Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, expressed the Kingdom’s readiness to bolster economic cooperation with Italy, aiming to bring investment and expertise to both nations. During the World Economic Forum in Davos, Al-Jadaan engaged in discussions with his Italian counterpart, Giancarlo Giorgetti, and various investors.
Al-Jadaan highlighted in an interview with the Italian newspaper Corriere della Sera the strong bilateral relations between the two countries, emphasizing his personal rapport with Minister Giorgetti. They discussed exploring new cooperative ventures and pledged to continue their collaborative efforts.
The Finance Minister underscored the significance of Italian contributions to Saudi projects, notably mentioning a substantial contract entrusted to the Italian firm Webuild. This $4.7 billion deal involves the construction of infrastructures such as dams, an artificial lake, and hospitality facilities which will serve as part of the NEOM’s Trojena mountain and ski resort, aligned with the preparations for the Asian Winter Games.
Saudi Arabia’s investment interests are not just limited to infrastructure; Al-Jadaan pointed out the Kingdom’s direct investment aspirations in Italy’s tech and industrial landscapes. The strategy involves not only acquiring stakes in Italian companies but also transferring Italian expertise to Saudi Arabia to support the latter’s development projects.
An example of Saudi investment activity was the acquisition of a 9.9 percent share in Telefonica, a leading European communications company, for a total of $2.1 billion in September 2023.
Al-Jadaan elaborated on the diverse technological domains that Saudi Arabia is keen on, from artificial intelligence to telecommunications. While he remained reserved about specific details, he indicated that these areas are under the purview of Saudi Arabia’s technology minister.