The UAE has pledged to invest $40 billion in Italy, focusing on sectors such as artificial intelligence, data centres, space research, renewable energy and rare earths. This announcement was made during a state visit by UAE President Sheikh Mohamed bin Zayed Al Nahyan to Rome, where he met with Italian Prime Minister Giorgia Meloni.
The two nations signed over 40 agreements covering various sectors, including economy and investment, defence, energy and cultural heritage promotion. They also plan to deepen collaboration in peaceful nuclear energy, high-tech industry, artificial intelligence, military industry and security.
This investment commitment follows Italy’s recent agreements with Saudi Arabia, which amounted to approximately $10 billion. Since taking office in 2022, Prime Minister Meloni has prioritised strengthening ties with Gulf countries, setting aside previous human rights concerns.
In 2023, non-oil bilateral trade between the UAE and Italy reached $11.7 billion. The UAE’s investment aims to enhance its presence in European markets, with discussions underway to establish a bilateral free trade agreement with the European Union.
Both countries also highlighted their roles as logistic hubs, aiming to strengthen trade and investment ties between Europe and Asia. This collaboration underscores the importance of Italy and the UAE as strategic partners for innovation, sustainable economic development, and technological exchange.
Additionally, Abu Dhabi sovereign investor ADQ signed an initial agreement with Rome-based energy company Eni to identify potential strategic areas of cooperation, focusing on strengthening supply chains for critical minerals. The collaboration will prioritise potential investments in Africa, North America, and Central Asia.
The UAE and Italy have also agreed to collaborate on educational and research initiatives, particularly in emerging and critical technologies, including quantum computing, cryptography, artificial intelligence and space science.
