The Kingdom and Greece … Historical relationships built on solid foundations

The Kingdom of Saudi Arabia and the Republic of Greece have close historical relationships based on solid foundations of respect and common values, and the two countries have strong economic and trade relations that have made Greece one of the Kingdom’s trading partners since 1965 AD. Strengthening these relations and pushing them forward, the year 2021 saw an unprecedented exchange of high-level visits of officials between the two sides, the most recent of which was the visit of the Greek Prime Minister, Kyriakos Mitsotakis, to the Kingdom, and his participation in investment initiatives and the Green Middle East Summit, and His Highness Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs, visited Greece at the beginning of quest’year.

Saudi-Greek relations have seen a development in relations culminating in the signing of a series of agreements and memoranda of understanding in various fields, in particular:

Agreement to avoid double taxation on air services 2007.

Agreement for the avoidance of double taxation and the prevention of tax evasion in 2008 income tax matters.

– Cooperation agreement in the tourism sector 2011.

Cooperation agreement in the sectors of space 2019.

Cooperation agreement in the field of air transport services 2020.

The two countries, through the Saudi-Greek Joint Committee, established the Saudi-Greek Business Council in the year 2021 AD, in the context of strengthening distinct bilateral relations and the Kingdom Vision 2030 to increase the volume of trade and of investment between the two countries.

The Kingdom and Greece have strengthened existing cooperation between them through the Saudi-Greek Joint Committee and the establishment of the Saudi-Greek Business Council.The two countries have also agreed to periodically organize joint investment forums, bringing together a number of of businessmen and representatives of the private sector of the two countries.

The Kingdom and Greece wish to coordinate and consult on issues that concern the two countries in international fora and share their firm respect for international law, non-interference in the internal affairs of other countries and support for international security and stability.

The two countries agree on the importance of increasing the level and readiness of their military forces through joint military exercises and maneuvers, coordinating, cooperating and exchanging military expertise to achieve the two countries’ security and stability in the region, and work to locate the technology and military industries.

The Kingdom supports the Greek Republic’s initiative on the protection of cultural and natural heritage from the effects of climate change.

In the economic field; The volume of trade between Saudi Arabia and Greece over the past six years (2016-2021) was 34 billion riyals ($ 9 billion) and the volume of Saudi non-oil exports in Greece in the last year (2021) exceeded 660 million riyals ($ 176 million) with a total of 21%.

The most important domestic products exported in Greece were produced in metal, plastic and its products, copper and its products, organic chemicals, aluminum and its products.

Total net sales of crude oil and its derivatives to Greece were 8 million barrels in 2021, at a rate of 22,000 barrels per day.

Saudi Basic Industries Corporation (SABIC) has some business to sell petrochemicals in the Republic of Greece for approximately $ 84 million annually and the company will work to develop petrochemical exports and expand services in the Greek market.

14 Greek companies operate in the Kingdom, with a total of 265 employees, of which 68.7% Saudis, in the financial and insurance, professional, scientific and technical sectors, manufacturing, information and communications and construction industries.

The two friendly countries are discussing the possibility of setting up a joint investment fund as part of their efforts to invest in chance futureopen up qualitative areas for economic cooperation and facilitate the continuous interaction between the Saudi and Greek economic sectors of the two countries.

The Industrial Fund has contributed to the support and financing of 4 joint projects with Greece, with a financing value of more than 80 million riyals.The Saudi Export-Import Bank also helps to finance Saudi exporting companies in Greece, with a financing value of 5 million riyals.

The Kingdom looks forward to benefiting from the current and future bilateral cooperation with Greece in the energy sectors, in particular of the oil, gas and petrochemical sectors, the sustainability of oil demand, the circular carbon economy, renewable energy, the electricity sector, artificial intelligence, localization and development of local content for priority products and services for localization in the oil and gas sectors, electricity production, renewable energy, innovation and development in the wind energy field, as well as exploiting innovative solutions developed in Greece to help the Kingdom achieve the goals of green Saudi Arabia.

The Kingdom and Greece are working to launch initiatives to develop the tourism movement and explore the tourism potential of each country, as well as strengthen communication between the citizens of the two countries and provide facilities to achieve this.

The Ministry of Tourism looks forward to strengthening the partnership with the Greek side, investing in promising tourism opportunities in the Kingdom, cooperating in the field of tourism offer development, launching initiatives to develop the tourism movement, exploring the tourism potential of the two countries, improving the communication between Saudi and Greek citizens, provide structures to achieve this and promote joint work in tourist activities and programs.

The Kingdom and Greece wished to strengthen cooperation between them in the field of communications and information technologies, and a joint project began to build a submarine cable to serve as a data line to connect the two countries, as well as activating a joint initiative to adopt modern technologies, digital services and technical industries, including: fifth generation, space and satellites, pay-TV, home entertainment, and pave the way to encourage investment opportunities in the development of the telecommunications sector and digital infrastructure.

Greece is one of the pioneer countries of culture and civilization, so the Ministry of Culture is working to negotiate with the Greek side to sign a memorandum of understanding for cooperation in the cultural field, as well as working to prepare a two-year cultural cooperation program. , which includes artistic and cultural programs in the two countries, and the participation of the Greek side in cultural festivals in the Kingdom, the establishment of the Greek Cultural Week in the Kingdom and the Saudi Cultural Week in Greece.

The visit of His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister, in Greece, being the first at the leadership level of the Kingdom, reflects its willingness to build bridges and build relations with various European countries and the tangible development witnessed by the recent Saudi-Greek relations, and the accompanying A joint movement for cooperation in the political, economic, commercial, investment, security, culture and tourism sectors, in light of the 2030 vision and development priorities in Greece.

His Highness’s tour helps to strengthen relations and open horizons of partnership and cooperation between the Kingdom and Greece in all fields, in particular political, economic, trade and investment, energy, transport, tourism, culture, technology, financial services, defense and military industries The visit will also contribute to strengthening the security and stability of the region.