Saudi Arabia and Italy sign 26 deals for expanding partnership
During the meeting, Italian businesses highlighted their aim to capitalize on an estimated SR11.8 trillion in Saudi inward investment over the next six years. The meeting 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.
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 SR18.5 billion, driven primarily by mineral fuels and petrochemicals, while imports from Italy totaled SR22 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 percent over the previous year—underscoring the rising Italian interest in advanced manufacturing, construction, and renewable energy.
On the second day of her visit to AlUla, Italian Prime Minister Meloni visited on Monday the Hegra archaeological site in AlUla. During the visit, she was accompanied by Emir of Madinah Region Prince Salman bin Sultan, Minister of Commerce Majed Al-Qasabi, Acting CEO of the Royal Commission for AlUla Abeer AlAkel, and several officials from both Saudi Arabia and Italy.
The visit to Hegra, Saudi Arabia's first UNESCO World Heritage site, featured key archaeological and historical landmarks, including Qasr Al-Farid and other sites.
Later on the day, Meloni left AlUla, marking the conclusion of her visit to Saudi Arabia.
She was seen off at AlUla International Airport by Emir of Madinah Prince Salman bin Sultan, Minister of Commerce Majed Al-Qasabi and several other officials.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
2 hours ago
- The National
Trump Media buys $2 billion in Bitcoin continuing crypto boom
Trump Media has accumulated roughly $2 billion in Bitcoin and related securities as part of its previously announced Bitcoin Treasury Plan, the company announced on Monday. The holdings now account for about two thirds of Trump Media's approximately $3 billion in liquid assets, it said. The company also said about $300 million in additional capital was allocated to an options acquisition strategy for related securities. Trump Media, which owns the Truth Social media platform, said it plans to continue purchasing Bitcoin and related assets and convert its options into spot Bitcoin, depending on market conditions. The company will use the assets to potentially 'acquire additional crypto assets', it said. 'We're rigorously implementing our publicly announced strategy and fulfilling our Bitcoin Treasury Plan,' Trump Media president Devin Nunes said. 'These assets help ensure our company's financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we're planning to introduce across the Truth Social ecosphere.' Shares in Trump Media rose 5.46 per cent to $19.67 per share following the announcement. The US President Donald Trump's media company had said in May that it plans to raise $2.5 billion to establish a Bitcoin treasury. The price of Bitcoin has surged since Mr Trump took office in January. The cryptocurrency climbed above $123,000 for the first time last week in anticipation of a slate of crypto-friendly bills being passed by Congress. The price of Bitcoin was trading 0.44 per cent higher at $118,958.86 as of 6.30pm UAE time. Bitcoin's gains extended to crypto-linked stocks on Monday, with shares in the crypto exchange Coinbase Global rising more than 3 per cent to $432.50. Circle Internet Group gained 0.4 per cent. The price of Ethereum also gained 1.75 per cent to $3,823.45. Meanwhile, the S&P 500 and Nasdaq Composite both hit new intraday highs after rising 0.6 and 0.7 per cent, respectively. The Dow Jones Industrial Average rose 0.54 per cent, or 241.03 points, to 44,583.22. Leading industry optimism last week was the signing of the Genius Act, which would allow private companies to issue stablecoins. The ruling also establishes a regulatory framework for the stablecoin market. The week, which has been dubbed 'crypto week' by Republicans, marked the culmination of Washington's embracing of an industry that had clashed with former president Joe Biden's administration. 'The signing of the Genius Act into law marks an important milestone in the effort to bring regulatory clarity to crypto,' the Securities and Exchange Commission commissioner Hester Peirce said in a statement at the time. Ms Pierce also said the act would help the SEC give guidance on how registrants can use payment stablecoins. World Liberty Financial, a crypto start-up backed by Mr Trump, previously launched its own dollar-pegged stablecoin with BitGo. The House of Representatives last week also passed the Clarity Act, which is designed to help establish the roles of the SEC and Commodities Futures Trading Commission in overseeing crypto assets. The bill will now be considered in the Senate. The House also passed the CBDC Anti-Surveillance State Act, which blocks the Federal Reserve from issuing a central bank digital currency (CBDC) without congressional approval. Unlike cryptocurrencies, a CBDC is issued and supported by a central bank. The House Financial Services Committee chairman French Hill said the bill 'safeguards the privacy of Americans by prohibiting the creation of a Central Bank Digital Currency in the United States'.
