Italy and Saudi Arabia Deliberate Investment Opportunities in Automotive, Mining, and Oil Industries

28 Nov, 2023

Italy and Saudi Arabia Deliberate Investment Opportunities in Automotive, Mining, and Oil Industries

Italy's Industry Minister, Adolfo Urso, revealed discussions on potential joint investments with Saudi Arabia across several critical sectors, including automotive, mining, oil, gas, defense, hydrogen, and space. This revelation came to light on Monday as Urso embarked on a visit to the Arabian Peninsula, including meetings in Qatar, Saudi Arabia, and the UAE.

Under Prime Minister Giorgia Meloni's leadership since October 2022, Italy has been actively seeking to strengthen ties with the Gulf region, diverting from prior concerns over human rights expressed by past coalitions.

During Urso's visit, significant emphasis was placed on fostering a regulatory and industrial framework conducive to enhancing strategic autonomy in the critical raw materials sector. After a meeting in Riyadh with Khalid Al-Saalem, president of the Royal Commission for Jubail and Yanbu responsible for Saudi Arabia's energy industry development, Urso expressed commitment to this endeavor.

The discussions revolved around developing partnerships and joint investments, primarily in the mining sector, within both Italy and Saudi Arabia, extending potential collaborations to third-party regions like the African continent.

Crucially, notable representatives from leading companies such as Pirelli, Maire Tecnimont, and Prysmian participated in these talks, underscoring the significance and potential impact of these potential joint ventures and collaborations.