Saudi Arabia, Italy sign $10B in deals during Meloni visit: What we know
Italy is a strong trading partner of Saudi Arabia's, and the two countries are eying cooperation on renewable energy.
Saudi Arabia and Italy signed $10 billion in deals during Prime Minister Giorgia Meloni’s visit to the kingdom, which concluded on Monday, building on the already strong trade ties between the two countries.
Meloni arrived in the Red Sea city of Jeddah on Saturday evening. She held talks with Crown Prince Mohammed bin Salman in the ancient city of Al-Ula on Sunday before departing for Bahrain the following day. Crown Prince Mohammed and the Italian premier agreed to establish the Saudi-Italian Strategic Partnership Council during the meeting on Sunday.
HRH the Crown Prince and the Prime Minister of Italy sign an agreement to establish the Saudi-Italian Strategic Partnership Council. 🇸🇦🇮🇹 pic.twitter.com/W5a7njfaqr
— Foreign Ministry 🇸🇦 (@KSAmofaEN) January 26, 2025
The following is a breakdown of the other deals signed between Saudi and Italian entities during the visit:
- The Saudi Red Sea Authority and Italian shipbuilding firm Fincantieri signed a letter of intent regarding sustainable development and maritime security and infrastructure on Monday, the official Saudi Press Agency reported.
- The Italian electrochemical company De Nora announced on Monday that it signed an MoU with the Saudi energy firm ACWA Power to study the efficiency of water treatment systems. De Nora said it signed another MoU with the Saudi Water Authority on water treatment and recovering hydrogen from water.
- It was announced on Monday that NEOM, the planned Saudi megacity, secured a $3 billion export credit agency from the Italian insurance company SACE.
- ACWA Power announced on Monday that it signed two deals with SACE to explore business opportunities related to renewable energy in Central Asia and Africa. The deal includes a $100 million line of credit from SACE to the company, as well as a pledge to explore providing up to $500 million in support for Italian exports.
- The Italian energy firm Snam announced an MoU with ACWA Power on Sunday to explore a supply chain of green hydrogen and ammonia from Saudi Arabia to Europe.
- SACE announced an MoU with the Saudi Electricity Company on Sunday to facilitate investment opportunities, focusing on renewable energy projects.
- The Saudi Fund for Development signed an MoU with Italy’s National Promotional Institution, a state-affiliated entity that supports the Italian economy, to boost bilateral economic cooperation, the Saudi Press Agency reported.
SACE said in a post on Monday that the deals between the two countries total $10 billion.
