Saudi Gazette report

MILAN — The Saudi-Italian Investment Forum, jointly organized by the Saudi Ministry of Investment and the Italian Ministry of Enterprises and Made in Italy, made headlines on Monday as it witnessed the signing of 21 agreements and memoranda of understanding (MOUs) spanning a wide array of sectors.

The prestigious event, hosted in Milan, brought together high-profile attendees, including Eng. Khalid Al-Falih, the Saudi Minister of Investment, and Adolfo Urso, the Italian Minister of Enterprises and Made in Italy. Distinguished officials from both nations and representatives from the governmental and private sectors in the two countries were also present.

The 21 MoUs and agreements inked during the forum encompassed vital sectors such as energy, clean energy, healthcare, real estate, waste management, technology, and manufacturing. These agreements signify as a big step toward enhancing commercial cooperation, promoting trade growth, and bolstering investment relations between the two nations.

The forum featured presentations and panel discussions conducted by government entities, shedding light on investment opportunities in a variety of sectors. These sectors included clean energy, petrochemicals, healthcare, pharmaceuticals, life sciences, automotive, advanced manufacturing, and real estate development within the tourism and hospitality sectors.

In 2022, the non-oil bilateral trade value between Saudi Arabia and Italy surged to approximately SR5.6 billion (1.4 billion Euros), showcasing substantial growth potential. Italy consistently ranks among the top 20 countries investing in the Kingdom, with more than 150 Italian companies possessing foreign investment licenses in Saudi Arabia, a testament to the strength of their economic partnership.