Saudi Arabia is opening its doors wider to foreign investment, and Greek businesses are among those seizing the opportunity. With a growing number of Greek firms pursuing business setup in the KSA, strategic sectors like tourism, infrastructure, and energy are witnessing a notable surge in Greek involvement.
– The Expanding Saudi-Greek Economic Corridor
The relationship between Saudi Arabia and Greece has gained new momentum in recent years. Bilateral trade reached $3.713 billion in 2023, with Saudi exports to Greece totaling $998 million, primarily in oil, and imports from Greece valued at $2.715 billion.
This robust trade performance is just one dimension of a larger trend that sees Greek companies increasingly exploring business setup services in Saudi across multiple sectors. On the government front, Saudi Arabia has become Greece’s second-largest trading partner in the region.
The High-Level Strategic Cooperation Council (HLSCC), launched in early 2024, is facilitating deeper cooperation and paving the way for more streamlined company formation in Saudi Arabia by Greek enterprises.
MAJOR GREEK INVESTMENT SECTORS IN SAUDI ARABIA
– Greek Investment in Saudi Arabia’s Tourism Sector
Tourism has become a central pillar of Saudi Arabia’s diversification plans. With the launch of Vision 2030, the country has prioritized tourism as a major growth industry, aiming to welcome 100 million visitors annually by the end of the decade.
This emphasis has attracted international attention, including a significant rise in business incorporation in the KSA by Greek firms. The Saudi-Greek Joint Action Plan for 2024-2026 is already facilitating partnerships in tourism, air connectivity, and workforce exchange programs.
Greek firms, particularly travel agencies and hospitality service providers, are finding a welcoming environment in Saudi Arabia’s rapidly developing tourism market. Some notable developments include:
- Coastal and maritime tourism initiatives between the two countries
- Hotel staff exchange programs to share expertise
- Joint marketing campaigns by airlines to boost tourism traffic
– Infrastructure Projects as Gateways for Greek Developers
Saudi Arabia’s commitment to building giga projects like NEOM, Red Sea Global, and Amaala has turned the country into one of the world’s largest construction zones. For Greek investors, this translates into a wealth of opportunities in the infrastructure and construction sectors.
One leading example is the joint venture between Greek firm Archirodon and Arabian Construction Co. This partnership is actively involved in Red Sea Global developments, including the construction of staff villages and ecological projects like coral transplantation.
The growing demand for infrastructure expertise means the door is open for experienced developers to bring their knowledge to one of the world’s fastest-growing markets, whether in transportation, housing, or utilities.
– Energy Collaboration: A Focus on Green Transition
Energy remains another key focus in Saudi-Greek relations. Both nations are aligning their energy strategies with global sustainability goals. The Saudi-Greek Electrical Interconnection project, a joint venture between Greece’s IPTO and Saudi Arabia’s National Grid, is a landmark initiative that strengthens ties while contributing to the global energy transition.
During high-level meetings in Riyadh, Saudi Energy Minister Prince Abdulaziz bin Salman and Greek Energy Minister Theodoros Skylakakis emphasized their shared vision for a green energy corridor. This corridor is set to:
- Facilitate renewable energy exports from Saudi Arabia to Europe via Greece
- Support Saudi Arabia’s goal of producing 130 GW of renewable energy by 2030
Greek investors with expertise in energy technologies, solar, and electrical infrastructure are well-positioned to take part in this transition.
Greece and Saudi Arabia – A Growing Economic Partnership
The Saudi-Greek relationship is evolving from traditional trade to a broader economic partnership, supported by strong diplomatic ties and aligned strategic interests.
Whether in tourism, infrastructure, or green energy, Greek companies are finding opportunities that align with their expertise and ambitions. With a combination of government-level cooperation, market access, and robust economic planning, Saudi Arabia presents a promising frontier for Greek firms considering business incorporation in the KSA.
The road ahead looks promising. For Greek businesses looking to make their mark in a rapidly transforming economy, Saudi Arabia is a strategic partner for the future.