Chinese state-backed Sinosure opens regional office in Dubai

Chinese state-funded and policy-oriented insurance company, Sinosure, confirmed on Sunday that it had opened a regional office in Dubai.

It is the first Chinese insurer to operate in the Dubai International Financial Centre (DIFC) free zone.

Sinosure promotes China’s foreign economic, trade development and cooperation on a non-profit basis and said that through its office in DIFC it will support China’s Belt & Road initiative.

As the preferred financial centre in the region for Chinese firms and home to the major financial institutions from China, #DIFC is pleased to have Chinese insurer SINOSURE set up its regional office in the Centre. Read more: https://t.co/FwpLoKmtMQ pic.twitter.com/HDGle2A633

— DIFC (@DIFC) June 27, 2021

The insurance firm has reportedly supported over $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 RMB3.9 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.

Sinosure 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.

“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,” said Arif Amiri, CEO of DIFC Authority.