The UAE plans to invest USD 40 bn in Italy with a portion of investments pegged for data centers and supply chains, the two countries said in a jointstatement picked up by state news agency Wam. The news comes after UAE President Mohamed bin Zayed Al Nahyan wrapped a visit to Rome to meet Italian Prime Minister Giorgia Meloni in Rome and work towards a comprehensive strategic partnership.

The logistics angle: Italian energy firm Eni signed three agreements with Emirati companies, according to a press release. The investment values for the agreements were not disclosed, but they cover:

  • A letter of intent signed with Abu Dhabi’s AI fund MGX and state AI firm G42 to develop blue-powered data centers — using energy from Eni’s natural gas power plants, whose CO2 emissions are captured and stored — with an initial 1 GW capacity in Italy, with the first project taking place over two phases;
  • An agreement with Taqa Transmission and renewables giant Masdar to serve as preferred off-taker for the tripartite subsea cable project Italy and the Emirates inked with Albania last month ;
  • An agreement with sovereign wealth fund ADQ to develop a critical minerals supply chain.

There’s more: The visit saw the signing of over 40 agreements covering collaboration in AI, space exploration technologies, defense tech, cybersecurity, policing, health, energy and sustainability, and water. Cooperation between the two countries and African nations is also in the cards.

Italy has been growing ties with the GCC: The country also signed USD 10 bn in agreements with Saudi Arabia last month.

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