Latest news with #Saudi-ItalianBusinessForum
Arab News
30-04-2025
- Business
- Arab News
Saudi Arabia, Italy strengthen ties at business forum
Turin: The Saudi-Italian Business Forum concluded on Wednesday in Turin, bringing together officials, business leaders and experts from both countries. Cristina Tumiatti, vice president of Piccola Industria Unione Industriali Torino, opened the third day of the forum with a speech on industrial excellence. 'Saudi Arabia represents a market of extraordinary strategic potential. Its geographic position and dynamic economic environment make it a natural hub for businesses,' she said. Tumiatti shared her personal expereinces in the Kingdom and praised its rapid transformation: 'I have witnessed firsthand the progress and openness that characterize the Saudi business environment.' She also emphasized Italy's focus on Middle East partnerships: 'Our initiatives promote digital ecological manufacturing and investments aimed specifically at companies entering the Saudi market.' Waleed Al-Rubaie, general manager of petrochemicals at the Ministry of Investment, addressed global economic challenges and stressed the need for international cooperation. 'We come together at a time where the world is facing many challenges, and we can only overcome these by working together,' he said. Al-Rubaie reaffirmed Saudi Arabia's green commitment: 'We are dedicated to balancing energy availability with sustainability through our new green initiatives.' His remarks underscored the energy sector's shift toward sustainability as key to tackling climate change and ensuring long-term economic resilience. Fahad Al-Subaie, director of clubs investment at the Ministry of Sports, spoke about the link between sports and economic development. 'We are targeting a 3 percent GDP contribution by 2030, aiming to create around 200,000 jobs,' he said. He highlighted major investments since 2018, including the Newcastle acquisition and Formula One partnerships. 'These initiatives are not just about sports; they are about creating opportunities and driving economic growth,' he added, noting their impact on tourism and jobs. Al-Subaie also pointed to Saudi Arabia's global ambitions: 'Our successful hosting of the 2024 World Cup is a testament to our commitment, as we are the first nation to achieve this with the highest attendance in history.' Marco Osnato, president of the Bilateral Friendship Section UIP Italy-Saudi Arabia, highlighted the strengthening ties between the two countries. 'Under the leadership of Prime Minister Meloni, Italy and Saudi Arabia are becoming strategic partners. This partnership is reflected in our growing economic relations,' he said. He stressed the role of political dialogue in boosting economic ties: 'Frequent visits and agreements between our nations serve to solidify our commitment to mutual growth.' Osnato added: 'Italy is well-positioned to become a key player in the hydrogen supply chain,' pointing to shared goals in energy transition and sustainability. Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, reaffirmed Saudi Arabia's commitment to Italy. 'This is the largest Saudi business mission to ever visit Italy, reflecting our serious commitment to collaboration,' he said. Al-Munajjed led a delegation of nearly 70 Saudi representatives, highlighting the forum's importance in strengthening business ties. Sara Al-Faiez, senior manager at the Saudi Investment Promotion Authority, Invest Saudi, presented the Kingdom's investment landscape: 'Our goal is to create an attractive investment environment through policy reforms and partnerships.' She noted the Kingdom's strategic location: 'Saudi Arabia is a global hub, with 80 percent of the world's population within a seven-hour flight.' Al-Faiez highlighted strong investment opportunities, especially in sectors aligned with Vision 2030. As the forum concluded, both nations reaffirmed their commitment to stronger cooperation, leveraging shared strengths to navigate global challenges. Discussions and partnerships formed during the forum are expected to deliver mutual benefits as Saudi Arabia and Italy pursue new opportunities in a shifting global economy.
Arab News
29-04-2025
- Business
- Arab News
Saudi, Italian officials highlight growing economic ties at ongoing talks
MILAN: Government and business officials from Saudi Arabia and Italy are continuing talks, which began on Monday and ends on April 30, to cement economic and cultural ties between the two nations. On Monday, Milan hosted the Saudi-Italian Business Forum in Lombardy. Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, said that over 300 companies wanted to participate, signaling considerable enthusiasm for collaboration. However, the organizers were only able to accommodate 150 companies, according to Al-Munajjed. High-profile attendees included Saudi Arabia's Ambassador to Italy Prince Faisal bin Sattam bin Abdulaziz Al-Saud, who underscored the significance of the visit to Italy. Prince Faisal told Arab News the talks 'reinforce' the commitment to advance the strategic partnerships signed previously by Crown Prince Mohammed bin Salman and Prime Minister Giorgia Meloni. 'The Saudi-Italian Business Council events in Milan and Turin lay the groundwork for future cooperation in energy, infrastructure, technology, renewable resources, and other strategic sectors. 'This initiative supports Saudi Arabia's Vision 2030 and Italy's industrial agenda, fostering long-lasting partnerships and new synergies,' said Prince Faisal. Valerio de Molli, CEO and managing partner of The European House - Ambrosetti & TEHA Group, a leading management consulting firm in Italy, said there was significant potential for joint business ventures. De Molli said that considerable expertise can be provided by his firm which organizes over 850 events annually, involving thousands of experts and entrepreneurs. Members of Saudi Arabia's delegation also expressed optimism about the talks. Sultan Al-Mousa, a Saudi Arabia author and angel investor, said: 'What I liked the most was the networking after we finished the forum itself. Everything was amazing.' He added that he was looking for partnerships with Italian companies. An Italian government official, Giorgio Silli, undersecretary of state for foreign affairs and international cooperation, thanked the Saudi-Italian Business Council for organizing the forum. Silli said it was a 'valuable platform for generating dialogue between our business communities.' He said these meetings were 'very important' on all levels and that commerce was the 'glue' which connects the two countries. 'I am really in love with the Saudi culture. And I really think that together we can look to the future in a complementary way without forgetting who we are, which is our story.'
