Italian firms explore new opportunities

A delegation of 23 Italian furniture and wood companies recently visited the Kingdom to explore opportunities for business partnerships between the two countries in the wake of the recent focus on housing in the Kingdom and the construction boom, which is likely to accelerate in the coming years.
At the Jeddah Chamber of Commerce and Industry (JCCI), Vice-President Mazen Batterjee commended the many delegations from Italy that had been visiting the Kingdom this year, as well as the numerous Saudi delegations to Italy. Yet, the Kingdom is currently looking for more than trade, he continued, in particular technology transfer and technical knowledge.
He invited the Italian companies to invest in the Kingdom not with money, but with their expertise, stressing that non-Saudis are now able to own companies here. “We’re ready to help any Italian businesses,” he said while calling his Italian counterparts “brothers” rather than partners.
Italian Consul General Simone Petroni thanked the JCCI not only for promoting partnerships with Italian companies, but also in helping them understand the Saudi needs and market.
He cited a recently published report, which states that the Kingdom will need an additional 300,000 housing units per year or 4.5 million units over the next 15 years.
Petroni said the focus of the recently held Jeddah Economic Forum on housing, however, showed the strong initiative of the Kingdom’s leadership to enhance the quality of life for citizens.
The construction sector plays a big role in this, he said, which makes Saudi Arabia — and the Gulf in general — a huge potential for the Italian furniture and wood companies.
Since 2010, bilateral trade between the two countries has grown substantially, said Andrea Quattrocchi, director of the Italian Trade Commission at the Italian Embassy in Riyadh.