Italian Prime Minister Giorgia Meloni’s visit included $10 billion in agreements spanning energy, defense, and cultural heritage as well as discussions on regional stability and international cooperation.
Saudi Arabia and Italy have signed 26 memoranda of understanding between public and private sector institutions. The agreements were concluded following Italian Prime Minister’s meeting with Saudi Crown Prince Mohammed bin Salman in his winter camp in AlUla.
The deals are estimated to be $10 billion in value and cover project financing, technology transfer, and supply chain collaboration. Major deals include an agreement for Italy’s export credit agency SACE to provide $3 billion in loan guarantees for Saudi Arabia’s NEOM real estate project. SACE also signed an MoU with Saudi Electricity Co. to support green projects and related engineering, procurement, and construction activities.
ACWA Power signed five MoUs with four prominent Italian organizations, including Cassa Depositi e Prestiti, Italy’s financial institution for development cooperation, and De Nora, a multinational company specializing in water treatment technologies. The agreements also involve SACE, the Italian export credit agency, and Ansaldo Energia, a power generation equipment manufacturer, which signed with NOMAC Holding, a fully owned subsidiary of ACWA Power.
Italian aerospace and defense firm Leonardo expanded its partnership with Saudi Arabia’s Ministry of Investment and General Authority for Military Industries, laying the groundwork for collaboration on sixth-generation combat air systems and helicopters.
Following their meeting, HRH the Crown Prince and Prime Minister Meloni signed an agreement to establish the Saudi-Italian Strategic Partnership Council.
On the occasion of the signing of the MOU signings and the announcement of a Saudi-Italian Strategic Partnership Council, a high-profile reception was held in AlUla that included Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Ambassador to Italy Prince Faisal bin Sattam bin Abdulaziz, Governor of Madinah Region Prince Salman bin Sultan bin Abdulaziz, Minister of State and Cabinet Member Prince Turki bin Mohammed bin Fahd bin Abdulaziz, Deputy Governor of Riyadh Region Prince Mohammed bin Abdulrahman bin Abdulaziz, Minister of Sport Prince Abdulaziz bin Turki bin Faisal, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Deputy Governor of Aseer Region Prince Khalid bin Sattam bin Saud bin Abdulaziz, Minister of National Guard Prince Abdullah bin Bandar bin Abdulaziz, Deputy Governor of Najran Region Prince Turki bin Hathloul bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, Minister of Culture and Governor of the Royal Commission for AlUla Prince Badr bin Abdullah bin Farhan, Minister of Commerce Dr. Majid Al-Kassabi, Minister of Investment Khalid Al-Falih, Minister of Communications and Information Technology Abdullah Alswaha, and Public Investment Fund Governor Yasir Al-Rumayyan.
The Italian delegation included Italian Ambassador to Saudi Arabia Carlo Baldocci, Diplomatic Advisor to the Italian prime minister Fabrizio Saggio, Military Advisor to the Italian prime minister General Franco Federici, and other senior officials.
