At a bilateral summit in Rome, the United Arab Emirates declared its intention to invest $40 billion in Italy. Although no precise timeframe for the investment was given, this noteworthy promise was made during a meeting between UAE President Sheikh Mohammed bin Zayed Al Nahyan and Italian Prime Minister Giorgia Meloni.

Despite criticism from political rivals over human rights concerns, Prime Minister Meloni has concentrated on deepening Italy’s relations with the Gulf since assuming office in 2022. Italy has reversed prior arms sales embargoes against Saudi Arabia and the United Arab Emirates, which were enforced because of the ongoing conflict in Yemen, under her government.

While on the state visit, Meloni and Sheikh Mohammed decided to work toward a “Comprehensive Strategic Partnership.” More than 40 new agreements covering a range of topics, including economic cooperation, defense investment, nuclear technology, space research, and cultural heritage, were signed, according to their joint statement. The precise businesses that were a part of these deals, however, were not made public.

A related development was the announcement by the Italian energy giant Eni SpA that it had inked a letter of intent with the UAE companies MGX and G42 to build data centers in Italy that will be fueled by carbon capture-equipped natural gas facilities. Furthermore, Eni signed a deal with Taqa Transmission and Masdar, a state-owned renewable energy company in the United Arab Emirates, identifying it as the “preferred off-taker” for renewable energy generated in Albania.

The partnership’s significance was underscored by Meloni, who said, “It is a historic day, another milestone in our relationship.” Strategic fields including artificial intelligence, data centers, space research, renewable energy, and rare earths would be the emphasis of the relationship, she added.

Plans for further military and security collaboration, including technology transfer, joint production, and the growth of defense manufacturing capabilities, were also included in the joint statement. It also discussed the necessity of coordinated actions against ransomware attacks, including with partners like the United States, and cybersecurity partnership.

Meloni secured business agreements worth almost $10 billion in January along with a reinforced strategic engagement with Saudi Arabia.