Saudi Arabia, Italy sign $3bn deal to accelerate economic collaboration
RIYADH: Italian companies stand to access up to $3 billion in financing under a new agreement between Saudi Arabia's Public Investment Fund and Italy's SACE, reinforcing their role in the Kingdom's economic transformation.
The memorandum of understanding seeks to propel cooperation between Italy's private sector firms and the Saudi wealth fund, as well as its portfolio companies, focusing on strategic sectors aligned with Saudi Vision 2030.
The deal facilitates information sharing and business expertise to enhance Italian firms' participation in the Kingdom's projects, according to a statement.
The agreement strengthens the existing partnership between the entities, which has already facilitated over $3 billion in financing for PIF portfolio companies, backed by SACE and supported by leading financial institutions.
'The MoU represents another landmark in PIF's strategy to further enhance its range of strategic partnerships with leading international financial institutions and export credit agencies,' said Rasees Al-Saud, head of financial institutions and investor relations, global capital finance, at PIF.
The deal 'will unlock opportunities for Italian and Saudi companies to cooperate, as well as exchange business knowledge and experience, in line with our strategy to drive impactful and transformative investments, both globally and in Saudi Arabia,' he added.
SACE CEO Alessandra Ricci echoed the sentiment, stating: 'We are proud and honored to stand alongside a prominent institution like PIF, with whom we aim to collaborate in facilitating Italian exports and fostering trade and investment relations between our two countries.'
She added: 'We believe this memorandum opens significant opportunities for Italian companies, particularly SMEs, which, with our support, can establish themselves as suppliers and participate in projects sponsored by PIF and PIF portfolio companies in alignment with the goals of Saudi Vision 2030.'
The agreement is the latest in a series of deals between Saudi Arabia and Italy aimed at expanding economic cooperation. In January, the two nations signed an agreement to boost energy collaboration, including potential supplies of green hydrogen produced in Saudi Arabia to Europe.
At the time, Saudi Energy Minister Prince Abdulaziz bin Salman and Italy's Energy and Environment Minister Gilberto Pichetto Fratin signed an MoU covering innovation and technology cooperation in hydrogen development, climate change mitigation, and carbon capture and storage.
Saudi Arabia has been aggressively investing in green energy initiatives, with a flagship hydrogen plant at NEOM poised to become the world's largest utility-scale, commercially based hydrogen facility powered entirely by renewable energy.
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