UAE and Italy Strengthen Investment Ties with Three Landmark Agreements

The UAE Ministry of Investment has signed three Memoranda of Understanding (MoUs) with the Republic of Italy, fostering collaboration in pharmaceuticals, minerals, and digital infrastructure, including artificial intelligence (AI) and data centres.

Signed by UAE Minister of Investment Mohamed Hassan Alsuwaidi and Italian Minister of Enterprises and Made in Italy Adolfo Urso, these agreements mark a significant step in advancing economic and technological partnerships between the two nations. The MoUs build on existing bilateral agreements, including the 1984 Economic and Industrial Cooperation Agreement and the 1995 Investment Promotion and Protection Agreement.

Alsuwaidi emphasized that the collaboration underscores the UAE’s commitment to sustainable growth, innovation, and digital transformation. Urso highlighted the potential for new economic opportunities, reinforcing international cooperation and industry advancements.

The pharmaceutical MoU focuses on biotechnology, vaccine production, and advanced research in oncology, cardiovascular diseases, and rare conditions. It also aims to enhance AI-driven drug development and streamline manufacturing.

A second MoU will advance sustainable mining, mineral exploration, and resource development, with an emphasis on responsible practices and workforce training. The third agreement boosts investment in AI and digital infrastructure, including the establishment of green data centres with a capacity target of 2 GW and the development of "Virtual Data Embassies" for secure cross-border data resilience.

These agreements further solidify UAE-Italy economic ties, with non-oil trade between the two nations reaching $7.22 billion in 2023, a 22% increase in early 2024. Over 600 Italian companies currently operate in the UAE, reflecting deepening economic cooperation.

The UAE’s broader AI strategy, including a recent partnership with France, underscores its ambition to be a global leader in AI-driven innovation and digital transformation.

News Source: Emirates News Agency