PIF and SACE Strengthen Bilateral Partnership with $3 Billion Financing Support
RIYADH — In a move to solidify their collaboration, the Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by Italy’s Ministry of Economy and Finance, have signed a memorandum of understanding (MoU).
Under this agreement, PIF and SACE will focus on sharing information and business expertise, particularly in strategic sectors. The MoU also includes a provision for SACE to potentially offer an additional $3 billion in financing support for projects led by PIF and its portfolio companies.
This signing further strengthens the existing relationship between PIF and SACE, which has already facilitated over $3 billion in financing for PIF portfolio companies, with the participation of top financial institutions.
As a key player in Saudi Arabia’s Vision 2030 and a major global investor, PIF is dedicated to diversifying and transforming the Saudi economy by creating new sectors, businesses, and job opportunities.
This latest agreement aligns with PIF’s strategy of expanding financial collaborations, promoting global cooperation, and nurturing long-term international partnerships.
Rasees AlSaud, Head of Financial Institutions and Investor Relations at PIF, emphasized the significance of this partnership, stating, “The MoU marks a significant milestone in PIF’s efforts to enhance strategic partnerships with leading international financial institutions and export credit agencies.”
“It will unlock opportunities for both Italian and Saudi companies to collaborate and exchange business knowledge, in line with our commitment to driving impactful investments globally and in Saudi Arabia,” AlSaud added.
Alessandra Ricci, CEO of SACE, highlighted the benefits for Italian companies, saying, “We are proud to collaborate with a distinguished institution like PIF. This partnership will facilitate Italian exports and strengthen trade and investment ties between our two countries.”
She added, “The memorandum opens significant opportunities for Italian companies, especially SMEs, enabling them to become key suppliers and participate in projects sponsored by PIF and its portfolio companies, all in alignment with Saudi Vision 2030.”
With an Aa3 rating from Moody’s (stable outlook) and an A+ rating from Fitch (stable outlook), PIF reinforces its financial stability and global credibility. — SG
