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.



Saudi Housing Minister Attends Listing of SRC's First Int’l Sukuk Program on London Stock Exchange

The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030. (SPA)
The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030. (SPA)
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Saudi Housing Minister Attends Listing of SRC's First Int’l Sukuk Program on London Stock Exchange

The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030. (SPA)
The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030. (SPA)

In a strategic move that reinforces Saudi Arabia's position in global financial markets, Minister of Municipalities and Housing and Chairman of the Saudi Real Estate Refinance Company (SRC) Majed Al-Hogail visited London to oversee the listing of SRC's first international sukuk Program, valued at $5 billion, on the London Stock Exchange.

The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030.

It also aligns with the goals of the Financial Sector Development Program and the Public Investment Fund (PIF) initiatives by advancing the housing sector and enabling citizens to access sustainable home financing.

The listing ceremony was attended by Saudi Ambassador to the United Kingdom Prince Khalid bin Bandar bin Sultan, Lord Mayor of the City of London Alastair King and senior officials from the financial and investment sectors, reported the Saudi Press Agency on Saturday.

Al-Hogail emphasized that this listing reflects the strength of the Saudi economy and the attractiveness of the Kingdom's real estate market to international investors. The international sukuk issuance facilitates Saudi Arabia's integration into global financial markets, bolsters foreign direct investment, and diversifies funding sources for the housing sector.

SRC plays a critical role in ensuring the sustainability of mortgage finance by developing innovative financing solutions that support mortgage lenders and expand financing options for citizens at competitive rates, he added.

The sukuk issuance aims to stimulate foreign investment in the housing market, as Saudi Arabia seeks to increase homeownership rates to 70% by 2030 through sustainable financing solutions and the development of a secondary mortgage market, he went on to say.

SRC CEO Majid Al-Abd Al-Jabbar stressed that the successful listing of the Sukuk Program reflects global market confidence in Saudi Arabia's economy and the sustainability of its mortgage finance sector.

This milestone will pave the way for new strategic partnerships with leading global financial institutions, enhancing SRC's ability to provide advanced and sustainable financing solutions, he stated.

This move further strengthens Saudi Arabia's real estate market as a global investment hub, benefiting from a robust economic environment, flexible regulations, and the Kingdom's strategy to attract international investments ultimately contributing to the sustainable development of the housing sector.

The Saudi Real Estate Refinance Company was established by the Public Investment Fund in 2017 with the aim of developing the Kingdom's real estate finance market.

Licensed by the Saudi Central Bank to operate in the field of real estate refinancing, SRC plays a pivotal role in achieving the objectives of the Housing Program under Saudi Vision 2030, which seeks to increase homeownership rates among Saudi citizens. This is accomplished by providing liquidity to financiers, enabling them to offer affordable housing finance to individuals, and working closely with partners to support the Kingdom's housing ecosystem.