During a high-level session in Rome, the UAE revealed ambitions to invest $40 billion in Italy. While both countries confirmed the investment, no particular timetable was given.
Italian Prime Minister Giorgia Meloni has prioritised increasing connections with Gulf nations since taking office in 2022, despite concerns raised by political opponents about human rights violations. Under her leadership, Italy removed arms embargoes on the UAE and Saudi Arabia, which had been imposed in response to the conflict in Yemen.
Meloni welcomed UAE President Sheikh Mohammed bin Zayed Al Nahyan in Rome on Monday, and the two leaders reiterated their commitment to a “Comprehensive Strategic Partnership.” The joint press statement highlighted over 40 agreements in crucial industries involving significant Italian corporations such as Eni, Telecom Italia, Leonardo, and Fincantieri.
Eni secured agreements with UAE-based MGX G42 and G42 to create data centres in Italy utilising carbon capture technology. The company also collaborated with Masdar and Taqa Transmission on renewable energy projects in Albania’s energy industry.
Intesa SanPaolo, Italy’s biggest bank, has inked an MoU with Masdar to investigate mergers and acquisitions in international renewable markets. Leonardo, the defence giant, has reached an agreement with the EDGE Group of the United Arab Emirates.
