º£½ÇÖ±²¥

FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say

FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say
The World Cup will showcase º£½ÇÖ±²¥ to the world. Shutterstock
Short Url
Updated 25 April 2025

FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say

FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say

RIYADH: Hosting the FIFA World Cup in 2034 is expected to transform º£½ÇÖ±²¥'s tourism sector and accelerate the nation’s economic diversification, experts said. 

The Kingdom was awarded the competition by the sport’s international governing body in December, and is set to hold the event in 15 stadiums across five cities. 

º£½ÇÖ±²¥â€™s sports tourism sector has been witnessing rapid growth since the launch of Vision 2030 nine years ago, with the Kingdom drawing 2.5 million visitors through 80 international events in the last four years, Tourism Minister Ahmed Al-Khateeb said in February. 

Bolstering the tourism sector is one of the crucial goals outlined in º£½ÇÖ±²¥â€™s Vision 2030 initiative, as the Kingdom is steadily diversifying its economy by reducing its decade-long reliance on oil revenues. 

º£½ÇÖ±²¥â€™s ambitious National Tourism Strategy aims to attract 150 million visitors by the end of this decade. 




Cristiano Ronaldo is one of a host of footballing superstars who now play in the Saudi league. Getty

Speaking to Arab News, Federico Pienovi, chief business officer and CEO of New Markets at Globant, said that the mega football event presents immense opportunities for the Kingdom to develop multiple sectors.

“Hosting the FIFA World Cup is a game-changer for º£½ÇÖ±²¥â€™s tourism sector. For º£½ÇÖ±²¥, FIFA World Cup 2034 represents a key milestone in its Vision 2030 strategy, accelerating economic diversification beyond oil by boosting tourism, hospitality, infrastructure, and smart city development,†said Pienovi. 

He added that the tournament accelerates the Kingdom’s tourist number ambitions by putting º£½ÇÖ±²¥ on the map for future leisure and business tourism.

Guillaume Thibault, partner and head of sports and entertainment at Oliver Wyman for India, the Middle East and Africa, echoed similar views and said the football gala will be a major catalyst for º£½ÇÖ±²¥â€™s economic diversification, attracting over 10 million international visitors.

Thibault added that the event is also expected to accelerate º£½ÇÖ±²¥â€™s national strategies in tourism, transport, and quality of life, creating opportunities in construction, hospitality, fan engagement, and talent development — all while mobilizing private sector investment. 




Argentina won the World Cup the only other time the competition was held in the region — Qatar in 2022. Getty

The Oliver Wyman official further said that hosting events such as the FIFA World Cup could boost the gross domestic product of º£½ÇÖ±²¥, as well as creating immense job opportunities. 

“On a macroeconomic level, past World Cups have contributed up to 10 percent GDP growth, as seen in South Africa 2010, while creating tens of thousands of jobs. º£½ÇÖ±²¥ can maximize its investment impact by aligning with local businesses and PIF-backed companies, ensuring long-term economic gains and positioning itself as a global sports and business hub,†said Thibault. 

Max Klante, managing director and partner of Boston Consulting Group, said that major sporting events such as the 2034 World Cup, Formula 1, and the upcoming Asian games, will serve as an entry point for global audiences, showcasing º£½ÇÖ±²¥ as a travel destination.

“They provide a platform to highlight the Kingdom’s culture, heritage, and landscapes to the world while showcasing new and exciting entertainment and cultural experiences such as eSports and adventure extreme sports. The integration of sports, media, entertainment, and culture boosts international visibility and fosters long-term tourism growth,†said Klante. 

º£½ÇÖ±²¥ has already hosted several major sporting events, including the WWE Super Showdown, the Saudi Pro-Golf Championship, Battle of the Champions, and Formula E. 

The Kingdom has also witnessed E-Prix, the International Handball Federation Super Globe and the Saudi International Meeting for Disabilities Sport, as well as organizing the auction of players for the 2025 Indian Premier League, a major cricketing event which features 10 professional clubs. 

Long-term impacts

According to Pienovi, hosting major sporting events will not only boost tourism in the Kingdom but will also support the country’s infrastructure growth for the long term. 

“Beyond the tournament, the country will benefit from long-term infrastructure improvements, smart venue advancements, and the rise of new entertainment hubs that will attract visitors for years to come,†said Pienovi. 

