UAE to invest $40 billion in Italy
The UAE plans to invest $40 billion (AED 146 billion) in Italy, the two countries announced in a joint statement at the conclusion of President His Highness Sheikh Mohamed bin Zayed Al Nahyan's visit on Monday.
More than 40 new agreements were signed in total.
Both sides agreed to advance trade relations through conducting a High-Level Business Forum, which served as a platform to deepen economic collaboration and explore new investment opportunities in areas such as sustainable energy, connectivity, defence, water, artificial intelligence, and advanced technology.
A key milestone of the visit was the establishment of a strategic partnership on data centers and artificial intelligence under an agreement signed between Italy's ENI and UAE companies MGX and G42.
The Mohammed Bin Rashid Space Centre and Italy's Italian Space Agency signed agreements to enhance cooperation in lunar and asteroid exploration.
The deals surround enhancing cooperation on the Emirates Mission to the Asteroid Belt, the Emirates Lunar Mission and Rashid Rover projects.
Both nations pledged to share knowledge, expertise, and resources to drive innovation in digital transformation, drone technologies and space, including exploration, remote-sensing technologies and research.
The countries also agreed to cooperate on defence through research and development, technical expertise exchange, advancement of the maintenance and modernisation of defense equipment.
Military Industry cooperation will focus on joint production, technology transfer, and the development of defense manufacturing facilities.
Security Cooperation will encompass counter-terrorism efforts, cybersecurity, information sharing and coordinated responses to natural disaster and humanitarian crises.
The UAE and Italy reaffirmed their commitment to joint cybersecurity exercises, building on Italy's engagement in GISEC and CyberQ 2024. The leaders also emphasised the need for closer cooperation on ransomware threats, reaffirming both countries' ongoing collaboration with global partners, including the United States, to strengthen cybersecurity strategies and intelligence-sharing mechanisms.
Non-oil trade between the two nations has experienced significant growth over the past decade. In 2023, Italian exports to the UAE reached approximately $7.22 billion (AED 26 billion), surging 22 per cent in early 2024. UAE exports to Italy were valued at $1.57 billion (AED 5.5 billion) in 2023. Over 600 Italian companies operate in the UAE.
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