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Saudi Arabia, Italy Sign MoU to Boost Investment in Military Industries

Saudi Minister of Investment Khalid Al-Falih with officials from Italy’s Elettronica after signing the memorandum of understanding. (Asharq Al-Awsat)
Saudi Minister of Investment Khalid Al-Falih with officials from Italy’s Elettronica after signing the memorandum of understanding. (Asharq Al-Awsat)
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Saudi Arabia, Italy Sign MoU to Boost Investment in Military Industries

Saudi Minister of Investment Khalid Al-Falih with officials from Italy’s Elettronica after signing the memorandum of understanding. (Asharq Al-Awsat)
Saudi Minister of Investment Khalid Al-Falih with officials from Italy’s Elettronica after signing the memorandum of understanding. (Asharq Al-Awsat)

The Saudi Ministry of Investment and General Authority for Military Industries (GAMI) signed a Memorandum of Understanding (MoU) with Italy’s leading defense company, Elettronica aimed at strengthening cooperation in military industry investments in the Kingdom.

The signing ceremony was attended by Saudi Minister of Investment Khalid Al-Falih and Mohammed Al-Athel, Deputy Governor for Localization at GAMI.

The MoU will explore a range of investment opportunities within the sector, aligning with the Kingdom’s ambitious goals. These include increasing foreign direct investment (FDI) to 5.7% of GDP and boosting the private sector’s contribution to 65% of GDP.

Additionally, it supports Saudi Arabia’s objective to localize 50% of military spending by 2030.

The MoU was signed during the Ministry of Investment’s participation in the 2024 Ambrosetti European House Forum, held in Como, Italy, which brought together government representatives and major global corporations.

At the forum, the ministry engaged in various panel discussions, showcasing the Kingdom’s strategic investment opportunities and the ministry’s support services for investors, highlighting the competitive advantages Saudi Arabia offers to both domestic and international investors.

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China Seeks to Bolster Ports and Aviation Hubs in Western Regions

The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
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China Seeks to Bolster Ports and Aviation Hubs in Western Regions

The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)

China said on Sunday it would launch 15 measures to bolster the development of its western provinces with the construction of logistical infrastructure such as ports and aviation hubs.

The General Administration of Customs said the measures would enhance the integration of rail, air, river and sea links in China's west, state media reported.

The measures are to include enhancing international aviation hubs in cities including Chengdu, Chongqing, Kunming, Xi'an and Urumqi, while developing comprehensive bonded zones, and integrating these with ports and other transport links.

A number of ports would also be built and expanded.

China has long sought to bolster the economic heft of its western regions, which have markedly lagged coastal provinces.

China's western regions comprise around two-thirds of the country's land area and include regions such as Sichuan, Chongqing, Yunnan, Xinjiang and Tibet.

China's Politburo last year called for a "new urbanization" of western China to revitalize rural areas, expand poverty alleviation efforts and strengthen energy resources. Efforts have also been made to increase linkages to Europe and South Asia through trade corridors including rail freight routes.