Saudi Arabia and Italy Strengthen Ties at AlUla Roundtable
A high-level Saudi-Italian roundtable held in AlUla yesterday marked a significant step in strengthening bilateral ties between the two nations. The event, attended by Italian Prime Minister Giorgia Meloni, Saudi Minister of Investment Khalid Al-Falih, CEOs, private sector leaders, and representatives from major companies, culminated in the signing of 26 memoranda of understanding (MOUs) across critical industries.
Expanding Collaboration Across Key Sectors
The agreements span diverse sectors, including construction, renewable energy, cultural exchange, and advanced technologies. Discussions during the roundtable also explored potential collaborations in green energy, automotive manufacturing, infrastructure development, tourism, agrifood, solar and wind energy projects, sustainable tourism initiatives, and advanced construction technologies.
Italian businesses expressed their intent to leverage an estimated SAR11.8 trillion in Saudi inward investment planned over the next six years.
Focus on Heritage Tourism
Heritage tourism emerged as a key focus area, with Italy’s expertise aligning with Saudi Arabia’s ambitions to position itself as a premier global travel destination. As the Kingdom aims to create 1.6 million tourism jobs by 2030, Saudi-Italian partnerships are expected to drive skills development, promote sustainable tourism practices, and expand private sector opportunities.
Trade and Investment Milestones
Trade between the two nations has seen substantial growth. In 2023, Saudi exports to Italy reached SAR18.5 billion, primarily driven by mineral fuels and petrochemicals. Meanwhile, imports from Italy totaled SAR22 billion, highlighting strong demand for Italian machinery, pharmaceuticals, and advanced engineering solutions.
In 2024, Saudi Arabia issued 63 investment licenses to Italian firms—an increase of 110% compared to the previous year. This surge underscores growing Italian interest in the Kingdom’s advanced manufacturing, construction, and renewable energy sectors.