Zawya
2 hours ago
- Zawya
Afreximbank Annual Meetings record project preparation deals expected to unlock about US$ 1.0 billion in investments
The 32 nd Annual Meetings of African Export-Import Bank (Afreximbank) ( also known as AAM2025, witnessed a flurry of deal signings with four project preparation transactions signed between the Bank and various entities that are expected to unlock investments valued at about US$ 1.0 billion. In an agreement signed by Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, for Afreximbank, and Mrs. Temwani Simwaka, CEO, for NBS Bank Plc (NBS), Malawi, the two institutions executed a Joint Project Preparation Facility Framework Agreement under which they will pool resources to provide early project preparatory financing to progress projects in Malawi from pre-feasibility stage to bankability in a timely manner. As set out in the agreement, Afreximbank and NBS will support public and private sector investors by availing financing and technical support services to de-risk projects in priority sectors, including energy, transport and logistics, logistical platforms (such as special economic zones and industrial parks), manufacturing, agro-processing, hospitality and tourism, extractives, solid minerals, and services (such as ICT, healthcare, and creative economy). Embedded in the framework agreement is a capacity building programme that will empower NBS staff to undertake project preparation activities in the medium term. Afreximbank and NBS expect to bring onstream investments of about US$ 300 million in Malawi in the near term. In another transaction, Afreximbank signed a US$ 4.4-million Project Preparation Facility Agreement in favour of Med Aditus Pharmaceutical Kenya Limited. The facility will be deployed to finance the preparation of feasibility and bankability studies towards the development of a state-of-the-art fill and finish pharmaceutical manufacturing plant, with a production capacity of at least two billion tablets and capsules per annum, located in Kibos, Kisumu County, Kenya. The project will improve access to quality, affordable life-saving medicines across the Great Lakes region, contributing to better health outcomes in a region that contends with heavy loads of infectious and other diseases. The project will also facilitate medical and manufacturing blockchain technology transfer to Africa, supporting the long-term growth and strengthening the wider region's health sector. The project preparation facility will bring onstream assets of about US$ 40 million. Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, signed the agreement on behalf of Afreximbank while Dr. Dhiren Thakker, Founder and CEO of Med Aditus Pharma, signed for his company. Afreximbank also signed a Heads of Terms agreement for a US$4.4-million project preparation facility in favour of Green Hybrid Power Private Limited. The facility will be deployed towards the preparation of bankability and feasibility studies and procurement of transaction advisors for a 1-Gigawatt (GW) hybrid floating solar photovoltaic power system on Lake Kariba, Zimbabwe. The project, to be implemented in two phases, includes a pilot phase targeting a generation capacity of 500 MW to be sold wholly to the Intensive Energy Users Group, a consortium of blue-chip industrial and mining energy users in Zimbabwe, under a 'take-or-pay' 20-year power purchase agreement with a cost-reflective tariff. The project is expected to supply affordable and reliable power that will support value-addition and beneficiation of Zimbabwe's minerals, thereby boosting the country's foreign exchange earnings. The project preparation facility will unlock an investment estimated at US$ 350 million. Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Eddie Cross, Chairman, for Green Hybrid Power Private Limited. Afreximbank, in addition, signed a Project Preparation Facility Heads of Terms Agreement of US$ 4.0 million in favour of Proton Energy Limited, a Nigerian independent power producer. The facility will be deployed towards financing the preparation of feasibility studies and procurement of transaction advisory services for the development of a grid-connected gas-fired power plant with a nameplate capacity of 500 MW in Sapele, Nigeria. The project will commence with an initial generation capacity of 150 MW. The project will evacuate the electricity generated primarily to Eko Electricity Distribution Company under a 20-year power purchase agreement with a cost-reflective tariff. The facility is expected to bring on stream assets estimated at US$ 300 million. Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Oti Ikomi, Executive Vice Chairman and CEO, for Proton Energy Limited. AAM2025 took place from 25 to 28 June and attracted an estimated 8,000 participants, including presidents, prime ministers, ministers and business leaders, from across Africa, the Caribbean and beyond. It ended with the Annual General Meeting of Shareholders where Dr. George Elombi was appointed the next President of the Bank who succeeds Prof. Benedict Oramah whose tenure is ending after two five-year terms in the position. Distributed by APO Group on behalf of Afreximbank. Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
