Saudi-Italy Ties Strengthen as Oil Prices Rise on China Export Suspension
Oil prices rose by 2% as China suspended fuel exports in a move that has sent shockwaves through global markets.
In other news, Saudi Arabia and Italy are strengthening their economic ties with plans for joint cooperation in third markets. The two countries signed agreements aimed at expanding financing and investment cooperation between them, particularly for small and medium-sized enterprises (SMEs).
The Italian delegation's visit to Riyadh has several objectives, including meeting with investors and strengthening cooperation with Saudi institutions. Dario Scannapieco, President of Cassa Depositi e Prestiti, said the agreement signed with the Federation of Saudi Chambers represents 'a further step' toward moving from institutional cooperation to more operational cooperation.
The business-matching platform will connect SMEs from both countries and help them identify potential partners. Scannapieco noted that Italy has a diverse industrial base and produces a wide range of products, making it an attractive partner for Saudi Arabia's economic diversification efforts.