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(ANSAmed) - ABU DHABI, JUNE 27 - Trade between Italy and the UAE is expanding at a fast clip and currently is worth $5 billion annually, said Paolo Dionisi, Italy's ambassador to the UAE. "We are the UAE's seventh largest trading partner. About 4.7 per cent of the country's imports are from Italy," Dionisi told reporters while attending the first UAE boutique opening of Italian luxury leather goods company, Piquadro, in Abu Dhabi this week. He said currently, there are more than 300 Italian companies operating in the UAE, Gulf news online reports. "The potential for growth in bilateral trade is very high," he said, adding that over the last two years, tenders won by Italian companies in the UAE cumulatively amount to $4.6 billion, as compared with $2.6 billion over a six-year period, earlier. Italy's exports to the UAE constitute mainly textiles, fashion design, gold jewellery, machinery for the industrial sector, leather goods and high-end cars like Ferrari and Maserati, Dionisi said. The UAE's exports to Italy are mainly ceramics, he added. Citing examples of expanding business ties between his country and the UAE, Dionisi said Abu Dhabìs Mubadala Development Company owns five per cent of Ferrari, while it owns 35 per cent of Piaggio Aereo Industries, an Italian aircraft manufacturer which makes the P -180, a civilian aircraft. "Mubadala plans to build a factory for manufacturing aeroplanes in Abu Dhabi in the coming years," he said. Dionisi said Mubadala and Aldar have an agreement with Italy's Poltrona Frau - makers of luxury furniture - to build an export-oriented factory. "The factory in Abu Dhabi will export luxury furniture to the Middle East, Gulf and beyond," he said. (ANSAmed).