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
Al Arabiya
2 hours ago
- Al Arabiya
SMC Healthcare CFO on upcoming retail IPO after pricing at top end
In this special interview with the CFO of SMC Healthcare on The Riyal Deal Plus, Tom Burges Watson asks Hani Charani about the next steps for the healthcare provider and what investors can expect - from doubling capacity to expanding specialized care - as the IPO is 64.7 times oversubscribed ahead of the retail offering from June 15 to 16. Ali Raza, the strategic advisor to the Saudi Arabia Holding Company breaks down the IPO trend in the Kingdom. Guests: Hani Charani, SMC Healthcare CFO
Arab News
3 hours ago
- Arab News
Spiritual journey of Hajj pilgrims ends with gifts and souvenirs
MAKKAH: Throughout their profound journey of faith, especially as Hajj concludes, pilgrims commonly engage in the cherished custom of purchasing gifts. They flock to the malls and markets of Makkah, particularly those around the Grand Mosque. This tradition expresses their spiritual fulfillment and prepares them for their return home, blessed by Allah for having performed the sacred rites, according to a Saudi Press Agency report. Gift buying represents joy at Hajj's successful conclusion and strengthens social bonds between relatives, SPA added. Many gifts symbolize the holy sites and carry deep religious significance. Popular choices include Zamzam water, prayer beads, and copies of the Holy Qur'an. Pilgrims also frequently buy perfumes like incense and musk, along with various types of dates — ajwa dates being especially sought after. The markets of Makkah and Madinah see a significant boom after Hajj, bustling with pilgrims of diverse nationalities. These vibrant markets include modern malls in the Haram area, the traditional Aziziyah Market, the Hijaz Market, and bazaars near the Prophet's Mosque in Madinah. Merchants actively meet this demand, offering a wide range of products, special offers for pilgrims, and often discounts on bulk purchases.
Saudi Gazette
4 hours ago
- Saudi Gazette
Saudi Arabia face uphill task against Australia in World Cup qualifier
Saudi Gazette report JEDDAH — Saudi Arabia must deliver a miracle on Tuesday if they are to secure direct qualification for the 2026 FIFA World Cup, needing to beat Australia by at least five goals in their final Group C fixture of the AFC Asian Qualifiers – Road to 26. Herve Renard's men kept their hopes alive with a 2-0 win over Bahrain last week, moving to 13 points — three behind second-placed Australia. But with a goal difference heavily in the Socceroos' favor, only a lopsided victory will be enough to leapfrog them in the standings. 'The door is almost closed, but we must try and qualify,' Renard said after the Bahrain match. 'We have to score goals. Everything must go very well for us if we are to qualify.' Saudi Arabia's biggest challenge remains their scoring inefficiency. They've managed just six goals across nine qualifiers, while Australia have netted 14 and conceded six in the same stretch. Australia, under new coach Tony Popovic, only need to avoid a five-goal defeat to book their seventh straight World Cup appearance. Popovic replaced Graham Arnold in September after a poor start to the campaign and has since overseen a dramatic turnaround. 'We're in a great position, but we need to finish it off,' Popovic said. 'It's been a really intense period, but everyone's embraced what we're aiming to do.' Group leaders Japan have already secured top spot. If Saudi Arabia fail to pull off the required win, they will join the likes of UAE, Qatar, Iraq, and Indonesia in the next round of qualifiers in October, where two additional spots for Asia will be contested. The Saudis now face their most daunting test yet. Only a performance of historic proportions against Australia in Jeddah will keep their direct World Cup dreams alive.
