AL-ULA (SAUDI ARABIA) (ITALPRESS) – The total value of the agreements signed between Italy and Saudi Arabia is ‘about 10 billion dollars. This was said by Prime Minister Giorgia Meloni in her speech in Al-Ula at the Italy-Saudi Arabia High-Level Round Table.’These numbers give an idea of our commitment for the future as well,’ stressed Meloni, who among the sectors involved in the agreements cited infrastructure, defense, tourism and defense of cultural heritage.
In Al-Ula two collaboration agreements in the cultural sphere between the General Directorate of Museums and the Archaeological Park of Pompeii, for the Italian Ministry of Culture, and the Royal Commission for AlUla (RCU), for Saudi Arabia. They were signed by the Italian Ambassador to Riyadh, Carlo Baldocci, on behalf of the Director General of Museums, Massimo Osanna, and the Director of the Archaeological Park of Pompeii, Gabriel Zuchtriegel.The executive program signed by the Directorate General of Museums and at the RCU aims to strengthen cooperation in the fields of archaeology and cultural heritage enhancement, with a focus on policies for conservation, maintenance, management, promotion of accessibility, and skills development in museums and cultural sites. Planned activities include seminars and meetings for study and research, the production of multilingual scientific publications, the organization of training programs, exhibitions and shared events, as well as the exchange of experts and expertise, with special attention to the application of innovative technologies.Cooperation with the Pompeii Archaeological Park, on the other hand, is focused on the sustainable development of archaeological sites, with special attention to the contribution they can make in the preservation and enhancement of local agricultural traditions as intangible heritages. Projects are planned aimed at pursuing these strategic goals and strengthening the role of the Museum of Incense Road, an integral part of AlUla’s Journey Through Time, which positions the museum in a global perspective. In addition, Pompeii will be a key partner for some of the OCR’s exhibitions in Italy.The signed agreements stem from the Memorandum of Understanding for Cooperation in the Field of Culture between the Italian Ministry of Culture and the Ministry of Culture of the Kingdom of Saudi Arabia, signed in Venice on May 19, 2023, which is its prerequisite.
SACE, the Italian insurance and financial group owned by the Ministry of Economy and Finance, has signed five transactions and agreements with leading Saudi counterparts active in the market, worth a total of $6.6 billion, with the aim of supporting Italian exports to Saudi Arabia as well as trade and investment relations between the two countries.”We are proud and honored to stand alongside players of primary standing in Saudi Arabia to facilitate Italian exports and the development of win-win trade and investment relations between our two countries,” said SACE CEO Alessandra Ricci, “We believe that these partnerships will open up great potential for the growth of Italian exports in line with the goals of Saudi Vision 2030.Here are in detail the initiatives signed and announced.Transaction with NEOM (www.neom.com): SACE has secured multi-currency financing worth a total of $3 billion made available by a pool of nine international banks to open up new export opportunities for Italian SMEs and supply chains in different sectors and segments functional to NEOM’s projects such as infrastructure, urban development, construction, and rail, road, and maritime transport.The pool of banks includes HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Crèdit Agricole CIB, Agricultural Bank of China, Citibank N.A., China Construction Bank, JP Morgan Chase Bank and Bank of America. SACE’s intervention is part of the “Push Strategy” program and will pioneer NEOM’s use of supplies from Italian companies, particularly SMEs, in key sectors, such as infrastructure, urban development, construction, and transportation (rail, road, and maritime).Memorandum of Understanding with Saudi Electricity Company (SEC), the main source of electricity in the Kingdom of Saudi Arabia. Under the agreement, SACE commits to explore potential opportunities to provide credit guarantees to SEC for the development of new sustainable projects related to the development of the Saudi electricity system, facilitating business and investment activities including EPC (engineering, procurement and construction) and O&M (operations and maintenance) services of Italian companies.Agreements with ACWA Power Company, a leading Saudi group that acts as developer, investor, co-owner and operator of a portfolio of power generation, renewable energy and desalinated water production facilities: two strategic documents to collaborate on new business opportunities, with a focus on renewable energy projects and a shared interest in collaborating on initiatives in Africa and Central Asia, including: i) a line of credit to support ACWA Power’s green projects in Central Asia and facilitate the export of Italian companies under SACE’s mandate.In this context, SACE will provide a $100 million line of credit to ACWA Power in exchange for a commitment to create business match opportunities with Italian companies in their respective areas of interest; SACE and ACWA Power have also documented a commitment to explore new opportunities and evaluate support of up to $500 million, with the aim of facilitating exports from Italy and promoting the internationalization of Italian companies, including small and medium-sized enterprises. ACWA Power and SACE share a common interest in sustainable and renewable projects, with a global focus that includes opportunities in all regions, including projects on the African continent and in the CIS region.Agreement with the Arab Bank for Economic Development in Africa (BADEA): cooperation agreement under the Mattei Plan for Africa, particularly in target countries such as Angola, Ghana, Mauritania, Tanzania and Senegal, Morocco, Tunisia, Algeria, Egypt, Ivory Coast, Republic of Congo, Mozambique, Kenya, Ethiopia. The agreement was signed by Sidi Ould TAH, President of BADEA and Alessandra Ricci, CEO of SACE.
