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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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Egypt Eager for New Investment Opportunities in Oil, Gas Sectors

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi meets with a delegation from Mubadala Energy led by CEO Mansoor Mohammed Al Hamed. (Asharq Al-Awsat)
Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi meets with a delegation from Mubadala Energy led by CEO Mansoor Mohammed Al Hamed. (Asharq Al-Awsat)
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Egypt Eager for New Investment Opportunities in Oil, Gas Sectors

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi meets with a delegation from Mubadala Energy led by CEO Mansoor Mohammed Al Hamed. (Asharq Al-Awsat)
Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi meets with a delegation from Mubadala Energy led by CEO Mansoor Mohammed Al Hamed. (Asharq Al-Awsat)

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi said on Saturday that Emirati investments in the energy, petroleum, and gas sectors are a key symbol of the distinguished cooperation between the two brotherly nations.

Mubadala Energy, an Emirati company, exemplifies serious collaboration and investment in Egypt, he added.

Badawi welcomed the expansion of Emirati investments in Egypt’s petroleum and mining sectors, especially as new investment opportunities were offered.

He made his remarks during a meeting with a delegation from Mubadala Energy, led by CEO Mansoor Mohammed Al Hamed, accompanied by Adnan Buftaim, Executive Vice President for Global Technical Operations, Zayed Al Mazrouei, head of Marketing and Refining, and Salma Al Hajri, Regional Vice President for the Eastern Mediterranean and North Africa.

The officials reviewed Mubadala’s activities in natural gas exploration in Egypt, highlighting the company’s participation in key areas in the Mediterranean Sea.

Mubadala holds a 10% stake in the Zohr gas field, 20% stake in the Noor gas field, and 27% stake in Block 4 in the Red Sea.

The meeting touched on the recent global bid for natural gas exploration in the Mediterranean and the Nile Delta, launched by the Egyptian Natural Gas Holding Company (EGAS) in 12 areas.

Mubadala expressed interest in the bid and reviewed the available information through Egypt Upstream Gateway (EUG).

Al Hamed underscored the promising opportunities for further expansion, especially given the excellent relations between Egypt and the UAE.

He noted that Mubadala’s partnerships in gas exploration and production in Egypt, alongside international companies, provide a solid foundation for future expansion in other regions.

He also stressed the importance of Mubadala’s involvement in the Arab Petroleum Pipelines Company “SUMED,” which stands as one of the most successful models of Arab cooperation.

He reaffirmed that open dialogue would continue, seeking new ideas for future collaboration.