Thibault said that hosting such events will help º£½ÇÖ±²¥ establish itself as a premier sports destination globally, strengthen global ties, attract international business, and enhance the Kingdom’s geopolitical influence. 

 “When executed strategically, major sporting events leave a lasting impact beyond the tournament itself. Mega-events drive billions in tourism, investment, and job creation. The 2012 London Olympics, for example, contributed $17 billion to the UK economy, proving their long-term financial impact,†said Thibault. 

He added: “In terms of urban transformation, such events accelerate infrastructure development and reshape cities. The Sochi 2014 Winter Olympics revitalized an entire region, turning legacy resorts into prime real estate. º£½ÇÖ±²¥â€™s smart city and transport investments will ensure similar long-term benefits.â€Â 

Elevating diplomatic and bilateral relationship

The Oliver Wyman official further said that hosting such global events could help º£½ÇÖ±²¥ strengthen its bilateral relationship with several countries. 

º£½ÇÖ±²¥ is already a diplomatic leader, ranking 18th in the Global Soft Power Index 2024 and has already hosted key forums including the G20 Summit and the World Economic Forum. 

“Mega-events further enhance global ties by bringing nations together through sport, fostering cultural exchange, trade, and investment partnerships. By attracting global leaders, º£½ÇÖ±²¥ can deepen international collaborations, expand economic alliances, and position itself as a key player in global sports diplomacy,†said Thibault. 

Klante also expressed identical views and said that successfully hosting global tournaments will enhance º£½ÇÖ±²¥â€™s standing as a reliable and capable partner on the world stage.

“The ability to deliver top-tier sporting events creates unique opportunities for diplomatic engagement and strengthens economic and cultural ties with other nations. Stronger ties promote global understanding, security and prosperity,†added the BCG official. 

Klante added that hosting major international events will establish º£½ÇÖ±²¥â€™s credibility in sports management and global event organization, while also opening opportunities for developing long-term partnerships with international teams, leagues, and sports federations.

He further said that such events in º£½ÇÖ±²¥ could also boost the morale in the Kingdom, and the country will see more sporting heroes in the coming years. 

“The ability to host major events inspires our youth to follow in the footsteps of their sports heroes. This strengthens engagement in sports, be this football, eSports, athletics or formula car racing. By inspiring the youth of today we lay the foundation for the top athletes of tomorrow,†said Klante. 




A drone show in Riyadh after º£½ÇÖ±²¥ was announced as the host nation for the FIFA World Cup 2034 on December 11. Getty

Potential challenges

Experts who talked with Arab News also talked about the potential challenges º£½ÇÖ±²¥ could face as the Kingdom gears up to face global sporting events. 

According to Pienovi, the challenge for the Kingdom lies in integrating cutting-edge technology for seamless fan interactions — whether it’s AI-driven crowd management, frictionless ticketing, or hyper-personalized digital experiences. 

“Fans now expect an immersive, waitless, and contactless experience, powered by AI, AR/VR, and digital personalization. Implementing biometric entry, tech-driven loyalty programs and real-time engagement solutions will be key to delivering a next-level experience,†said Pienovi. 

He added: “The challenge is not just in adopting these technologies but in making them intuitive, frictionless, and scalable across multiple venues.â€

The Globant official believes that ensuring seamless connectivity across all platforms — from real-time streaming to AR-powered second-screen experiences — will be crucial for reaching international audiences and keeping fans engaged beyond the stadium. 

Klante underscored the vitality of strengthening the transport systems in the Kingdom, as well as, bolstering the logistical prowess, and said that “world-class events require complex logistical planning, complex integration and seamless execution.â€

He added: “Ensuring global accessibility, efficient transport, and a smooth visitor experience will be critical to success. A focus must always be placed on how the visitor journey interacts with the various city and intercity transport solutions — creating a unified experience like no other.â€Â 

Thibault also expressed similar views and said that logistics, crowd management and infrastructure development are crucial for º£½ÇÖ±²¥ to seamlessly host mega events like FIFA World Cup. 

The Oliver Wyman official added that managing transport, security, and emergency response requires advanced planning, with mega-projects including NEOM and Qiddiya integrating AI-driven security and real-time crowd monitoring. 

“The challenge lies in balancing speed with sustainability. Legacy planning is key to avoiding underutilized venues, ensuring stadiums transition into training hubs, community centers, or professional league facilities,†added Thibault.


