Saudi Arabia and Italy have signed deals worth $10 billion to improve their relationship
Saudi Arabia has made agreements with Italy for cooperation and industrial projects worth about $10 billion to make their partnership stronger.
Saudi-Italy Agreements
On Sunday, Italian Prime Minister Giorgia Meloni met with Saudi Crown Prince Mohammed bin Salman in Al-Ula for a signing ceremony. Meloni said, “Our cooperation has great potential, and I hope this visit opens a new chapter in our partnership.” She added, “The joint declaration we signed today shows that our countries can work together to explore many new opportunities.”
She mentioned that Italy and Saudi Arabia signed several agreements, including ones between public and private sectors. Key areas for growth include infrastructure, energy, defense, sports, entertainment, and tourism.
The agreements also focus on energy transition through technology and network development, as well as joint projects for sustainable growth in Africa. Meloni and Salman discussed peace in Ukraine, a ceasefire in Gaza, rebuilding Syria, and supporting Lebanon.
Interesting Fact
Saudi Fund for Development CEO Sultan bin Abdulrahman Al-Marshad signed an agreement with Dario Scannapieco, the CEO of Italy’s National Promotional Institution, Cassa Depositi e Prestiti (CDP).
Trade Facts
Italy is Saudi Arabia’s seventh-largest supplier. In September 2024, Italy exported $496.8 million (€475 million) to Saudi Arabia, which is a 56.4% increase compared to the previous year. However, its imports from Saudi Arabia dropped by 57.4%, totaling $267.8 million, creating a trade surplus of $229.1 million.
Published: 27th January 2025
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