Italian banks study to enter Saudi market in coming period: Report

The Kingdom of Saudi Arabia's flag

Some Italian banks are considering entry into the Saudi market over the coming period, in line with the strengthening of business relations between Riyadh and Rome, Asharq Al-Awsat newspaper reported, citing unnamed banking sources.

The economic relations between both countries may encourage Italian banks to open branches in Saudi Arabia to facilitate investment and commercial transactions for corporates, which are expected to grow in the coming period.

The Saudi-Italian trade exchange volume is expected to double in the next three to five years from $11 billion in 2022, a source said, noting that the conversion of memorandums of understanding (MoUs) into agreements will help accelerate this target.

The recently held Italian-Saudi Investment Forum witnessed the signing of 21 agreements and MoUs between the two countries in the fields of energy, clean energy, health, real estate, waste management, technology, manufacturing, etc., according to the data available with Argaam.