Saudi Arabia is advancing its Vision 2030 programme, and Italy is emerging as a strategic partner across infrastructure, energy, defence and culture. A series of recent agreements and investments has expanded the scope of cooperation, with institutional backing and strong involvement from Italian industry and financial institutions.

This article outlines the companies, sectors and financial frameworks driving the current phase of Italy–Saudi collaboration.

• Deal: €3 billion export credit facility to support Saudi megaprojects including NEOM . This marks the largest untied loan in SACE’s history
• Extension: MoU with PIF to explore up to $3 billion in joint project financing
• Impact: Enables Italian firms to contribute to transport, energy, urban development and sustainability projects
• Completion: Estimated by end of 2027

• Sector: Infrastructure, transport and water
• Involvement: Competing for major contracts in NEOM and Red Sea Global , building on experience from Riyadh Metro and desalination projects
• Completion: Aligned with NEOM timelines through 2030

• Sector: Power generation
• Activity: Supporting Saudi Arabia’s energy diversification through turbine supply and hybrid generation systems
• Completion: 2028 (subject to project scope)

• Sector: Aerospace and defence
• Initiative: MoU with Saudi Arabia’s Ministry of Investment and the General Authority for Military Industries to explore joint manufacturing and R&D
• Future focus: Potential Saudi participation in the Global Combat Air Programme (GCAP) alongside Italy, the UK and Japan
• Completion: Long-term (dependent on GCAP inclusion milestones)

• Sector: Clean energy and decarbonisation
• Focus: Exploring collaboration in hydrogen, carbon capture and upstream energy technology in line with Saudi Arabia’s sustainability objectives
• Completion: TBC (linked to energy infrastructure timelines)

• Sector: Naval defence and maritime infrastructure
• Discussion: Exploring cooperation on shipbuilding and port development aligned with Saudi Arabia’s maritime sector ambitions
• Completion: Expected post-2027

• Sector: Smart mobility and rail
• Potential: High-speed and urban rail development in support of NEOM and wider national transport strategies
• Completion: 2029 (aligned with national rail rollout)

• Sector: Health, wellness and tourism infrastructure
• Equity deal: NEOM Investment Fund acquired a 6% stake in Technogym, valued at around €111 million
• Delivery role: Fitness and wellness solutions for hospitality, resorts and urban living environments
• Completion: By 2026 (aligned with tourism infrastructure delivery)

• The Italian–Saudi Business Council (ISBC) hosted more than 80 B2B meetings during business forums in Milan and AlUla
• 26 MoUs were signed across key areas including tourism, digital transformation, green energy, manufacturing and heritage preservation
• Italian exports to Saudi Arabia surpassed €6 billion in 2024, reflecting a 28% increase compared to the previous year

Strategic access and complementary strengths Italy brings technical expertise, engineering capability and access to European markets. Saudi Arabia offers capital investment, scale and long-term development programmes. Their cooperation reflects alignment across sectors with mutual benefit.

The €3 billion facility from SACE, alongside growing collaboration with PIF, ensures that recent agreements are underpinned by strong financial structures designed for execution, not intent.

Both countries prioritise clean energy, hydrogen and sustainable infrastructure. Their cooperation complements initiatives such as the India–Middle East–Europe Economic Corridor (IMEC), broadening the scope for logistics and energy integration.

Projects in AlUla and partnerships in heritage and creative industries underline a shared interest in cultural exchange, tourism growth and knowledge transfer. Italian capabilities in these areas align well with Saudi Arabia’s goals.

Looking Ahead

The Italy–Saudi relationship is grounded in tangible investment, sector-specific cooperation and institutional support. Italian companies are contributing to flagship developments across the Kingdom, while Saudi investment is opening new channels for innovation, trade and industrial collaboration.

This growing partnership continues to gain momentum, with both nations working toward delivery-driven, future-focused outcomes. These developments, and others underway, will be further explored at WAM Saudi 2025 – the Kingdom’s premier platform for advanced manufacturing, tech and logistics. Taking place from 24–26 November in Riyadh, the event brings together decision-makers, investors and industrial leaders driving transformation across the region.