A Strategic Collaboration to Enhance Economic Ties and Drive Vision 2030 Projects.
Public Investment Fund (PIF) and SACE, the Italian insurance and financial group wholly owned by the Italian Ministry of Economy and Finance, have signed a Memorandum of Understanding (MoU) to bolster economic collaboration between Saudi Arabia and Italy. The agreement focuses on financing support for Italian private sector companies engaged in projects led by PIF and its portfolio companies, with up to $3 billion in potential financing.
Enhancing International Financial Cooperation
This agreement builds upon an already strong relationship between PIF and SACE, which has facilitated financing exceeding $3 billion for PIF’s portfolio companies through collaborations with leading global financial institutions. As the driving force behind Vision 2030, PIF remains committed to transforming and diversifying Saudi Arabia’s economy by fostering new sectors, businesses, and job opportunities.
The MoU strengthens ties between Italian businesses and Saudi Vision 2030 initiatives
By formalizing this strategic partnership, PIF aims to enhance cooperation, encourage knowledge-sharing, and provide Italian companies with a platform to engage in transformative projects within the Kingdom. This MoU further diversifies PIF’s financing instruments and strengthens its connections with international financial institutions, reinforcing its role as a global investment leader.
PIF continues to expand international financial partnerships to diversify its financing instruments
Key Leaders Emphasize Strategic Impact
Rasees AlSaud, Head of Financial Institutions and Investor Relations, Global Capital Finance at PIF, stated: “The MoU represents another landmark in PIF’s strategy to enhance strategic partnerships with global financial institutions and export credit agencies. This collaboration will unlock new opportunities for Italian and Saudi companies to cooperate, exchange expertise, and drive transformative investments in Saudi Arabia and beyond.”
Alessandra Ricci, CEO of SACE, commented: “We are proud to collaborate with PIF to facilitate Italian exports and strengthen trade and investment ties between our two nations. This memorandum opens significant doors for Italian businesses, particularly SMEs, allowing them to establish themselves as key suppliers and participate in PIF-led projects aligned with Saudi Vision 2030.”
SACE’s support unlocks significant opportunities for Italian SMEs in Saudi Arabia’s fast-growing economy
A Partnership Poised for Growth
The MoU underscores PIF’s commitment to fostering impactful international partnerships and increasing foreign participation in Saudi Arabia’s economic transformation. By leveraging SACE’s financial expertise, this agreement will further enhance the Kingdom’s business ecosystem, providing Italian companies with significant access to one of the world’s most dynamic economies.
As Saudi Arabia continues its rapid development, this collaboration between PIF and SACE signals a major step in strengthening economic ties and ensuring that Italian enterprises play a vital role in the Kingdom’s future growth.
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