Saudi’s PIF and Italy’s SACE sign $3 billion agreement to enhance Italian participation in Saudi development projects.

RIYADH, Saudi Arabia — The Public Investment Fund (PIF) of Saudi Arabia and Italy’s export credit agency, SACE, have signed a memorandum of understanding (MoU) to provide up to $3 billion in financing, aiming to bolster Italian companies’ involvement in the Kingdom’s strategic initiatives.

This agreement focuses on facilitating Italian private sector engagement with PIF and its portfolio companies, aligning with Saudi Arabia’s Vision 2030 objectives. The collaboration seeks to diversify financial sources and strengthen ties with leading global financial institutions, thereby promoting economic growth and development.

Rasees Al-Saud, Head of Financial Institutions and Investor Relations at PIF, remarked, “This MoU represents another landmark in PIF’s strategy to further enhance its range of strategic partnerships with leading international financial institutions and export credit agencies.” He added that the agreement will “unlock opportunities for Italian and Saudi companies to cooperate, as well as exchange business knowledge and experience.”

Alessandra Ricci, CEO of SACE, expressed pride in collaborating with PIF, stating, “We believe this memorandum opens significant opportunities for Italian companies, particularly SMEs, which, with our support, can establish themselves as suppliers and participate in projects sponsored by PIF and PIF portfolio companies in alignment with the goals of Saudi Vision 2030.”

This MoU builds upon the existing relationship between PIF and SACE, which has previously facilitated over $3 billion in financing for PIF’s portfolio companies. The continued partnership underscores both nations’ commitment to fostering robust economic ties and mutual growth.

The agreement also aligns with Italy’s broader strategy to strengthen relationships with Gulf countries. In January, Italy and Saudi Arabia signed cooperation and industrial agreements worth approximately $10 billion, covering sectors such as infrastructure, energy, defence, sport, entertainment, and tourism.

Source: Public Investment Fund (PIF)