Saudi Arabia, Italy to Boost Comprehensive Strategic Partnership

The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities. (Saad al-Enezi)
The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities. (Saad al-Enezi)
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Saudi Arabia, Italy to Boost Comprehensive Strategic Partnership

The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities. (Saad al-Enezi)
The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities. (Saad al-Enezi)

Saudi Arabia and Italy underscored on Monday their strategic relations and determination to further expand their economic partnership.

Addressing the Saudi-Italian Investment Forum being in Riyadh, Saudi Finance Minister Mohammad al-Jadaan discussed the national economy and the "enormous" investment opportunities available.

He said his country is going through an economic transformation that creates investment opportunities in many areas in various sectors.

Saudi Arabia is going through an economic transformation with different companies capable of attracting Italian expertise, capabilities, and innovation.

Bilateral trade between the two nations topped $8.6 billion, a 32.9 percent increase in 2020.

Italy is Saudi Arabia's seventh-largest supplier of goods, and the Kingdom ranks 21 in goods supplied to Italy. Saudi Arabia provides approximately 9 percent of Italy's oil imports.

Speaking at the inauguration of the 12th session of the Saudi-Italian Joint Commission, Jadaan explained that Saudi Arabia is undergoing an economic transformation with the diversification of its economy by concentrating more on non-oil sectors.

He explained that the national economic transformation opens horizons for investors and innovative creativity, calling on Italian investors to be part of this.

"Italian investors with expertise, experience, and innovation are invited to be a part of our transformation," the minister added.

Moreover, Jadaan indicated that Saudi Arabia is increasing its renewable energy resources and creating a series of services, creating great investment opportunities in the Kingdom.

Italy is a leading country in energy investment, said the minister, noting that Italian investors have the opportunity to participate in the Saudi economic transformation.

He addressed culture and tourism, noting that Saudi Arabia is making significant efforts to develop the two sectors by encouraging investors and creating long-term opportunities.

Speaking at the event, Italian Minister for Foreign Affairs and International Cooperation Luigi Di Maio stressed that his country is fully prepared to support Saudi Arabia's Vision 2030.

Riyadh and Rome share common interests and strategic priorities that have provided the foundations of a long-term relationship spanning more than nine decades, he remarked.

Italian high-tech companies will contribute to the Kingdom's goals of achieving a more diversified economy, especially in sustainability and energy transition, he continued.

Di Maio acknowledged the Saudi achievements in transforming society and business, asserting that Italy is fully prepared to provide the support the Kingdom needs to implement its reforms.

At the forum, representatives of the private sector emphasized a large number of investment opportunities, leveraging the human and natural resources boasted by their countries and developing programs for partnerships in the economic, commercial, and industrial fields.

Several agreements between Saudi and Italian companies to launch joint businesses were signed at the forum.

Chairman of the Saudi-Italian Business Council, Kamel al-Munajjed, said the efforts made in economic transformation have gone a long way in converting the Saudi economy from an oil-based economy to a prosperous knowledge-based economy.

The economy provided opportunities for millions of Saudi youths, mobilizing untapped potentials in revitalizing the entire society with the dynamism and stimulus the Kingdom's economy enjoys.

Munajjed explained that Vision 2030 contributed to creating innovative job opportunities, placing the Kingdom at the forefront of the green economy countries through the initiatives and renewable energy projects.

He called on Italian investors and companies to double the trade exchange, which ranges from $7 to $8 billion annually, urging the authorities in the two countries to support the partnerships through agreements that prevent double taxation and protect the investment.

He pointed out that Italy is the Kingdom's top partner in the small and medium-sized companies.

Furthermore, he noted that Italy could explore vast potential and opportunities in archaeology and cultural and tourism projects in AlUla.

Italian banks and investment companies are welcome to launch their business in the Saudi market, said Munajjed.

The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities.

With a focus on finance, infrastructure and mobility, tourism and culture, and renewable energy, the forum featured interactive presentations spotlighting how a world of opportunity awaits Italian investors as Saudi Arabia's globally recognized reform agenda continues to progress.

The forum concluded with bilateral business meetings and the opportunity for Italian investors to explore the world-leading support services available from Invest Saudi, the Kingdom's investment promotion platform.



Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.


Saudi Arabia Launches First Endowment Fund for Environmental, Water and Agricultural Sustainability

The launch of the Namaa Endowment Fund (Asharq Al-Awsat)
The launch of the Namaa Endowment Fund (Asharq Al-Awsat)
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Saudi Arabia Launches First Endowment Fund for Environmental, Water and Agricultural Sustainability

The launch of the Namaa Endowment Fund (Asharq Al-Awsat)
The launch of the Namaa Endowment Fund (Asharq Al-Awsat)

Saudi Arabia has launched its first endowment fund dedicated to advancing environmental, water and agricultural sustainability, reinforcing efforts to strengthen the Kingdom’s non-profit sector and long-term development.

Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadhli on Tuesday inaugurated the Namaa Endowment Fund at the ministry’s headquarters, in the presence of senior officials and stakeholders.

The fund is designed to support economic and social development goals, address community needs, increase the non-profit sector’s contribution to GDP, and promote sustainable management of environmental, water and agricultural resources.

Al-Fadhli said the fund represents a new model of institutional endowment work and a practical mechanism to expand developmental impact while ensuring the sustainability of non-profit initiatives.

Developed in partnership with the General Authority for Awqaf, the fund aims to build assets commensurate with its ambitions, enabling higher returns and a wider impact over the long term.

It will pursue carefully structured investments that balance financial performance with developmental outcomes, with the potential to own or benefit from real estate assets that can be used by non-profit organizations.

Encouraging Private-Sector Participation

Al-Fadhli added that the ministry, in cooperation with the General Authority for Awqaf, the Capital Market Authority and AlAhli Capital, will support the fund and encourage contributions from the private sector, business leaders and the wider public.

Contributions will be made through a licensed digital platform under strict financial governance. He called on all segments of society to contribute in support of sustainable development across the environment, water and agriculture sectors.

Namaa will finance endowment initiatives within the ministry’s ecosystem, including the non-profit institutions Reef, Morooj and Saqaya. Its focus areas include water provision and conservation, afforestation, biodiversity protection, vegetation cover, the circular economy, sustainable agriculture and irrigation, and reducing food loss and waste.

Emad Alkharashi, Governor of the General Authority for Awqaf, announced an initial contribution of SAR100 million, describing it as a foundation for a sustainable endowment model.

He said the fund combines the legacy of endowments with modern investment practices to protect natural resources, strengthen food security and ensure lasting developmental impact.

Alkharashi added that the partnership with the ministry maximizes results and positions the fund as a model for directing endowments toward high-impact, long-term priorities through a transparent, well-governed institutional framework.


Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth  

Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
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Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth  

Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)

Saudi Arabia’s Ministry of Tourism has raised the readiness of Makkah’s hospitality sector to its highest level ahead of the holy month of Ramadan, stressing that serving pilgrims and visitors remains a top national priority.

Makkah is preparing to receive worshippers and visitors amid a marked expansion in hospitality capacity. The city now has more than 2,200 licensed accommodation facilities, reflecting growth of 35 percent over the past year. The number of licensed hotel rooms has exceeded 380,000, up 25 percent, while total domestic and inbound tourism spending is projected to surpass SAR 143 billion ($38.1 billion) in 2025.

The wider Makkah region recorded unprecedented performance indicators last year, both in visitor numbers and tourism spending, underscoring sustained growth and operational readiness.

Total domestic and international visitors exceeded 50 million, marking a 14 percent increase compared with 2024.

Tourism Minister Ahmed Al-Khateeb announced the figures during an annual inspection tour on Tuesday, stressing that the indicators reflect a major expansion in accommodation capacity and record growth in visitor numbers.

The tour included inspections of temporary lodging facilities designated for pilgrims, part of a proactive plan to increase capacity during peak seasons, alongside early preparations for the upcoming Hajj.

Vision 2030 targets surpassed

Official data has shown that Saudi Arabia has exceeded its Vision 2030 targets for the Umrah. The number of pilgrims arriving from abroad rose from 8.5 million in 2019 to more than 18 million in 2025, surpassing the original goal of 15 million by 2030.

A number of hotels surrounding the Grand Mosque in Makkah. (General Authority for Awqaf)

Service quality indicators improved as well, with pilgrim satisfaction reaching 94 percent, exceeding Vision 2030 benchmarks.

Workforce development kept pace with demand, as the number of licensed tour guides rose to more than 980, a 23 percent increase.

Masar Mall project

Al-Khateeb announced a joint financing agreement between the Tourism Development Fund and the Arab National Bank with Hamat Holding to support the Masar Mall project. The development carries a total cost of SAR 936 million (about $250 million).

The project is expected to become the largest shopping center in Makkah with the capacity to accommodate around 20 million visitors annually.

Its location near the Haramain High-Speed Railway station and a direct pedestrian link to the Grand Mosque are expected to strengthen the city’s commercial and tourism infrastructure.

Jeddah: Gateway to pilgrims

Meanwhile, Jeddah continues to consolidate its position as a complementary destination to Makkah and a primary gateway for pilgrims, while also expanding its role as a coastal tourism hub.

The city welcomed more than 13 million domestic and international visitors in 2025, a 10 percent increase from 2024. Tourism spending reached SAR 28 billion ($7.47 billion), up 6 percent year on year.

Jeddah’s hospitality sector also expanded, with more than 500 licensed facilities and over 33,000 licensed rooms.

The city is currently developing 46 tourism projects valued at SAR 21 billion ($5.6 billion) and expected to add more than 11,000 hotel rooms and further strengthen its tourism infrastructure and economic value.