ACWA Power, a Saudi Arabian-listed company recognized as the world’s largest private water desalination company, a pioneer in the energy transition and a first mover in the green hydrogen sector, has signed a memorandum of understanding with Snam to explore collaboration and joint investment aimed at creating a green hydrogen supply chain in Europe.Snam, Europe’s leading natural gas transportation, storage and regasification operator, aims to build a pan-European multi-molecule infrastructure, promoting energy security and the transition to Net Zero. ACWA Power is a developer, investor and operator of hydrogen and green ammonia production facilities in Saudi Arabia. This partnership involves exploring potential collaborations and joint investments aimed at creating an international supply chain for reliable and cost-effective supply of green hydrogen from Saudi Arabia to Europe, and evaluating the development of an ammonia import terminal in Italy to facilitate delivery of green hydrogen through the SoutH2 Corridor, the 3,300-kilometer-long corridor that reaches central Europe through Italy, Austria, and Germany. “We are excited to join forces with Snam to promote significant progress in the green hydrogen sector. With power sector emissions already reduced by 40 percent compared to 20 years ago, we must now focus our collective efforts on new low-carbon molecules to decarbonize our sectors. Combining our expertise will help accelerate this process,” Marco Arcelli, CEO of ACWA Power, said about the memorandum. “The EU’s ambitious decarbonization goals require decisive action in all productive sectors, including the practical, efficient and accelerated use of all available technologies,” said Stefano Venier, CEO of Snam. Hydrogen plays a key role and we are pleased to be able to pursue development opportunities in this area also through agreements such as the one signed with ACWA Power: the development of the ammonia import terminal is synergistic with that of the SoutH2 Corridor.”
The Saudi Arabian Ministry of Investment (MISA), the General Authority for Military Industry (GAMI) and Leonardo announced the signing of an MoU with the aim of discussing, developing and evaluating a range of investments and opportunities to further expand collaboration in the aerospace and defense sectors.This agreement follows the Memorandum of Understanding signed and announced in early 2024, which aimed to evaluate and explore multiple areas of cooperation: space, maintenance/repair/revision for aerostructures, localization for electronic warfare systems, radar, and helicopter assembly, a focus on the air combat and multi-domain integration sector, industrialization processes and human capital development, opportunities for the domestic supply chain in Saudi Arabia, and more broadly for Leonardo’s role in the region and global value chain.’Following the excellent results achieved through the implementation of the 2024 agreement, the MoU signed today paves the way for a further expansion of industrial collaboration in the field of air combat systems and in the helicopter field,’ reads a note. ‘For decades Leonardo has provided the country with platforms, systems, technologies and services, from air transport, energy industry support, helicopters, to electronic systems and sensors, to which are added systems for maritime and cyber defense, as well as a key contribution in the field of air defense. This new agreement is the latest step in strengthening Leonardo’s activities in the Kingdom, where the company has a dedicated Headquarters. By working with local partners, research institutes and end users, Leonardo will be able to generate sustainable development and manufacturing activities in the country. The MoU will contribute significantly to Saudi Arabia’s Vision 2030 aimed at implementing unprecedented reforms in the public sector, diversifying the economy to enable citizens and businesses to reach their full potential and create innovative growth opportunitiesè.
The Cassa Depositi e Prestiti (CDP) group has signed, as part of the Italian government’s Mission to Saudi Arabia at which it was present with a delegation led by CEO Dario Scannapieco, two Memorandums of Understanding (MoUs) with leading public and private sector partners in the Kingdom of Saudi Arabia, Saudi Fund for Development and ACWA Power. The two agreements will be aimed at strengthening collaboration on energy and infrastructure projects mainly in the African continent, in line with the Mattei Plan.In particular, the MoU signed with the Saudi Fund for Development is aimed at initiating collaboration to identify co-financing opportunities on projects with a high sustainable development impact, while the agreement signed with ACWA Power aims to deepen cooperation in initiatives in the renewable energy, water desalination and green hydrogen sectors.
Fincantieri announced the signing of a series of Memorandum of Understanding (MoUs) in Saudi Arabia. These agreements underscore the company’s interest in this region following the establishment of its subsidiary Fincantieri Arabia for Naval Services in 2024.The agreements reached testify to Fincantieri’s strategic commitment to promoting innovation, sustainability and industrial development through a series of collaborations with Saudi entities and international partners. In line with the Vision 2030 program initiated by Saudi Arabia, these partnerships will strengthen Fincantieri’s role and its status as the only shipbuilding complex in the world active in all sectors of high-tech naval engineering, thanks to a business model with strong vertical integration and extensive experience in the cruise, offshore and defense sectors.Pierroberto Folgiero, Chief Executive Officer and General Manager of Fincantieri, commented on the agreements reached as follows, “With these agreements we want to reaffirm our strong interest in this region and our readiness to explore new business opportunities in our three main business segments, defense first and foremost. Saudi Arabia is quickly establishing its role as a global hub for maritime technology, and we are proud to partner with Saudi companies to provide them with our capabilities in various areas. Together, we will promote innovation and sustainability to achieve the ambitious goals of the Vision 2030 program.”
– Leonardo press office photo –
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