JEDDAH: Saudi-Italian ties in aerospace, defense, and security are set to strengthen as officials from both nations discuss expanding their long-standing partnership in these sectors.

During a meeting held on Oct. 16 in Milan, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Stefano Pontecorvo, chairman of Leonardo, an Italian multinational company specializing in aerospace, defense, and security, discussed localizing the manufacturing of helicopter components in Saudi Arabia, including aircraft structures, propellers, fins, and electronic flight systems.

Leonardo has maintained a significant presence in the Kingdom for over 50 years, offering various platforms, systems, and services. 

The partnership aligns with Saudi Vision 2030, which seeks to cultivate a strong and diversified economy, with its aviation sector expected to contribute SR11.4 billion ($3.04 billion) to the country’s gross domestic product by 2030.

Alkhorayef’s visit to Leonardo highlights Saudi Arabia’s dedication to enhancing its aviation industry and harnessing global expertise to achieve its economic objectives, according to the Saudi Press Agency.

By localizing helicopter component manufacturing, the Kingdom aims to create jobs, transfer technology, and develop a domestic supply chain for the aviation industry. 

The initiative is part of a broader effort to strengthen the nation’s capabilities in maintenance, repair, and overhaul services and in producing spare parts for engines, drones, and navigation systems.

Alkhorayef, who commenced a three-day visit to Italy on Oct.14, also met Attilio Fontana, president of the Lombardy region of Italy, to explore the possibility of greater industrial cooperation with a focus on the pharmaceuticals, vaccines, and electric vehicles industries.

The two officials underscored the importance of reinforcing ties, particularly in the industrial and mining sectors, by capitalizing on the robust Saudi-Italian relationship and the engagement of the private sector.

Alkhorayef emphasized the diversification objectives of Vision 2030 and outlined investment opportunities in key sectors, highlighting the competitive advantages available to foreign investors, such as advanced infrastructure and supportive government initiatives.

The Saudi minister also took part in the ComoLake 2024 Conference, which is being held from Oct. 15 to 18 at the International Exhibition and Congress Center of Villa Erba in Cernobbio, on Lake Como.

In a post on his X account following his involvement in the event, Alkhorayef said: “During my participation in the ComoLake Conference in Italy, I emphasized the significant progress the Kingdom has made in its transformational journey within the industrial and mining sectors.”

He added: “This progress, particularly in digital transformation and advanced manufacturing technologies, has opened new horizons for growth and development across various sectors.”

In his speech, the minister said that Saudi Arabia is committed to enhancing global cooperation in the sector and building effective and close partnerships with international industrial organizations to achieve a more balanced and sustainable future.

“The future and advancement of industry worldwide require fruitful international cooperation. Therefore, the Kingdom is keen on partnering with relevant international entities to share knowledge, technology, and expertise to drive innovation, create job opportunities, and build a more sustainable future for all,” he said.

He explained that the country is undergoing an economic transformation journey, with its ambitious plan for 2030, which serves as a roadmap for diversifying sources of national income.

He said that the topics of the ComoLake 2024 align with several objectives of this vision, particularly those related to innovation, sustainability, and global collaboration.

The minister also said that the Kingdom’s National Industrial Strategy includes targets for adopting applications and technologies of the Fourth Industrial Revolution, focusing on integrating artificial intelligence, automation, and data analytics to enhance efficiency, productivity, and sustainability in the industrial sector.

The strategy, he added, also aims to adopt smart manufacturing technologies to develop the Saudi industry and establish new standards for sustainable industrial practices, reported SPA.

He pointed out that artificial intelligence plays a crucial role in automating industrial facilities in Saudi Arabia, transforming them into smart ones.

The minister said that the mining sector is another key pillar of the Kingdom’s economic transformation, adding that Vision 2030 aims for this sector to serve as a source for diversifying the economy’s income, given that the country possesses abundant reserves of critical minerals, such as gold, phosphate, and rare earth elements, which are vital for the energy transition.

