Barbara Beltrame, the Vice President of Confindustria for internationalization, signed a Memorandum of Understanding (MoU) with ACWA Power, a prominent global company in energy production, desalinated water, and green hydrogen. ACWA Power operates across the Middle East, Europe, Central Asia, and Africa, making this agreement a crucial step in advancing sustainable energy initiatives.
The primary goal of this MoU is to foster cooperation between ACWA Power and the various companies within the Confindustria System that operate in these critical sectors. While green hydrogen supply is a key component of the agreement, it encompasses a more extensive strategic collaboration. This collaboration includes new water desalination projects, research and development of advanced disinfection and purification technologies, and power generation ventures. These power generation projects encompass both renewable and conventional energy sources, with the potential involvement of suppliers specializing in “solar tracker” systems, photovoltaic inverters, battery energy storage mechanisms, cleaning solutions for vehicle-driven photovoltaic modules, and substation equipment suppliers.
Barbara Beltrame, Vice President of Confindustria, highlighted the growing importance of the Gulf Area in the international landscape. She emphasized that Italy’s relations with Saudi Arabia are strengthening on multiple fronts. The Italian-Saudi Investment Forum held in Riyadh in June 2022, the establishment and co-presidency of the Saudi-Italian Business Council, and forums in Rome and Milan in May demonstrate Italy’s active engagement in this evolving dynamic.
Beltrame underscored the significance of the MoU with ACWA Power as an opportunity for Italian companies to collaborate in vital sectors such as energy, water desalination, and green hydrogen. Saudi Arabia is currently undertaking substantial efforts to diversify its economy and enhance its industrial foundation. The cooperation between Italian businesses and ACWA Power aligns with Saudi Arabia’s ambitions and the complementary nature of the two economies.
The signing of this memorandum signifies an exceptional opportunity for Italy to enter the Saudi market, especially in sectors poised for exponential growth. These sectors include renewable and green energy solutions that hold the promise of addressing critical global challenges.
Trade relations between Italy and Saudi Arabia are on a trajectory of robust development, and 2023 is anticipated to be a year of significant progress. The collaboration between Confindustria and ACWA Power reflects a shared commitment to driving sustainability, fostering innovation, and creating economic value for both nations.