Italy, Saudi Arabia ink strategic partnership deals worth $10 billion

27/1/2025 19:40

Italy signed agreements worth around $10 billion with Saudi Arabia as part of a strengthened strategic partnership, Italian Prime Minister Giorgia Meloni

said on Sunday after meeting Saudi Crown Prince Mohammed bin Salman.



Among the deals, Italy's credit export agency SACE said it would provide loan guarantees worth 3 billion dollars for Saudi Arabia's NEOM real estate project. The deal had already been reported on in November.



NEOM, a Red Sea urban and industrial development nearly the size of Belgium that is due to house roughly nine million people, is central to bin Salman's Vision 2030 plan to create new sources of economic growth beyond oil.