Understood for 10 billion euros between Italy and Saudi Arabia. The Prime Minister Giorgia Meloni and the Prince and Prime Minister Saudi Mohammad at Saud have signed cooperation agreements that concern buildings, renewable energies, shipbuilding, defense and culture. There is talk of a “strategic partnership”, which the opposition has called “contradictory” with the position of the current majority which in the past called Saudi Arabia a fundamentalist nation. After the meeting, the Premier replied to the accusations with a dry: “Italy and Saudi Arabia are two nations that have an interest in shaking strategic agreements in subjects such as energy, the relationship with Africa, defense, and investments “.
The agreements reached on the weekend involve Italian companies and participatory companies and concern different sectors: from energy to defense, passing through culture and technological innovation.
As for energy and infrastructure, the role of Sace stands out, the insurance-financial group controlled by the Ministry of Economy and Finance and specialized in supporting businesses. He is the protagonist of five agreements (for a value of 6.6 billion dollars) to facilitate Italian exports to Saudi Arabia. Among the key operations there is a financing of 3 billion dollars for Neom, the city of the Saudi future that should open new opportunities to Italian SMEs in infrastructure and transport. In addition, Sace will work with Saudi Electricity Company to sustainable projects for the development of the Saudi electrical system. Cassa Depositi e Prestiti instead signed protocols with the Saudi Fund for Development and the Saudi company Acwa Power. These are energy projects in Africa, in line with the Mattei Plan: Desalinization and green hydrogen.
Turning to the defense sector there is the renewal of the Memorandum between Leonardo and the Ministry of Investments Saudi and the General Authority for the Military Industry. The initial agreement is expanded to develop aerospace technologies and defense systems, including helicopters and radar. It is also an agreement between Electronics and Sami AEC for cooperation on electronic defense projects.
Then there is the shipbuilding and transportation with Fincantieri who will collaborate with Aramco and Ozone for projects in the civil and military naval sector. A memorandum for cooperation in the smart mobility was also signed, with a focus on urban transport, railways, ports and airports.
Finally, the Culture Chapter. The Archaeological Park of Pompeii will collaborate with the Saudi Commission for Al-Alla on restoration and sustainable management of the archaeological heritage. The Milan Triennale and the Saudi museum commission will collaborate to open a design museum in Riad. And also the Salone del Mobile in Milan is prepared, collaborating with the Ministry of Saudi culture, to export an edition in the Gulf.
In all, economic agreements have been announced for a value of 10 billion euros. An agreement that means opportunities for Italian companies (public and private) and Saudi involved in the agreement and a closer and more diversified cooperation between Rome and Riad.