UPDATE - Italy, Saudi Arabia ink agreement to boost investments

UPDATES WITH DEALS BETWEEN ACWA POWER AND ITALIAN COMPANIES

By Giovanni Legorano

ROME (AA) - Italy and Saudi Arabia on Monday signed an agreement to promote investments and economic cooperation between the two countries in sectors deemed strategic by the two countries, the Italian Industry Ministry said.

Italy’s Industry Minister Adolfo Urso and Saudi Investment Minister Khalid Al-Falih signed the memorandum of understanding in Milan, launching the first Italy-Saudi investment forum.

“The MoU is meant to support dialogue between institutions and companies interested in the promotion of investments between the two countries and encourage the cooperation on direct investments,” a ministry statement said.

It added that the agreement aims to support investors in all phases of the projects if “they have been indicated of strategic importance for one of the countries.”

More than 1,200 companies are taking part in the forum in Milan, around 700 of which are participating remotely. More than 150 Saudi companies are taking part in the forum, the ministry said.

Representatives of Italy’s energy and defense giants, such as Eni, Enel and Leonardo, as well as of Italy’s two largest banks Intesa Sanpaolo and UniCredit are also attending the forum.

Saudi-listed company ACWA Power signed deals with six Italian entities at the forum to enhance cooperation in the fields of green hydrogen, water desalination and research and development.

In particular, the Saudi company said it inked a deal with Eni for cooperation in green hydrogen, renewables and research and development in sustainable technologies.

ACWA Power also signed an agreement with Italian utility A2A to assess the potential for green hydrogen projects in areas of mutual interest and for green hydrogen imports in Italy. With engineering company RINA, it will assess the potential use of green hydrogen and its derivatives in sea-borne shipping.

Electrodes maker Industrie De Nora will provide ACWA Power its technological expertise for desalination projects. The two companies will also explore potential cooperation in operations and maintenance in green hydrogen applications.

ACWA Power will also cooperate with Italy’s Italmatch Chemicals on water treatment and with Italy’s industry lobby Confindustria in the field of green hydrogen and water desalination projects.

During the bilateral meeting between the Italian and Saudi ministers, Al-Falih invited Urso to visit Riyadh “to consolidate the cooperation between the two countries and facilitate the collaboration among companies,” the statement said.