- Move to formalize bilateral business relations came during the Saudi-Italian Investment Forum, in which the Ministries of Investment (MISA) and Finance welcomed a senior delegation led by Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio.
- The Forum is the latest bilateral business meeting hosted this year by MISA to strengthen trade relationships and support foreign investment attraction.
Riyadh, Saudi Arabia: The Saudi-Italian Investment Forum culminated yesterday in the signing of two Memoranda of Understanding, including establishing the Saudi-Italian Business Council, formalizing the business relationship between Saudi Arabia and one of its most important European trade partners.
The event, which highlighted mutually beneficial investment opportunities across multiple sectors, was attended by His Excellency Mohammed bin Abdullah Al-Jadaan, Minister of Finance.
Led by Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio, the high-level Italian delegation gathered government officials and key private sector representatives. Also present was Ms. Barbara Beltrame Giaconello, Vice President for Internationalization of the General Confederation of Italian Industry (Confindustria), the Italian employers' federation and national chamber of commerce.
The event saw the signing of an MoU between the General Confederation of Italian Industry & the Federation of Saudi Chambers of Commerce with the aim to enhance bilateral business relations and an agreement between WE ENERGY & Officine Nicola Galperti e Figlio S.p.A. in the field of forging & flange manufacturing.
Several interactive presentations enabled Italian delegates to explore the world of investment opportunity available in Saudi Arabia. The Red Sea Development Company showcased infrastructure and mobility projects within the Kingdom, while the Royal Commission for AlUla and Aseer Development Authority showcased opportunities in tourism and culture. The Ministry of Energy, together with ACWA Power, also introduced attendees to renewable energy investment opportunities the Kingdom.
In addition to meeting with prospective Saudi business partners, Italian investors explored the world-leading support services provided by Invest Saudi, the Kingdom’s investment promotion platform.
The Forum comes the same month as a Riyadh visit organized by the Federation of Saudi Chambers (FSC) for Italian MP Elena Morelli, chair of the Italian-Saudi Parliamentary Friendship Committee, who discussed ways to open headquarters for Italian companies in Saudi Arabia and noted cooperation opportunities between Riyadh and Rome in the renewable energy sectors, tourism and infrastructure.
The Saudi-Italian Investment Forum follows several successful bilateral forums, webinars and other events hosted in the past 12 months by MISA to strengthen international business relationships and support foreign investment attraction. Brazil, Greece, Austria, France, Thailand and South Africa are just a handful of the countries that sent business delegations to Saudi Arabia, resulting in enhanced cooperation and multiple MoUs s to explore investment opportunities across diverse sectors.
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ABOUT THE MINISTRY OF INVESTMENT
The ongoing transformation of Saudi Arabia under the Vision 2030 plan is unlocking new opportunities at an unprecedented pace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by developing a vibrant cross-government investment ecosystem, while supporting businesses throughout their investment journey.
Through a network of dynamic business centers across the Kingdom, MISA partners with local and international businesses of all scales and sizes—from startups to blue chip multinationals—to help make investing in the Kingdom as streamlined and simple as possible.
MISA takes a lead role in improving Saudi Arabia’s overall business environment, commissioning multiple market intelligence studies every year and developing local opportunities for joint ventures.
