Italy, Saudi Arabia sign deal to boost investments | Reuters
Italy and Saudi Arabia signed an agreement on Monday to boost economic relations and investments deemed of strategic importance, with an initial focus on developing projects in the energy sector.
Since taking office last October, Prime Minister Giorgia Meloni has sought to forge closer ties with the Gulf countries, shrugging off the concerns of previous coalitions over human rights in the region. She has already lifted an embargo on arms sales to Saudi Arabia and United Arab Emirates.
The Memorandum of Understanding (MoU), seen by Reuters, lasts two years and will automatically be renewed for a further 24 months unless one of parties notifies the other of its intention to decline renewal six months before the expiry date.
Saudi Arabia will focus on energy, sustainability, supply chains and sport to expand its presence in Italy, Investment Minister Khalid al-Falih said on Monday at an event in Milan to promote the partnership.
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