Saudi Arabia and Italy sign 26 deals for expanding partnership
ALULA — Saudi Arabia and Italy have signed 26 memoranda of understanding (MoUs) for expanding partnership across key industries, including construction, renewable energy, cultural exchange, and advanced technologies. The MoUs were signed during the Saudi-Italian high-level roundtable meeting, with the participation of Italian Prime Minister Giorgia Meloni, Minister of Investment Khalid Al-Falih, CEOs, private sector leaders, and representatives from major companies of both countries in AlUla on Sunday.
During the meeting, Italian businesses highlighted their aim to capitalize on an estimated SR11.8 trillion in Saudi inward investment over the next six years. The meeting also explored collaborative prospects in green energy, automotive manufacturing, infrastructure development, tourism, agrifood, solar and wind energy projects, sustainable tourism initiatives, and advanced construction technologies.
Heritage tourism was also a key focus, with participants highlighting Italy's expertise and Saudi Arabia's ambition to become a leading global travel destination. As the Kingdom plans to create 1.6 million tourism jobs by 2030, Saudi-Italian partnerships are poised to drive skills development, promote sustainable tourism, and expand opportunities in the private sector.
In 2023, Saudi exports to Italy reached SR18.5 billion, driven primarily by mineral fuels and petrochemicals, while imports from Italy totaled SR22 billion, reflecting strong demand for Italian products such as machinery, pharmaceuticals, and advanced engineering solutions.
In 2024, 63 investment licenses were granted to Italian firms in the Kingdom—an increase of 110 percent over the previous year—underscoring the rising Italian interest in advanced manufacturing, construction, and renewable energy.
On the second day of her visit to AlUla, Italian Prime Minister Meloni visited on Monday the Hegra archaeological site in AlUla. During the visit, she was accompanied by Emir of Madinah Region Prince Salman bin Sultan, Minister of Commerce Majed Al-Qasabi, Acting CEO of the Royal Commission for AlUla Abeer AlAkel, and several officials from both Saudi Arabia and Italy.
The visit to Hegra, Saudi Arabia's first UNESCO World Heritage site, featured key archaeological and historical landmarks, including Qasr Al-Farid and other sites.
Later on the day, Meloni left AlUla, marking the conclusion of her visit to Saudi Arabia.
She was seen off at AlUla International Airport by Emir of Madinah Prince Salman bin Sultan, Minister of Commerce Majed Al-Qasabi and several other officials.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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