Al-Falih: Italy to be Saudi Arabia’s long-term power and sustainability associate

by ADeeL

Saudi Gazette report

MILAN — Minister of Funding Khalid Al-Falih mentioned on Monday that Italy can be a long-term associate of Saudi Arabia within the power and sustainability sectors. He mentioned that the Kingdom is growing one of many largest international hydrogen tasks within the metropolis of NEOM.

Al-Falih made the remarks whereas addressing the Saudi-Italian Funding Discussion board, which kicked off in Milan, Italy on Monday. Numerous enterprise leaders, buyers and authorities officers from Italy and Saudi Arabia are collaborating within the discussion board.

Al-Falih mentioned that Saudi Arabia and Italy will signal a number of agreements for cooperation in numerous fields. The minister additionally invited Italian firms to make investments within the Kingdom. Al-Falih additionally identified that the 2 nations will associate in inexperienced applied sciences. The minister mentioned that the Kingdom is launching funding in main uncooked supplies and plans to strengthen cooperation and joint work with Italy on this discipline.

The 2 nations signed a memorandum of understanding (MoU) on Monday to reinforce financial relations and investments of strategic significance between the 2 nations. The MoU, which lasts for 2 years, and is mechanically renewed for one more 24 months until one of many two events notifies the opposite of its intention to refuse the renewal, six months earlier than its expiry. The settlement goals to initially concentrate on improvement tasks within the power sector.

Since taking workplace in October 2022, Italian Prime Minister Giorgia Meloni has sought to determine nearer relations with the Gulf Cooperation Council (GCC) states. Beneath Meloni, Italy sees itself taking part in an rising position in linking the European Union (EU) to power suppliers within the Center East and North Africa, because the European Union reduces its provides from Russia.

On the Milan occasion, the Italian power firm Eni and Saudi ACWA Energy agreed to develop a inexperienced hydrogen undertaking within the Center East and North Africa. As well as, Italy is searching for to draw sovereign wealth funds within the Gulf to spend money on a brand new fund to supply sources to firms working in sectors of strategic significance and improve the procurement and reuse of important uncooked supplies.

Italian Business Minister Adolfo Urso mentioned on the occasion that Rome might appoint particular commissioners to take all crucial measures to assist implement overseas funding applications in Italy price at the least one billion euros ($1.1 billion).

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