The UAE plans to invest USD 40 bn in Italy, the two countries said in a jointstatement published by state news agency Wam. This comes after UAE President Mohamed bin Zayed Al Nahyan visited Italian Prime Minister Giorgia Meloni in Rome, where they agreed to work towards a comprehensive strategic partnership.

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

#1- Italian energy firm Eni signed three agreements with Emirati companies, it said in a press release. These include:

  • A letter of intent signed with Abu Dhabi’s AI fund MGX and state AI firm G42 to develop blue-powered data centres — 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 that Italy and the Emirates inked with Albania last month ;
  • An agreement with sovereign wealth fund ADQ to develop critical minerals supply chain.

#2- Abu Dhabi nuclear firm Emirates Nuclear Energy Corporation (Enec) plans to invest up to EUR 500 mn in French-Italian nuclear operator Newcleo, Bloomberg reported, citing sources familiar with the matter. The agreement, signed during the president’s visit to Rome, includes private funding and co-investment in Newcleo’s European lead-cooled fast reactor projects. Binding agreements are expected within four months.

#3- Italy’s leading bank Intesa Sanpaolo also agreed with Masdar to renew their partnership as acquisition financier for its M&A activities, building on previous financing for investments like Masdar’s investment in the Baltic Eagle offshore wind farm, according to a press release.

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

ICYMI- Edge Group also inked an agreement with Italy’s Leonardo last week at Idex, focusing on design and marketing of airborne radar systems, anti-tactical ballistic missile defense, counter-drone technology, naval combat management, radio communications, and optronics.

This story was picked up by Bloomberg and Reuters.

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Sheikh Mohamed also met with Italian President Sergio Mattarella in Rome’s Quirinal Palace, where they discussed strengthening bilateral ties under their strategic partnership, state news agency Wam reports. The leaders reviewed progress on joint initiatives and explored expanding cooperation in economic development, cultural exchange, and technology.

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