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GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)
GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)
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GCC, Indonesia Sign Joint Statement to Launch Free Trade Negotiations

GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)
GCC, Indonesia sign joint statement to launch free trade negotiations. (SPA)

Secretary General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi met yesterday with Indonesian Minister of Trade Zulkifli Hasan in Jakarta, where they underscored the significance of strengthening cooperation between the GCC and Indonesia to bolster economic ties and serve mutual interests.
The meeting included a signing ceremony for a joint statement to initiate GCC-Indonesia Free Trade Agreement (FTA) negotiations, the Saudi Press Agency reported on Thursday.
Both sides emphasized that the FTA between the two countries would establish a solid groundwork for expanding trade and investment and fostering cooperation. They highlighted that it will also establish the framework for legislation, laws, and procedures governing investments between the two sides, set mechanisms for their implementation, and create new job opportunities.
Albudaiwi said that the signing of the joint statement aligns with the directives of the GCC leaders to strengthen ties with international partners, highlighting that the FTA will play a crucial role in realizing the economic visions of the GCC countries and their strategic plans for economic diversification.
He also said that the initial round of negotiations will begin this year and is anticipated to conclude within 24 months, as mutually agreed upon.

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Saudi PIF, Italy’s SACE Sign $3 Bn MoU

The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
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Saudi PIF, Italy’s SACE Sign $3 Bn MoU

The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)

Saudi Arabia’s Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by Italy’s Ministry of Economy and Finance, have signed a memorandum of understanding (MoU) aimed at strengthening their bilateral partnership.

Under the agreement, PIF and SACE will collaborate on information-sharing and business expertise, with a particular focus on strategic sectors.

The MoU also includes a provision for SACE to consider offering up to an additional $3 billion in financing support for projects led by PIF and its portfolio companies.
The signing builds on an existing relationship between PIF and SACE, which has already facilitated financing exceeding $3 billion for PIF portfolio companies, with participation from several leading financial institutions.

As a key driver of Saudi Arabia’s Vision 2030 and a leading global investor, PIF is focused on diversifying and transforming the Saudi economy by developing new sectors, businesses, and job opportunities.

This latest agreement aligns with PIF’s ongoing strategy to expand financial collaborations, enhance global cooperation, and foster long-term international partnerships.

The MoU is part of PIF’s broader approach to maintaining strong relationships with international financial institutions while diversifying its financing instruments.

Rasees Al Saud, Head of Financial Institutions and Investor Relations, Global Capital Finance at PIF, highlighted the significance of the partnership: “The MoU represents another landmark in PIF’s strategy to enhance its strategic partnerships with leading international financial institutions and export credit agencies.”

“It will unlock opportunities for both Italian and Saudi companies to collaborate and exchange business knowledge, in line with our commitment to driving impactful and transformative investments globally and in Saudi Arabia,” said Al Saud.

CEO of SACE Alessandra Ricci emphasized the benefits for Italian companies: “We are proud to collaborate with a distinguished institution like PIF.”

“This partnership will facilitate Italian exports and strengthen trade and investment ties between our two countries,” noted Ricci.

“The memorandum opens significant opportunities for Italian companies, especially SMEs, enabling them to become key suppliers and participate in projects sponsored by PIF and its portfolio companies, all in alignment with Saudi Vision 2030,” she explained.

PIF currently holds an Aa3 rating from Moody’s (stable outlook) and an A+ rating from Fitch (stable outlook), reinforcing its financial stability and global credibility.