Italy, Saudi Arabia discuss investments in automotive, mining, oil

Italy is discussing joint investments with Saudi Arabia in the automotive, mining, oil and gas, defense, hydrogen and space sectors, Industry Minister Adolfo Urso said on Monday.

Since taking office in October 2022, Italian Prime Minister Giorgia Meloni has sought to forge closer ties with the Gulf, shrugging off the concerns of previous coalitions over human rights in the region.

Urso is visiting the Arabian peninsula until Tuesday, with meetings in Qatar, Saudi Arabia and the UAE.

“Italy and Saudi Arabia are committed to developing a regulatory and industrial framework that favours and accelerates strategic autonomy in the critical raw materials sector,” Urso said in a statement after a meeting in Riyadh with Khalid Al-Saalem, president of the Royal Commission for Jubail and Yanbu, which helps oversee the development of Saudi Arabia’s energy industry.

“We explored the possibility of partnerships and joint investments especially in the mining sector, both in our respective countries and in third areas, such as the African continent.”

Top representatives of companies including Pirelli, Maire Tecnimont and Prysmian attended the meeting, the minister added.