Italy and Saudi Arabia Seal Agreement to Enhance Investment Opportunities

05 Sep, 2023

Italy and Saudi Arabia Seal Agreement to Enhance Investment Opportunities

Italy and Saudi Arabia have officially entered into a Memorandum of Understanding (MoU) aimed at strengthening their economic relations and strategically significant investments. This landmark agreement was confirmed by the Italian Ministry of Industry.

Since assuming office in October of the previous year, Prime Minister Giorgia Meloni has actively pursued closer ties with Gulf nations, setting aside the concerns expressed by prior administrations regarding human rights issues in the region. Notably, she has already lifted an arms sales embargo imposed on Saudi Arabia and the United Arab Emirates.

The MoU, which has been reviewed by Reuters, has a initial term of two years, with an automatic renewal provision for an additional 24 months unless either party notifies the other of their intent to discontinue the agreement six months prior to the expiration date.

Italian Industry Minister Adolfo Urso, speaking at the Investment Forum held between Italy and Saudi Arabia in Milan, emphasized the role of dialogue in facilitating the development of technological and industrial partnerships between companies.

Among the various initiatives currently under consideration, Italy is actively courting sovereign wealth funds from the Gulf region to participate in a novel program designed to provide resources to companies operating in strategically vital sectors.