Italy's $10 Billion Strategic Partnership with Saudi Arabia

Italy cemented its strategic alignment with Saudi Arabia, signing agreements valued at approximately $10 billion. These accords encompass sectors like energy, defense, and real estate, with significant loan guarantees for the NEOM project, underlining a mutual goal to diversify economies beyond oil reliance.

Italy has strengthened its strategic partnership with Saudi Arabia, signing agreements pegged at around $10 billion, announced Italian Prime Minister Giorgia Meloni after her meeting with Saudi Crown Prince Mohammed bin Salman.

Among the landmark deals, Italy's export credit agency, SACE, pledged $3 billion in loan guarantees for the NEOM real estate project, a pivotal part of Saudi Arabia's Vision 2030 aimed at fostering growth beyond oil dependence.

Further discussions in Al-Ula highlighted infrastructure, energy, defense, and other sectors as focused areas for intensified cooperation, with significant MoUs signed to promote green projects and explore joint investment prospects.

(With inputs from agencies.)