Riyadh, June 27, 2022, SPA -- The Saudi-Italian Investment Forum culminated today in the signing of two Memoranda of Understanding, including establishing the Saudi-Italian Business Council, formalizing the business relationship between Saudi Arabia and one of its most important European trade partners. The event, which highlighted mutually beneficial investment opportunities across multiple sectors, was attended by Mohammed bin Abdullah Al-Jadaan, Minister of Finance. Led by Italian Minister of Foreign Affairs and International Cooperation Luigi Di Maio, the high-level Italian delegation gathered government officials and key private sector representatives. Also present was Ms. Barbara Beltrame Giaconello, Vice President for Internationalization of the General Confederation of Italian Industry (Confindustria), the Italian employers' federation and national chamber of commerce. The event saw the signing of an MoU between the General Confederation of Italian Industry & the Federation of Saudi Chambers of Commerce with the aim to enhance bilateral business relations and an agreement between WE ENERGY & Officine Nicola Galperti e Figlio S.p.A. in the field of forging & flange manufacturing. Several interactive presentations enabled Italian delegates to explore the world of investment opportunity available in Saudi Arabia. The Red Sea Development Company showcased infrastructure and mobility projects within the Kingdom, while the Royal Commission for AlUla and Aseer Development Authority showcased opportunities in tourism and culture. The Ministry of Energy, together with ACWA Power, also introduced attendees to renewable energy investment opportunities the Kingdom. In addition to meeting with prospective Saudi business partners, Italian investors explored the world-leading support services provided by Invest Saudi, the Kingdom’s investment promotion platform. The Forum comes the same month as a Riyadh visit organized by the Federation of Saudi Chambers (FSC) for Italian MP Elena Morelli, chair of the Italian-Saudi Parliamentary Friendship Committee, who discussed ways to open headquarters for Italian companies in Saudi Arabia and noted cooperation opportunities between Riyadh and Rome in the renewable energy sectors, tourism and infrastructure. The Saudi-Italian Investment Forum follows several successful bilateral forums, webinars and other events hosted in the past 12 months by MISA to strengthen international business relationships and support foreign investment attraction. Brazil, Greece, Austria, France, Thailand and South Africa are just a handful of the countries that sent business delegations to Saudi Arabia, resulting in enhanced cooperation and multiple MoUs s to explore investment opportunities across diverse sectors. --SPA 21:19 LOCAL TIME 18:19 GMT 0048 www.spa.gov.sa/w1753222