Closing Bell: Saudi main index slips to close at 10,714

Closing Bell: Saudi main index slips to close at 10,714
Updated 17 June 2025

Closing Bell: Saudi main index slips to close at 10,714

Closing Bell: Saudi main index slips to close at 10,714
  • Parallel market Nomu shed 214.39 points to close at 26,458.24
  • MSCI Tadawul Index declined by 1.14% to 1,378.44

RIYADH: º£½ÇÖ±²¥â€™s Tadawul All Share Index slipped on Tuesday, as it shed 153.22 points or 1.41 percent to close at 10,713.82.  

The total trading turnover of the benchmark index was SR4.97 billion ($1.32 billion), with 20 of the listed stocks advancing and 228 declining. 

º£½ÇÖ±²¥â€™s parallel market Nomu also shed 214.39 points to close at 26,458.24. 

The MSCI Tadawul Index declined by 1.14 percent to 1,378.44. 

The best-performing stock on the main market was Saudi Research and Media Group. The company’s share price increased by 6.88 percent to SR170.80. 

The share price of SABIC Agri-Nutrients Co. advanced by 4.82 percent to SR108.80.

Zamil Industrial Investment Co. also saw its stock price climb by 4.71 percent to SR40. 

Conversely, the stock price of media giant MBC Group Co. dropped by 6.56 percent to SR33.45. 

On the announcements front, Tadawul, in a statement, said that shares of Saudi low-cost air carrier flynas will begin trading on the main market under the symbol 4264 from June 18. 

The daily and static fluctuation limits for the company’s stocks will be set at 30 percent and 10 percent, respectively, during the first three days of trading.

On June 17, Saudi National Bank announced the issuance of US dollar-denominated Tier 2 debt instruments through a special purpose vehicle, targeting qualified investors both inside and outside the Kingdom.

The financial institution added that the final issuance value and offering terms will be determined based on market conditions, according to a Tadawul statement. 

The minimum subscription value is $200,000, with a 10-year maturity period. 

The debt instruments will be listed on the London Stock Exchange’s International Securities Market. 

The share price of SNB edged up by 0.58 percent to SR34.50. 

Advance International Co. for Communication and Information Technology announced that it completed the offering and subscription of SR-denominated Murabaha sukuk valued at SR6 million. 

Murabaha sukuk is a financial instrument based on Islamic finance principles, offering an interest-free investment option. 

In a Tadawul statement, AICTEC said that the offering aims to strengthen the company’s working capital as well as support capital expansions. 

The stock price of AICTEC rose by 3.57 percent to SR2.90. 


IsDB Group partners with Turkiye to drive green industrial growth

IsDB Group partners with Turkiye to drive green industrial growth
Updated 17 June 2025

IsDB Group partners with Turkiye to drive green industrial growth

IsDB Group partners with Turkiye to drive green industrial growth
  • Initiative supports Turkiye’s 2053 net-zero emissions target

JEDDAH: The Islamic Development Bank Group has partnered with Turkiye’s Ministry of Industry and Technology to advance sustainable manufacturing and infrastructure as part of a broader push to modernize the country’s industrial zones and accelerate its green transition.

The initiative supports Turkiye’s 2053 net-zero emissions target and aligns with the 12th National Development Plan (2024–28) and the 2030 Industry and Technology Strategy.

According to the Saudi Press Agency, the project aims to cluster industrial enterprises within designated zones, reducing environmental impact and promoting climate-conscious development.

While Turkiye has committed to peak emissions by 2038 and reach net zero by 2053, independent assessments question the feasibility of this goal.

Climate Action Tracker has rated the strategy as “poor,†citing a lack of ambition and transparency, and warning that the 15-year window to net zero is overly compressed.

Still, some subsectors—such as cement, iron and steel, aluminum, and fertilizers—have set clearer reduction targets, although they remain exceptions, CAT notes.

Walid Abdelwahab, director of the IsDB Group’s regional hub in Turkiye, described the project as “a vital step in fulfilling the IsDB’s commitment to supporting sustainable industrial transformation, enhancing economic resilience, and promoting climate-conscious development.â€

A multidisciplinary team from IsDB’s Jeddah headquarters and Ankara office has been working closely with various government bodies and industrial zone authorities. Discussions have focused on collecting data, identifying challenges, and shaping the project in line with national investment and climate resilience goals.

