A new agreement between Saudi Arabia’s Public Investment Fund (PIF) and SACE opens up up to $3 billion in funding for Italian companies. This initiative will strengthen their role in Saudi Arabia’s ongoing economic transformation.
The recently signed Memorandum of Understanding (MoU) aims to enhance collaboration between Italian private sector companies and the Saudi sovereign wealth fund, along with its affiliated entities. The focus will be on strategic sectors aligned with Saudi Vision 2030, the Kingdom’s ambitious economic diversification plan.
This agreement facilitates the sharing of information and entrepreneurial expertise, allowing Italian companies to play a more active role in development projects within Saudi Arabia. It further strengthens an already robust partnership that has previously enabled over $3 billion in funding for PIF-affiliated companies, supported by SACE and leading financial institutions.
Expanding Strategic Partnerships
Rasees Al-Saud, Head of Financial Institutions and Investor Relations, Global Capital Finance at PIF, emphasized the significance of this milestone, stating that the MoU is a key component of PIF’s strategy to consolidate strategic partnerships with major international financial institutions and export credit agencies. He also highlighted how the agreement will open new opportunities for collaboration between Italian and Saudi companies, fostering the exchange of knowledge and expertise while supporting transformative investments in both countries.
Opportunities for Italian Businesses
The memorandum offers significant opportunities, particularly for Italian SMEs, enabling them to establish themselves as suppliers and partners in PIF-led projects and those of its affiliated entities, in line with the goals of Saudi Vision 2030.
Strengthening Economic Relations between Saudi Arabia and Italy
This agreement is the latest in a series of economic collaborations between Saudi Arabia and Italy. In January 2025, the two nations signed an agreement to strengthen energy cooperation, including the potential export of green hydrogen from Saudi Arabia to Europe. During this event, Saudi Minister of Energy, Prince Abdulaziz bin Salman, and Italian Minister of Energy and Environment, Gilberto Pichetto Fratin, signed an MoU focused on cooperation in innovation and technology for hydrogen development, climate change mitigation, and carbon capture and storage.
Saudi Arabia continues to position itself as a leader in green energy investments, with its flagship hydrogen production project in NEOM set to become the world’s largest commercial-scale hydrogen plant, fully powered by renewable energy. This growing economic and energy partnership between Saudi Arabia and Italy underscores the commitment of both countries to sustainable development, innovation, and long-term economic cooperation.
Source: https://www.arabnews.com/