Italy Allures Saudi’s PIF With ‘Made in Italy’ Investment Temptation
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Salma Hossein
- . September 4, 2023
- . Update: September 4, 2023 6:09 pm
Italy has set its eyes on enticing wealth funds in the Gulf, most specifically Saudi Arabia’s Public Investment Fund (PIF) to invest in its ambitious Made in Italy fund. The Italian Minister of Economic Development Adolfo Urso is very enthusiastic to forge bilateral ties at the Saudi-Italian Investment Forum in Milan.
He said the Italian fund will provide resources to firms operating in strategically important sectors and boost procurement, and reuse of critical resources. Urso highlighted that Rome would appoint special commissioners to help implement foreign investment programs in Italy worth about $1.1 billion. The minister believes dialogue can help companies develop a technological and industrial partnership.
Made in Italy, a private equity investment firm based in Luxembourg, is a themed fund focusing on SMEs operating in segments representing Italian excellence. It was launched in 2018.
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It is known that Italian Prime Minister Giorgia Meloni wants to set up a fund to invest in high-potential national enterprises through financial vehicles, or investment funds run by Cassa Depositi e Prestiti (CDP), a state lender. It would invest in firms operating national strategic supply chains, including energy and procurement of raw materials.
As such, ACWA Power is striving to collaborate in fields of green hydrogen, water desalination, and R&D through newly inked agreements with six Italian companies – small, medium, and large enterprises federation Confindustria, Eni, and A2A, a utility and waste management firm. The other three firms are industrial solutions provider Industrie De Nora, specialty additives manufacturer Italmatch Chemicals, and classification and engineering solutions provider RINA. These deals were formalized at the Saudi-Italian Investment Forum held in Milan today.
Under Meloni’s leadership, Italy has taken up the role to link the European countries with energy suppliers in the Middle East and North Africa (MENA) as the EU cuts ties with Russia.
