai, UAE, 27 June 2021: Dubai International Financial Centre (DIFC), the leading global financial centre and the top innovation hub in the Middle East, Africa and South Asia (MEASA) region, announces that China Export and Credit Insurance Corporation, SINOSURE, has chosen 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. SINOSURE had accumulatively supported more than US$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, as of end 2020. 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.
SINOSURE as a 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, information consulting services among others.
DIFC is the preferred financial centre in the region for Chinese firms and home to the major financial institutions from that country. SINOSURE’s choice reflects the DIFC’s position as a global financial hub, with world-class legal and regulatory framework, infrastructure, connectivity and access to the world’s leading businesses.
In this regard, Arif Amiri, CEO of DIFC Authority, said: “We 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 leading hub for business and trade in the Middle East, Africa and South Asia. DIFC has a well-established reputation as an ideal base for leading Chinese companies and SINOSURE strengthens this. Their collective presence is underpinned by the strong bi-lateral relations between the UAE and China and we are focused on helping them grow in this region, which is home to a number of the world’s fastest growing markets.”
SONG Shuguang, Chairman of SINOSURE, said: “It’s a great delight for SINOSURE to witness the establishment of Dubai Office in DIFC on the 20th anniversary of the founding of our company. SINOSURE’s presence in DIFC reaffirms our commitment to increasing trade and investment opportunities for Chinese companies across the Middle East and South Asia. Dubai is the ideal ecosystem for Chinese businesses looking to expand in the region and we are confident that our presence at DIFC will unlock a vast array of opportunities and drive value for ourselves and our stakeholders.”
DIFC has a well-established reputation as an ideal base for leading Chinese companies and SINOSURE strengthens this. Their collective presence is underpinned by the strong bi-lateral relations between the UAE and China and we are focused on helping them grow in this region,” Arif Amiri, CEO of DIFC Authority