Italian companies can access up to $3 billion in financing through a landmark agreement between Saudi Arabia’s Public Investment Fund (PIF) and Italy’s SACE. This deal reinforces their role in driving the Kingdom’s economic transformation under Saudi Vision 2030.
A memorandum of understanding (MoU) was signed to enhance cooperation between Italy’s private sector and PIF, focusing on strategic sectors aligned with Vision 2030. The agreement facilitates information sharing and business expertise, enabling Italian firms to participate in Saudi projects more effectively.
Rasees Al-Saud, head of PIF’s financial institutions and investor relations, stated the MoU is a step in strengthening global partnerships. The agreement unlocks opportunities for Italian and Saudi companies to collaborate, exchange knowledge, and drive transformative investments domestically and globally.
Alessandra Ricci, SACE’s CEO, praised the partnership, emphasizing its potential for Italian small and medium-sized enterprises (SMEs). “With SACE’s support, Italian companies can establish themselves as suppliers in PIF-sponsored projects, advancing Saudi Vision 2030 goals,” she added.
Building on a History of Successful Agreements
The deal follows earlier collaborations, including a January 2024 agreement to boost energy ties. Saudi and Italian energy ministers signed an MoU to boost hydrogen exports to Europe and launch carbon capture renewable projects.
Saudi Arabia continues to prioritize green energy, with NEOM’s upcoming hydrogen plant set to become the world’s largest utility-scale facility powered entirely by renewables. This aligns with the Kingdom’s Vision 2030 objectives to diversify its economy and lead global sustainability efforts.
The $3 billion agreement underscores Saudi Arabia and Italy’s commitment to deepening economic ties. By fostering collaboration in finance, technology, and green energy, both nations aim to achieve mutual growth and sustainability goals.
