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Saudi Arabia and Italy Boast Trade Volume of Around $10.9 Billion

Saudi and Italian officials meet during Meloni's visit to the Kingdom on Sunday. (SPA)
Saudi and Italian officials meet during Meloni's visit to the Kingdom on Sunday. (SPA)
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Saudi Arabia and Italy Boast Trade Volume of Around $10.9 Billion

Saudi and Italian officials meet during Meloni's visit to the Kingdom on Sunday. (SPA)
Saudi and Italian officials meet during Meloni's visit to the Kingdom on Sunday. (SPA)

Economic affairs were the key focus of Italian Prime Minister Giorgia Meloni’s visit to Saudi Arabia, which began on Saturday and continues until Monday. During her first official trip to the Kingdom, Meloni aims to strengthen bilateral relations and boost trade ties before heading to Bahrain.

As members of the G20, Saudi Arabia and Italy share mutual economic interests. The establishment of the Saudi-Italian Joint Committee has played a pivotal role in advancing economic, trade, and investment relations between the two countries. It has also created effective governance frameworks to foster collaboration and elevate their relationship to the level of a strategic partnership.

Strategic partnerships

Saudi Arabia is Italy’s second-largest trading partner in the region. In 2023, the trade volume between the two countries reached around $10.8 billion. Saudi imports from Italy were valued at $5.875 billion, while exports to Italy amounted to $4.921 billion, including $737 million in non-oil exports. Globally, Italy ranks as the 10th largest exporter to the Kingdom.

Both nations are working to strengthen economic and investment ties by regularly convening the Saudi-Italian Joint Business Council, increasing official and trade delegation visits, encouraging joint ventures, and organizing trade and investment events.

Currently, more than 150 Italian companies operate in Saudi Arabia, with Italy’s foreign direct investment (FDI) stock in the Kingdom exceeding $4.6 billion.

Renewable energy cooperation

Saudi Arabia and Italy are collaborating in the renewable energy sector as the Kingdom focuses on its transition to carbon neutrality. Italy, with its extensive experience in renewable energy technologies, is seeking to establish a long-term partnership with the Kingdom, a potential future leader in green hydrogen production.

In September 2023, the Saudi-Italian Investment Forum, hosted in Milan by Saudi Arabia’s Ministry of Investment in partnership with Italy’s Ministry of Enterprises and Made in Italy, resulted in the signing of 21 agreements and memorandums of understanding. They covered sectors such as traditional and clean energy, healthcare, real estate, waste management, and more.

According to the Italian government, Italy views Saudi Arabia as a key partner, especially regarding investment opportunities tied to the Kingdom’s Vision 2030. The transformative reform plan aims to diversify the Saudi economy, shifting its reliance from oil to a service-based model. It emphasizes tourism, startups, and small- and medium-sized enterprises (SMEs) in high-value-added sectors.

Saudi Arabia ranks sixth globally in terms of the number of visas issued by Italy, underscoring Italy’s position as a leading destination for Saudi tourists.

Italy is also among the top 20 countries investing in Saudi Arabia, with over 150 Italian companies holding foreign investment licenses in the Kingdom. The Saudi-Italian Investment Forum in 2023 further solidified economic ties, with the signing of 21 agreements spanning a wide range of sectors.

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Business

Saudi Industry Minister Explores Localization Opportunities with Airbus Helicopters

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during the meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during the meeting. (SPA)
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Saudi Industry Minister Explores Localization Opportunities with Airbus Helicopters

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during the meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials during the meeting. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks Airbus Helicopters CEO Bruno Even on the sidelines of the World Defense Show 2026 in Riyadh to discuss joint opportunities for localizing aerospace industries and their supply chains in the Kingdom.

The meeting reviewed ways to strengthen industrial cooperation and expand strategic partnership opportunities in the localization of aircraft and helicopter manufacturing in Saudi Arabia, said a ministry statement on Tuesday.

It addressed ongoing efforts to localize the production of aluminum panels and titanium processing to support the requirements of the aerospace sector.

The talks underscored the importance of developing enabling models that attract Airbus Helicopters’ global suppliers and facilitate the establishment or expansion of their operations in the Kingdom, contributing to the resilience and sustainability of global aviation supply chains.

Separately, Alkhorayef met with leaders of the Technology Equipment Trading Establishment, which specializes in military industries. They discussed opportunities to localize defense industries in the Kingdom, the enablers supporting local content development, and initiatives to boost national capabilities in military manufacturing.

