Italy is discussing joint investments with Saudi Arabia in the automotive, mining, oil & gas, defense, hydrogen and space sectors, Industry Minister Adolfo Urso said on Monday.
Adolfo Urso
Italy is discussing joint investments with Saudi Arabia in the automotive, mining, oil & gas, defense, hydrogen and space sectors, Industry Minister Adolfo Urso said on Monday.
Since taking office in October 2022, Italian Prime Minister Giorgia Meloni has sought to forge closer ties with the Gulf.
Urso is visiting the Arabian Peninsula until Tuesday, with meetings in Qatar, Saudi Arabia and the United Arab Emirates.
“Italy and Saudi Arabia are committed to developing a regulatory and industrial framework that favors and accelerates strategic autonomy in the critical raw materials sector,” Urso said in a statement after a meeting in Riyadh with Khalid Al Saalem, president of the Royal Commission for Jubail & Yanbu, which helps oversee development of Saudi Arabia’s energy industry.
“We explored the possibility of partnerships and joint investments especially in the mining sector, both in our respective countries and in third areas, such as the African continent.”
Top representatives of companies including Pirelli , Maire Tecnimont and Prysmian attended the meeting, the minister added.
Major Saudi Arabian firms are planning billion-dollar investments in Syria as part of the kingdom's business-forward approach to the country's recovery, but U.S. sanctions and a fractured Syrian state apparatus pose formidable obstacles.
Foreign ministers from several Muslim-majority countries will convene in Istanbul on Monday to discuss the current Gaza ceasefire and potential next steps, including the establishment of a "stability force," Turkish Foreign Minister Hakan Fidan announced on Friday during a press conference in Ankara.
Syria has secured $28 billion in investments over the past ten months, according to interim President Ahmad al-Sharaa. The announcement was made on Wednesday during his speech at the Future Investment Initiative (FII) conference in Riyadh.
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