MoU for Saudi-Italian company

ROME, 2 November — A memorandum of understanding to create a Saudi-Italian holding company was signed here yesterday. The signing of the MoU between the Saudi Arabian General Investment Authority and Italian Foreign Investments Promotion Corporation was attended by Italian Premier Silvio Berlusconi, Minister of Finance and National Economy Dr. Ibrahim Al- Assaf and Saudi Ambassador to Italy Prince Mohammed ibn Nawaf. The company, to be based in Riyadh, will have a $10 million capital divided between the Saudi and Italian partners. The company will work to promote Italian investments in the Kingdom. (SPA)