Trade PIF signs $3bn deal with Italy’s export credit agency By Reuters March 5, 2025, 4:47 PM SPA A Neom exhibition. Saudi Arabia is looking for funds for such projects and its PIF has signed an MoU with a credit agency from Italy Saudi Arabia’s Public Investment Fund said on Wednesday it had signed a memorandum of understanding worth $3 billion with Italy’s export credit agency, SACE. The sovereign wealth fund is working to boost finances to fund the country’s giga-projects. “The MoU focuses on providing financing support for co-operation between Italian companies in the private sector and PIF and its portfolio companies,” PIF said in a statement. PIF’s $4bn bond sale is four-times oversubscribed Saudi Arabia’s PIF secures $7bn investment financing PIF acquires 15% stake in London’s Heathrow airport In January, Italy signed agreements worth around $10 billion with Saudi Arabia as part of a strengthened strategic partnership, including SACE loan guarantees worth $3 billion for Neom, the Red Sea urban and industrial development that is due to house roughly 9 million people. Neom is central to Saudi Arabia’s economic diversification plan, Vision 2030, which is intended to create new sources of growth beyond oil. However, with oil prices tapering off and costs rising, Saudi Arabia has scaled back some ambitions to prioritise completing elements essential to hosting global sporting events over the next decade.
