Italy and Saudi Arabia Forge $10 Billion Strategic Partnership

Italy has inked agreements worth $10 billion with Saudi Arabia to strengthen their strategic partnership. The deals, including a significant loan guarantee for the NEOM project, cover sectors such as energy, defense, and tourism. These collaborations align with Saudi Arabia's Vision 2030 for economic growth beyond oil.

Italy has signed a series of agreements with Saudi Arabia valued at approximately $10 billion, marking a significant enhancement in their strategic partnership, according to Prime Minister Giorgia Meloni. After meeting with Saudi Crown Prince Mohammed bin Salman, Meloni outlined a vision for expanded cooperation.

Among the pivotal deals, Italy's credit export agency SACE announced a $3 billion loan guarantee for Saudi Arabia's ambitious NEOM project. This development is a cornerstone of the Vision 2030 plan, aimed at diversifying Saudi Arabia’s oil-dependent economy.

The Italian Prime Minister emphasized burgeoning collaboration across various sectors such as infrastructure, energy, and defense, illustrating the potential for deeper ties. Furthermore, an MoU with Saudi Electricity Company was signed to bolster green projects, as part of ongoing efforts to explore joint initiatives in green hydrogen and aerospace.

(With inputs from agencies.)