Saudi Arabia, a market worth over 6 billion for Italian products

Not only 'giga projects' pushing large infrastructures, such as Neom and the luxury resorts in the Red Sea: the Saudi Vision 2030 is a mine of projects and investments that make Saudi Arabia one of the most attractive countries in the Gulf area today. "They represent today what 20 years ago was the United Arab Emirates," explains Paolo Rampino, president of the Italian-Arab Chamber of Commerce and expert in internationalisation processes towards Arab countries.

The great national strategic plan that aims to diversify the Saudi economy by reducing its dependence on oil by 2030 envisages huge investments (more than one trillion dollars are mentioned) to develop sectors such as manufacturing, renewable energies, tourism, culture, sports and entertainment - as well as the necessary infrastructures and services, of course. But it also includes important social reforms, the opening up to foreign investment, and the country's desire to increase its influence and become a point of reference in the Gulf region in the economic and political spheres as well, in addition to the religious ones, as has been the case up to now.

"In order to understand this country and the profound transformation it is going through, we need to start from one element, which differentiates it from all the other nations of the Arabian Peninsula,' Rampino observes. 'Saudi Arabia has more than 35 million inhabitants, more than 60 per cent of whom are under 30 years of age. It therefore needs to manage the growth and future of these young people and the development of a middle class, which has been lacking until now'. Hence, the need to strengthen the private sector, accelerating the transition from a national to a market economy.

Among the objectives of Saudi Vision 2030 is, in fact, the increase in the contribution of private companies to the national GDP up to 65%, pursued through investment incentive policies that also (and perhaps above all) interest foreign companies, primarily Italy, currently Saudi Arabia's seventh largest global supplier (with a market share of 3.2% between January and July 2025 according to Infocamerestero data), with exports in 2024 exceeding 6.2 billion euros in value, up 27% on the previous year, explains Romano Baruzzi, head of the ICE office in Riyadh and Kuwait City. The main export item is machinery (which exceeds 30% of the total), followed by pharmaceuticals (11%). "But almost all the production sectors are interested, and not only the large Italian groups, which are all present in the country and involved in major projects, but also many SMEs that are doing an excellent job," adds Baruzzi. "In particular, we see great opportunities for companies in the ICT and digital services sector, and in supply chains connected to infrastructure, automotive, sustainable transport, and construction. And then the area of medical and life sciences, data centre and semiconductor technologies (another strategic asset of Saudi Vision 2030).

These are all sectors that will be at the centre of the thematic tables organised on the occasion of the Italy-Saudi Arabia Business Forum organised by the Ministry of Foreign Affairs and Agenzia Ice in Riyadh on 25 and 26 November, which will see the participation of more than 500 Italian companies, with the involvement also of industrial associations. That same week will also see the first event organised in the Arab country by the Milan Furniture Fair ('Red in Progress'), which anticipates the actual exhibition event scheduled for next year.