Italy’s exports to Saudi Arabia prominently feature fashion, food, and furniture. Italian companies see promising opportunities in sectors like wood, furniture, transportation, and electrical equipment, as highlighted at the “Exporting Digitally – Focus Saudi Arabia” event in Rome, organized by Promos Italia and Sace Education.
Saudi Arabia is recognized for its political and economic stability, making it an attractive market. Valentina Cariani from Sace emphasized the positive outlook for Italian businesses in this market. Sace’s indices indicate a welcoming environment for foreign investments and exports.
Despite some spending cuts, Saudi Arabia’s Vision 2030 investment plan remains a key driver for goods sales. Capital goods, transportation, and electrical equipment are expected to see significant growth. The country is also focusing on decarbonization, which aligns with the anticipated rise in electrical equipment linked to the energy transition.
Saudi Arabia’s economy, heavily reliant on hydrocarbons, is diversifying. Investments aim to transform it into a diversified economy, tourist destination, regional service hub, and IT activity center. This transition necessitates importing goods and services from Italy.
Tourism, furniture, textiles, and fashion are growing sectors in Saudi Arabia, which boasts a high GDP per capita and a strong preference for Italian products. The “three Fs” of Made in Italy—fashion, food, and furniture—are particularly appreciated, with substantial growth potential.
Sace’s analyses show consumer and intermediate goods performing well, supported by stable investments and economic well-being. Cariani highlighted Saudi Arabia as an attractive market for both exports and investments, thanks to reforms encouraging foreign investments.
Saudi Arabia is seen as a market of the future, essential for companies of all sizes. The region’s instability has increased the Gulf countries’ attractiveness for exporters and investors. Italian companies, supported by Sace, are capitalizing on opportunities in Saudi Arabia’s futuristic city projects and the upcoming 2029 Winter Olympics.
Sace’s new office in Riyadh supports smaller companies entering the market. A €3 billion Push line with the Saudi Ministry of Finance aims to boost Italian exports in high-potential sectors related to Vision 2030, including renewable energy, logistics, infrastructure, tourism, hospitality, and manufacturing.
Saudi Arabia ranks as the third-largest destination for Italian goods in the Middle East and North Africa. Italian exports to Saudi Arabia have grown and diversified, with significant increases observed in 2023. Key export sectors include instrumental mechanics, chemicals, electrical appliances, transportation, metals, and food and beverages.
Reforms in Saudi Arabia have intensified cooperation with Italy, creating free zones with tax incentives and special economic zones for foreign investors. This strategy is part of Saudi Arabia’s Vision 2030, which also aims to increase renewable energy production and export. Italy is considered a strategic ally in providing green energy to Europe.
Saudi Arabia’s digital market is thriving, with major online sales channels like Noon, Amazon, and AliExpress. The population is highly digitalized, with 95% internet access and 89% smartphone penetration. E-commerce users in 2022 reached approximately 21.4 million, a significant increase from 2018.