The UAE has committed to a $40 billion investment in Italy, enhancing economic ties. Italian Prime Minister Giorgia Meloni hailed the deal as historic, noting it includes over 40 bilateral agreements focused on sectors such as energy and AI. The agreement also addresses military and cybersecurity cooperation and showcases Italy’s increasing collaboration with Gulf states.
The United Arab Emirates (UAE) is poised to invest $40 billion in Italy, enhancing economic relations between the two nations. This announcement followed a bilateral summit in Rome where Italian Prime Minister Giorgia Meloni hosted UAE President Sheikh Mohammed bin Zayed Al Nahyan. Meloni referred to the deal as one of the largest foreign investments in Italy’s history, marking a pivotal moment in their strategic partnership.
Meloni emphasized the historical significance of the agreement, stating, “We often use the word ‘historic’ too lightly, but today, it is truly appropriate.” The deal coincides with the UAE president’s first state visit to Italy, underscoring the importance of the bilateral relationship and the commitments made during this summit.
Concerns regarding the UAE’s human rights record have been raised by Meloni’s political opponents, especially in light of Italy’s previous arms sales embargoes related to the UAE and Saudi Arabia due to the conflict in Yemen. These restrictions have since been lifted under Meloni’s administration, as Italy seeks to strengthen ties with Gulf states.
As the UAE’s leading non-oil trading partner in Europe, Italy has increased its economic cooperation with Gulf nations. Meloni revealed that the two countries have signed over 40 bilateral agreements aimed at expanding their collaboration significantly, reflecting their growing strategic partnership.
The $40 billion investment will be directed into multiple sectors including energy, artificial intelligence (AI), telecommunications, and defense. Key Italian corporations such as energy conglomerate Enel, shipbuilder Fincantieri, the development bank Cassa Depositi e Prestiti, energy firm Eni, and lender Intesa Sanpaolo have been actively involved in developing these agreements.
The UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, acknowledged Italy’s strategic significance, noting it as the UAE’s largest trade partner in the Eurozone. Furthermore, the agreement includes components focusing on military and cybersecurity cooperation, alongside emerging industries like digital technology and space exploration.
In addition to the investment plan, Italy is set to participate in the Emirates’ asteroid mission and the Rashid Rover 3 mission, highlighting the commitment to advanced scientific collaboration between the two nations. This partnership aims to foster innovation and deepen economic ties through joint ventures in critical sectors.
The UAE’s $40 billion investment in Italy is a landmark event signifying a strengthened economic partnership. As both countries explore avenues in energy, AI, and advanced manufacturing, this venture marks Italy’s growing ties with the Gulf and an unprecedented level of cooperation. Despite concerns over human rights, the focus is now on mutual growth and strategic collaboration in pivotal industries.
Original Source: euroweeklynews.com
