Riyadh – Mubasher: Italian company Arsenale S.p.A has collaborated with SIMEST of the Cassa Depositi e Prestiti Group for the first Italian ultra-luxury train in Saudi Arabia under the name Dream of the Desert, according to a press release.
This strategic agreement represents Arsenale’s entry into the Middle Eastern market, in a transaction including a joint equity investment of EUR 37 million by Arsenale and SIMEST in addition to a EUR 35 million loan provided by the Saudi Tourism Development Fund.
The project stems from the agreement signed by Arsenale with Saudi Arabia Railways (SAR) for access to the national railway network, where SIMEST is participating with an investment of EUR 15 million through the Infrastructure Section of Fund 394/81. The financing tool is a facility managed in agreement with the Ministry of Foreign Affairs and International Cooperation, dedicated to Italian companies involved in major international contracts that strengthen the national industrial supply chain.
The agreement is further reinforced by the opening of SIMEST’s new office in Riyadh and by the memorandum of understanding (MoU) signed between CDP, SIMEST and the Italo-Arab Chamber of Commerce (JIACC).
Dream of the Desert train is a flagship project for Arsenale and for the international railway industry, stated the CEO of Arsenale, Paolo Barletta.
The CEO added: “It enhances the value of Italian SMEs and represents a pioneering example of public-private partnership in the luxury railway sector. The agreement signed with SIMEST and Saudi institutions confirms how cooperation between companies and institutions can create long-term value and promote Italian excellence worldwide.”
Meanwhile, Regina Corradini D’Arienzo, CEO of SIMEST, said: “Through the first transaction carried out under the equity plafond of the public Infrastructure Investments Fund, SIMEST participates directly as a shareholder to enhance the competitiveness of our companies engaged in high value-added infrastructure projects, while also fostering the expansion of Made in Italy in strategic, high-growth-potential markets such as Saudi Arabia.”
The ultra-luxury train will feature exclusive one- and two-night itineraries, offering thoughtfully curated onboard and offboard experiences.
The train journeys will depart from Riyadh to some of Saudi Arabia’s most iconic destinations, including Hail and UNESCO World Heritage sites as part of the Taste of AlUla itinerary, extending to the Jordanian border.
The interiors are designed by architect and interior designer Aline Asmar d’Amman, founder of the studio Culture in Architecture.
