Saudis on a mission to Italia in November: CDP strengthens ties with the Gulf

The agreements between Cassa and the Federation of Saudi Chambers and the Saudi National Development Fund focus, respectively, on business-to-business relations and on supporting Italian industrial investment in the Kingdom. In the first case, the Cdp Business Matching platform enables an Italian company interested in the Saudi market to identify potential local industrial partners, distributors, investors or clients, and vice versa. The second memorandum, on the other hand, focuses on supporting Italian industrial investments in the Kingdom.

The text also opens up the possibility of creating thematic funds and co-financing initiatives in third countries, starting with Africa. The potential lies in sectors where Italia can provide expertise in planning, technology and industrial capacity, whilst Saudi institutions can contribute financial resources and a growing presence in the African economy.

The impetus for economic cooperation stems from the convergence of Saudi demand for technology and industrial capacity with Italian supply in the sectors of manufacturing, engineering, energy, infrastructure, telecommunications, tourism and design.

The Vision 2030 programme, aimed at diversifying the Saudi economy and reducing its dependence on hydrocarbons, is supporting investment in industry, logistics, mobility, construction, urban services, the digital sector and hospitality. Expo 2030 Riyadh also forms part of this framework, not only as a major international event but also as a catalyst for investment in infrastructure, hospitality, transport and urban development.

In the interview with the Saudi newspaper Asharq Al-Awsat, Scannapieco outlined three priorities: strengthening the business matching platform, selecting Saudi projects in which Italian companies can participate — including the investment cycle linked to Expo 2030 — and establishing a direct point of contact between institutions to provide operational support and streamline authorisation procedures.

“Cooperation between Riyadh and Rome is not limited to the two national markets, but extends to joint work in third markets,” said Scannapieco, highlighting the potential for joint initiatives in emerging economies and in Africa.

This economic initiative is taking place against the backdrop of the strategic partnership launched in AlUla in January 2025, during the meeting between the Prime Minister Giorgia Meloni and the Crown Prince Mohammed bin Salman. The CDP agreements now seek to translate that political framework into practical tools for businesses and investors.

Marco Osnato, a member of parliament for Fratelli d’Italia and chair of the Chamber of Deputies’ Finance Committee and of the Italia–Saudi Arabia Bilateral Section of the Italian Parliament, described the agreement between CDP and the Saudi-Italian Business Council ‘a further step towards consolidating the strategic partnership between Italia and Saudi Arabia’.

According to Osnato, the agreement links ‘one of the country’s key economic instruments’ with the Saudi business community, which is committed to the transformation set out in Vision 2030. He added that there is a degree of complementarity between the two economies that remains largely untapped and which could translate into investments, projects and opportunities for Italian businesses.

Cinzia Pellegrino, a senator for Fratelli d’Italia and a member of the Italia–Saudi Arabia Parliamentary Friendship Group, also spoke on the geopolitical dimension of the relationship. Following a meeting with the Saudi Under-Secretary of State for Foreign Affairs, Pellegrino highlighted the collaboration with Riyadh on key regional crises, ranging from the situation in Gaza to the security of maritime routes.

The reference to the straits and the security of shipping places the economic dialogue within a broader context. For Italia, Saudi Arabia is not merely a market attracting significant investment or a potential investor, but a partner for the stability of the wider Mediterranean, for the continuity of supply chains and for diplomatic dialogue on crises in the Middle East.

The CDP roadshow involved sovereign wealth funds, institutional investors, public authorities and financial operators from the region. In Doha, Scannapieco and the delegation met with the Ministry of Finance, the Ministry of Commerce and Industry, Qatar Development Bank and Qatar Investment Authority, discussing investment, industrial development, trade and business support.

In Abu Dhabi, meetings with Mubadala Investment Company, Abu Dhabi Investment Authority, Lunate, Imad Holding Company and the Abu Dhabi Investment Office centred on potential co-investments, attracting capital to Italy and supporting Italian businesses interested in establishing a presence in the United Arab Emirates.

In Riyadh, in addition to the agreements with the National Development Fund and the Federation of Saudi Chambers, the delegation met with Snb Capital, Modon, Tadawul Group, the Public Investment Fund and the Saudi Central Bank. The talks focused on investment, industrial development, capital markets and synergies with Vision 2030.

The final leg of the tour in Jeddah has strengthened the African dimension. The meeting with the Islamic Development Bank marked the launch of the first operational initiatives provided for under the agreement signed in 2025, relating to infrastructure and development projects in Africa. The visit to King Abdullah Economic City provided an opportunity to assess the hub’s role as an industrial and logistics platform for Italian businesses; discussions with the Zahid Group opened up possibilities for productive and commercial collaborations.

“Through this mission, we have further strengthened our dialogue with some of the leading economic and financial players in the Gulf, a region that is becoming increasingly strategic for investment and the international growth of businesses,” said Scannapieco. “The two agreements signed in Riyadh and our discussions with the region’s leading investors confirm our commitment to building concrete and lasting partnerships.”