According to SPA, the initiative will also address key areas such as wastewater management, improved water use efficiency, and green infrastructure, laying the groundwork for long-term sustainable industrial growth.


Energy security is not a luxury but key to inclusive growth, says Saudi minister

Energy security is not a luxury but key to inclusive growth, says Saudi minister
Updated 17 June 2025

Energy security is not a luxury but key to inclusive growth, says Saudi minister

Energy security is not a luxury but key to inclusive growth, says Saudi minister
  • Al-Jadaan warned the absence of reliable energy access undermines critical sectors
  • He underscored the far-reaching consequences of energy poverty

RIYADH: Energy security is not a luxury but “a fundamental pillar for achieving development and inclusive growth,†said º£½ÇÖ±²¥â€™s Finance Minister Mohammed Al-Jadaan.  

Delivering the opening remarks at the OPEC Fund for International Development Forum 2025 in Vienna, Al-Jadaan warned that the absence of reliable energy access undermines critical sectors, including healthcare, education, productivity, and food and water systems. 

“With rising geopolitical tensions, market volatility, and surging global energy demand, it has never been more urgent to achieve a more secure and diversified energy landscape,†Al-Jadaan said. 

He added: “This requires a strategic push to diversify energy sources, scale up investment in clean technologies, and adopt innovative financing solutions to accelerate energy access and strengthen long-term energy security.†

Four-point reform plan 

Al-Jadaan outlined four policy recommendations for multilateral development banks aimed at boosting global energy resilience. He stressed the need to support all energy sources without bias and cautioned against emissions policies that exclude major energy contributors. 

He said such policies risk destabilizing markets and disproportionately impact developing economies and vulnerable populations. 

 

 

His second recommendation focused on expanding concessional financing to underserved regions. The minister praised the World Bank’s “Mission 300†initiative, which aims to provide energy access to 300 million people in Africa, and acknowledged the contributions of the Islamic Development Bank and the OPEC Fund. 

Al-Jadaan also commended º£½ÇÖ±²¥â€™s Forward7 Clean Fuel Solutions for Food initiative under the Middle East Green Initiative, which promotes clean fuel deployment globally. The program has partnered with institutions including the OPEC Fund, the World Bank, the Islamic Development Bank, and the International Islamic Trade Finance Corp. 

De-risking and innovation

Al-Jadaan’s third point emphasized the need to de-risk investments in the energy sector to encourage private sector involvement.  

He cited mechanisms such as partial risk guarantees, political risk insurance, and blended finance structures as essential tools to mitigate risks and enhance the feasibility of energy projects, particularly in low-income and high-risk countries. 

“These tools help mitigate expected risks and enhance the bankability of energy projects, especially in low-income and high-risk countries,†the minister said. 

In his final point, Al-Jadaan called for stronger investment in technologies such as carbon capture and sustainable hydrocarbon applications to reduce emissions and maintain supply during the transition to net-zero. 

He underscored the far-reaching consequences of energy poverty, including economic instability, forced migration, and increased humanitarian pressures. 

Al-Jadaan reaffirmed the Kingdom’s aim to generate 50 percent of electricity from renewables by 2030 and achieve net-zero emissions by 2060. These goals are being pursued under the Circular Carbon Economy framework. 

“In the Kingdom of º£½ÇÖ±²¥, we are working with everyone to enhance energy security and eliminate energy poverty, while continuing efforts to combat climate change,†he said. 

Development crisis warning 

OPEC Fund President Abdulhamid Al-Khalifa also addressed the forum, warning of a worsening global development gap.  

He said the world is facing what the UN secretary-general has described as a “development emergency,†pointing out that only 18 percent of Sustainable Development Goals have made measurable progress since their inception in 2015. 

“Developing countries face a $4 trillion annual funding gap, worsened by rising debt servicing costs that are draining resources from essential services,†Al-Khalifa said. 

To address this, he said the OPEC Fund is ramping up efforts and leveraging momentum from previous forums. Among its recent actions, the fund has joined the “Mission 300†initiative to expand energy access. 

It has also deployed $1 billion as part of its food security action plan, committed an additional $2 billion to support food supply chains in partner countries, and allocated $1 billion to combat desertification under the Arab Coordination Group's $10 billion Riyadh Global Drought Resilience Partnership. 

New trade facility 

Al-Khalifa also announced the launch of the OPEC Fund Trade Facility Initiative, a program designed to mobilize billions of dollars in support through 2030. 

