Italy, Saudi Arabia discuss joint investments in oil, defense, and more

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.