Latest news with #AlessandraRicci
Leaders
05-03-2025
- Business
- Leaders
Saudi Arabia, Italy Seal $3 Billion Deal to Boost Economic Ties
Italian companies can access up to $3 billion in financing through a landmark agreement between Saudi Arabia's Public Investment Fund (PIF) and Italy's SACE. This deal reinforces their role in driving the Kingdom's economic transformation under Saudi Vision 2030. A memorandum of understanding (MoU) was signed to enhance cooperation between Italy's private sector and PIF, focusing on strategic sectors aligned with Vision 2030. The agreement facilitates information sharing and business expertise, enabling Italian firms to participate in Saudi projects more effectively. Rasees Al-Saud, head of PIF's financial institutions and investor relations, stated the MoU is a step in strengthening global partnerships. The agreement unlocks opportunities for Italian and Saudi companies to collaborate, exchange knowledge, and drive transformative investments domestically and globally. Alessandra Ricci, SACE's CEO, praised the partnership, emphasizing its potential for Italian small and medium-sized enterprises (SMEs). 'With SACE's support, Italian companies can establish themselves as suppliers in PIF-sponsored projects, advancing Saudi Vision 2030 goals,' she added. Building on a History of Successful Agreements The deal follows earlier collaborations, including a January 2024 agreement to boost energy ties. Saudi and Italian energy ministers signed an MoU to boost hydrogen exports to Europe and launch carbon capture renewable projects . Saudi Arabia continues to prioritize green energy, with NEOM's upcoming hydrogen plant set to become the world's largest utility-scale facility powered entirely by renewables. This aligns with the Kingdom's Vision 2030 objectives to diversify its economy and lead global sustainability efforts. The $3 billion agreement underscores Saudi Arabia and Italy's commitment to deepening economic ties. By fostering collaboration in finance, technology, and green energy, both nations aim to achieve mutual growth and sustainability goals. Short link : Post Views: 127
Arab News
05-03-2025
- Business
- Arab News
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.
Saudi Gazette
05-03-2025
- Business
- Saudi Gazette
PIF and Italy's SACE sign MoU to boost financial collaboration with up to $3 billion in project support
RIYADH — The Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by Italy's Ministry of Economy and Finance, have signed a memorandum of understanding (MoU) aimed at strengthening their bilateral partnership. Under the agreement, PIF and SACE will collaborate on information-sharing and business expertise, with a particular focus on strategic sectors. The MoU also includes a provision for SACE to consider offering up to an additional $3 billion in financing support for projects led by PIF and its portfolio companies. The signing builds on an existing relationship between PIF and SACE, which has already facilitated financing exceeding $3 billion for PIF portfolio companies, with participation from several leading financial institutions. As a key driver of Saudi Arabia's Vision 2030 and a leading global investor, PIF is focused on diversifying and transforming the Saudi economy by developing new sectors, businesses, and job opportunities. This latest agreement aligns with PIF's ongoing strategy to expand financial collaborations, enhance global cooperation, and foster long-term international partnerships. The MoU is part of PIF's broader approach to maintaining strong relationships with international financial institutions while diversifying its financing instruments. Rasees AlSaud, Head of Financial Institutions and Investor Relations, Global Capital Finance at PIF, highlighted the significance of the partnership: "The MoU represents another landmark in PIF's strategy to enhance its strategic partnerships with leading international financial institutions and export credit agencies." "It will unlock opportunities for both Italian and Saudi companies to collaborate and exchange business knowledge, in line with our commitment to driving impactful and transformative investments globally and in Saudi Arabia." Alessandra Ricci, CEO of SACE, emphasized the benefits for Italian companies: "We are proud to collaborate with a distinguished institution like PIF. This partnership will facilitate Italian exports and strengthen trade and investment ties between our two countries. The memorandum opens significant opportunities for Italian companies, especially SMEs, enabling them to become key suppliers and participate in projects sponsored by PIF and its portfolio companies, all in alignment with Saudi Vision 2030." PIF currently holds an Aa3 rating from Moody's (stable outlook) and an A+ rating from Fitch (stable outlook), reinforcing its financial stability and global credibility. — SG
Zawya
05-03-2025
- Business
- Zawya
