After a full day of meetings with SACE CEO Alessandra Ricci and more than €8bn ($8.7bn) worth of projects under consideration in Saudi Arabia, an office would help promote its Made In Italy campaign.
The projects currently under consideration go across various sectors, such as infrastructure, urban planning, healthcare, and energy transition.
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In addition, the driver of these opportunities lies in the Vision 2030 programme launched by the Saudi Arabian government. This programme sims to diversifying the economy and boosting the country’s competitiveness through extensive investments in so-called giga-projects across sectors such as renewable energy, logistics, infrastructure, tourism and hospitality, and manufacturing.
Furthermore, thanks to these opportunities, SACE’s projections indicate potential growth in Italian exports, which surpassed €4bn to Saudi Arabia in 2022 and could reach a 15% increase this year as well as an approximate 5% rise in 2024.
“Italian companies have great potential for development in Saudi Arabia, which has embraced significant growth and energy transition objectives,” said Alessandra Ricci. “Our new office will aim to support Made in Italy by working alongside companies that are already exporting to Saudi Arabia and provide those companies that want to reach this market with all of SACE’s tools, experience and skills, combined with the added value of a physical presence in the territory.”
SACE is not the only firm interested in Saudi Arabia this year.
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By GlobalDataNajm for Insurance Services has forged a partnership with iot squared to expand insurance services in Saudi Arabia, ZAWYA has reported.
Najm acting CEO Mohammad Al-Shehri and iot squared CEO Osman Al-Dahsh signed the latest deal.
The collaboration will improve the ties between the companies and will offer new electronic services via an integrated platform in the region.
The platform helps insurers to keep track of advancements in technology and utilise them.
Najm and iot squared will focus on designing and bolstering insurance services under the new alliance.
It is in line with Vision 2030, the Quality-of-Life Program of the kingdom.
