28 Jan 2025
JEDDAH: Saudi Arabia and Italy have signed 26 memoranda of understanding between public and private sector institutions, further enhancing their bilateral relations.
The agreements were formalized during a high-level roundtable meeting in the historicity of AlUla on Jan. 26, attended by Italy’s Prime Minister Giorgia Meloni, who began her three-day official visit to Saudi Arabia the previous day.
Earlier, Saudi Crown Prince Mohammed bin Salman welcomed Meloni in AlUla, where the two leaders discussed opportunities to deepen cooperation across various sectors.
Meloni said that Italy signed agreements worth around $10 billion with Saudi Arabia, reinforcing the strategic partnership between the two nations.
This comes as economic ties between Saudi Arabia and Italy have strengthened significantly in recent years, with Italian exports to the Kingdom rising by over 26 percent in the first 10 months of 2024 compared to the same period the previous year.
In a post on his X account, Minister of Investment, Khalid Al-Falih, said: “We held a meeting that included officials and representatives of several major companies in the Kingdom and Italy. We talked about investment opportunities in the two countries and the investment opportunities provided by Saudi Vision 2030.”
He added: “26 memoranda of understanding were signed between public and private sector institutions in the two countries.”
Among the major deals, Italy’s export credit agency SACE will provide $3 billion in loan guarantees for Saudi Arabia’s NEOM real estate project, supporting infrastructure, urban development, and transport. The deal is backed by a syndicate of international banks, including HSBC and Banco Bilbao Vizcaya Argentaria.