Riyadh – Sharikat Mubasher: PIF and SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, signed a new memorandum of understanding (MoU) to expand their partnership and strengthen financial cooperation.

According to a recent press release, the agreement opens the door for SACE to provide up to $3 billion in additional support for projects led by PIF and its portfolio companies, while both parties will exchange information and expertise with a focus on strategic sectors.

The signing builds on an existing relationship that has already seen PIF portfolio companies secure over $3 billion in financing backed by SACE, with participation from leading global banks.

As the driving force behind Vision 2030, PIF continues to focus on diversifying the Saudi economy, building new industries, and creating jobs. The MoU fits into PIF’s wider strategy of deepening its ties with international financial institutions and expanding its financing options.

Rasees AlSaud, Head of Financial Institutions and Investor Relations, Global Capital Finance, at PIF, said: “The MoU represents another landmark in PIF’s strategy to further enhance its range of strategic partnerships with leading international financial institutions and export credit agencies. This MoU will unlock opportunities for Italian and Saudi companies to cooperate, as well as exchange business knowledge and experience, in line with our strategy to drive impactful and transformative investments, both globally and in Saudi Arabia.”

Alessandra Ricci, SACE CEO, said: “We believe this memorandum opens significant opportunities for Italian companies, particularly SMEs, which, with our support, can establish themselves as suppliers and participate in projects sponsored by PIF and PIF portfolio companies in alignment with the goals of Saudi Vision 2030.”

PIF holds strong credit ratings of Aa3 from Moody’s and A+ from Fitch, both with stable outlooks.