UAE commits $40bn to support Italy’s economy #ItalyFinance

The UAE has committed to invest $40 billion in core sectors of the Italian economy, as the countries advance towards a comprehensive strategic partnership agreement (Cepa), the two nations said in a joint statement.

More than 40 new agreements were signed across priority areas such as defence, energy, sustainable energy, and energy transition and space technologies during a visit by UAE President Sheikh Mohamed bin Zayed Al Nahyan to Rome, the statement said.

Non-oil trade volume between the two countries reached just over $14 billion in 2024, up 21 percent compared to 2023, UAE state news agency Wam reported, quoting Al Nahyan.

The major deals involved Italian energy group Eni, lender Intesa Sanpaolo, telco Telecom Italia, arms maker Leonardo and shipbuilder Fincantieri.

Eni signed an agreement with UAE technology companies MGX and G42 to develop natural gas-powered data centres of up to one gigawatt in Italy, the statement said.

In addition, Eni signed a deal with UAE renewable energy companies Masdar and Taqa Transmission, giving them the status of “preferred off-taker” for renewable energy produced in Albania under a tripartite deal in January.

Intesa SanPaolo, a leading Italian bank, signed a memorandum of understanding with UAE energy group Masdar over merger and acquisition activities in international renewable markets, while Leonardo signed a deal with UAE’s Edge Group, an arms maker, to collaborate on exports.

“The choice we made was to focus this partnership on strategic axes, such as artificial intelligence, data centres, space research, renewable energy and rare earths,” Italy’s President Giorgia Meloni said at the Italy-United Arab Emirates Business Forum in Rome, according to reports.

Last month, media reports said that Italy signed agreements worth $10 billion to strengthen a strategic partnership with Saudi Arabia.