Khaleej Times
3 hours ago
- Khaleej Times
Sales soar as Abu Dhabi off-plan projects attract strong demand
Abu Dhabi's real estate market recorded strong performance in the first half of 2025, with property sales accelerating across affordable, mid-tier, and luxury segments amid rising prices and growing investor appetite. According to the latest data from dubizzle's H1 2025 Abu Dhabi Property Sales Market report, the emirate continues to emerge as one of the most attractive real estate investment destinations in the region, thanks to large-scale infrastructure projects, increased transparency, and diversified off-plan offerings. Transaction values surged in the first six months of 2025, underpinned by demand for ready and off-plan properties. The introduction of digital platforms like Madhmoun and headline developments such as the upcoming Disneyland on Yas Island have bolstered buyer confidence and elevated price points across key neighborhoods. In the ready property segment, prices rose across the board. Affordable apartment prices increased by 6.44 per cent, while affordable villas appreciated by up to 3.38 per cent. Mid-tier apartments and villas recorded gains of 4.91 per cent and 4.84 per cent, respectively. Luxury apartment prices surged by 8.95 per cent, with high-end villas climbing by 4.92 per cent, reflecting the strong appeal of waterfront and island communities such as Yas Island, Saadiyat Island, and Al Jubail Island. Villas in Al Reef topped the affordable segment with a return on investment (ROI) of 6.18 per cent. Al Shamkha, Khalifa City, Zayed City, and Hydra Village also registered notable performance. In the mid-tier category, Al Raha Gardens and Al Samha gained traction among buyers, while the luxury market remained centered around prime coastal destinations. Al Maryah Island led luxury apartments with an ROI of 8.48 per cent, followed by Yas Island and Al Raha Beach. Abu Dhabi's off-plan market gained further momentum in H1 2025, with increased inventory and demand across all pricing tiers. In the affordable category, projects in Al Shamkha and Zayed City stood out, including Al Reeman 1 and Granada at Bloom Living. Luxury developments such as Gardenia Bay and Yas Bay on Yas Island saw significant buyer interest, with apartments averaging Dh2.11 million and Dh1.96 million, respectively. Saadiyat Cultural District reached even higher with average prices of Dh4.66 million. Mid-tier off-plan apartments on Al Reem Island — such as Vista 3, Reem Hills, and Renad Tower — drew considerable attention, alongside communities in Masdar City and Shakhbout City. On the villa side, Reem Hills and Royal Park at Masdar City dominated mid-tier demand, while luxury villa investors targeted Yas Riva and projects in Saadiyat Island and Al Jurf. Returns across the board reflected the capital's investment appeal. Affordable apartments in Al Reef delivered ROIs of 9.46 per cent, while Al Ghadeer followed closely with 8.42 per cent. Mid-tier apartment yields peaked at 7.33 per cent on Al Reem Island and 7.20 per cent in Masdar City. Villas in Hydra Village, Al Raha Gardens, and Saadiyat Island offered solid rental yields, with the latter delivering a top-tier ROI of 5.56 per cent. Supporting dubizzle's findings, Bayut's H1 2025 data confirms a parallel trend of rising demand, especially in off-plan developments. Affordable sectors such as Al Reef, Al Ghadeer, and Khalifa City remained favored by budget-conscious buyers, while Al Reem Island and Masdar City attracted mid-segment investors. For luxury buyers, Yas Island and Saadiyat Island stood out, buoyed by the anticipation surrounding Disneyland and expanding waterfront amenities. Bayut's research also noted that listing prices for affordable apartments increased by up to 7 per cent, while mid-tier apartments appreciated by 6 to 11 per cent. Mid-tier villas in Al Samha posted a steep 26.7 per cent rise, indicating a rising appetite for family homes. In the luxury bracket, apartment prices in Yas and Saadiyat Islands rose by as much as 17 per cent, although some villa communities like Al Jubail Island experienced a price correction of 17.8 per cent due to shifting buyer focus. The market's robust digital transformation has also played a role in improving buyer confidence. CEO of dubizzle and Bayut, and Board Member of the Dubai Chamber of Digital Economy, said: 'Abu Dhabi's real estate landscape is evolving rapidly. With over 9.3 million visits recorded on Bayut's Abu Dhabi listings alone in six months, demand is clearly on the rise. Smart platforms like Madhmoun and landmark projects are reshaping the capital into a transparent, future-ready market.'
