UAE Announces $40 Billion Investment in Italy

UAE Announces $40 Billion Investment in Italy

Strengthening Bilateral Relations

The United Arab Emirates has committed to investing $40 billion in Italy, as announced during a bilateral summit in Rome. No specific timeline for the investment was provided.

Italian Prime Minister Giorgia Meloni has been working to strengthen ties with Gulf nations since taking office in 2022, despite criticism from political opponents over human rights concerns.

Lifting of Arms Embargoes

Under Meloni’s leadership, Italy has lifted arms sales embargoes on the UAE and Saudi Arabia. These restrictions were originally imposed by previous governments due to the conflict in Yemen.

Comprehensive Strategic Partnership

During a state visit to Rome, UAE President Sheikh Mohammed bin Zayed Al Nahyan and Prime Minister Meloni pledged to work towards a “Comprehensive Strategic Partnership.”

“In this context, the UAE has announced a commitment of $40 billion to invest in Italy across key sectors,” a joint statement from the two governments confirmed.

Over 40 agreements were signed, covering economic cooperation, investment, defense, nuclear energy, space, and cultural heritage.

Economic and Energy Agreements

While no details about the specific companies involved were provided, Italian energy company Eni announced separate agreements with UAE firms:

• A letter of intent with MGX and G42 to develop data centers in Italy, powered by natural gas plants using carbon capture technology.
• A deal with UAE renewable energy firm Masdar and Taqa Transmission, making Eni a “preferred off-taker” for renewable energy produced in Albania under a previous Italo-UAE-Albanian agreement.
• A memorandum of understanding with Abu Dhabi’s sovereign wealth fund ADQ to collaborate on critical mineral supply chains.

Defense and Security Cooperation

The partnership will also enhance military and security cooperation, including:

• Joint production and technology transfer in defense manufacturing.
• Cybersecurity initiatives, including joint exercises and cooperation on ransomware threats with global partners such as the United States.

Broader Gulf Engagement

Last month, Italy signed a strengthened strategic partnership with Saudi Arabia, securing business deals worth approximately $10 billion.

Prime Minister Meloni emphasized the significance of the UAE agreement, stating, “It is a historic day, another milestone in our relationship.”

She highlighted key strategic areas for collaboration, including artificial intelligence, data centers, space research, renewable energy, and rare earths.

“UAE Announces $40 Billion Investment in Italy” “UAE Announces $40 Billion Investment in Italy” “UAE Announces $40 Billion Investment in Italy”