Rome: The United Arab Emirates will invest US$40 billion in Italy, with both nations signing over 40 agreements across key industries, according to a statement issued on Monday following an investment forum in Rome, reported Sputnik/RIA Novosti.

According to BERNAMA News Agency, the joint statement released by UAE President Sheikh Mohammed bin Zayed Al Nahyan and Italian Prime Minister Giorgia Meloni highlighted the UAE's commitment to investing US$40 billion in Italy across key sectors. This development marks a significant step toward achieving shared objectives and reinforcing a commitment to deepening cooperation in priority areas, such as economic development, defence, energy - including peaceful nuclear energy - sustainable energy and the energy transition, space exploration, and the preservation of cultural heritage.

The leaders also identified mutual interests in telecommunications, high-tech industries, artificial intelligence, agriculture, civil aviation, education, culture, and health care, further expanding the scope of collaboration between the two nations.