On March 26, 2025, the Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by Italy’s Ministry of Economy and Finance, signed a memorandum of understanding (MoU) to strengthen their bilateral collaboration.
The agreement will foster information exchange and business expertise, particularly in strategic sectors. Additionally, SACE may consider providing up to $3 billion in financing for PIF projects and its portfolio companies.
This MoU builds upon their existing partnership, which has already facilitated over $3 billion in financing for PIF’s portfolio companies, involving several top financial institutions. As a driving force behind Saudi Arabia’s Vision 2030, PIF is focused on diversifying and transforming the Saudi economy by developing new sectors and creating jobs.
The MoU further aligns with PIF’s strategy of expanding financial partnerships, enhancing global cooperation, and fostering long-term international relations. It is part of PIF’s broader goal to maintain strong ties with international financial institutions while diversifying its financing tools.
Rasees AlSaud, Head of Financial Institutions and Investor Relations at PIF, emphasized that the MoU marks an important step in enhancing strategic partnerships with leading financial institutions and export credit agencies. He added that it will unlock opportunities for Italian and Saudi companies to collaborate and exchange business knowledge, supporting transformative investments both globally and within Saudi Arabia.
Alessandra Ricci, CEO of SACE, expressed pride in collaborating with PIF, noting that the partnership will strengthen trade and investment ties between Italy and Saudi Arabia. The MoU will offer significant opportunities for Italian businesses, especially SMEs, allowing them to become key suppliers and participate in PIF-sponsored projects aligned with Saudi Vision 2030.
PIF holds an Aa3 rating from Moody’s and an A+ rating from Fitch, underscoring its financial stability and global reputation.