UAE-based Sharaf Group & Italian company SMAG sign logistics deal

By Arya M Nair, Official Reporter
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Sharaf Group_SMAG sign Logistics MoU
Image Courtesy; WAM

Investopia Europe, which was launched in the Italian trade capital Milan, has witnessed the signing of a Memorandum of Understanding (MoU) between the UAE-based Sharaf Group and the Italian company, SMAG, have signed a Memorandum of Understanding (MoU) for cooperation in the field of logistics and shipping services.

The MoU was signed in Milan by Mr. Salah Sharaf, Vice President of Sharaf Group, and Mr. Giuseppe Esposito, President of SMAG, witnessed by Investopia Europe, which was launched in the Italian trade capital Milan. The MoU is the first partnership facilitated by Investopia Europe during the visit of a high-level UAE delegation led by Mr. Abdullah bin Touq Al Marri, Minister of Economy, to Milan.

The visit is aimed at exploring mechanisms for strengthening bilateral economic partnerships and stimulating investment exchanges between the UAE and Italy in many new economic sectors.

These include renewable energy, tourism and FinTech, which contribute to creating more new investment opportunities to sustain economic growth by strengthening cooperation and establishing partnerships at the private sector level.

The MoU provides for exploring, promoting, and developing joint business opportunities in the UAE, the wider Middle East, and Europe, thus boosting investment exchanges between the two sides.

Under the terms of the agreement, the two parties will work to enhance trade and investment cooperation in the UAE and Italy in several key areas, including air and sea freight services, warehousing, and logistics services, as well as explore more investment opportunities in the two markets.

Mr. Sharaf explained that cooperation with SMAG opens up more avenues for cooperation and expansion in European markets from Italy. Investopia Europe adds new impetus to enhancing cooperation between the UAE and Italian private sectors, which will reflect in trade and investment exchanges, Mr. Sharaf added.

Mr. Esposito, said that Investopia Europe has significant potential in strengthening cooperation between the business communities in the UAE and Italy and creating promising investment opportunities in the sectors of the new economy. It provides an ideal opportunity for Italian and Emirati companies to enter and expand into Middle Eastern and European markets.

Mr. Esposito also added that the UAE’s investment environment is characterized by the flexibility of economic legislation that facilitates partnerships with major international companies and their expansion from within the UAE. This makes the UAE ‘the land of opportunities and talent.’

The first-ever Investopia Europe brought together senior officials from the UAE and Italy, businessmen, investors, entrepreneurs, and economists from around the world to promote dialogue and stimulate global investment in fast-growing sectors, especially the new economy, the circular economy, family businesses, and creative industries, and identify global future trends.

Related: UAE’s Al Seer Marine pours $70mn in ADNOC Logistics & Services