PIF and SACE sign MoU for up to $3bln to promote Italian companies' engagement in Saudi Arabia
It represents a continuation of PIF's strategy to build and maintain strong relationships with leading international financial institutions and further diversifies its range of financing instruments The MoU will contribute to facilitating Italian companies' businesses with Saudi Vision 2030 projects RIYADH – PIF and SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, today announced the signing of a memorandum of understanding (MoU) to strengthen their bilateral partnership. Under the MoU, the parties will cooperate on sharing information and business expertise, with a focus on strategic sectors, as well as considering a provision of SACE support for up to an additional $3 billion for the financing of projects led by PIF and PIF portfolio companies. The signing builds on the existing relationship between PIF and SACE, which has led to a number of PIF portfolio companies securing financing in excess of $3 billion supported by SACE, with participation from multiple leading financial institutions. As the main driver of Vision 2030 and an impactful leading global investor, PIF has the mandate to transform and diversify the Saudi economy, driving the growth of new sectors, businesses and job opportunities. The MoU aligns with PIF's strategy to further grow financial collaboration, enhance cooperation and build long-term international partnerships. The MoU represents a continuation of PIF's strategy to build and maintain strong relationships with leading international financial institutions and further diversifies its range of financing instruments. Rasees AlSaud, Head of Financial Institutions and Investor Relations, Global Capital Finance, at PIF, said: '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. This MoU 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.' Alessandra Ricci, SACE CEO, said: '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. 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.' PIF is rated Aa3 by Moody's with a stable outlook, and A+ by Fitch, also with a stable outlook. About PIF PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment. And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future. Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia. For more information, visit the website at Rupert Trefgarne: rtrefgarne@
Trade Arabia
28-01-2025
- Business
- Trade Arabia
NEOM secures $3bn Italian Sace funding for key projects work
NEOM, the developer of Saudi futuristic city, has announced the successful closing of a landmark export credit agency (ECA) financing transaction, with Italy's export credit organisation Sace, securing approximately $3 billion under a long-term multicurrency untied facility. The deal, which marks NEOM's first corporate ECA financing and the largest untied financing ever guaranteed by Sace, will support various projects across the mega development. The funding is backed by a syndicate of nine prominent international banks – HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Crédit Agricole CIB, Agricultural Bank of China, Citi, China Construction Bank, J.P. Morgan and Bank of America, said NEOM in a statement. The partnership will enable NEOM to leverage supplies from Italian businesses, particularly SMEs, to support the project's development across key sectors, such as infrastructure, urban development, construction and transport (rail, road and maritime), it stated. To date, Italian suppliers and contractors have supported NEOM on a range of projects, with contracts worth $6.3 billion, and the deal aims to further strengthen and develop these important international business relationships, it added. NEOM's Acting CEO Engineer Aiman Al Mudaifer said: "We are committed to working with global partners who share our passion for visionary projects and initiatives that will advance human progress. This deal will support us in delivering our significant portfolio of developments and reflects the strong confidence that leading financial institutions worldwide place in NEOM." "It advances the kingdom's aim of generating capital investment in line with Saudi Vision 2030, with foreign investment being instrumental in diversifying the economy. This partnership with Sace and the consortium of leading international banks also creates strong ties with major Italian companies that will enhance international trade and investment flows," he added. Sace CEO Alessandra Ricci said: "We are glad to play our part alongside NEOM in this cutting-edge project, which generates opportunities in a wide range of sectors for Italian SMEs and supply chains. Opening new routes to 'Made in Italy' is a priority to allow a long-term growth for Italian exports, matching their potential." "Our Riyadh office supports Italian companies and their potential partners and counterparties, by providing experience and insurance financial solutions combined with the added value of a physical presence in the area," she stated.
