Saudi Arabia, Italy Sign 21 Agreements, MoUs during Investment Forum

Saudi Investment Minister Khalid Al-Falih shakes hands with Italian Minister of Industry. (Italian AKI Agency)
Saudi Investment Minister Khalid Al-Falih shakes hands with Italian Minister of Industry. (Italian AKI Agency)
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Saudi Arabia, Italy Sign 21 Agreements, MoUs during Investment Forum

Saudi Investment Minister Khalid Al-Falih shakes hands with Italian Minister of Industry. (Italian AKI Agency)
Saudi Investment Minister Khalid Al-Falih shakes hands with Italian Minister of Industry. (Italian AKI Agency)

Saudi Arabia and Italy signed 21 agreements and memorandums of understanding during an investment forum held in Milan, in a step aimed at developing trade and investment relations between them.

The event saw the signing of an MoU between Saudi ACWA Power and the Italian energy giant Eni for a green hydrogen project in the Middle East and Africa.

Saudi Investment Minister Khalid Al-Falih said Italy will be a long-term partner of Saudi Arabia in the energy and sustainability sectors.

He told the forum that the Kingdom was launching an investment in important raw materials, and planning to strengthen efforts with Italy, pointing to one of the largest global hydrogen projects in the city of NEOM.

The Saudi-Italian Investment Forum was organized jointly by the Saudi Ministry of Investment and the Italian Ministry of Enterprises and Made in Italy.

The forum was attended by al-Falih and the Italian Minister of Enterprises and Made in Italy, Adolfo Urso, in the presence of several officials from both countries and representatives from the governmental and private sectors.

The MoUs and agreements signed during the event covered the sectors of energy, clean energy, healthcare, real estate, waste management, technology, and manufacturing.

They are aimed at promoting commercial cooperation, fostering trade, industrial, and investment ties, and facilitating the development of cross-sectoral relations between the two countries.

The forum also discussed investment opportunities, in light of Saudi Arabia’s economic transformation, as well as a set of initiatives and programs within its Vision 2030.

In remarks on the occasion, Urso said Rome was discussing with Riyadh a potential investment in its “Made in Italy” fund, which aims to strengthen supply chains of strategic importance. He also hinted at potential merger and acquisition deals in the energy sector between the two countries.

Bilateral trade between Saudi Arabia and Italy in 2022 is estimated at $11 billion.



Iraq Appoints Ali Al-Shatari as Director General of Oil Marketer SOMO

A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
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Iraq Appoints Ali Al-Shatari as Director General of Oil Marketer SOMO

A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)

Iraq, the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), appointed a new chief for national oil marketer SOMO, the company said on Thursday.

Ali al-Shatari will become the director general of the State Oil Marketing Organization (SOMO), succeeding Khudhyer Abed, also taking over as Iraq's governor in OPEC, according to Reuters.

SOMO, which markets all Iraqi oil, is expected to begin handling oil output from Iraq's semi-autonomous Kurdistan region after the end of an almost two-year dispute with the government in Baghdad.