https://arab.news/wzm7c
RIYADH: Italian companies stand to access up to $3 billion in financing under a new agreement between 萝莉视频鈥檚 Public Investment Fund and Italy鈥檚 SACE, reinforcing their role in the Kingdom鈥檚 economic transformation.
The memorandum of understanding seeks to propel cooperation between Italy鈥檚 private sector firms and the Saudi wealth fund, as well as its portfolio companies, focusing on strategic sectors aligned with Saudi Vision 2030.
The deal facilitates information sharing and business expertise to enhance Italian firms鈥� participation in the Kingdom鈥檚 projects, according to a statement.
The agreement strengthens the existing partnership between the entities, which has already facilitated over $3 billion in financing for PIF portfolio companies, backed by SACE and supported by leading financial institutions.
鈥淭he MoU represents another landmark in PIF鈥檚 strategy to further enhance its range of strategic partnerships with leading international financial institutions and export credit agencies,鈥� said Rasees Al-Saud, head of financial institutions and investor relations, global capital finance, at PIF.
The deal 鈥渨ill unlock opportunities for Italian and Saudi companies to cooperate, as well as exchange business knowledge and experience, in line with our strategy to drive impactful and transformative investments, both globally and in 萝莉视频,鈥� he added.
SACE CEO Alessandra Ricci echoed the sentiment, stating: 鈥淲e are proud and honored to stand alongside a prominent institution like PIF, with whom we aim to collaborate in facilitating Italian exports and fostering trade and investment relations between our two countries.鈥�
She added: 鈥淲e believe this memorandum opens significant opportunities for Italian companies, particularly SMEs, which, with our support, can establish themselves as suppliers and participate in projects sponsored by PIF and PIF portfolio companies in alignment with the goals of Saudi Vision 2030.鈥�
The agreement is the latest in a series of deals between 萝莉视频 and Italy aimed at expanding economic cooperation. In January, the two nations signed an agreement to boost energy collaboration, including potential supplies of green hydrogen produced in 萝莉视频 to Europe.
At the time, Saudi Energy Minister Prince Abdulaziz bin Salman and Italy鈥檚 Energy and Environment Minister Gilberto Pichetto Fratin signed an MoU covering innovation and technology cooperation in hydrogen development, climate change mitigation, and carbon capture and storage.
萝莉视频 has been aggressively investing in green energy initiatives, with a flagship hydrogen plant at NEOM poised to become the world鈥檚 largest utility-scale, commercially based hydrogen facility powered entirely by renewable energy.