Saudi Arabia and Italy Strengthen Ties with 26 New Partnership Agreements

KSA, 28 January, 2025 :  Saudi Arabia and Italy signed 26 memoranda of understanding (MoUs) to expand cooperation across industries such as construction, renewable energy, cultural exchange, and advanced technologies. The agreements were formalized during a high-level roundtable meeting in AlUla, attended by Italian Prime Minister Giorgia Meloni, Saudi Minister of Investment Khalid Al-Falih, and leaders from the private sector.

Italian businesses expressed interest in capitalizing on SR11.8 trillion of Saudi inward investment over the next six years. Discussions covered green energy, automotive manufacturing, tourism, agrifood, solar and wind energy, and advanced construction technologies. Heritage tourism was highlighted, leveraging Italy's expertise to support Saudi Arabia's goal of creating 1.6 million tourism jobs by 2030.

Trade between the two countries remains robust, with Saudi exports to Italy reaching SR18.5 billion in 2023 and imports from Italy totaling SR22 billion. Italian interest in Saudi markets has surged, with 63 investment licenses granted in 2024, a 110% increase from the previous year.

On the second day of her visit, Meloni toured Hegra, Saudi Arabia's first UNESCO World Heritage site, accompanied by Saudi and Italian officials. The visit concluded with her departure from AlUla International Airport, marking the end of her trip.