Saudi Arabia calls, Italy answers. Saudi Arabia and Italy are tightening economic ties at a pace not seen before. At the Italy–Saudi Arabia Business Forum in Riyadh, the two countries signed 22+ agreements across energy, infrastructure, defense, transport, tech and more — marking one of the most significant bilateral business pushes in years.
The big picture. Over 430 Italian companies, 805 registered participants, and 600+ Saudi entities attended the Forum organized by ICE with the support of the Italian Embassy and Saudi counterparts.
- The event showcased a full system-country deployment: Italy’s Foreign Minister Antonio Tajani, along with the leadership of ICE, SACE, SIMEST, Confindustria and major industrial groups.
- Objective: leverage Saudi Arabia’s Vision 2030 megaprojects and diversify Italy’s export markets.
By the numbers. Italy exported €4.4 bn to Saudi Arabia in the first nine months of 2025 (+4.3% YoY).
- Italy is now Saudi Arabia’s 7th largest supplier (2024).
- Total bilateral trade (2024): €10.3 bn, with a €2.1 bn surplus for Italy.
What’s driving the partnership. Saudi Arabia’s needs:
- Massive diversification under Vision 2030: manufacturing, renewables, tourism, mobility, culture, sport.
- A push to localize 50% of defence procurement by 2030.
- Gigaprojects requiring global expertise: NEOM, Diriyah Gate, Riyadh Metro, large-scale renewable installations, and hydrogen/ammonia platforms.
Whats driving the partnership. Italy’s offer:
- Competitive strengths in engineering, machinery, transport, energy, renewables, pharma, luxury and sports industries.
- Strong industrial ecosystem supported by CDP, SACE, SIMEST, Webuild, Ferrovie, and Italy’s major defence champions.
Focus areas. Energy: hydrocarbons + renewables + hydrogen: Saudi Arabia remains an energy heavyweight but is racing toward net zero by 2060 through the Saudi Green Initiative. Italian companies are deeply involved.
- Saipem: $3.5 bn contracts (Marjan, Zuluf, Safaniyah offshore fields).
- Snam: partnering on hydrogen value chains.
- De Nora & BH–Nuovo Pignone: tech partners in NEOM’s world’s largest green ammonia plant, 80% completed, operational in 2026.
- Ongoing cooperation in smart grids, energy transition, and upcoming Italy–Saudi Energy Days (2026).
Infrastructure: Italy builds the new Saudi Arabia. Webuild is a cornerstone of the Vision 2030 construction wave, it works in NEOM, Riyadh Metro (Lines 2 & 3), and the Diriyah Gate Development Project.
Super Basement Works: among the largest underground structures in the Kingdom (3 levels, 10,500 parking spaces, 1M sqm, 2 km of tunnels).
- Retail & Lifestyle District: 70+ buildings, 365,000 sqm pedestrian area inspired by Najdi architecture.
- Upcoming hospitality, offices, and the Grand Mosque.
- Transport Ferrovie dello Stato: manages O&M for four Riyadh metro lines; signed an MoU with Saudi Arabia Railways at the Forum.
Defense: a strategic priority. Saudi Arabia allocated $78 bn to defense in 2025 (~22% of public spending). It is among the world’s top ten military investors.
- Italian firms on the ground: Leonardo, Fincantieri, Elettronica. Momentum is strong after the Italian Industry Days (Riyadh, Nov 2024) with 30+ Italian defense firms participating.
- High-value industry: pharma, fashion, lux-tech. Pharma trade reached €434.7 m in 2024 (+102.6% YoY), driven almost entirely by Italian exports; The fashion & luxury sector hit nearly €270 m (+18% YoY).
The deals signed in Riyadh. Twenty-two bilateral agreements, covering from technology and commerce to tourism, telecommunications, healthcare and culture.
- The flagship Mou: CDP, SIMEST, and the Italian-Arab Chamber of Commerce (JIACC).
- Goal: build a structured, permanent cooperation channel to support Italian companies in entering and scaling in Saudi and Arab markets.
- SIMEST’s new Riyadh office strengthens on-the-ground support for Italian SMEs and mid-caps. Aims to accelerate internationalisation and investment opportunities in one of the world’s fastest-growing markets.
What’s next. The hunt for new investments. Barbara Cimmino (Confindustria) highlights:
- Saudi Arabia is Italy’s 2nd Middle Eastern export market with vast untapped potential.
- Additional potential: €1.2 bn through existing production capacity; €7.1 bn via new investments in R&D, innovation, and scale-up
- Sectors leading the opportunity: Industrial machinery (€355 m); Wood products (€175 m)
- Expo Riyadh 2030 seen as a major accelerator for Italian companies, boosting visibility and opening a new investment cycle.
Confindustria will deploy data-driven platforms (e.g., Expand) to support long-term Italian presence in the Kingdom.
Bottom line: Italy and Saudi Arabia are building a 5,300-km strategic bridge.
- With Vision 2030’s trillion-dollar megaprojects accelerating and Italy hungry for new export frontiers, the Riyadh Business Forum marks a turning point — and likely only the beginning of much deeper economic integration.
