Italy and Saudi Arabia are in talks about a potential Saudi investment in Rome’s new strategic fund, Italy’s Industry Minister Adolfo Urso said on Monday, as the two signed a deal to forge closer economic relations, particularly in energy, Reuters reports.
The “Made in Italy” fund was approved in May and will have an initial endowment of 700 million euros ($756 million) in 2023 and an additional 300 million next year in state cash, according to reports. Saudi Arabia is considering a stake in the fund but a decision has not been made yet.
Italian Prime Minister Giorgia Meloni has pursued tighter ties with Gulf countries since taking office last October.
Rome and Riyadh said on Monday they had signed an agreement to strengthen economic ties and boost investments in areas of strategic importance such as energy.
“We have to start from the premise that the world is very different from the values to which we remain firmly committed,” Urso said at an investment event.
The two nations are in competition to be awarded the opportunity to host Expo 2030.
Also at the same event bringing interests from the two nations together, Italy’s Eni and Saudi Acwa Power signed on Monday a Memorandum of Understanding (MoU) to jointly develop a green hydrogen project in the Middle East and Africa at the Investment Forum between Italy and Saudi Arabia in Milan.
At the same event, Acwa Power also struck an MoU with regional utility A2A and electrodes maker De Nora to cooperate on green hydrogen, according to Reuters.
