Some Italian banks are considering entering the Saudi market in the near future, in conjunction with the expansion of economic relations between Riyadh and Rome, sources familiar with the matter have revealed to Asharq Al-Awsat.
Saudi Arabia and Italy signed 19 agreements and memoranda of understanding during an investment forum held in Milan on Monday.
The sources, who requested anonymity due to ongoing deliberations, have indicated that the deepening economic ties between the two nations “may prompt Italian banks to establish branches in Saudi Arabia, facilitating investment and trade transactions between companies from both countries, which are expected to increase in the coming years.”
One of the sources predicts that bilateral trade between the two countries could double within 3 to 5 years, from the $11 billion achieved in 2022.
The sources also highlighted that the rapid conversion of memoranda of understanding into agreements and their implementation will expedite the achievement of this goal.
The Saudi-Italian Investment Forum commenced in Milan, Italy, on Monday, coinciding with Italy’s efforts to attract sovereign wealth funds from the Gulf for investment in a new fund aimed at providing resources for companies operating in strategically important sectors, enhancing purchases, and reusing vital raw materials.
Italy's Industry Minister Adolfo Urso stated that Rome could appoint special commissioners to take all necessary steps to facilitate foreign investment programs in Italy worth no less than €1 billion (approximately $1.1 billion).
He also noted that Italy is in talks with Saudi Arabia regarding a potential investment in its “Made in Italy” fund, which aims to strengthen strategically important supply chains.
