During an investment forum held in Milan, Saudi Arabia and Italy have signed 21 agreements and memoranda of understanding (MoUs). This significant step is aimed at fostering the development of trade and investment relations between the two countries. The agreements signify the commitment of both nations to deepen their economic cooperation and promote mutually beneficial opportunities for trade and investment.
During the event, a deal was signed between Saudi ACWA Power and the Italian energy giant Eni. The MoU signifies their joint commitment to a green hydrogen project in the Middle East and Africa.
According to Saudi Investment Minister Khalid Al-Falih, Italy is poised to become a long-term partner of Saudi Arabia in the energy and sustainability sectors.
During the forum, Al-Falih stated that the Kingdom is initiating an investment in crucial raw materials. Additionally, he expressed the intention to enhance collaborative efforts with Italy. He specifically highlighted one of the world’s largest hydrogen projects located in the city of NEOM.Â
The Saudi-Italian Investment Forum was collaboratively organized by the Saudi Ministry of Investment and the Italian Ministry of Enterprises and Made in Italy.
In the presence of Minister Al-Falih and the Italian Minister of Enterprises and Made in Italy, Adolfo Urso, the forum witnessed the participation of numerous officials from both Saudi Arabia and Italy.
Meaningful exchanges
The event brought together representatives from governmental and private sectors. It facilitated meaningful exchanges and discussions. The focus was on investment opportunities and economic collaboration between the two nations.
The event witnessed the signing of MoUs and agreements. These agreements encompassed a wide range of sectors, including energy, clean energy. They also comprise healthcare, real estate, waste management, technology, and manufacturing.
In addition, the forum held discussions on investment opportunities. These discussions focused on Saudi Arabia’s ongoing economic transformation and the initiatives and programs outlined within its Vision 2030.
‘Made in Italy’ fund
During the event, Minister Urso mentioned that Rome is engaged in discussions with Riyadh regarding a potential investment in Italy’s “Made in Italy” fund. The fund aims to enhance the supply chains of strategically significant industries. Additionally, Minister Urso hinted at the possibility of merger and acquisition deals in the energy sector between Saudi Arabia and Italy.
Read more: Saudi’s global water organization to initiate global sustainability collaboration
Approved in May, the “Made in Italy” fund is set to receive an initial endowment of 700 million euros ($756 million) in 2023. Additionally, an additional 300 million euros will be allocated in the following year from state funds. The fund aims to support and promote Italian industries, contributing to their growth and development.
150 licensed Italian firms
During his address, Al-Falih extended an invitation to Italian firms, urging them to establish operations in the Kingdom.
He highlighted that Saudi Arabia already hosts 150 licensed companies from Italy. This showcases the country’s openness to international businesses. It also highlights the potential for further collaboration between the two nations.
Al-Falih highlighted that Italy’s position as one of the top 10 global economies contrasts with its current placement among the top 20 investors in the Kingdom. He further emphasized that the bilateral non-oil trade between the two countries is valued at €1.3 billion ($1.4 billion).
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