Business

Bessent Says US, China Could Have Very Productive Relationship

US Secretary of the Treasury Scott Bessent, left, shakes hands with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025. (KEYSTONE/EDA/Martial Trezzini) /Handout via Reuters
US Secretary of the Treasury Scott Bessent, left, shakes hands with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025. (KEYSTONE/EDA/Martial Trezzini) /Handout via Reuters
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Bessent Says US, China Could Have Very Productive Relationship

US Secretary of the Treasury Scott Bessent, left, shakes hands with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025. (KEYSTONE/EDA/Martial Trezzini) /Handout via Reuters
US Secretary of the Treasury Scott Bessent, left, shakes hands with Chinese Vice Premier He Lifeng, right, during a bilateral meeting between the United States and China, in Geneva, Switzerland, on Saturday, May 10, 2025. (KEYSTONE/EDA/Martial Trezzini) /Handout via Reuters

US Treasury Secretary Scott Bessent said on Tuesday that the US relationship with China could be very productive and welcomed Beijing as a rival.

"The US-China relationship now is in a very comfortable place. We are going to be rivals, but we want the rivalry to be fair," Bessent said during an appearance at the ‌BTG Pactual ‌CEO Conference, held in Sao Paolo, Brazil. "We ‌do ⁠not want ‌to decouple from China, but we do need to de-risk."

Bessent is preparing to meet with Chinese Vice Premier He Lifeng in coming weeks ahead of a planned visit to China by US President Donald Trump in April.

The Treasury has not given details about the timing or venue for Bessent's meeting with He.

Bessent told the conference ⁠that the US was working on "retaking sovereignty" from China in strategic industries including ‌critical minerals, semiconductors and medicines.

"We're always ‍going to be competitors," he ‍said. "And I'm of the view that competition makes you better, ‍keeps you from stagnating."

In the long run, he said China would have to rebalance its economy, adding, "The world cannot have a situation where China persistently runs a $1 trillion trade surplus. That's just not possible."

Bessent and US Trade Representative Jamieson Greer spoke with He by phone in December, and both sides agreed to promote the ⁠stable development of bilateral trade and economic ties, China's official Xinhua news agency reported at the time.

Bessent last met with He in Malaysia in October, when both sides discussed a framework agreement under which Beijing agreed to defer export controls on rare earth supplies and Washington dropped a 100% US tariff on Chinese goods.

The US Treasury Secretary has said in recent weeks that China is on track to meet its commitments under a US-China trade agreement, including the purchase of 12 million metric tons ‌of US soybeans, by the end of February.

Business

AlUla Conference for Emerging Market Economies Highlights Policies to Strengthen Resilience, Support Growth

The second AlUla Conference for Emerging Market Economies was held in AlUla on February 8–9 - SPA
The second AlUla Conference for Emerging Market Economies was held in AlUla on February 8–9 - SPA
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AlUla Conference for Emerging Market Economies Highlights Policies to Strengthen Resilience, Support Growth

The second AlUla Conference for Emerging Market Economies was held in AlUla on February 8–9 - SPA
The second AlUla Conference for Emerging Market Economies was held in AlUla on February 8–9 - SPA

At the conclusion of the second AlUla Conference for Emerging Market Economies, held in AlUla on February 8–9 and co-organized by the Saudi Ministry of Finance and the International Monetary Fund, Minister of Finance Mohammed Aljadaan and Managing Director of the International Monetary Fund Kristalina Georgieva issued a joint statement.

The statement expressed appreciation to emerging-market policymakers, leading global academics, and heads of regional and international financial institutions for convening once again in AlUla to discuss the key challenges facing emerging-market economies and the policies needed to strengthen resilience and support growth, SPA reported.

It noted that the second conference reaffirmed the value of a dedicated global forum focused on the shared challenges, opportunities, and aspirations of emerging market economies.

Over the two days, discussions centered on how emerging markets can navigate a global environment characterized by persistent uncertainty, geopolitical shifts, evolving trade patterns, and rapid technological change.

These developments, the statement said, underscore the urgency of strengthening policy frameworks and institutions to bolster resilience and seize opportunities ahead.

Several key messages emerged. First, sound macroeconomic and financial policies—underpinned by strong institutions and effective governance—remain the cornerstone of resilience in an increasingly shock-prone world. Experiences across many emerging markets demonstrate that credible policy frameworks and institutional upgrades have helped deliver better inflation outcomes, maintain financial stability, and preserve market access, even amid heightened uncertainty.

Second, having achieved greater stability, emerging markets now face the challenge of advancing to a new phase of reforms that deliver higher, more sustainable, and more job-rich growth. Unlocking private-sector potential will be central to this effort, including by deepening financial markets, reducing barriers to entrepreneurship and investment, and harnessing artificial intelligence through investments in digital infrastructure and skills development to help young people thrive in a changing global labor market.

Third, amid shifting trade and investment patterns, deeper intra-regional and inter-regional integration presents significant opportunities. Strengthening trade and regional cooperation remains critical as emerging markets adapt to the evolving global economic landscape.

According to SPA, the statement concluded by welcoming the commitment shown by emerging market economies to work together, learn from one another, and act decisively to address global challenges, and by expressing anticipation of continuing these discussions and building on the momentum at future editions of the AlUla Conference for Emerging Market Economies.