Saudi Arabia and Italy strengthen ties with 26 economic agreements
04/02/25
Saudi Arabia and Italy have signed 26 memoranda of understanding (MoUs) aimed at deepening bilateral cooperation across key sectors such as construction, renewable energy, advanced technologies, and cultural exchange. The agreements were formalized during a high-level Saudi-Italian roundtable meeting in Al Ula, attended by government ministers, CEOs, industry leaders, and major business representatives from both nations.
The strategic partnership comes at a time when Italian businesses are eager to tap into Saudi Arabia’s estimated SAR 11.8 trillion (USD 3.15 trillion) in inward investments over the next six years. Discussions at the meeting explored numerous collaborative opportunities, with a focus on green energy, automotive manufacturing, infrastructure development, agrifood, tourism, and cutting-edge renewable energy projects, including solar and wind energy.
A significant aspect of the partnership is in the tourism sector, where Italy’s expertise in heritage tourism aligns with Saudi Arabia’s goal of becoming a leading global destination. As part of Vision 2030, the Kingdom plans to create 1.6 million tourism-related jobs by the end of the decade, offering ample opportunities for skill development and sustainable tourism initiatives. These Saudi-Italian collaborations are expected to boost the private sector and promote long-term growth in the tourism industry.
In terms of trade, Saudi exports to Italy in 2023 totaled SAR 18.5 billion (USD 4.93 billion), primarily driven by mineral fuels and petrochemicals, while imports from Italy reached SAR 22 billion (USD 5.87 billion), reflecting strong demand for Italian machinery, pharmaceuticals and advanced engineering solutions.
The growing business relationship between the two countries is evident in the sharp increase of Italian investments in Saudi Arabia. In 2024, 63 investment licenses were issued to Italian companies in the Kingdom, marking a 110% year-on-year increase, with a particular focus on advanced manufacturing, construction, and renewable energy sectors.
Business Start Up Saudi Arabia offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Saudi, Saudi Business Case, Saudi Business Model Development, Feasibility Study and Business Plan Saudi, Organizational and Operational Structuring Saudi, Saudi Sponsorship and Partnership, Company Formation Saudi among others.
Please click on the link to learn more about opportunities and possibilities in Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.
