UAE and Italy expected 3 understanding notes to support joint investments

Abu Dhabi, February 24 / WAM / The UAE represented by the Ministry of Investment today signed three memoranda of understanding with the Republic of Italy to support joint investments and enhance cooperation in the drugs and minerals sectors in addition to data and artificial intelligence centers during a “state visit” made by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, to the Italian Republic.

These notes aim to develop a framework for investment cooperation that stimulates innovation, exchanging knowledge, integrating technology and artificial intelligence to advance the wheel of progress in the value chains of life, minerals and technology in both countries.

These new partnerships contribute to strengthening bilateral relations between the UAE and Italy, based on the economic, industrial, technological and financial agreement for the year 1984 and the 1995 investment encourage and protection agreement between the two governments of the two countries.

The memoranda of understanding was signed by His Excellency Muhammad bin Hassan Al -Suwaidi, Minister of Investment and His Excellency Adolfo Oso, Italian Minister of Business and Movements.

His Excellency Mohammed bin Hassan Al -Suwaidi said that our cooperation with Italy reflects the strength of bilateral relations and joint commitment to achieving sustainable economic growth. The signing of these notes today represents an important step to enhance cooperation in the areas of health care and the transition to digital energy and reflects the UAE’s commitment to establishing influential partnerships that seek the future and enhance joint prosperity with Confronting global challenges and with the continued development of our established relations over contracts, we confirm our commitment to expanding the horizons of cooperation in the sectors Strategy and innovative, and we look forward to the long -term benefits that these notes will bring to both countries.

For his part, His Excellency Adolfo Oso said that the signing of these notes is a great progress in the strong partnership between Italy and the UAE, and by enhancing cooperation in the fields of medicines, minerals and digital infrastructure, we open new horizons for opportunities, and we reflect the commitment of our two countries to enhance international cooperation and benefit from joint experiences in the advanced industries To push the wheel of economic progress while we are excited to see the practical benefits that will bear fruit from this Partnerships, not only for Italy and the UAE, but also for the global community as a whole.

The UAE Ministry of Investment and the Italian Ministry of Business and Manufacturers signed a memorandum of understanding confirming the commitment of the two countries to enhance cooperation in the areas of health care, biotechnology, and the pharmaceutical industry.

The two parties will explore the chances of technology transfer, produce vaccines, and develop organizational policies to support human and animal health.

Cooperation will focus on research and development in new treatments, capacity development through specialized training, and establish strategic alliances with leading drug institutions and companies.

The main innovation fields will include oncology, cardiovascular disease, metabolic diseases, immune diseases, and rare diseases, with a focus on meeting uncomfortable medical needs.

Cooperation will also extend to the marketing of innovative drugs inside and outside the Emirates, benefit from the current infrastructure, and develop new channels to reach the markets.

Carties will be conducted with artificial intelligence and technology companies to improve searches and development, manufacturing automation, and develop innovative marketing models.

The Ministry of Investment also signed with the Ministry of Business, Manufacturers and the Ministry of Environment and Energy Security in Italy a five -year memorandum of understanding to enhance cooperation in the field of sustainable mining, exploration of minerals, extract, develop, treat, market, recycle them, and develop competencies working in this sector.

Through this cooperation, the UAE and Italy will explore investment opportunities and economic partnerships by taking advantage of government efforts to link business and encourage investments through the metal value chain.

The memo also focuses on strengthening responsible and sustainable governance for the metal sector, developing capabilities through specialized training and education, and the establishment of monitoring and evaluation systems to ensure continuous progress.

Wu has also signed the Italian Ministry of Investment and the Italian Ministry of Business and Movements a memorandum of understanding to enhance cooperation and mutual investments in the digital infrastructure sector, with a focus on data centers and artificial intelligence.

Partnership focuses on supporting the biological economy and turning in the energy sector, as well as exchanging technical knowledge, developing skills, and enhancing experiences.

And by taking advantage of the UAE leadership in technological development, and the expertise of “MGX” and “G42” in investing in artificial intelligence and digital infrastructure and operating them, in addition to the future “artificial intelligence factory” in Italy, the two countries will cooperate in attracting investments to create new data centers , Including green data centers, with a plan to increase the future capacity to 2 GB Watt.

The two parties will discuss the creation of “virtual data embassies” on the lands of each of them to ensure the continuity of digital data and enhance their security across the border.

The leading companies in the two countries such as “MGX”, “G42”, “Treasury” and “Eni” will play a pivotal role in developing and operating the capacity of data centers.

Additional initiatives include attracting major cloud computing services, expanding cloud services in local and regional markets, qualifying local competencies in the areas of artificial intelligence, high performance computing, digital education, which are in which MGX and G42 investments invest in activity .

In addition, the UAE and Italy will enhance the exchange of knowledge through scholarship programs, exchanging experts, educational workshops specialized in artificial intelligence and data centers technologies.

In addition to the Memorandum of Understanding with Italy, the UAE recently announced a partnership with France in the field of artificial intelligence, which enhances its global position in this sector, and this confirms the UAE’s commitment to building strong international alliances and enhancing the innovation based on artificial intelligence worldwide.

It is worth noting that the UAE and Italy have strong economic relations that witness continuous growth .. The non -oil trade exchange between the two countries has witnessed remarkable growth over the past decade, as the value of Italian exports to the UAE reached about 7.22 billion US dollars in 2023, and recorded an increase of 22% in Early 2024.

On the other hand, the UAE exports to Italy amounted to 1.57 billion US dollars in 2023 .. And more than 600 Italian companies in the UAE, which reflects the depth of economic relations and the two countries’ commitment to promoting bilateral trade.

With the continued development of bilateral relations between the UAE and Italy, these agreements will contribute to advancing innovation, economic diversification, global leadership in the areas of health care, resource development and digital transformation.

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