7,000 Italian companies eye on Saudi market for investments

Saudi Gazette report

RIYADH — An Italian business association representing 7,000 companies has announced plans to expand Italian investments in Saudi Arabia and collaborate with Saudi investors to explore promising opportunities under the framework of Saudi Vision 2030. The association comprises major Italian firms operating in key economic sectors.

The announcement was made during the Saudi-Italian Business Forum, held on Wednesday at the Federation of Saudi Chambers’ headquarters. The Italian Ambassador to the Kingdom Carlo Balducci attended the event with over 140 companies and representatives from various government agencies from both countries.

Attilio Fontana, president of the Lombardy Regional Government, highlighted the region’s economic significance, noting its GDP of over $444 billion as a key pillar of Italy’s economy. Fontana emphasized the region’s openness to international investors, stating that their visit to the Kingdom aimed to strengthen Italian contributions to Saudi projects in investment, scientific, and cultural cooperation. He also expressed readiness to offer incentives to Saudi investors.

Eng. Kamel Al-Munajjed, chairman of the Saudi-Italian Business Council, underscored the growth in bilateral trade between Saudi Arabia and Italy, which now amounts to SR38 billion. The Lombardy region plays a significant role through exports such as machinery, chemicals, and automotive products. He pointed out that cooperation in logistics, infrastructure development, and digital technologies offers substantial opportunities for Italian investors. Italian expertise in construction and building could contribute to Saudi Arabia’s large-scale projects.

Lombardy, a financial and industrial hub, hosts the Italian Stock Exchange and attracts global investments across various sectors, including automobiles, space, life sciences, biotechnology, artificial intelligence, and advanced technology.