Italy and the United Arab Emirates are poised to forge closer economic and strategic ties through a landmark investment package. Italian Prime Minister Giorgia Meloni revealed that the UAE is planning a €38.2bn investment in Italy, marking a significant boost in bilateral relations following Sheikh Mohamed bin Zayed Al Nahyan’s historic state visit to the country.
The proposed investment spans a wide array of sectors, from energy and technology to defense and security. It includes ambitious projects such as the development of state-of-the-art data centres, advancements in artificial intelligence, and large-scale renewable energy initiatives. In addition, the deal will cover subsea activities and the extraction of rare earth minerals, key to supporting modern technologies.
A notable component of the investment is its role in supporting the Mattei plan, aimed at bolstering African development to reduce migrant arrivals in Italy, particularly via maritime routes. The agreement also features a collaborative project to build an undersea electricity cable across the Adriatic Sea a venture involving Italy, the UAE, and Albania that promises to enhance regional energy connectivity.
A joint statement from both governments highlighted the signing of over 40 new agreements, which set the stage for enhanced strategic cooperation across multiple priority areas. These include not only economic and investment initiatives but also advancements in defense, sustainable energy, space, and cultural heritage. The pact extends to other sectors of mutual interest, such as connectivity, high-tech industries, water technology, ICT, SMEs and startups, agriculture, civil aviation, education, culture, and healthcare.
On the defense and security front, both nations agreed to intensify efforts in research, development, and the modernization of military equipment. The collaboration will involve exchanging technical expertise, joint production initiatives, and bolstering capabilities in counter-terrorism, cybersecurity, and responses to humanitarian crises and natural disasters. These measures are expected to drive sustainable development and digital economic growth in both regions.
