UAE plans to invest $40 billion in Italy

President of the UAE Sheikh Mohammed bin Zayed Al Nahyan is seen during a limited attendance meeting of BRICS leaders during the 16th BRICS Summit in Kazan, Russia on October 23, 2024 [Alexey Nikolskiy/Photohost Agency – Anadolu Agency]

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

The announcement was made during a meeting between Emirati President Sheikh Mohammed 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 Mohammed said non-oil trade between the UAE and Italy reached $14.1 billion during 2024, marking an increase of 21.2% compared to 2023.

He noted that the growth in trade will continue by strengthening joint cooperation between the two nations.

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

On Sunday, the Emirati leader arrived in Italy on a visit of unspecified duration and with no announced agenda.

It marked the third visit by the UAE president to Italy since he assumed office on May 14, 2022. Meloni also made three visits to the UAE since she took office in October 2022, the most recent being about a month ago.

The UAE president departed Rome on Monday after concluding a state visit to Italy, the state-run agency reported.

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