Saudi Arabia and Italy will be signing 18 cooperation agreements across various sectors.
This major announcement was made at the Saudi-Italian Investment Forum held in Milan, Italy, by the Saudi Investment Minister, Khaled Al-Falih.
During the forum, Al-Falih extended an invitation to Italian companies, encouraging them to strengthen their presence in the Kingdom.
He highlighted that currently, 150 licensed Italian institutions operate within Saudi markets. “This number can be notably increased in the upcoming period,” stated Al-Falih.
He also added that Saudi Arabia is planning to spend over a trillion euros ($1.8 trillion) in direct contracts on major projects throughout this decade. The projects present significant opportunities for Italian firms to penetrate the Saudi market.
In his address to forum participants, Al-Falih shed light on several key indicators emphasizing the strength of the Saudi economy amidst significant transformations.
The Kingdom boasts a credit rating of A1 from Moody’s and +A from Fitch, having one of the lowest debt-to-GDP ratios among the G20 nations.
He mentioned that total investments in Saudi Arabia, both domestic and foreign, grew by over 30% last year.
Furthermore, since the launch of “Vision 2030” seven years ago, Saudi Arabia’s GDP has witnessed a cumulative growth of 66%.
Currently, the Kingdom ranks among the top 10 destinations for foreign direct investments worldwide.
Al-Falih highlighted the development of the Saudi stock market (Tadawul) which has progressed from being ranked 25th in 2016 to being among the top 10 global financial markets today.
