Italy-Saudi Business Council cements strategic ties

Rome: The Italian-Saudi Business Council meets today in Milan and will continue on April 30 in Turin, with an expanded agenda aimed at deepening the newly elevated strategic partnership between Italy and Saudi Arabia. Kamel Almunajjed, president of the Council, highlights the significance of the meetings.

Decoding the news. At the Milan forum, Italian Undersecretary for Foreign Affairs Maria Tripodi highlighted that “relations between Italy and Saudi Arabia are excellent and constantly growing, with great potential for further strengthening in terms of investments and trade.”

She recalled that the recent bilateral summit led to the signing of a joint declaration, officially upgrading the relationship to a strategic partnership.

Italy’s exports to Saudi Arabia surpassed €6 billion in 2024, up 27.9% from the previous year — the highest growth rate in the MENA region.

Why it matters. A source familiar with the organisation told Decode39 that the Saudi delegation attending the events is larger than in previous similar meetings, underscoring the jump in scale and ambition following Prime Minister Giorgia Meloni’s meeting with Saudi Crown-Prince Mohammed bin Salman, in March–the same meeting referenced by Undersecretary Maria Tripodi during her today’s keynote speech.

Zoom in. In an interview with our sister website Formiche.net, also Kamel Almunajjed, president of the Italian-Saudi Business Council, emphasised that 26 agreements worth over €10 billion were signed during Meloni’s visit, covering clean energy, manufacturing, and technology sectors.

“We aim to export 1.2 million tons of green hydrogen annually from Saudi Arabia to Europe by 2030,” he said.

In advanced industries, Almunajjed pointed to partnerships with Italian leaders like Leonardo and Prysmian.

Mattei Plan between the lines. Third-market cooperation, especially in Africa, is gaining momentum.

Almunajjed said that Italy’s Mattei Plan offers a valuable framework and stressed that Saudi Arabia’s Africa strategy is “even more ambitious,” with $40 billion earmarked for investments and plans to open 50 embassies across the continent by 2030.

Imec is on the horizon. Almunajjed sees the India-Middle East-Europe Corridor (IMEC) as a game changer. “The project, with an estimated cost of $20 billion, will cut freight transport time between India and Europe by up to 40% compared to the Suez Canal,” he said.

He explained that Saudi Arabia is developing ports like King Abdulaziz Port in Dammam and Jeddah Islamic Port to become regional logistics hubs, while Italy is positioning Trieste as a major European entry point.

Beyond trade. Cultural and educational ties are expanding.

Almunajjed cited a cultural MoU signed in 2023, joint museum and archaeological projects initiatives, and new academic exchange programs.

“Starting in 2025, more than 500 students and professors will participate annually,” he said.

What we’re watching. “Saudi-Italian cooperation is not only a model of bilateral partnership,” Almunajjed said, “but also a platform to build bridges with Africa and to advance regional integration aligned with Vision 2030 and Italy’s strategic priorities.”

Saudi-Italian cooperation around IMEC could drive €10 billion in infrastructure projects over the next five years, accelerate intelligent transportation networks, connect renewable energy systems between the Middle East and Europe, and double the volume of digital trade to over €50 billion annually by 2030, Almunajjed forecasted.