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From energy and innovation to culture and tourism, Saudi-Italy bonds are stronger than ever

RIYADH: It used to be in February 1932 that Saudi Arabia and Italy signed a Treaty of Friendship that marked the origin of the bilateral relationship between the two countries — and 90 years since the partnership is more fruitful than ever.

In 2021, the alternate substitute between Saudi Arabia and Italy exceeded $8 billion, better than the pre-pandemic length, exhibiting an accelerating financial relationship between the 2 countries.

Italy is for the time being the seventh finest exporter to Saudi Arabia and the 2nd contained within the EU, while the Kingdom is Italy’s twenty first best doubtless exporter, supplying about 9 pc of Saudi Arabia’s oil imports.

As Saudi Arabia leapfrogs within the commercial sector thru financial diversification, a stable strategic partner like Italy would possibly per chance well also reap benefits.

The Italian Pavilion at SaudiBuild involves more than 25 companies exposing evolved and sustainable affordances and technologies for construction alternatives. (Twitter/@ItalyinKSA)

In maintaining with the goals outlined in Imaginative and prescient 2030, Saudi Arabia is now gradually diversifying its financial system, which has been dependent on oil for plenty of a protracted time. The Kingdom now eyes changing into one of the enviornment’s top tourist locations by 2030, along with accelerating the stir in conjunction with the departed of international reveal investments to the nation.

With plenty of regulatory reforms and by increasing a commercial-pleasant environment, Saudi Arabia is attracting international companies to the Kingdom.

These companies are now taking part within the entire benefits, guarantees, toughen and incentives supplied to Saudi entities, and the authorities even enable fleshy international ownership in most industries.

Till now, Italy’s capital expenditure in Saudi Arabia essentially centered on manufacturing and wholesale and retail alternately, but these regulatory reforms would possibly per chance well also abet Italian entrepreneurs to search out extra sectors within the Kingdom.

Within the meantime, Saudi Arabian companies are also establishing a foothold in Italy, with SABIC being essentially the most prominent one working within the European nation.

FASTFACT

About 160 Italian companies characteristic in Saudi Arabia in management and consulting companies and products, engineering and construction tasks, telecommunications, effective being care, synthetic intelligence, contemporary technologies, artwork and culture, renewable energy and hundreds of others.

Other famous companies from the Kingdom working in Italy contain Saudi Arabian Airlines within the logistics and storage sectors and Gulf Infonet within the telecommunications sector.

Earlier in June, in an odd interview with Arab news on the sidelines of the Italian-Saudi Joint Commission, Luigi Di Maio, Italy’s then-international minister, wired the importance of consolidating his country’s ancient relations with the Kingdom.

Di Maio stated: “Italy used to be one of the first countries to attach diplomatic relations with the Kingdom of Saudi Arabia within the early Thirties and 2022 marks the first anniversary in our longstanding friendship.”

Di Maio additional notorious that high-tech Italian companies would possibly per chance well also make contributions to Saudi Arabia’s financial diversification traipse, especially within the fields of sustainability and energy transition.

On the sides of the match, the Saudi Space Commission signed a memorandum of working out with the Italian Space Agency (ASI) to collaborate on tasks of standard interest in Earth commentary, technology and verbal substitute in deep space, scientific missions and human exploration programs. , as effective as joint efforts in satellites and coaching.

“ASI and SSC conform to cooperate through the unreal recordsdata and scientific recordsdata, the joint group of seminars and workshops and the model of joint actions tasks and analysis,” a spokesman for ASI immediate Arab news.

Saudi Arabia and Italy have already obtained stable bilateral exchanges on energy, innovation, equipment and space. As the countries have an impartial appropriate time the 90th anniversary of diplomatic relations, these ties would possibly per chance per chance well also per chance be additional prolonged to diversified sectors such as culture and tourism.

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