Saudi-Greek Relations: A Model Of Strong Ties And Expanding Cooperation Across Sectors

The relationship between Saudi Arabia and Greece exemplifies a successful partnership built on mutual respect and shared values. Over the years, this collaboration has led to growth in various sectors, reflecting both nations' dedication to strengthening political, economic, and cultural ties. Their commitment extends to advancing these relations regionally and internationally, aligning with their peoples' aspirations.

In February 2017, King Salman bin Abdulaziz Al Saud hosted Greek President Prokopios Pavlopoulos. They discussed enhancing bilateral ties and signed memoranda for cooperation in satellite technology and scientific collaboration. This meeting marked a significant step in fortifying their partnership across multiple sectors.

2021 was pivotal for Saudi-Greek relations, highlighted by several high-level visits. In April, Crown Prince Mohammed bin Salman met Greek Foreign Minister Nikolaos Dendias in Jeddah. They explored ways to deepen cooperation across various sectors. Later in October, the Crown Prince welcomed Greek Prime Minister Kyriakos Mitsotakis in Riyadh to discuss regional and international issues.

The discussions during these visits focused on enhancing security and stability in the region. Both sides agreed to explore creating a joint investment fund and organizing investment forums. They also emphasized cultural exchange and military collaboration to boost capabilities and readiness.

Saudi Arabia is Greece's second-largest trading partner in the region. In 2023, trade volume reached $3.713 billion, with Saudi exports at $998 million, including $762 million in oil exports. The Saudi Industrial Development Fund financed three joint projects worth SAR80.8 million with Greece.

In June 2024, the Saudi Export-Import Bank signed an agreement with Export Credit Greece to enhance export credit cooperation. This initiative aims to boost bilateral trade by exchanging information and exploring potential opportunities.

Investment Initiatives Gain Momentum

Athens hosted the Saudi-Greek Investment Forum in July 2022, supporting investment and trade relations through strategic partnerships. The event resulted in 21 agreements across various sectors. A strategic partnership was also announced for a data cable project connecting East and West.

This project aims to position both nations as digital hubs for Europe, providing access to the Middle East, Africa, and Asia. The East to Med Corridor submarine cable aligns with Greece's digital transformation plan and Saudi Arabia's ambition to be a global digital hub.

Cultural Exchange and Tourism Development

The Kingdom supports Greece's initiative to protect cultural heritage from climate change impacts. Both countries agreed on enhancing tourism cooperation by exploring rich resources and facilitating communication between citizens.

An action plan was signed in May 2021 between the Saudi Ministry of Tourism and its Greek counterpart to enhance cooperation. In June 2021, they agreed on sustainable coastal tourism development, focusing on marine tourism sectors' sustainability.

Environmental Initiatives Recognised

The Greek Prime Minister participated in the Middle East Green Initiative Summit during his visit to Saudi Arabia. He praised its role in achieving environmental stability and mitigating climate change impacts for regional prosperity.

Greece expressed support for Saudi Arabia's "Saudi Green Initiative" and "Middle East Green Initiative." The Kingdom welcomed Greece's "GR-Eco Islands" initiative as part of its ambitious green agenda.

Mutual Support on Global Platforms

Saudi Arabia reiterated support for Greece's bid for non-permanent United Nations Security Council membership for 2025-2026. Both countries emphasized multilateral efforts for international peace and security while supporting each other's candidacies globally.

The Custodian of the Two Holy Mosques directed HRH the Crown Prince to visit Greece in July 2022 to discuss bilateral relations further. This visit aimed at exploring ways to enhance ties across various fields while addressing shared concerns.

The prime minister of Greece's visit highlights appreciation for HRH the Crown Prince's leadership role regionally and internationally. It underscores world leaders' commitment to consulting with Saudi Arabia on global developments due to its political significance.

With inputs from SPA