Italy-KSA: A strategic partnership where heritage meets modernity
https://arab.news/c8r8a
As Italy on Monday celebrates the 79th anniversary of the foundation of the republic, which brought democracy, freedom and economic development after the horrors of two world wars, I would like to take a moment to look into the remarkable progress already achieved in the first part of this year in the bilateral relationship between Italy and Saudi Arabia.
In 2025, our two countries achieved a milestone in their relationship by upgrading it to the level of a strategic partnership. The historic visit to the Kingdom of Italian Prime Minister Giorgia Meloni and her meeting with Crown Prince Mohammed bin Salman at the end of January ushered in a new phase for our two countries. As ambassador, I had the privilege to prepare the visit and assist my prime minister during this landmark mission. In the Royal Camp of AlUla, in a traditional Saudi desert tent, I witnessed two leaders discussing extensively and with passion not only the present but also, most notably, the future.
Our diplomatic relationship is an old and very solid one, as it dates back to 1932. But it is also projected into the future, as our two leaders fully understood: Italy and Saudi Arabia have much to gain from seizing common opportunities and addressing common challenges together.
First, let me dwell on the people-to-people relations, which are the basis for a stronger and more mature strategic partnership. The Italian community in the Kingdom is growing, in parallel with the number of Saudi citizens visiting and doing business in Italy. We are indeed popular destinations for each other. I believe our peoples share many aspects of a broader Mediterranean heritage and therefore many values and habits are absolutely the same in the Kingdom and in Italy. This makes our citizens feel at home in both countries.
Politically, our governments are fully committed to the principles of de-escalation, stabilization and development of the Middle East and North Africa region. We look through the same lens at regional dynamics and we are working more and more closely on different dossiers. Italy, which is at the center of the Mediterranean Sea and is a natural bridge between Europe and the Arab world, has a key interest in a prosperous region and fully supports the Kingdom's positive agenda in this regard.
Italy and Saudi Arabia have much to gain from seizing common opportunities and challenges together.
Carlo Baldocci
The deep and accelerated reform process the Kingdom is undergoing also has the potential to have a positive effect on the whole region, prioritizing integration and development. Our economies are complementary and Italy is very well placed to continue to contribute to the implementation of Vision 2030, which is now very familiar to Italian stakeholders and public opinion.
We will continue to work with our Saudi counterparts with the spirit of partnership that is an integral part of the Italian DNA abroad. We support the Kingdom in achieving its objectives, through joint ventures and joint industrial policies. This is the key ingredient for a sustainable partnership, as it will enable our two countries to grow together and get stronger together, through exchanges of know-how, technology transfer and the cross-fertilization of our respective capacities.
During the January visit of PM Meloni, a high-level roundtable took place in the iconic location of Maraya. With the marvels of AlUla as a backdrop, we celebrated Saudi heritage — a powerful message on how the Kingdom's transformation is deeply anchored in its rich heritage and identity. The beautiful and Italian-designed Maraya concert hall reminded us that our tradition is inevitably a work in progress, which can benefit from our cooperation and is enriched every day by both creativity and technology.
Key representatives from both countries were present in Maraya and signed a significant number of agreements, not only business deals but also very relevant initiatives in the arts, with archeology, restoration and design as the map of our desire to share and experiment with our capacities. That event and that spirit, I believe, symbolize very well the essence of our strategic partnership, where heritage meets modernity and where our respective roots will guide us into a more prosperous future.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
24 minutes ago
- Arab News
Saudi Arabia makes bold debut at SXSW film festival in London
DUBAI: The SXSW Film Festival has begun in London, with the Saudi Film Commission hosting a series of exciting cultural events. For the latest updates, follow us on Instagram @ Originating in Austin, Texas, this is the South by Southwest festival's first edition in London — and notably, the Kingdom's debut at the renowned indie film showcase, the Saudi Press Agency reported recently. The Saudi Film Commission, in collaboration with SXSW, will present a curated selection of short films as a part of the 'Saudi Film Nights' initiative. Under the umbrella of Vision 2030, this program supports the Kingdom's broader effort to diversify its economy, with particular emphasis on growing its entertainment sector. The Kingdom's pavilion, known as The Sadu House, will also spotlight contributions from the Music Commission, Culinary Arts Commission, and Fashion Commission, showcasing Saudi Arabia's rich and diverse cultural landscape to a global audience. In addition, the commission will host a panel discussion titled 'Empowering the Film Industry in Saudi Arabia: From Vision to Reality.' The session will delve into cinema's role in shaping national identity, preserving heritage, and advancing Saudi content as a powerful cultural tool. Each day of the festival will feature a showcase of emerging Saudi talent. On June 3, for example, SXSW attendees will experience a taste of Saudi hip-hop with performances by SHANCOTY, and JEED — artists known for their unique blend of hip-hop flair, Afrobeat influences, and slow R&B tones. On June 4, the Kingdom will shift gears and present its underground heavy music scene with performances by death metal bands Wasted Land, Sijeel, and Gimmix, marking a bold introduction of Saudi rock to the SXSW stage. In addition to performances, festivalgoers can attend cultural panels featuring industry professionals from across the Arab world. Topics include female leadership, entrepreneurial ambition, and the evolution of Saudi Arabia's film industry. The opening panel on June 3 is titled 'Vision 2030: Cultural Opportunities for Social and Economic Transformation,' which will explore the potential of Saudi Arabia's cultural power. Day two will feature a session 'Fashion Future Platform: How Data Informs Investment Decisions,' offering a deep dive into the intersection of fashion and data-driven innovation. Another session on day two, 'WWD Female Empowerment – Challenges Facing Women Creatives in a Male-Dominated World,' will spotlight the obstacles and breakthroughs for women in the creative sector. Finally, day three will have a panel 'Sustainability – Challenges of Creating Green Fashion and Beauty in a Throwaway World,' which will underscore the need for sustainability in the industry.
