Saudi Arabia, Italy Sign 26 Investment MoUs

The Saudi-Italian high-level roundtable took place in AlUla on Sunday. SPA
The Saudi-Italian high-level roundtable took place in AlUla on Sunday. SPA
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Saudi Arabia, Italy Sign 26 Investment MoUs

The Saudi-Italian high-level roundtable took place in AlUla on Sunday. SPA
The Saudi-Italian high-level roundtable took place in AlUla on Sunday. SPA

The Saudi-Italian high-level roundtable took place in AlUla on Sunday, with the participation of Italian Prime Minister Giorgia Meloni, Saudi Minister of Investment Khalid Al-Falih, CEOs, private sector leaders, and representatives from major companies of both countries.

The meeting highlighted the expanding partnership between the two countries and resulted in the signing of 26 memoranda of understanding across key industries, including construction, renewable energy, cultural exchange, and advanced technologies.

It also explored collaborative prospects in green energy, automotive manufacturing, infrastructure development, tourism, agrifood, solar and wind energy projects, sustainable tourism initiatives, and advanced construction technologies.

Italian businesses highlighted their aim to capitalize on an estimated SAR11.8 trillion in Saudi inward investment over the next six years.

Heritage tourism was also a key focus, with participants highlighting Italy’s expertise and Saudi Arabia’s ambition to become a leading global travel destination. As the Kingdom plans to create 1.6 million tourism jobs by 2030, Saudi-Italian partnerships are poised to drive skills development, promote sustainable tourism, and expand opportunities in the private sector.

In 2023, Saudi exports to Italy reached SAR18.5 billion, driven primarily by mineral fuels and petrochemicals, while imports from Italy totaled SAR22 billion, reflecting strong demand for Italian products such as machinery, pharmaceuticals, and advanced engineering solutions.

In 2024, 63 investment licenses were granted to Italian firms in the Kingdom—an increase of 110% over the previous year—underscoring the rising Italian interest in advanced manufacturing, construction, and renewable energy.



UK-Saudi-UAE Alliance to Develop Ground-breaking Petrochemical Complex in Egypt

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
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UK-Saudi-UAE Alliance to Develop Ground-breaking Petrochemical Complex in Egypt

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum
The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation. Photo: Egypt’s Ministry of Petroleum

The UK’s Shard Capital Partners LLP, in collaboration with UAE-based Royal Strategic Partners and Saudi Arabia’s Al-Qahtani Group, has announced the signing of a Framework Agreement with Egypt’s Ministry of Petroleum and Ministry of Investment to develop a ground-breaking petrochemical complex in the industrial zone of New Alamein City.

In addition, Shard Capital said it is having initial discussions with Orascom Construction for the investment in the construction and operation of the complex outside battery limits on a Build Own and Operate basis.

The project, with an estimated investment of $7 billion, is set to create 20,000 jobs during the construction phase and 3,000 permanent positions upon operation, supporting Egypt’s economic development through job creation, Shard Capital said in a statement.

The project will establish an integrated complex with a production capacity of approximately 3.1 million tons annually of eight specialized petrochemical products. Using crude oil as its primary feedstock, the facility will include a refinery, and a mixed steam cracker unit designed to achieve one of the highest global conversion rates.

This state-of-the-art complex represents a transformative step for the industry by employing cutting-edge global technologies to maximize production efficiency and convert crude oil into high-value end products. Additionally, it will significantly enhance Egypt’s export capabilities in the petrochemical sector, playing a pivotal role in driving economic growth and strengthening global market position.

“Signing this agreement marks a historic milestone for Shard Capital LLP and reflects our deep commitment to advancing Egypt’s petrochemical sector. We are proud to be part of this critical project that will revolutionize the industry by leveraging cutting-edge American and European technologies to ensure maximum efficiency in converting raw materials into specialized petrochemicals while delivering exceptional returns for both the complex and Egypt,” said Capital Markets Advisor at Shard Capital Partners LLP William Blain.

He added: “We are committed to implementing the highest environmental sustainability standards and minimizing carbon emissions. Our ongoing collaboration with US partners on blue hydrogen production feasibility studies represents a step toward a more sustainable future.”

CEO of Shard Capital Partners LLP Toby Raincock said: “This complex will enhance Egypt’s industrial capabilities, open new export markets, create extensive job opportunities, and drive economic development across the region.