Strengthening Omani-Italian Trade Relations: What This Pact Means for Business Growth and Investment Opportunities in Oman
MUSCAT: During 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 investment corporation focused on high-potential sectors for Italian companies—including infrastructure, manufacturing, food and beverage, renewable energy, and hospitality—have signed a Memorandum of Understanding (MoU) to enhance trade relations between Italy and Oman.
The MoU was signed by Michele Pignotti, CEO of SACE, and Azzan al Wahaibi, Managing Director of Khazanah Modern Oman.
This agreement recognizes the strategic importance of Italian industrial expertise and technology. It establishes a cooperative framework to support key projects in Oman by facilitating the participation of Italian suppliers, contractors, and technology providers within Khazanah Modern Oman’s sectors. SACE will provide financial and risk mitigation solutions to boost the competitiveness of these projects and their supply chains, subject to due diligence and in line with its institutional mandate.
During his visit, Michele Pignotti also engaged with prominent local stakeholders, including the Omani energy company OQ, investment firm Ominvest, and Asyad Group, Oman’s leading integrated logistics provider, to explore projects involving significant Italian supply chains.
Additionally, strong collaboration has developed with the Oman Social Protection Fund – Investment Unit, with plans underway to finalize a memorandum of understanding in the coming weeks. This agreement aims to develop strategic projects within the fund’s portfolio, involving Italian companies.
These initiatives represent a significant advancement in the economic partnership between Italy and Oman, underscoring their shared commitment to fostering sustainable growth, SACE said in a press release.
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The new MoU between Italy’s SACE and Khazanah Modern Oman opens significant opportunities for Omani businesses to integrate advanced Italian industrial technologies in key sectors like renewable energy, infrastructure, and manufacturing. For investors and entrepreneurs, this creates a strategic gateway to leverage Italian expertise and financing solutions, positioning Oman as a competitive hub for sustainable and high-potential projects. Smart stakeholders should now focus on capitalizing on Italy-Oman collaborations to drive innovation, diversify economic growth, and enhance supply chain resilience.
