Over €70 million transaction with the support of the Saudi Tourism Development Fund
Riyadh : Arsenale S.p.A announces a strategic agreement with SIMEST (Cassa Depositi e Prestiti Group) for “Dream of the Desert”, the first Italian ultra-luxury train in Saudi Arabia, marking the Group’s entry into the Middle Eastern market. The transaction includes a joint equity investment of €37 million by Arsenale and SIMEST, alongside a €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. SIMEST is participating with an investment of €15 million through the Infrastructure Section of Fund 394/81, 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 set within the framework of the growing economic cooperation between Italy and Saudi Arabia, further reinforced by the opening of SIMEST’s new office in Riyadh and by the Memorandum of Understanding signed between CDP, SIMEST and the Italo-Arab Chamber of Commerce (JIACC). “Dream of the Desert” is among the first projects to give concrete expression to this partnership, introducing a distinctive public-private partnership model in the railway sector.
Entirely designed, manufactured and fitted out in Italy, the train is developed through Arsenale’s industrial hubs in Brindisi and Bergamo, with Cantieri Ferroviari Italiani (CFI) acting as the Arsenale Group’s general contractor. CFI is responsible for coordinating a network of highly specialised Italian SMEs operating across design, advanced mechanics, engineering, luxury and hospitality.
“Dream of the Desert is a flagship project for our Group and for the international railway industry. 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”, commented Paolo Barletta, CEO of Arsenale.
Regina Corradini D’Arienzo, CEO of SIMEST, stated: “The agreement signed with a leading industrial player such as Arsenale for the delivery of a strategic project for Made in Italy confirms the strengthening of SIMEST’s role in supporting Italy’s productive fabric and its supply chains. 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. This instrument, developed by SIMEST under the guidance of the Ministry of Foreign Affairs and International Cooperation and in collaboration with Cassa Depositi e Prestiti, fully aligns with the ‘Sistema Italia’ approach, which – under the coordination of the Farnesina – brings together CDP, SIMEST, ICE and SACE. It is an integrated approach designed to provide Italian companies with structured and complementary support—from institutional action to financial instruments—to effectively address the
The ultra-luxury train will feature exclusive one- and two-night itineraries, offering thoughtfully curated onboard and offboard experiences. Departing from Riyadh, the journeys will travel to some of the Kingdom’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.
Pre-reservations are now open through the website. For details on itineraries, experiences and departures, please visit www.dreamofthedesert.com
