
Saudi Arabia, Italy strengthen ties at business forum
Turin: The Saudi-Italian Business Forum concluded on Wednesday in Turin, bringing together officials, business leaders and experts from both countries.
Cristina Tumiatti, vice president of Piccola Industria Unione Industriali Torino, opened the third day of the forum with a speech on industrial excellence.
'Saudi Arabia represents a market of extraordinary strategic potential. Its geographic position and dynamic economic environment make it a natural hub for businesses,' she said.
Tumiatti shared her personal expereinces in the Kingdom and praised its rapid transformation: 'I have witnessed firsthand the progress and openness that characterize the Saudi business environment.'
She also emphasized Italy's focus on Middle East partnerships: 'Our initiatives promote digital ecological manufacturing and investments aimed specifically at companies entering the Saudi market.'
Waleed Al-Rubaie, general manager of petrochemicals at the Ministry of Investment, addressed global economic challenges and stressed the need for international cooperation.
'We come together at a time where the world is facing many challenges, and we can only overcome these by working together,' he said.
Al-Rubaie reaffirmed Saudi Arabia's green commitment: 'We are dedicated to balancing energy availability with sustainability through our new green initiatives.'
His remarks underscored the energy sector's shift toward sustainability as key to tackling climate change and ensuring long-term economic resilience.
Fahad Al-Subaie, director of clubs investment at the Ministry of Sports, spoke about the link between sports and economic development.
'We are targeting a 3 percent GDP contribution by 2030, aiming to create around 200,000 jobs,' he said.
He highlighted major investments since 2018, including the Newcastle acquisition and Formula One partnerships.
'These initiatives are not just about sports; they are about creating opportunities and driving economic growth,' he added, noting their impact on tourism and jobs.
Al-Subaie also pointed to Saudi Arabia's global ambitions: 'Our successful hosting of the 2024 World Cup is a testament to our commitment, as we are the first nation to achieve this with the highest attendance in history.'
Marco Osnato, president of the Bilateral Friendship Section UIP Italy-Saudi Arabia, highlighted the strengthening ties between the two countries.
'Under the leadership of Prime Minister Meloni, Italy and Saudi Arabia are becoming strategic partners. This partnership is reflected in our growing economic relations,' he said.
He stressed the role of political dialogue in boosting economic ties: 'Frequent visits and agreements between our nations serve to solidify our commitment to mutual growth.'
Osnato added: 'Italy is well-positioned to become a key player in the hydrogen supply chain,' pointing to shared goals in energy transition and sustainability.
Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, reaffirmed Saudi Arabia's commitment to Italy. 'This is the largest Saudi business mission to ever visit Italy, reflecting our serious commitment to collaboration,' he said.
Al-Munajjed led a delegation of nearly 70 Saudi representatives, highlighting the forum's importance in strengthening business ties.
Sara Al-Faiez, senior manager at the Saudi Investment Promotion Authority, Invest Saudi, presented the Kingdom's investment landscape: 'Our goal is to create an attractive investment environment through policy reforms and partnerships.'
She noted the Kingdom's strategic location: 'Saudi Arabia is a global hub, with 80 percent of the world's population within a seven-hour flight.'
Al-Faiez highlighted strong investment opportunities, especially in sectors aligned with Vision 2030.
As the forum concluded, both nations reaffirmed their commitment to stronger cooperation, leveraging shared strengths to navigate global challenges.
Discussions and partnerships formed during the forum are expected to deliver mutual benefits as Saudi Arabia and Italy pursue new opportunities in a shifting global economy.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Argaam
2 hours ago
- Argaam
12.4M social insurance beneficiaries in Q4 2024
The General Authority for Statistics (GASTAT) said that the active participants under the social insurance systems in Saudi Arabia, across public and private sectors, reached approximately 12.44 million by the end of the fourth quarter of 2024. The number of Saudis actively participating in social insurance during this period stood at around 2.89 million workers, representing 23% of the total registered. Meanwhile, the number of foreign workers was approximately 9.54 million, accounting for 77% of the total registered participants. Social insurance subscribers working in the private sector reached 11.84 million, representing 95% of the total subscribers, by the end of Q4 2024, GASTAT report noted. Regional distribution shows that Riyadh accounted for the largest number of insured workers with nearly 5.91 million, followed by the Eastern Province and Makkah with 2.34 million and 2.15 million, respectively. The authority said that the number of individuals who suspended their participation in social insurance reached approximately 187,200 during the fourth quarter of 2024.


Argaam
3 hours ago
- Argaam
Aldrees opens new station in Shaqra
Aldrees Petroleum and Transport Services Co. opened a new station in Shaqra, Al-Rawdah district. The station has a full range of facilities and brings the total number of stations to more than 1,150, the company said on its official X account. Aldrees had 1,050 stations by the end of 2024, it noted.


Argaam
3 hours ago
- Argaam
Fitch expects M&A activity to accelerate in Saudi insurance sector
Fitch Ratings expects insurance market consolidation in Saudi Arabia to accelerate in the next two years, driven by tighter capital rules and weak underwriting profitability due to intense price competition. Some smaller insurers may struggle to meet new requirements or stay profitable, leading to mergers and acquisitions (M&As). Regulatory oversight has increased since the Insurance Authority (IA) took over the sector's supervision from the Saudi Central Bank (SAMA) and Council of Health Insurance in 2023. The IA plans to introduce a risk-based capital regime in 2027 to strengthen insurers' balance sheets. It is also pushing for improving underwriting discipline and better regulatory reporting. Overall, these measures will be credit positive for the sector in the long term, Fitch said. However, they will increase insurers' regulatory compliance costs, particularly during implementation, which will add to pressure on profitability in the short term. 'We expect smaller insurers to be more affected by the increased capital demands and compliance costs given their lower economies of scale,' the rating agency said. The Company for Cooperative Insurance (Tawuniya) and Bupa Arabia for Cooperative Insurance Co. led the market with a combined 52% share in 2024.