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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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DMDF 2024 Explores Dynamics of Saudi Financial Market

A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
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DMDF 2024 Explores Dynamics of Saudi Financial Market

A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)

The Debt Markets and Financial Derivatives Forum (DMDF 2024), set to launch on Sunday in Riyadh, will focus on key principles aimed at exploring the dynamics of the Saudi financial market.
Organized by the Financial Academy, the forum will be held under the patronage of Mohammed El-Kuwaiz, Chairman of the Capital Market Authority and the Board of Trustees of the Financial Academy, with the participation of industry leaders, experts, and specialists from the financial securities sector.
The forum will examine emerging trends and insights from experts and CEOs in the financial sector, contributing to the mission of the Financial Academy, which aims to leverage its resources to provide high-level specialized services that align with Saudi Arabia’s Vision 2030.
Mana bin Mohammed Al-Khamsan, CEO of the Financial Academy, told Asharq Al-Awsat that the forum comes in parallel with the Kingdom’s ongoing advancements, driven by Vision 2030, which seeks to achieve exceptional results across all areas, particularly the economic sector, a cornerstone of the country’s development.
Key Focus Areas
According to Al-Khamsan, the forum will address several major topics in the financial sector, including strategic partnerships with local and international exchanges, such as collaborations with the Saudi Tadawul Group and the Chicago Mercantile Exchange. It will also include partnerships with renowned international organizations like the CFA Institute and the International Capital Market Association (ICMA).
He added that a central focus will be on the debt and derivatives markets, which are expected to experience significant growth in the near future due to recent legal and regulatory reforms. These markets will play a crucial role in diversifying financing sources and improving liquidity.
The CEO of the Financial Academy also noted that the debt and derivatives markets in Saudi Arabia are experiencing rapid growth, and are expected to play a vital role in expanding funding sources and enhancing liquidity over the next few years.
Additionally, the official anticipated a rise in foreign investments in the Saudi financial market due to an improved regulatory environment and increased confidence among international investors.
Future Outlook
According to Al-Khamsan, the forum will shed light on these transformations through panel discussions and dialogues centered on future trends and challenges facing these markets. It will also present innovative solutions to keep pace with global financial market developments.
The forum aims to deliver measurable outcomes by tracking the impact of the Financial Academy’s initiatives on career development within the sector and fostering the principles of continuous professional training across the Kingdom’s financial industry, he underlined.
Al-Khamsan continued that the forum seeks to raise awareness and facilitate the exchange of expertise on modern financial instruments and risk management, while solidifying Saudi Arabia’s position as a leading investment destination regionally and globally. This will be achieved through collaboration with prestigious local and international entities such as the Saudi Tadawul Group, the Chicago Mercantile Exchange, and the CFA Institute.