Arab News
26 minutes ago
- Arab News
Saudia's budget carrier Flyadeal to launch flights to India next year
NEW DELHI: Saudi budget carrier Flyadeal is planning to launch flights from the Kingdom to India next year, its CEO said, as industry leaders gathered in New Delhi for the International Air Transport Association's annual summit. Established in 2017, Flyadeal is a subsidiary of the Saudi national flag carrier, Saudia. Headquartered in Jeddah, the airline primarily serves domestic routes and has, over the past few years, expanded to international destinations in the Middle East, Europe, and North Africa. It currently reaches some 35 destinations. Another five or six will be added in India soon. 'We're planning to launch flights from the Kingdom to India next year,' Flyadeal's CEO Steven Greenway told Arab News on the sidelines of the IATA meeting on Monday. 'We're talking about five to six (destinations) in our first year alone — so quite a lot, and mostly secondary cities ... Our sister carrier Saudia will remain in Delhi and Mumbai. We're looking at the secondary cities.' While he expects the airline's upcoming India operations to address mostly labor traffic, tourists are a growing group too, as Saudi Arabia is heavily investing in tourist destinations. In the past few years the Kingdom has seen significant developments at its eight UNESCO World Heritage Sites, eco-friendly and luxury resorts on the Red Sea coastline, and entertainment and sports complexes. With their vast promotion, also involving Bollywood stars, more and more Indians are willing to visit Riyadh, Jeddah, or AlUla. 'You've got a country which is now open for business, which is now deploying key strategic initiatives that are going online — the Red Sea resorts and so forth. That will bring tourism,' Greenway said. 'I would like to think that we could probably have anything between 5 and 10 percent of our total traffic coming from India over the next couple of years.' Tourism is booming in Saudi Arabia under the Vision 2030 diversification plan, with the sector expected to contribute 10 percent of the gross domestic product. The Saudi Tourism Authority announced last year that it expected India to become its key inbound market, with 7.5 million Indian travelers visiting the Kingdom by 2030.
Arab News
an hour ago
- Arab News
Saudi airline flynas' IPO oversubscribed by nearly 350%
RIYADH: Saudi low-cost carrier flynas finalized its initial public offering share allocation at SR80 ($21) per share, the top of its indicated range, following robust demand from institutional and retail investors. The pricing values the airline at an estimated market capitalization of SR13.6 billion at listing. The offering comes after flynas announced plans last month to float 30 percent of its share capital on the Saudi Exchange, becoming the first airline in the Kingdom to go public and the Gulf's first in nearly two decades. Between May 28 and June 1, 666,069 retail investors oversubscribed the offering by nearly 350 percent, receiving 10.25 million shares, or 20 percent of the total. Institutional investors showed even stronger appetite, oversubscribing their tranche by roughly 100 times, with orders totaling SR409 billion from both local and international buyers. In a press release, flynas stated: 'Each retail investor was allocated a minimum of 10 shares, with the remaining shares allocated on a pro-rata basis in proportion to the size of demand, resulting in an average allocation factor of 12.3 percent.' It added: 'Any surplus subscription funds will be refunded to retail investors no later than Thursday, 5 June 2025.' The company's shares are expected to list and begin trading on the Main Market of the Saudi Exchange once regulatory requirements are met with the Capital Market Authority and the exchange. The exact listing date will be announced in due course. The IPO marks a key milestone for the company as it seeks to strengthen its market position and expand its operational footprint. 'This strategic move will propel us toward becoming the leading low-cost carrier in the MENA region for short and medium-haul markets by 2030,' Bander Al-Mohanna, CEO and managing director of flynas, said last month. He added: 'Through this IPO, we are offering investors access to a unique and valuable asset in the rapidly growing KSA and GCC aviation sector.' The strong interest from both retail and institutional investors reflects rising confidence in the Kingdom's aviation sector and its broader economic diversification efforts. Launched in 2007, the airline holds a 23 percent share of Saudi Arabia's domestic aviation market and operates one of the youngest fleets in the region, with an average aircraft age of 3.2 years. The airline reported an 88 percent on-time performance rate in 2024. Proceeds from the IPO will be used to expand its fleet — including a major order for 225 Airbus aircraft — enhance services for Hajj and Umrah travelers, and invest in cargo operations. The strong capacity growth of flynas aligns with Saudi Arabia's national goal to establish itself as a global tourist and business destination. The Kingdom aims to attract over 150 million visitors by the end of this decade.