Arab News
28-04-2025
- Business
- Arab News
Saudi-Italian Business Forum showcases robust trade relations
MILAN: The Saudi-Italian Business Forum, which was held on Monday in Lombardy, showcased the robust economic relationship between Italy and Saudi Arabia. Spearheaded by prominent figures such as Veronica Squinzi, vice president for internationalization at Assolombarda, and Waleed Al-Orainan, secretary-general of the Federation of Saudi Chambers, the forum aimed to enhance collaboration and explore new business opportunities between the two nations. Squinzi welcomed the forum and spoke of the significance of the gathering in strengthening economic ties, underscoring the importance of governmental support in fostering international business. She said: 'This forum represents a vital step in enhancing our economic collaboration and building lasting partnerships.' Al-Orainan stressed the historic relationship between the two nations, dating back to the 1930s. He said: 'The warm reception we receive in Italy reflects the mutual respect and eagerness to enhance our bilateral cooperation.' Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, expressed optimism regarding future collaboration. He said: 'We are at a pivotal moment where collaboration can unlock significant value chains, invigorating our economies.' He acknowledged previous visits of Italian officials to Saudi Arabia which had helped to lay a solid foundation for partnerships. Discussions at the forum revealed a landscape rich with business potential. Maria Tripodi, undersecretary of state for foreign affairs, noted that Saudi Arabia had emerged as a priority partner for Italy, with exports exceeding €6 billion in 2024 — an increase of 27.9 percent from the previous year. Tripodi said: 'Our relationship with Saudi Arabia is not only growing, it is thriving, and we are excited about the opportunities that lie ahead.' This growth positions Saudi Arabia as the second-largest market for Italian exports in the region, reflecting a burgeoning relationship across sectors such as energy, infrastructure, and high-tech innovation. The forum also highlighted opportunities in Saudi Arabia and success stories of Italian companies in sectors such as infrastructure and construction, renewable energy, and sport. Barbara Cimmino, vice president for export and foreign investment at Confindustria, said: 'When we align our strengths, we create a synergy that benefits both nations.' Discussions at the event turned to the Vision 2030 initiative, which aims to diversify the Saudi economy and reduce its dependence on oil. Tripodi said: 'This strategic plan presents numerous opportunities for Italian enterprises, particularly in technology, education, and public services.'
Arab News
27-04-2025
- Business
- Arab News
Industrial transformation and sustainable energy top agenda as Saudi delegation visits Italy
MILAN: A sizable Saudi delegation is visiting Italy to discuss collaboration in industrial transformation and sustainable energy. The visit marks the launch of a series of Saudi-Italian business forums aimed at enhancing economic, investment, and trade partnerships between the two nations. During the delegation's initial meeting, Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, announced that the visit, which starts on Monday and ends on Wednesday, is organized by the Saudi-Italian Business Council, the Ministry of Investment, and the Saudi embassy in Rome, in partnership with Italian institutions. Al-Munajjed said that this delegation is the largest Saudi business mission to Italy to date, comprising 100 participants, including more than 20 representatives from ministries and government agencies, alongside executive leaders from the private sector across various fields including renewable energy, advanced manufacturing, logistics, tourism, food, agriculture, real estate, healthcare, and modern technologies. He noted that the three forums will address contemporary topics in the knowledge economy, such as industrial transformation, sustainable energy, smart cities, innovation, and supply chain dynamics, in addition to bilateral meetings and site visits to prominent Italian companies and projects. The forums commenced with the inaugural Saudi-Italian Business Forum in Milan on Monday, followed by a joint forum with CNA (the Italian Confederation of Craft Trades and Small- and Medium-Sized Enterprises) on Tuesday, and a third forum with Unione Industriali (Federation of Industrialists) at the Centro Congressi in Turin on Wednesday. The Saudi delegation includes various business leaders, among them Abeer Al-Ghamdi, Founder and CEO of Hayyak Arabia Travel and Tourism. 'We're in Italy with the goal of attracting more visitors to the Kingdom of Saudi Arabia, showcasing it as a premier destination,' Al-Ghamdi told Arab News. 'Our focus is on managing tourist destinations and providing quality programs that reflect Saudi culture and diversity, creating unforgettable experiences for every visitor,' he added. Yousef Maimani, a board member of the Saudi-Italian Business Council, emphasized the strategic partnership between Saudi Arabia and Italy. 'We signed our first cooperation agreement in 1932, and two years ago, we celebrated 90 years of Saudi-Italian relations. Our agreements, including those on double taxation and investment protection, play a crucial role in supporting investments. Given Italy's industrial capacity, we aim to attract investments, especially in the industrial sector,' he told Arab News. Maimani also highlighted the importance of local content policies for government and major projects, noting significant opportunities for Italian firms to contribute to Saudi Arabia's development. He shared that Saudi Arabia has successfully attracted $96 billion in foreign investments, underscoring the potential for collaboration between family-owned and medium-sized enterprises in both countries. Luca Barbi, General Partner and Chief Operating Officer of venture capital firm STV, also expressed optimism about the synergy between Saudi Arabia and Italy. 'Both countries share a similar mindset, and Italy's developed capabilities can significantly benefit Saudi Arabia's dynamic market, offering vast opportunities across various sectors," he said.
