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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
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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.

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Business

Iraq Seeks Saudi Firm List to Streamline Iraqi Exports

Jadidat Arar border crossing, the logistics gateway between Saudi Arabia and Iraq (SPA)
Jadidat Arar border crossing, the logistics gateway between Saudi Arabia and Iraq (SPA)
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Iraq Seeks Saudi Firm List to Streamline Iraqi Exports

Jadidat Arar border crossing, the logistics gateway between Saudi Arabia and Iraq (SPA)
Jadidat Arar border crossing, the logistics gateway between Saudi Arabia and Iraq (SPA)

The Iraqi government is moving to tighten the framework for exporting its goods to Saudi Arabia by compiling a list of Saudi companies interested in importing Iraqi products, a step aimed at streamlining trade procedures and boosting shipments to the kingdom.

The list will be circulated to all relevant Iraqi authorities and used as a reference in the export process, according to the information.

Trade between the two countries remains heavily tilted in Saudi Arabia’s favor. In 2024, Saudi exports to Iraq reached 6.5 billion riyals ($1.7 billion), while imports from Iraq totaled 180.4 million riyals ($48.1 million), resulting in a trade surplus of 6.3 billion riyals ($1.6 billion).

Saudi Arabia’s General Authority for Foreign Trade has informed the Saudi private sector of a request from Iraqi authorities to provide a list of companies willing to import goods from Iraq.

Push to raise Iraqi exports

The Iraqi government has also asked for details on Saudi market requirements and standards, seeking clarity that would allow it to set specifications for products, goods, and services and, in turn, increase its exports to the kingdom.

Fuel products, oils, and mineral waxes accounted for the largest share of Iraqi exports to Saudi Arabia at 49.1%. Aluminum and aluminum products accounted for 32.7%, while pulp from wood or other fibrous cellulosic materials accounted for 7.3%. The remaining share was spread across other goods and services.

Overall trade between Saudi Arabia and Iraq continues to expand in both volume and diversity, with Saudi exports clearly dominant. Both sides have stepped up efforts to ease trade flows and improve infrastructure to support more sustainable growth.

Border bottleneck eased

As part of its efforts to smooth access for Saudi products to regional markets, the General Authority for Foreign Trade recently stepped in to resolve a technical and logistical issue that had been hampering Saudi exporters at the Jadidat Arar border crossing with Iraq.

The intervention was aimed at safeguarding export flows through the only land route linking the two countries, which has grown in importance after an 81.3% rise in truck traffic in the first half of 2024.

The authority resolved a dispute over the Iraqi side’s refusal to accept electronic authentication of documents, reaffirming its commitment to strengthening trade ties with Baghdad.

The issue had been flagged as a recurring obstacle for Saudi companies exporting to Iraq via the crossing, prompting swift action by the authority to clear the backlog and ease private sector access to the Iraqi market.

Strategic gateway

Opened in 2020, the Jadidat Arar crossing is the sole economic and logistics gateway between Saudi Arabia and Iraq. It has played a key role in cutting export costs by 15% and reducing shipping times to less than 48 hours.

The Arar Chamber of Commerce said in a recent statistical report that total truck movements, arrivals, and departures combined reached about 33,300 in the first half of 2024.

By comparison, the number of trucks stood at about 4,084 in the first half of 2021, rose to 12,954 in the same period of 2022, and increased further to 18,729 in the first half of 2023.

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.