Germany, Italy hold talks with Saudi Arabia, Qatar to strengthen energy ties

Germany, Italy hold talks with Saudi Arabia, Qatar to strengthen energy ties

Italy and Germany have been deepening business ties and have discussed this week energy deals with key Gulf countries as Saudi Arabia hosts the Arab League Summit in Jeddah.

On Thursday, Italy’s Industry Minister Adolfo Urso in a statement called on Saudi Arabia’s sovereign wealth fund to invest in a new fund Rome is setting up to support local companies in strategically important sectors, including energy and raw materials. Saudi Arabia's Public Investment Fund has assets worth $607.42 billion, making it the sixth largest sovereign wealth fund in the world, SWF Institute data from January revealed.

Urso had a video call with Saudi Arabia's Investment Minister Khalid al-Falih, the statement said, adding that the kingdom was ready to make more investments in Italy.

"Falih said he was willing to facilitate a reciprocal exchange of visits, both at government and business levels, and stressed that the Saudi Arabian Sovereign Wealth Fund was ready to invest further in Italy," Urso said.

He added that he also spoke to his counterpart about collaborations involving hydrogen energy.

The fund will invest in “high-potential national enterprises" through financial vehicles or investment funds by state lender Cassa Depositi e Prestiti (CDP), Reuters reported Thursday. The scheme will be approved by the