Alkhorayef underscored that the country is keen on achieving sustainability in the industrial sector by relying on clean energy solutions and integrating renewable energy sources into industrial operations to meet the Kingdom’s goal of reaching net-zero emissions by 2060.

He added that Saudi Arabia seeks to contribute to the global transition toward green industries and establish a more sustainable model for industrial growth.

He concluded by inviting participants at the event to attend the International Mining Conference 2025, which will be held in Riyadh in January. The gathering represents an important opportunity for establishing effective partnerships in the mining sector, exploring the quality opportunities it offers, and discussing the latest innovative technologies in operations, with a focus on sustainability solutions.

This year’s edition of the ComoLake gathering featured 150 speakers from 14 countries, including representatives from governments and industrial institutions worldwide. It is designed to foster discussions on current and future digital policies, serving as a platform for institutions, businesses, and universities to engage with and explore the new paradigms of economic growth in Italy and the Euro-Mediterranean region within a multipolar global context.

Alkhorayef also met with Italian Minister of Enterprises and Made in Italy Adolfo Urso. They discussed ways to enhance industrial cooperation between the two countries and boost bilateral investment particularly in the mining sector, SPA reported.

The ministers also explored strategies to boost Saudi exports to Italy, leveraging the services provided by the Saudi EXIM Bank to support this effort.

RIYADH: Trade between Saudi Arabia and Egypt saw an annual surge of 35.16 percent in the first half of 2024, according to the General Authority of Statistics. 

The increase was driven by a 73.44 percent jump in the Kingdom’s imports from the north African country, totaling $4.18 billion. 

Meanwhile, Saudi exports to Egypt rose 11.38 percent to $4.21 billion, resulting in a trade surplus of $30 million. 

Non-oil exports accounted for 27.08 percent of Saudi shipments to Egypt, down slightly from 31.7 percent a year earlier. Plastics and rubber products dominated this category, representing 53 percent of the total. 

On the import side, mineral products made up 64 percent of goods coming into the Kingdom from Egypt, reflecting the trade focus on industrial and raw materials.  

The growing trade relationship between Saudi Arabia and Egypt underscores the strengthening economic ties and broader regional efforts to foster cooperation in a post-oil era. 

During talks in Cairo on Oct. 15, Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi agreed to enhance trade and investment cooperation, signing an agreement to promote and protect mutual investments. They also established a supreme coordination council to deepen bilateral collaboration. 

Saudi Arabia is actively pursuing a transformative economic vision aimed at reducing its dependence on oil revenues, a strategy embedded in its Vision 2030 initiative. 

This ambitious plan seeks to diversify the Kingdom’s economy by bolstering non-oil exports and forging stronger trade ties with regional allies, including Egypt. 

Saudi Arabia has made significant strides in enhancing its investment climate, focusing on creating a robust framework that attracts foreign investors. 

As a result, countries such as Egypt have shown increased interest in investing in the Kingdom, recognizing growth potential in sectors such as technology, tourism, and renewable energy. 

In the second quarter of 2024, Saudi Arabia’s Ministry of Investment issued 789 licenses to Egyptian firms — a 71 percent increase compared to the same period in 2023 — making Egypt the top recipient of investment licenses. 

In an interview with Al-Ekhbariya, Chairman of the Saudi-Egyptian Business Council Bandar Al-Amiri highlighted upcoming projects, including tourism and real estate developments in Egypt worth over $5 billion, alongside various agricultural initiatives and advancements in the nutrition and pharmaceutical sectors. 

He underscored the significance of knowledge exchange to improve food and pharmaceutical production in both countries, addressing the needs of each nation. 

Additionally, Al-Amiri outlined plans to establish Egyptian factories and companies in Saudi Arabia, which, in collaboration with firms in the  Kingdom, would enhance and facilitate entry into neighboring markets. 

The crown prince’s last official visit to Egypt was in 2022, signaling Saudi Arabia’s shift from providing direct financial aid to focusing on investments in its allies.