Saudi Gazette report
RIYADH — The Saudi Ministry of Investment, in partnership with the Italian Trade Agency, organized the Saudi-Italian Investment and Business Forum in Riyadh on Tuesday.

During the forum, 22 investment agreements were signed between Saudi and Italian entities, spanning key sectors such as telecommunications, IT, trade, tourism, healthcare, agriculture, water, culture, and sports.

In the presence of Minister of Investment Khalid Al-Falih and Italian Deputy Prime Minister and Minister for Foreign Affairs and International Cooperation Antonio Tajani, the forum brought together 1,600 participants and more than 600 Italian companies.

It is part of a series of joint investment meetings and forums between the two countries, including high-level engagements between the leadership of Saudi Arabia and Italy.

In his opening remarks at the forum, Minister Al-Falih affirmed that relations between the Kingdom and Italy are witnessing a historic phase of momentum and development, reflecting the strength and depth of the partnership between the two countries, spanning more than 90 years.

Al-Falih explained that the forum saw an unprecedented turnout of 1,600 participants from the private sector, including 800 from Italy. He emphasized that this significant participation reflects the seriousness of the joint efforts and the ambition of both sides to expand the horizons of economic cooperation.

The minister noted that Italy was among the first countries to establish formal relations with the Kingdom in the early 1930s, indicating that relations have evolved over the years into a strategic partnership encompassing broad fields such as investment, energy, industry, and culture.

Al-Falih emphasized that the Al-Ula Summit, which brought together the Crown Prince Mohammed bin Salman and Italian Prime Minister Giorgia Meloni, marked a significant turning point in the relationship. It resulted in the establishment of the Saudi-Italian Strategic Partnership Council, which has become a cornerstone of long-term cooperation programs.

Al-Falih said that the roundtable meetings between business leaders and ministers from both sides resulted in the signing of 26 agreements and memoranda of understanding exceeding $10 billion in value. The minister said that Italy was among the first countries to confirm its participation in Expo 2030 Riyadh, reflecting the strength of the relationship and its commitment to future cooperation with the Kingdom. He noted that the Italian delegation began a field visit to Saudi projects, including projects in Diriyah in which Italian companies are participating.

Al-Falih highlighted the important role played by Saudi and Italian companies in the energy sector, noting their collaboration in clean hydrogen, renewable energy, smart grids, and the circular carbon economy. This collaboration is facilitated by companies such as Aramco, SABIC, and ACWA Power from Saudi Arabia, and Eni, Enel, SNAP, and Saipem from Italy.

Al-Falih emphasized that Italian companies like Leonardo, Fincantieri, and Electrónica contribute to supporting the Kingdom's programs in advanced industries, defense, space, and cyber capabilities. He added that these companies also benefit from Saudi Arabia's green transformation initiatives and efforts to attract energy-intensive industries.

The forum explored areas of economic cooperation between the two countries and discussed recent developments in the Saudi economy, including major projects and advanced infrastructure, showcasing the opportunities these create for both the public and private sectors.