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.