UAE plans to invest $40 billion in Italy

The United Arab Emirates announced on Monday that it will inject investments worth $40 billion into Italy amid continued growth in bilateral trade.

The announcement was made during a meeting between Emirati President Sheikh Mohamed bin Zayed Al Nahyan and Italian Prime Minister Giorgia Meloni in Rome, as part of a state visit to Italy, according to the Emirati state news agency WAM.

Sheikh Mohamed said non-oil trade between the UAE and Italy reached $14.1 billion last year, up 21.2% from 2023.

This growing trade will continue by strengthening cooperation between the two nations, he added.

"We look forward to UAE investment in Italy, valued at $40 billion, contributing to the development and prosperity of our two countries and our peoples," he added.

It marked the third visit by the UAE president to Italy since he took office in 2022. Meloni also made three visits to the UAE since she took office the same year, including one about a month ago.

Sheikh Mohamed departed Rome on Monday after concluding a state visit to Italy, the state-run agency reported.

WAM also reported that Sheikh Mohamed and Meloni witnessed an exchange of agreements and memorandums of understanding aimed at enhancing cooperation between the two countries.

The agreements cover the fields of industry, advanced technology, artificial intelligence, energy, health, culture, education, scientific research, defense, transportation, space, mining, and building economic partnerships with African countries, among other fields expected to advance bilateral ties.