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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 Seeks 20 LNG Cargoes for Winter

FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Seeks 20 LNG Cargoes for Winter

FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt is seeking winter cargoes of liquefied natural gas for the first time in years, highlighting a deepening energy shortage, Bloomberg reported.

State-owned Egyptian General Petroleum Corp. issued one of its biggest tenders, asking for 17 shipments for its floating import terminal at Ain Sukhna and three more cargoes to be delivered into neighboring Aqaba, Jordan, according to people with knowledge of the matter. Egypt is seeking the deliveries from October to December, the people said.

Meanwhile, Egypt's Suez Canal Economic Zone signed contracts worth $1.067 billion linked to several projects to manufacture chemical and food products and renewable energy components at the China-Africa summit, the prime minister's office said in a statement on Friday.

In other economic news, Egypt's central bank as expected left its overnight interest rates on hold, saying inflation pressures had subsided but that economic growth had softened.

The lending rate remained at 28.25%, while the deposit rate stood at 27.25%, the bank said in a statement.

It was the third time that it left rates unchanged since a 600 basis point (bps) hike on March 6, when it signed a $8 billion financial support agreement with the International Monetary Fund.