04 September 2023; MEMO: Saudi Arabia and Italy have signed a Memorandum of Understanding (MoU) to boost economic relations and strategically important investments, in the latest development between the two countries.
Speaking to reporters at the Investment Forum between Italy and Saudi Arabia in Milan today, Italian Industry Minister, Adolfo Urso, was quoted by Reuters as stating that “Dialogue can help companies develop a technological and industrial partnership”.
According to the news agency, the MoU will last for two years before automatically being renewed for a further 24 months, unless one of parties notifies the other of its intention to decline the renewal, six months prior to the expiry date.
The Memorandum comes at a time when Italy has been considering several initiatives with Gulf Arab states, particularly in regard to their sovereign wealth funds in an effort to seek investments into the Italian government’s new scheme to provide resources to firms operating in strategically important sectors.
