RIYADH: Saudi Arabia and Italy signaled a new phase of economic collaboration as the Saudi-Italian Investment and Business Forum opened in Riyadh, bringing together senior officials and major private-sector leaders to expand bilateral investment.
During the forum, Saudi and Italian entities signed 22 investment agreements spanning multiple sectors including communications and information technology, import and export, as well as tourism, healthcare and sports.
In his keynote address, Saudi Minister of Investment Khaled Al-Falih said the relationship between the two countries is strengthening across multiple sectors, highlighting the shift toward high-value industries.
“When I look at the audience, I see that most of the participants are Italians, and their participation reflects the depth and seriousness of our shared ambition,” said the minister of investment.
He referenced the deep diplomatic relations between Saudi Arabia and Italy, established over several decades on a foundation of trust and ambition.
“Our economic relations with Italy have developed, driven by our partnership in investment, trade, energy, industry, and culture,” he said, setting the tone for business discussions focused on accelerating capital flows and sectoral cooperation.
He added that Italy occupies a special place in the history of Saudi diplomacy, as “it was one of the first countries to establish official relations with the Kingdom in the early 1930s.”
The Saudi-Italian Investment Forum is held in Riyadh from Nov. 25 to 26, aiming to expand economic and strategic relations between the two nations across sectors, including sustainable energy, transportation, and infrastructure. AN Photo
Al-Falih pointed to growing opportunities in non-traditional industries as the Kingdom broadens its diversification agenda. “We look forward to boosting cooperation in the fields of tourism, design, fashion, furniture, films, and heritage preservation,” he added.
Technology cooperation also featured prominently, with the minister noting plans to expand joint work in advanced innovation fields. He stated that Saudi Arabia is moving to enhance collaboration by “expanding the scope of work in artificial intelligence to include developers and research centers,” underscoring efforts to build a knowledge-driven economy.
He further emphasized that Italy’s partnership plays a strategic role in supporting national programs tied to security, industrial growth, and emerging fields. The collaboration actively “supports Saudi strategies in sectors such as defense, space, and cybersecurity,” he added.
The forum drew more than 1,500 participants and over 600 Italian companies, with the attendance of several Saudi ministers, officials and investors. Among the attendees were Italy’s Deputy Prime Minister and Minister of Foreign Affairs Antonio Tajani, as well as Matteo Zoppas, president of the Italian Trade Agency.
Matteo Zoppas, President of the Italian Trade Agency. AN Photo
“We brought here more than a thousand investors, buyers, clients, I would say agents of commerce, with our aim to develop the export of Italian products to Saudi Arabia and not only to this area, of course,” Zoppas told Arab News.
He said the main focus areas include healthcare, digitalization, pharmaceuticals, furniture, and sports.
“It is very important for this forum because it is where we initiate the relations between the companies and local operators,” he said.
“We are coming here, and we are bringing within these projects technologies that can be helpful for the Kingdom,” Zoppas added.
He noted Italy’s export performance in recent years: “The export has been increasing over the past several years by 80 percent, more than 35 percent in the last two years.”
“The path is already in place; you need to help this path increase because you have a lot of investment projects. So we need to intercept these investment projects and try to give you the best technologies you can find in the world,” Zoppas said.
The forum served as a platform to review bilateral economic cooperation and explore promising investment opportunities within sectors aligned with Vision 2030.
Trade between the Kingdom and Italy has expanded in recent years, with Italian investments rising 15 percent in 2024 to reach SR6.3 billion. This growth — concentrated in priority sectors such as infrastructure, energy and digital technologies — was accompanied by a 91 percent increase in licenses issued to Italian companies.
According to Saudi Arabia Business Startup, in 2023, Saudi exports to Italy reached around $5 billion, while imports from Italy totaled almost $6 billion, reflecting strong demand for Italian machinery, pharmaceuticals, and advanced engineering solutions.
Last year, 63 investment licenses were granted to Italian companies in the manufacturing, construction, and renewable energy sectors, representing a 110 percent increase over the previous year.
Earlier this year, the Public Investment Fund and SACE, an Italian insurance and financial group owned by the Ministry of Economy and Finance, signed a memorandum of understanding worth $3 billion to support Italian companies in strategic projects in Saudi Arabia.
This year in AlUla, the two countries signed an additional 26 MoUs across sectors including renewable energy, culture, and tourism, aimed at strengthening collaboration and supporting the Kingdom’s diversification agenda.
The forum highlighted Saudi Arabia’s expanding investment landscape and opportunities for foreign firms, with a focus on long-term partnerships, public-private engagement, and sustainable sectoral development across both nations.
Both sides framed the event as a catalyst for increasing mutual investment flows and formalizing strategic alliances that will reshape economic cooperation in the coming years.
