Saudi Arabia and Italy have entered a new phase of economic collaboration, marked by the signing of 22 investment agreements during the Saudi-Italian Investment and Business Forum in Riyadh. The event brought together senior officials and private-sector leaders to deepen bilateral investment across high-value industries, reinforcing the Kingdom’s economic diversification agenda.
The agreements span multiple strategic sectors, including communications and information technology, import and export, tourism, healthcare, and sports, reflecting a shared ambition to expand beyond traditional partnerships.
A New Phase of Economic Collaboration
In his keynote address, Saudi Minister of Investment, Khaled Al-Falih of the Ministry of Investment, emphasized the strengthening relationship between the two nations, which dates back to the early 1930s. He highlighted the forum’s role in accelerating capital flows and sectoral cooperation.
“Our economic relations with Italy have developed, driven by our partnership in investment, trade, energy, industry, and culture,” Al-Falih stated.
The forum attracted over 1,500 participants, including more than 600 Italian companies. Notable attendees included Italy’s Deputy Prime Minister and Minister of Foreign Affairs Antonio Tajani, and Matteo Zoppas, President of the Italian Trade Agency.
“We brought here more than a thousand investors, buyers, clients, I would say agents of commerce, with our aim to develop the export of Italian products to Saudi Arabia and not only to this area, of course,” Zoppas told Arab News.
Expanding Beyond Traditional Industries
A key theme of the forum was the expansion of cooperation into non-traditional sectors aligned with Saudi Arabia’s Vision 2030. Minister Al-Falih pointed to growing opportunities in industries critical to building a knowledge-driven economy.
“We look forward to boosting cooperation in the fields of tourism, design, fashion, furniture, films, and heritage preservation,” he said, adding that technology collaboration is also a priority. “We are expanding the scope of work in artificial intelligence to include developers and research centers.”
The minister further noted that Italy’s partnership plays a strategic role in supporting national programs tied to security and industrial growth. “The collaboration actively supports Saudi strategies in sectors such as defense, space, and cybersecurity,” he added.
Growing Trade and Investment Momentum
The forum builds on a period of significant growth in trade and investment between the two countries. In 2024, Italian investments in the Kingdom rose 15 percent to reach SR6.3 billion ($1.68 billion), while licenses issued to Italian companies increased by 91 percent.
According to Matteo Zoppas, Italian exports to Saudi Arabia have increased by 80 percent over the past several years. In 2023, Saudi exports to Italy reached approximately $5 billion, while imports from Italy totaled nearly $6 billion, driven by strong demand for Italian machinery and advanced engineering solutions.
This momentum is further supported by high-level agreements, including a $3 billion memorandum of understanding signed earlier this year between the Public Investment Fund (PIF) and SACE, an Italian financial group, to support Italian companies in strategic Saudi projects. An additional 26 MoUs were signed in AlUla this year across renewable energy, culture, and tourism.
About The Saudi-Italian Investment and Business Forum
The Saudi-Italian Investment and Business Forum is a bilateral event held in Riyadh from November 25-26. It serves as a strategic platform to expand economic relations, review promising investment opportunities aligned with Vision 2030, and facilitate partnerships between Saudi and Italian public and private sector entities. The event aims to accelerate mutual investment flows and formalize alliances in priority sectors such as sustainable energy, transportation, and infrastructure.
Source: Arab News
