Italy and Saudi Arabia Forge $10 Billion Partnership with a Focus on Green Hydrogen
Key Ideas
- Italy and Saudi Arabia signed agreements totaling $10 billion, with a strong emphasis on green hydrogen and renewable energy projects.
- The deals span various sectors including real estate, infrastructure, energy, defense, and water desalinisation, aiming to deepen bilateral cooperation.
- Italian companies like Snam, Leonardo, and De Nora are set to collaborate with Saudi counterparts on green hydrogen supply, aerospace, and water desalinisation solutions.
- The partnership also includes discussions on regional peace initiatives in Ukraine, Gaza, Syria, and support for Lebanon's post-war reconstruction.
Italy and Saudi Arabia sealed a $10 billion partnership, featuring green hydrogen projects, following Italian Prime Minister Giorgia Meloni's meeting with Saudi Crown Prince Mohammed bin Salman in Al-Ula. The agreements encompass SACE's $3 billion loan guarantees for the NEOM development and SACE's MoU with Saudi Electricity Company for green projects. Notably, Snam and ACWA Power plan to explore green hydrogen supply to Europe, while Leonardo aims to enhance aerospace collaboration. De Nora's agreements with ACWA Power and the Saudi Water Authority underline commitments to water desalinisation innovation. Discussions also revolved around global peace efforts and potential Saudi participation in the GCAP jet fighter programme. The partnership signifies a multifaceted approach to economic cooperation, emphasizing renewable energy, defense, and infrastructure projects.
Topics
Green Hydrogen
Renewable Energy
International Relations
Strategic Partnership
Economic Cooperation
Investment Deals
Water Desalinisation
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