Arsenale and SIMEST have formed a strategic partnership to finance 'Dream of the Desert,' Italy's first ultra-luxury train cruise in Saudi Arabia, with a combined investment of €72 million.

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Arsenale has announced a strategic partnership with SIMEST (part of the CDP Group) to finance 'Dream of the Desert,' Italy's first ultra-luxury train cruise set to be launched in Saudi Arabia. This agreement marks Arsenale's entry into the Middle Eastern market. The operation involves a joint equity investment of €37 million from Arsenale and SIMEST, along with a €35 million loan from the Saudi Tourism Development Fund.

The project resulted from a collaboration between Arsenale and Saudi Arabia Railways (SAR), which allows for the utilization of the national railway network. SIMEST's contribution includes €15 million channeled through the Infrastructure Section of the 394/81 Fund, dedicated to Italian companies involved in significant foreign contracts that enhance the national supply chain. This partnership highlights the increasing economic collaboration between Italy and Saudi Arabia, further reinforced by the opening of a new SIMEST office in Riyadh and a Memorandum of Understanding signed by CDP, SIMEST, and the Italian-Arab Chamber of Commerce (JIACC).

Industry Overview in Saudi Arabia

The transportation sector in Saudi Arabia has been undergoing significant transformation in recent years, driven by the Vision 2030 initiative aimed at diversifying the economy and boosting touri