Italy signed agreements worth around $10 billion with Saudi Arabia as part of a strengthened strategic partnership, Italian Prime Minister Giorgia Meloni said after meeting Saudi Crown Prince Mohammed bin Salman.

ROME (Reuters) - Italy is in favour of Saudi Arabia joining the GCAP fighter jet programme, which currently involves Italy, Britain and Japan, Italian Prime Minister Giorgia Meloni said on Monday. Meloni, who was in Saudi Arabia over the weekend, said it would take time to open up the multi-billion-euro programme to a fourth nation.

Italy is a strong trading partner of Saudi Arabia's, and the two countries are eying cooperation on renewable energy.

On January 27, Italian Prime Minister Giorgia Meloni said Italy is in favor of Saudi Arabia joining the Global Combat Air Program (GCAP), according to the Italian Prime Minister’s Office. Italy, Japan, and the U.K. launched the GCAP in December 2022 with a goal of deploying the next-generation fighter by 2035.

Italian insurer and export credit agency Sace said Sunday that it signed five accords worth $6.6 billion in Saudi Arabia.

Italian Prime Minister Giorgia Meloni met with Saudi Crown Prince Mohammed bin Salman on Sunday as she looks to boost ties with the oil-rich kingdom. The two signed a declaration that elevates the countries' bilateral relations to the level of a strategic partnership and initiates closer cooperation in an array of fields,

Italy cemented its strategic alignment with Saudi Arabia, signing agreements valued at approximately $10 billion. These accords encompass sectors like energy, defense, and real estate, with significant loan guarantees for the NEOM project,

Italy signed agreements worth around $10 billion with Saudi Arabia as part of a strengthened strategic partnership, Italian Prime Minister Giorgia Meloni said after meeting Saudi Crown Prince Mohammed bin Salman.