UAE, Italy Boost Investment Ties With MoUs In Pharmaceuticals, Minerals, AI

The Ministry of Investment has signed three Memoranda of Understanding (MoUs) with Italy to boost investments and cooperation in pharmaceuticals, minerals, data centers, and artificial intelligence (AI). These agreements promote innovation, knowledge sharing, and technology integration across key sectors in both countries.

The partnerships further strengthen UAE-Italy relations, building on past economic and investment agreements from 1984 and 1995. UAE's Minister of Investment Mohamed Hassan Alsuwaidi and Italy's Minister of Enterprises and Made in Italy, Adolfo Urso, officially signed the MoUs.

Alsuwaidi emphasized that the collaboration with Italy highlights the strong bilateral relationship and shared commitment to sustainable economic growth, WAM reported.

He stated that the three MoUs represent a key milestone in enhancing cooperation in healthcare, energy transition, and digital transformation. He also reaffirmed the UAE's dedication to building strategic partnerships that drive mutual prosperity and address global challenges.

On his part, Urso said that the MoUs further strengthen the longstanding partnership between Italy and the UAE. He highlighted that the agreements in pharmaceuticals, minerals, and digital infrastructure create new opportunities and reflect both countries' commitment to international cooperation.

Urso expressed confidence that these partnerships would drive economic progress and bring long-term benefits to both nations and the global market.

In the pharmaceutical sector, both countries will collaborate on healthcare, biotechnology, and drug development. The focus will be on technology transfer, vaccine production, regulatory policies, and research in key areas like oncology, cardiovascular diseases, and rare diseases.

AI and technology integration will improve R&D, manufacturing, and market strategies.

For the minerals sector, a five-year agreement promotes sustainable mining, mineral exploration, processing, recycling, and workforce development. Both nations will explore investment opportunities and responsible governance in the mineral industry.

In digital infrastructure, the partnership will boost investments in data centers and AI, including green data centers with a future capacity target of 2 GW. Plans include creating Virtual Data Embassies, expanding cloud services, and upskilling talent in AI and digital technologies.

Key players like MGX, G42, Khazna, and ENI will drive these initiatives, strengthening cross-border digital cooperation. Along with its MoU with Italy, the UAE has also partnered with France to advance AI, with MGX and G42 leading AI infrastructure investments.

The UAE and Italy share strong political and economic ties, with non-oil trade growing significantly. In 2023, Italian exports to the UAE reached $7.22 billion, rising 22% in early 2024, while UAE exports to Italy were valued at $1.57 billion.

Over 600 Italian companies operate in the UAE, reflecting deep economic cooperation. These agreements will further drive innovation, economic growth, and leadership in healthcare, resource development, and digital transformation.