One day after the signing of the agreement with Azerbaijan Investment Company and Azpromo, on 21 February, SACE SIMEST – the export and internationalization hub of the Cassa Depositi e Prestiti Group – signed a Memorandum of Understanding (MoU) with the Ministry of Finance of Saudi Arabia.
With this agreement – signed by Michal Ron, Head of International Business of SACE SIMEST, and by Fahad A. Alsaif, CEO of the Debt Management Office – the Italian joint-stock company renews its commitment to collaborate with Saudi Arabia by providing advisory and capacity building. In the past, in fact, he assisted the Saudi government in the creation of the Saudi Exim Bank.
With the aim of strengthening commercial ties between Italy and Saudi Arabia, SACE SIMEST pays particular attention to the Vision 2030 of the Arab State: structural reforms, privatizations and development of small and medium-sized enterprises to diversify the national economy and raise the quality of life in the Country.
With a view to this economic and social development plan, the MoU provides for the mutual commitment of the two countries to encourage Italian exports to Saudi Arabia, as well as sharing information on current opportunities for both parties, including projects and initiatives in third countries that involving Italian and Saudi companies.
In order to help Italian small and medium-sized enterprises enter the Middle Eastern market, SACE has also started work on opening a representative office in Riyad.