Skip to main content

Saudi Arabia signs energy agreement with Greece

Another purpose of Saudi Crown Prince Mohammed bin Salman's visit is to seek greater economic and technological cooperation with Greece.
Salman Mitsotakis

Saudi Arabia and Greece have signed a new energy agreement.

The memorandum of understanding, signed on July 27, establishes a framework for bilateral cooperation on a variety of energy fields, including carbon capture, clean hydrogen, petrochemicals and Saudi electricity exports to Greece, the official Saudi Press Agency reported

The two countries also announced today a strategic partnership on the building of a data cable project between Europe, Asia and Africa. It will involve Saudi, Greek and Cypriot telecom companies, according to the agency. 

Data cables refer to hardware that transmit signals over large distances under the ocean. 

Saudi Crown Prince Mohammed bin Salman arrived in Greece on July 26 for an official visit to meet with Greek Prime Minister Kyriakos Mitsotakis. The Saudi ministers of energy and investment are part of the prince’s delegation, as is the governor of the Public Investment Fund. The Saudi-Greek Business Council was also scheduled to meet today to discuss investment agreements in the renewable energy, manufacturing and logistics sectors, also per the Saudi Press Agency. The council was founded in May. 

Why it matters: Saudi-Greek relations have improved recently. In 2021, the Saudi and Greek militaries conducted a joint training exercise. Greece also loaned Saudi Arabia a missile defense system that year. 

In June, Greek and Saudi official discussed boosting tourism cooperation, Greek media reported at the time. 

Trade between Saudi Arabia and Greece increased to $1.36 billion in 2021, up from $960 million in 2020. It was $1.89 billion in 2019, however, the Saudi Ministry of Commerce said in a tweet today. 

Saudi Arabia’s improving relations with Greece are part of a wider strengthening of ties between Israel, Gulf states, Greece and Cyprus, the DC-based Middle East Institute said in a report last year. The United Arab Emirates as well as Egypt in particular support Greece and Cyprus in their territorial dispute with Turkey in the eastern Mediterranean. 

Salman added the Greece trip to his itinerary despite also pursuing rapprochement with Turkey, Fehim Tastekin wrote for Al-Monitor in June. 

Know more: Saudi Arabia’s closest Gulf ally the UAE signed a $4.2 billion investment deal with Greece in May.

Editor's note: this article was edited on July 27 to include further information on Saudi Crown Prince Mohammed bin Salman's trip to Greece. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial