The Kingdom of Saudi Arabia and the Hellenic Republic have a close historical relationship based on a solid foundation of respect and shared values. The two countries have a strong economic and trade relationship that has made Greece one of the Kingdom’s trading partners since 1965. In order to strengthen and move this relationship forward, in 2021 there was an unprecedented exchange of high-level visits of officials between the two sides, the latest of which was the visit of the Prime Minister of Greece, Mr. Kyriakos Mitsotakis, to the Kingdom, and his participation in investment initiatives and the summit ” A Green Middle East, as well as His Highness Prince Faisal bin Farhan bin Abdullah, Minister for Foreign Affairs of Greece, earlier this year.
Saudi-Greek relations have witnessed the development of relations, culminating in the signing of a number of agreements and memorandums of understanding in various fields, most notably:
Double Taxation Agreement for Aviation Services 2007
Agreement for the Avoidance of Double Taxation and the Prevention of Tax Evasion with Respect to Income Taxes 2008
– Agreement on cooperation in the field of tourism 2011.
Agreement on cooperation in the space sector 2019.
Agreement on cooperation in the field of air transport services 2020.
The two countries, through the Saudi-Greek Joint Committee, established the Saudi-Greek Business Council in 2021 AD in the context of strengthening outstanding bilateral relations and the “Kingdom Vision 2030” to increase the volume of trade and investment exchanges between the two countries. two countries.
The Kingdom and Greece have strengthened their existing cooperation through the Saudi-Greek Joint Committee and the establishment of the Saudi-Greek Business Council. The two countries also agreed to periodically hold joint investment forums with the participation of a number of businessmen and representatives of the private sector of the two countries.
The Kingdom and Greece seek to coordinate and consult on issues of interest to the two countries in international forums, and they share a 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 combat readiness of their armed forces through joint military exercises and maneuvers, coordination, cooperation and exchange of military experience to ensure the security of the two countries and stability in the region, as well as work to localize technologies and military industries.
The Kingdom supports the initiative of the Hellenic Republic to protect cultural and natural heritage from the effects of climate change.
In the economic sphere; The volume of trade exchange between Saudi Arabia and Greece over the past six years (2016-2021) amounted to 34 billion rials (9 billion US dollars), and the volume of non-oil exports of Saudi Arabia to Greece over the last year (2021) exceeded 660 billion rials. million rials (US$176 million) with a total share of 21%.
The most important national goods exported to Greece were metal products, plastics and plastic products, copper and plastic products, organic chemical products, aluminum and aluminum products.
Total net sales of crude oil and its derivatives to Greece was 8 million barrels in 2021 at a rate of 22,000 barrels per day.
The Saudi Basic Industries Corporation (SABIC) sells approximately $84 million a year in petrochemicals in the Hellenic Republic, and the company will work to develop petrochemical exports and services in the Greek market.
The Kingdom has 14 Greek companies with a total of 265 employees, of which 68.7% are Saudis, in the financial and insurance, professional, science and technology, manufacturing, information and communications and construction sectors.
The two friendly countries are discussing the possibility of establishing a joint investment fund as part of their efforts to invest in future opportunities, open up quality areas for economic cooperation, and promote ongoing interaction between the Saudi and Greek business communities of the two countries.
The Industrial Fund has supported and financed 4 joint projects with Greece worth more than 80 million rials. The Export-Import Bank of Saudi Arabia is also facilitating the financing of Saudi companies exporting to Greece in the amount of 5 million rials.
The Kingdom hopes to benefit from current and future bilateral cooperation with Greece in the energy sector, especially in the oil, gas and petrochemical sectors, oil demand sustainability, circular carbon economy, renewable energy, electricity sector, artificial intelligence. , localization and development of local content for priority products and services for localization in the sectors Oil and gas, power generation, renewable energy, wind energy innovation and development, and the use of innovative solutions developed in Greece to help the Kingdom achieve the goals of a green Saudi Arabia .
The Kingdom and Greece are working to launch tourism development initiatives and explore the tourism potential of each country, and strengthen ties between the citizens of the two countries and provide opportunities to achieve this goal.
The Ministry of Tourism hopes to strengthen partnership with the Greek side, invest in promising tourism opportunities of the Kingdom, cooperate in the development of tourism offers, launch tourism development initiatives, study the tourism potential of the two countries, improve communication between the citizens of Saudi Arabia and Greece, provide funds for this. and promotion of joint work in the field of tourism activities and programs.
The Kingdom and Greece have sought to expand cooperation between them in the field of communications and information technology, and a joint project has begun to build a submarine cable that will become a data transmission line to connect the two countries, as well as stepping up a joint initiative to adopt modern technologies, digital services and technical industries , including: the fifth generation, space and satellites, pay TV, home entertainment, and also paves the way for encouraging investment opportunities in the development of the telecommunications sector and digital infrastructure.
Greece is one of the leading cultural and civilized countries, and therefore the Ministry of Culture is negotiating with the Greek side to sign a memorandum of understanding on cooperation in the cultural field, in addition to working on the preparation of a two-year cultural cooperation. a program that includes artistic and cultural programs in the two countries, as well as the participation of the Greek side in cultural festivals in the Kingdom, the creation of the Greek Culture Week in the Kingdom and the Saudi Cultural Week in Greece.
The visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister, to Greece, as a first at the level of the leadership of the Kingdom, reflects his desire to build bridges and build relationships with various European countries and tangible development, recently observed in Saudi-Greek relations, and the accompanying joint movement for cooperation in the political, economic, commercial, investment, security, cultural and tourism fields in the light of the 2030 vision and development priorities in Greece.
His Highness’ tour contributes to strengthening relations and opening horizons of partnership and cooperation between the Kingdom and Greece in all fields, especially in the political, economic, commercial and investment fields, energy, transport, tourism, culture, technology, financial services, defense and The visit will also contribute to strengthening security and stability in the region.