The facility aims to help countries secure strategic imports, address trade-related liquidity gaps, and strengthen resilience against external economic shocks. 

“This is a direct response to an urgent need, and a reflection of our commitments to stand by our partners when it matters most,†he said. 

Al-Khalifa emphasized the growing strain on trade as a development cornerstone, citing disrupted supply chains, rising costs, and foreign exchange volatility that are affecting the most vulnerable communities.  

Project milestones 

In 2024, the OPEC Fund committed $2.3 billion to 70 projects across the globe — a 35 percent increase compared to the previous year. 

These projects connected 300,000 households to electricity, built over 500 km of roads, and supported 75,000 farmers and 35,000 women. 

As the Arab Coordination Group marks its 50th anniversary this year, Al-Khalifa noted the significance of this milestone, saying the OPEC Fund is honored to stand alongside other member institutions in celebrating five decades of collaborative development efforts. 

“We know from experience, when partners align their resources, expertise, and approaches, the results are transformative,†he said. 

Both Al-Jadaan and Al-Khalifa stressed that global cooperation and innovation are critical to overcoming current challenges and advancing toward a future of inclusive and sustainable development. 


º£½ÇÖ±²¥, Panama sign air transport agreement to strengthen global connectivity

º£½ÇÖ±²¥, Panama sign air transport agreement to strengthen global connectivity
Updated 17 June 2025

º£½ÇÖ±²¥, Panama sign air transport agreement to strengthen global connectivity

º£½ÇÖ±²¥, Panama sign air transport agreement to strengthen global connectivity
  • Deal signed during 55th edition of Paris Air Show
  • It reflects Kingdom’s broader efforts to expand its global aviation footprint

RIYADH: º£½ÇÖ±²¥ and Panama have signed a bilateral air services agreement to enhance air connectivity between the two countries and expand access to global aviation markets.

The deal was signed during the 55th edition of the Paris Air Show by Abdulaziz Al-Duailej, president of the General Authority of Civil Aviation, and establishes a regulatory framework for safe, efficient, and fair air services, according to the Saudi Press Agency.

The new agreement complements the 1944 Chicago Convention on International Civil Aviation, the legal foundation for global air travel. It includes provisions on traffic rights, airline designation, and licensing, as well as the enforcement of international safety and security standards.

It is also designed to promote fair competition and support the long-term commercial interests of national carriers in both countries.

The deal aims to serve the common economic interests of national carriers and enhance their participation in the air transport market by applying modern market-entry models and supporting all forms of air traffic, SPA reported.

It reflects the Kingdom’s broader efforts to expand its global aviation footprint in line with Vision 2030. As part of its National Aviation Strategy, the country is building international partnerships, strengthening regulatory frameworks, and increasing air connectivity to link to 250 global destinations and transport 330 million passengers annually by 2030.

“The organization’s participation aims to highlight the role of the civil aviation sector in the Kingdom as an important driver of the national economy, the promising investment opportunities it offers, and to learn more about the latest innovative global technologies in the sector,†the report added.

º£½ÇÖ±²¥, represented by GACA, concluded its participation at the Paris Air Show with a wider range of strategic announcements aimed at bolstering its aviation sector. Key outcomes included a memorandum of understanding with Airbus on environmental sustainability and aviation safety, a leasing deal for 77 new aircraft by Avilease, and Riyadh Air’s order for 50 Airbus A350-1000 jets, increasing its future fleet to 182 aircraft in line with Vision 2030’s goal of positioning Riyadh as a global air hub.

The Saudi delegation was led by Saleh Al-Jasser, minister of transport and logistic services and chairman of GACA, accompanied by GACA president and senior executives from across the Kingdom’s aviation ecosystem. Their participation focused on strengthening partnerships with leading aerospace companies, attracting investment into the Saudi aviation sector, and advancing bilateral cooperation.

During the show, Al-Jasser and the delegation toured various pavilions showcasing innovations in advanced air mobility, aerospace, sustainability, and smart manufacturing.

They observed emerging solutions featuring high levels of automation and digitization across both commercial and military aircraft.

In addition to the MoU with Airbus, the show saw key commercial signings. Avilease, a Public Investment Fund-owned leasing firm, agreed to purchase 77 new-generation aircraft, including A350 freighters and A320 narrow-body jets. Riyadh Air confirmed an order for 50 A350-1000 aircraft, part of its plan to turn Riyadh into a global aviation hub.

