Saudi Arabia And Italy Strengthen Economic Ties Through Key Agreements At AlUla Roundtable

The Saudi-Italian high-level roundtable was held yesterday, featuring Italian Prime Minister Giorgia Meloni and Minister of Investment Khalid Al-Falih. CEOs and leaders from both nations' private sectors also attended. The event underscored the growing partnership between Saudi Arabia and Italy, culminating in the signing of 26 memoranda of understanding across various industries such as construction, renewable energy, cultural exchange, and advanced technologies.

Italian companies are keen to tap into Saudi Arabia's projected SAR11.8 trillion inward investment over the next six years. This ambition aligns with Saudi Arabia's plans to create 1.6 million tourism jobs by 2030. The collaboration aims to enhance skills development, promote sustainable tourism, and expand private sector opportunities through these partnerships.

The discussions also delved into potential collaborations in green energy, automotive manufacturing, infrastructure development, tourism, agrifood, solar and wind energy projects, sustainable tourism initiatives, and advanced construction technologies. Heritage tourism was a significant topic as well. Participants noted Italy's expertise in this area alongside Saudi Arabia's goal to become a leading global travel destination.

In 2023, Saudi exports to Italy amounted to SAR18.5 billion, mainly consisting of mineral fuels and petrochemicals. Meanwhile, imports from Italy reached SAR22 billion due to strong demand for Italian products like machinery, pharmaceuticals, and advanced engineering solutions.

In 2024, the Kingdom granted 63 investment licenses to Italian firms—a 110% increase from the previous year—highlighting growing Italian interest in sectors such as advanced manufacturing, construction, and renewable energy within Saudi Arabia.

The roundtable emphasized the importance of fostering economic ties between the two countries through strategic partnerships across key sectors. These efforts aim to leverage mutual strengths while addressing shared challenges in sustainable development and technological advancement.

This meeting marks a significant step forward in strengthening bilateral relations between Saudi Arabia and Italy. By focusing on areas like green energy and heritage tourism, both nations are poised to benefit from increased cooperation and shared expertise.

With inputs from SPA