Italy, Saudi Arabia pen $10 billion strategic, economic agreement
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Italy and Saudi Arabia aim to enhance bilateral relations and transform them into strategic and economic partnerships, with a new agreement serving as a first step toward the objective.
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Italian Premier Giorgia Meloni holds a year-end press conference in Rome, on January 9, 2025. (AP)
Italy and Saudi Arabia signed a multifaceted $10 billion agreement during Prime Minister Giorgia Meloni's visit to the Kingdom.
Speaking before government officials and businesspeople from both nations, Meloni stated that the move acts as a primary step to elevate bilateral ties between the countries to a strategic partnership.
"The total value of the agreements signed today and during this visit is about $10 billion, and this figure gives an idea of ​​the extraordinary leap that we have committed ourselves to make together in our future joint work."
Meloni highlighted the various shared interests between Italy and Saudi Arabia, emphasizing that the strengthening of strategic and economic relations spans areas such as infrastructure, energy collaboration, technological advancements, defense, scientific research, agribusiness, sports, entertainment, tourism, and the preservation and promotion of cultural and archaeological heritage.
"There is a difference between buying or selling something and real cooperation. Cooperation is something completely different. It means dialogue and joint reasoning, despite differences, in an increasingly uncertain situation. This is the first step," the Prime Minister declared.
Saudi Arabia aims for $600 bln in US investment, trade over four years
Saudi Arabia has been upping its global investments, particularly in Europe and the United States.
Crown Prince Mohammed bin Salman recently informed US President Donald Trump that Saudi Arabia aims to allocate $600 billion toward expanded investment and trade with the United States over the next four years, the Saudi state news agency reported.
During a phone conversation, bin Salman expressed optimism about the Trump administration’s anticipated reforms, stating they could usher in "unprecedented economic prosperity," according to the agency.
The report indicated that Saudi Arabia plans to leverage its investments to benefit from these favorable conditions. However, it did not specify whether the $600 billion would come from public or private funds nor did it provide details on how the capital would be utilized.
The crown prince also noted that the investment "could increase further if additional opportunities arise," as quoted by the agency.