A separate agreement was signed between Cluster 2 Airports Co. and Airbus to explore collaboration opportunities in training, development, and investment.

Al-Duailej also met with several global aviation leaders, including Damien Caze, director general of the French Civil Aviation Authority; Arjan Meijer, CEO of Embraer; and Bahrain’s Minister of Transportation and Telecommunications Sheikh Abdulla Al-Khalifa, to discuss regional cooperation.

The Kingdom’s presence at the Paris Air Show underscored its commitment to civil aviation as a driver of economic growth, innovation, and international connectivity. The event is one of the world’s most prominent in the aerospace industry, attracting thousands of participants and showcasing the latest in aviation, defense, and space technologies.


SIC, Investindustrial forge alliance to drive Saudi industrial expansion


SIC, Investindustrial forge alliance to drive Saudi industrial expansion

Updated 17 June 2025

SIC, Investindustrial forge alliance to drive Saudi industrial expansion


SIC, Investindustrial forge alliance to drive Saudi industrial expansion

  • Deal aims to catalyze new industrial investments in the Kingdom

RIYADH: SIDF Investment Co., the financial arm of the Saudi Industrial Development Fund, has entered into a strategic partnership with European private equity firm Investindustrial, marking its first international private equity commitment.

The agreement is aimed at catalyzing new industrial investments in the Kingdom by localizing advanced manufacturing and integrating Saudi small and medium-sized enterprises into Investindustrial’s global value chains.

The partnership is a significant milestone for SIC as it broadens its international engagement and supports º£½ÇÖ±²¥â€™s Vision 2030 objectives. These include attracting institutional capital, localizing industrial expertise, and contributing to the National Industrial Strategy, which targets increasing the number of factories to 36,000 by 2035.

The announcement follows a previous agreement in March between SIC and Ashmore Investment º£½ÇÖ±²¥ to launch a private closed-end industrial fund. The SR400 million ($106.6 million) initiative — the first of its kind in the Kingdom — is managed by a global asset manager and aims to support a wide array of industrial assets. That move laid the foundation for SIC’s private equity strategy to stimulate domestic investment and expand global partnerships.

“This agreement represents a new chapter for SIC,†said Fahad Al-Naeem, CEO of SIC. “By partnering with Investindustrial, we’re bridging global reach, operational depth, and industry specialization into our ecosystem, positioning º£½ÇÖ±²¥ as the platform for regional and international manufacturing growth.â€

The targeted sectors include machinery and equipment, automation, medical devices, and sustainable consumer products, with an emphasis on local value creation and industrial innovation.

This move comes as the Kingdom ramps up efforts to strengthen its industrial base and draw international investment into strategic sectors. In April, º£½ÇÖ±²¥â€™s Industrial Production Index rose 3.1 percent year on year, led by gains in manufacturing and mining. Manufacturing activity alone climbed 7.4 percent annually, with a 0.5 percent uptick month on month.

Adding to this momentum, the government launched the Standard Incentives for the Industrial Sector program in May, offering up to 35 percent financing on initial capital expenditure per project, capped at SR50 million. The initiative supports facility development and operations over a seven-year term.

“SIC will utilize its local market expertise to pave the way for global manufacturers to establish a footprint in º£½ÇÖ±²¥ and connect with international supply chains, benefiting from the Kingdom’s competitive position,†Al-Naeem added.

Investindustrial, which has raised €17 billion and operates across eight global offices, focuses on mid-market companies with a mission to drive sustainable value creation and support global expansion.

“The Kingdom of º£½ÇÖ±²¥ has emerged as a key strategic growth region for Investindustrial’s portfolio companies,†said Andrea Bonomi, chairman of Investindustrial.
“Many of our investments align closely with the goals of º£½ÇÖ±²¥â€™s Vision 2030, fostering strong and natural synergies for long-term value creation,†Bonomi added.

The signing ceremony was attended by Prince Sultan bin Khaled, vice chairman of SIC, and Italy’s Ambassador to º£½ÇÖ±²¥, Carlo Baldocci, reflecting the high-level support backing the agreement.

The deal further advances SIC’s role as a gateway for institutional-grade industrial investment into º£½ÇÖ±²¥, reinforcing its mandate to help build a globally competitive and resilient manufacturing sector.