The Kingdom of Saudi Arabia and the Hellenic Republic are linked by close historical relations built on solid foundations of respect and shared values. The two countries have strong economic and trade relations that have made Greece one of the Kingdom’s trading partners since 1965.

The year 2021 witnessed an unprecedented exchange of high-level visits by officials between the two sides, the latest of which was the visit of Greek Prime Minister Kyriakos Mitsotakis to the Kingdom, and his participation in the investment initiative and the Green Middle East Summit. Foreign Minister Prince Faisal bin Farhan bin Abdullah also visited Greece at the beginning of this year.

Agreements and Memoranda of Understanding

Saudi-Greek relations have witnessed significant development, culminating in the signing of several agreements and memoranda of understanding in various fields, most notably:

Agreements were signed in 2007 to avoid double taxation on aviation services, in 2008 to avoid double taxation and prevent tax evasion with respect to taxes on income, in 2011 to cooperate in the tourism sector, in 2019 to cooperate in the space sector, and in 2020 to cooperate in the field of air transport services. Through the Saudi-Greek Joint Committee, the two countries established the Saudi-Greek Business Council in 2021 to strengthen their distinguished bilateral relations and support Vision 2030's goal of increasing trade and investment between them. The Kingdom and Greece have further enhanced their existing cooperation through the Saudi-Greek Joint Committee and the establishment of the Saudi-Greek Business Council, and have agreed to hold joint investment forums on a regular basis.

Coordination and consultation

The Kingdom and Greece are keen to coordinate and consult on issues of concern to both countries in international forums, and 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 raising the level and readiness of their armed forces through joint military exercises and maneuvers, coordination, cooperation, and the exchange of military expertise to achieve national security and regional stability, and to work towards localizing military technology and industries. The Kingdom supports the Hellenic Republic's initiative on protecting cultural and natural heritage from the effects of climate change.

trade exchange

In the economic field, the volume of trade exchange between Saudi Arabia and Greece during the past six years (2016-2021) amounted to 34 billion riyals (9 billion dollars), and the volume of Saudi non-oil exports to Greece during the last year (2021) exceeded 660 million riyals (176 million dollars), representing an increase of 21%.

The most important national goods exported to Greece were metal products, plastics and their products, copper and its products, organic chemical products, and aluminum and its products, while the most important goods imported from it were: metal products, pharmaceutical products, fruit and vegetable preparations, incense, oilseeds and fruits.

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

The Saudi Basic Industries Corporation (SABIC) has some business selling petrochemical products in the Republic of Greece worth approximately $84 million annually, and the company will work to develop petrochemical exports and expand its services in the Greek market.

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

Mutual investment fund

The two countries are exploring the possibility of establishing a joint investment fund as part of their efforts to capitalize on future opportunities, open new avenues for economic cooperation, and facilitate ongoing interaction between the Saudi and Greek business sectors. They are also working to empower available trade and investment partnerships within the framework of Vision 2030, aiming to increase the volume of trade and investment between the two nations. The Industrial Development Fund has supported four joint projects with Greece, with financing exceeding 80 million riyals, while the Saudi Export-Import Bank has contributed to financing Saudi companies exporting to Greece, with its financing amounting to 5 million riyals.

Tourism initiatives

The Kingdom and Greece are working on launching initiatives to develop tourism and explore the tourism potential of each country, in addition to strengthening communication between the citizens of the two countries and providing facilities to achieve this.

technical cooperation

The Kingdom and Greece were keen to enhance cooperation between them in the field of communications and information technology, and began implementing a joint project to build a submarine cable to be 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 the fifth generation, space and satellites, paid television, home entertainment and opening the way to encourage investment opportunities in developing the communications sector and digital infrastructure.

The visit of the Crown Prince, Deputy Prime Minister, to Greece, being the first at the level of the Kingdom’s leadership, reflects his keenness to extend bridges and build relations with various European countries and the tangible development that Saudi-Greek relations have witnessed recently, and the accompanying joint movement for cooperation in the political, economic, trade, investment, security, cultural and tourism fields, in light of Vision 2030 and the development priorities in Greece.