New era of Saudi Arabia-Italy partnership beckons

Arab News

22-04-2025

Next week, in the heart of Milan, a new chapter in Saudi Arabia-Italy relations will unfold.
As chairman of the Saudi-Italian Business Council, I am honored to lead a delegation of nearly 100 Saudi Arabian executives, including more than 20 representatives from government ministries and authorities, on a mission to strengthen economic and cultural ties between our two nations.
Our journey, which continues to Turin for the first time, represents more than a business delegation — it signals a renewed and strategic alliance between two countries that share values of quality, heritage and innovation.
Saudi Arabia today is transforming rapidly. Under Vision 2030, led by Crown Prince Mohammed bin Salman, the Kingdom is pursuing one of the most ambitious economic and societal reforms in its history.
We are shifting from an oil-based economy to a diversified, knowledge-driven one — and in doing so, we are actively seeking innovative, high-quality partners across all sectors.
Italy stands out as a natural ally. Italians excel in design, engineering, manufacturing and culture. And share with Saudis a deep appreciation for craftsmanship and tradition.
This alignment will be reflected during our Milan Forum, organized with Assolombarda and supported by the Ministry of Investment and our embassy in Rome.
I will be pleased to welcome Attilio Fontana, governor of Lombardy, who will inaugurate the forum and whose earlier visit to the Kingdom helped pave the way for this growing partnership.
'Ultimately, what unites our nations is not just economic interest, but a shared vision for growth, innovation and excellence.'
Kamel Al-Munajjed
Our visit to Turin will be equally meaningful. Turin's legacy as a center of industrial innovation and culture makes it an ideal destination for Saudi investors.
From advanced manufacturing to real estate redevelopment — including heritage sites such as Palazzo del Lavoro and Manifattura Tabacchi — there is strong interest in long-term, sustainable partnerships.
Cultural cooperation is also deepening. Since the 2023 memorandum of understanding between our ministries of culture, collaboration has expanded in areas such as design, heritage conservation, and the arts.
The Red Sea International Film Festival and Turin's cinematic tradition offer natural cultural bridges, reinforcing our shared interest in creativity as a driver of growth.
Yet challenges remain. Many Italian small and medium enterprises are still unaware of the scale of opportunity in Saudi Arabia. Despite more than 200 Italian companies operating in the Kingdom, there is a need for greater institutional presence — particularly in banking and insurance.
To address this, the Saudi-Italian Business Council is committed to improving communication, expanding business-to-business platforms, and supporting sector-specific outreach.
Ultimately, what unites our nations is not just economic interest, but a shared vision for growth, innovation and excellence.
With political ties strengthened by Prime Minister Giorgia Meloni's recent visit to AlUla and with business momentum accelerating, this is the right moment for meaningful collaboration.
Let us continue building this bridge — not just between Milan and Riyadh, or Turin and Jeddah — but between Italy and Saudi Arabia, two nations poised to thrive together.
Grazie, Italia.
• Kamel Al-Munajjed is a businessman and the chairman of the Saudi-Italian Business Council. In recognition of his efforts to strengthen economic relations, the president of Italy awarded him the title of Grande Ufficiale dell'Ordine della Stella d'Italia, one of the nation's highest civilian honors.