President Sheikh Mohamed of the United Arab Emirates is set to commence a state visit to Italy on Monday, where he will engage in high-level discussions with Italian leadership, including President Sergio Mattarella and Prime Minister Giorgia Meloni.

This visit aims to further strengthen the strategic partnership established between the two nations, emphasizing collaboration in key areas such as economy, investment, renewable energy, advanced technology, artificial intelligence, and cultural exchange.

The bilateral relations were significantly energized following Prime Minister Meloni’s visit to the UAE in March 2023, during which strategic dialogues were held to enhance cooperation in the realms of economy, investment, and trade.

Discussions also encompassed renewable energy, clean technologies, and sustainable development initiatives, particularly addressing critical global challenges like climate change and food security.

In a recent announcement, the UAE, Italy, and Albania unveiled plans to construct a subsea interconnector aimed at exporting renewable energy across the Adriatic Sea.

This initiative will allow green power generated in Albania to be transmitted to Italy via an undersea cable, with an estimated project value of €1 billion (approximately $1 billion), and an operational timeline of three years projected by Italian sources.

Ambassador Lorenzo Fanara highlighted the advancements made in UAE-Italy relations, noting that bilateral trade reached €8.7 billion (about $9.4 billion) in 2023, reflecting an increase of 8.6 percent compared to the previous year.

Notably, Italian exports to the UAE accounted for €6.6 billion.

Additionally, preliminary figures for early 2024 indicate a robust trade surge of up to 34.7 percent year-on-year in trade between the two countries.

A notable demographic shift is occurring, with approximately 20,000 Italians residing in the UAE—a significant rise from around 7,000 a decade ago—largely driven by expanding business opportunities across various sectors, including energy, hospitality, and construction.

Currently, more than 600 Italian firms operate within the Emirates, exporting goods ranging from industrial machinery to luxury items.

In defense cooperation, a joint venture to produce military ships was established last year between the UAE's defense conglomerate Edge and Italy's Fincantieri.

Furthermore, Italian aerospace and defense giant Leonardo entered into a strategic agreement with Edge, coinciding with their participation in the International Defense Exhibition (Idex) in Abu Dhabi.