During a high-level visit to Riyadh underscoring shifting global alliances, Indian Prime Minister Narendra Modi, along with Saudi Crown Prince Mohammad bin Salman, co-chaired a meeting of the India-Saudi Strategic Partnership Council, reviving stalled economic ambitions with a move aimed at fast-tracking a long-delayed $100 billion investment plan and anchoring the floundering India-Middle East-Europe Economic Corridor (IMEC) amid tensions in the region.
According to a joint statement, both countries pledged to accelerate negotiations on a bilateral investment treaty and expand collaboration across sectors ranging from energy to infrastructure. As India’s third-largest crude oil supplier, Saudi Arabia holds key strategic value for New Delhi, particularly as its oil demand is projected to double, reaching 11 million barrels per day by 2045.
With the global energy landscape shifting and a US-China trade war escalating, Riyadh is increasingly looking eastward. Closer ties with India offer the kingdom a potential hedge against tariff volatility, falling oil prices, and global economic shocks.
Converging interests and the future of IMEC
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