Strategic Partnership: PIF and SACE Collaborate to Boost Italian Business in Saudi Arabia

The Public Investment Fund (PIF) of Saudi Arabia and Italy’s export credit agency, SACE, have signed a Memorandum of Understanding (MoU) to provide up to $3 billion in financing support.

This strategic agreement aims to facilitate the participation of Italian companies in large-scale projects aligned with Saudi Arabia’s Vision 2030, further deepening the economic ties between the two nations.

The MoU centers on supporting cooperation between Italian private-sector companies and PIF, along with its wide network of portfolio companies across key sectors. By easing access to funding and creating a more robust financial framework, this partnership is expected to open new channels for trade and investment, enabling Italian businesses to contribute to—and benefit from—Saudi Arabia’s ambitious development agenda.

Projects targeted under this agreement are likely to span critical sectors such as infrastructure, renewable energy, advanced manufacturing, and digital transformation—areas in which Italian firms bring strong expertise and technological capabilities. The financing support will not only help mitigate investment risks for these companies but also streamline their entry into the Saudi market, where demand for innovative solutions is growing rapidly.

For PIF, this collaboration aligns with its strategy to build long-term relationships with leading global financial institutions. It enhances the fund’s capacity to diversify its financing instruments while attracting top-tier international partners to support the Kingdom’s economic transformation. As Saudi Arabia accelerates efforts to reduce its reliance on oil revenues and build a knowledge-based economy, such partnerships play a crucial role in driving sustainable growth and foreign investment.

Ultimately, the MoU underscores a shared commitment between Saudi Arabia and Italy to foster deeper bilateral cooperation, promote cross-border business opportunities, and support the broader goals of economic modernization and diversification.