MUSCAT: On the sidelines of the visit of Giorgia Meloni, President of the Council of Ministers of Italy, to the Sultanate of Oman, Italy’s Export Credit Agency, SACE, and Khazanah Modern Oman, an Omani corporation responsible for investments in high potential sectors for Italian companies including infrastructure, manufacturing, food & beverage, renewable energy and hospitality, have finalised a Memorandum of Understanding aimed at strengthening trade relations between Italy and the Sultanate of Oman.
The MoU has been signed by Michele Pignotti, CEO of SACE, and Azzan al Wahaibi, Managing Director of Khazanah Modern Oman.
Recognising the strategic value of Italian industrial know-how and technologies, the agreement establishes a framework of cooperation to support strategic projects in the Sultanate of Oman facilitating the involvement of Italian suppliers, contractors and technology providers in the areas of activity of Khazanah Modern Oman. In this context, SACE undertakes to provide financial and risk mitigation solutions to enhance the competitiveness of the projects and their supply chains, following adequate due diligence and in line with its institutional mandate.
During his mission to Oman, SACE's CEO also met with key local institutional and industrial players, including the Omani energy company OQ, the investment firm Ominvest, and Oman's leading integrated logistics services provider Asyad Group, to identify projects involving key Italian supply chains.
Furthermore, a strong synergy has emerged with the Oman Social Protection Fund – Investment Unit as well as the concrete possibility to finalise a memorandum of understanding in the coming weeks, aimed at developing strategic projects within the Group's portfolio, with the participation of Italian companies.
These initiatives mark an important step in economic relations between Italy and the Sultanate of Oman, confirming mutual interest in supporting sustainable growth in both countries, SACE noted in a press statement.
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