Italy plans joint investments with Saudi Arabia: Industry Minister Urso

Rome: Italy is discussing joint investments with Saudi Arabia in many strategic sectors, Italy’s Industry Minister Adolfo Urso said Monday.

Urso, who is touring the Arabian Peninsula until Tuesday, said the two countries are looking at fostering ties in the automotive, mining, oil and gas, defense, hydrogen and space sectors.

“Italy and Saudi Arabia are committed to developing a regulatory and industrial framework which favors and accelerates the strategic autonomy in the critical raw material sector,” the Italian minister said after meeting in Riyadh with Khalid Al Saalem, the president of the Royal Commission for Jubail & Yanbu.

“To this end, we explored with President Al Saleem the possibility of joint partnerships and investments particularly in the mining sector, both in our respective countries and other regions, such as the African continent.”

Urso’s office said he was accompanied by representatives of the main Italian companies, which have businesses in Saudi Arabia, such as Marie Tecnimont and Prysmian.

The trip is part of the strategy of Italian Prime Minister Giorgia Meloni’s government to deepen economic ties with the Gulf.

Urso’s meeting in Saudi came after a visit to Qatar on Sunday, where he met with Qatar’s Commerce and Industry Minister Mohammed bin Hamad bin Qassim Al-Thani, and a delegation of members of Qatar’s economic and financial community.

Urso will be in Abu Dhabi on Tuesday for the final day of his tour of the region.