As part of Italian Prime Minister Giorgia Meloni's visit to Saudi Arabia, Italy and Saudi Arabia signed five agreements worth $6.6 billion. These agreements aim to strengthen trade relations between the two countries and increase cooperation in critical sectors such as infrastructure, construction and transportation. There is increasing cooperation on sustainable development between the two countries.
One of the most notable agreements concerns Saudi Arabia's NEOM project. A $3 billion multi-currency loan guarantee provided by nine international banks has been secured for this giant project. NEOM is an important part of Saudi Arabia's 2030 vision, considered as the urban model of the future.
Italy and Saudi Arabia plan to join forces not only in trade but also in sectors such as energy, defense, sports, entertainment and tourism. Prime Minister Meloni said that this visit will take the partnership between the two countries to a new level.
In total, the value of the signed agreements could reach up to 10 billion dollars. This underlines the commitment of both countries to strengthen economic cooperation and support major development projects.
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