Saudi Arabia’s Public Investment Fund (PIF) and SACE, the Italian insurance and financial group wholly owned by the Italian Ministry of Economy and Finance, today revealed the signing of a memorandum of understanding (MoU) aimed at reinforcing their bilateral partnership. Under the terms of the MoU, the two parties will collaborate on sharing information and business expertise, focusing on strategic sectors, while also considering SACE’s provision of support for up to an additional $3 billion for financing projects spearheaded by PIF and its portfolio companies.
The signing is a progression of the existing collaboration between PIF and SACE, which has facilitated numerous PIF portfolio companies in securing financing exceeding $3 billion, backed by SACE, with contributions from several leading financial institutions.
As the primary force behind Vision 2030 and a significant global investor, PIF is mandated to transform and diversify the Saudi economy, promoting the development of new sectors, businesses, and job opportunities. The MoU supports PIF’s strategy to enhance financial collaboration, boost cooperation, and establish long-term international partnerships.
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Sustaining robust relationships
The deal signifies a continuation of PIF’s approach to cultivating and sustaining robust relationships with prominent international financial institutions, further diversifying its array of financing instruments.
Rasees AlSaud, head of Financial Institutions and Investor Relations at Global Capital Finance, PIF, stated: “The MoU represents another landmark in PIF’s strategy to further enhance its range of strategic partnerships with leading international financial institutions and export credit agencies. This MoU will unlock opportunities for Italian and Saudi companies to cooperate, as well as exchange business knowledge and experience, in line with our strategy to drive impactful and transformative investments, both globally and in Saudi Arabia.”
Promoting bilateral trade and investment relations
Alessandra Ricci, SACE CEO, remarked: “We are proud and honored to stand alongside a prominent institution like PIF, with whom we aim to collaborate in facilitating Italian exports and fostering trade and investment relations between our two countries. We believe this memorandum opens significant opportunities for Italian companies, particularly SMEs, which, with our support, can establish themselves as suppliers and participate in projects sponsored by PIF and PIF portfolio companies in alignment with the goals of Saudi Vision 2030.”
PIF holds an Aa3 rating from Moody’s with a stable outlook and an A+ rating from Fitch, also with a stable outlook.
