Saudi Arabia and Italy sign 26 deals for expanding partnership
Saudi Gazette report
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 P rime 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.
Page 2
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
10 hours ago
- Saudi Gazette
Al-Falih: Saudi Arabia is keen on supporting Syrian economy's stability
Saudi Gazette report RIYADH — Minister of Investment Eng. Khalid Al-Falih emphasized Saudi Arabia's commitment to supporting the stability and development of the Syrian economy. He also underlined the need to serve common interests and enhance regional economic prosperity. Al-Falih made the remarks during a meeting with the Syrian Minister of Economy and Industry Dr. Mohammad Nidal Al-Shaar, via videoconference, on Sunday. He emphasized the importance of creating an environment for expanding regional investment partnerships. The ministers discussed prospects for investment cooperation between the two countries and reviewed the promising economic opportunities in the Syrian market. Their meeting addressed potential areas of public-private partnership and ways to enhance qualitative investments in the production and service sectors, contributing to supporting economic development and opening new channels for integration between the two countries.
Saudi Gazette
11 hours ago
- Saudi Gazette
Saudi Pavilion at Expo 2025 Osaka celebrates 70th anniversary of diplomatic relations with Japan
Saudi Gazette report OSAKA — The Saudi Pavilion at Expo 2025 Osaka is celebrating the 70th anniversary of diplomatic relations between Saudi Arabia and Japan. The two countries established diplomatic relations on June 7, 1955, laying the foundation for a long-term partnership that has evolved over the decades into a multifaceted alliance enhancing cultural exchange and diplomatic cooperation. This partnership has also had a significant economic impact on both nations. In February 2025, Saudi Arabia and Japan signed a memorandum to establish a Strategic Partnership Council. In this context, Saudi Ambassador to Japan and Commissioner General of the Saudi Pavilion at Expo 2025 Osaka Dr. Ghazi Faisal Binzagr said that Saudi-Japanese relations have grown and strengthened over the past 70 years. 'The relations go beyond a mere economic partnership to reflect the depth and diversity of our ties. Today, we build on the strength of the past and harness the momentum of the present to jointly shape a new vision for the future,' the ambassador said. 'With Expo 2025 taking place in Osaka and Saudi Arabia hosting Expo 2030 in Riyadh, our two countries stand at the forefront of global exchange, showcasing the latest innovations and sustainable technologies, and contributing to shaping an inclusive future for all.' The Saudi Pavilion at Expo 2025 Osaka hosts hundreds of business events aimed at strengthening trade and investment relations between the Kingdom and Japan. These include presentations led by the Ministries of Investment and Commerce, as well as events highlighting the trade and investment opportunities offered by Saudi Vision 2030. Trade volume between the two countries has grown significantly over the past decade, rising from $33.4 billion to over $41 billion currently. The Saudi Pavilion aims to increase the number of Japanese visitors to the Kingdom, targeting 30,000 annual visitors before Expo 2030 Riyadh. This is part of the comprehensive Saudi-Japan Vision 2030 strategy, which includes more than 80 projects across nine sectors: culture, food and agricultural security, media and entertainment, healthcare, advanced infrastructure, finance and investment, competitive industries, energy, small and medium enterprises, sports, and education. Cultural exchange between the two countries has flourished, highlighted by Saudi Arabia's role in bringing Japanese culture to the Middle East through local manga studios, whose works will be showcased at the Saudi Pavilion in August. The Saudi Pavilion at Expo 2025 Osaka offers more than 700 diverse and engaging events, including daily shows and live performing arts. Since the Expo opened in April 2025, it has attracted over 500,000 visitors. On September 23, it is expected to host a variety of events and presentations in celebration of Saudi National Day.
Leaders
3 days ago
- Leaders
Pakistan PM Visits Saudi Arabia: Eid Celebrations & Strategic Talks
Pakistani Prime Minister Shehbaz Sharif arrived in Saudi Arabia on Thursday for a crucial two-day official visit. He accepted Crown Prince Mohammed bin Salman's invitation to strengthen vital bilateral relations between the longstanding allies. The Prime Minister's Office confirmed his arrival and the visit's objectives earlier today. During his stay, PM Sharif will celebrate Eid Al-Adha within the Kingdom. He will hold substantive bilateral talks with Crown Prince Mohammed bin Salman. Discussions will prioritize boosting mutual cooperation in vital trade and investment sectors. Regional security matters will also feature prominently on their shared agenda. The two leaders will explore avenues to further strengthen multifaceted bilateral ties. Enhancing economic partnerships and investment flows remains a top priority. They will also address Muslim Ummah welfare and regional peace initiatives. Acknowledging Mediation & Boosting Economic Partnership PM Sharif will express Pakistan's sincere gratitude for Saudi Arabia's recent diplomatic intervention. The Kingdom played a pivotal role in de-escalating tensions between Pakistan and India. Gulf partners supported this crucial mediation effort between the nuclear neighbors last month. This high-level visit underscores rapidly expanding Saudi-Pakistan economic links. Both nations signed multiple significant trade and investment agreements recently. Saudi Arabia committed a substantial $5 billion investment package supporting Pakistan's economy. Saudi and Pakistani businesses signed 34 MoUs worth $2.8 billion last year. These agreements cover industry, technology, and agriculture sectors importantly. Manara Minerals is also negotiating to acquire a stake in Pakistan's massive Reko Diq project. Enduring Bonds: Defense & Vital Diaspora Links Defense collaboration remains a cornerstone of the robust Saudi-Pakistan relationship. The nations share a deep history of military cooperation and mutual support. Pakistan also provides valuable training assistance to Saudi forces. Approximately 2.7 million Pakistanis form a crucial diaspora within Saudi Arabia. Their remittances provide the highest foreign exchange inflow for Pakistan. This financial support constitutes an essential economic lifeline for their homeland. Short link : Post Views: 11
