Leading Business Expansion Opportunities for Greek Investors in Saudi Arabia
Greek investors in Saudi Arabia are rapidly expanding their presence in the Kingdom’s most strategic sectors such as energy, infrastructure and tourism.
The Saudi-Greek economic corridor has been underway for decades, with an abundance of opportunities presented by the $1 trillion Saudi market. Greek investors in Saudi Arabia are making their presence felt in sectors like tourism, construction, and energy, increasing the number of Greek companies setting up in Saudi Arabia.
On the state level, Saudi Arabia is Greece's second-largest trading partner in the region. In 2023, bilateral trade hit $3.713 billion. Total exports to Greece amounted to $998 million, mainly in oil, while Saudi Arabia's imports from Greece were valued at $2.715 billion.
The momentum continues to take hold across various economic fronts, providing the essential framework for the expansion of a greater influx of Greek investors in Saudi Arabia.
A Significant Surge in Greek Firms Pursuing a Business Setup in Saudi Arabia’s Tourism Sector
Tourism has long been a critical pillar in the broader Saudi-Greek economic corridor. The High-Level Strategic Cooperation Council (HLSCC), established earlier this year, is set to play a major role in enhancing cooperation across several key areas. To date, the Council has already approved 46 joint initiatives, with tourism being a critical focus.
Both nations have effectively cemented this partnership through a Joint Action Plan for 2024-2026. This agreement helps promote sustainable private-sector engagements in the field of tourism and travel.
As part of their Joint Action Plan 2024–2026, Saudi and Greece are enhancing coastal and maritime tourism and improving air connectivity, as well as developing a hotel staff exchange program. Furthermore, airlines from both countries will be collaborating on joint marketing campaigns to boost travel demand.
By facilitating deal-making opportunities and partnerships, the Joint Action Plan for 2024-2026 will lay the foundation for integrating diverse Greek firms in Saudi Arabia’s thriving tourism landscape.
With a well-developed transportation infrastructure, a fast-growing economy and government support. Saudi Arabia provides an ideal operating environment for Greek travel agency incorporation and tourism business setup.
Infrastructure and Energy Sectors Capture Increased Greek Investors' Interest
The construction industry in Saudi Arabia is defined by large-scale infrastructure projects nationwide, driving economic activities as businesses expand and new opportunities emerge.
Giga projects are transforming into growth clusters that attract the interest of global investors, including Greek firms.
An illustrative example is the recently established joint venture (JV) between Greek development firm Archirodon and Saudi Arabia’s Arabian Construction Co.
The strategic collaboration included the establishment of a staff village at one of Red Sea Global's leading tourist destinations. It also mandates the construction of new facilities in Amaala.
The Greek developer has previously worked with the Red Sea project in activities related to coral transplantation. This included the relocation and transplantation of around 21,000 crates of the sea organism.
Similar to infrastructure, energy remains a central focus of the robust economic ties between Greece and Saudi Arabia, where key partnerships include the Saudi-Greek Electrical Interconnection.
The collaborative project is spearheaded by the Greece-based Independent Power Transmission Operator (IPTO) and the Saudi-based National Grid, aiming to accelerate the global energy transition.
Within the realm of energy, Saudi Arabia and Greece's growing synergies act as key catalysts that could fundamentally redefine the landscape of renewable energy in the Kingdom.
During the meeting between Greek Energy Minister Theodoros Skylakakis and his Saudi counterpart, Prince Abdulaziz bin Salman al Saud, in Riyadh last January, both officials emphasized the strategic importance of establishing a green energy corridor.
The Greek Corridor will further facilitate the export of renewable energy from Saudi to Europe via Greece. Additionally, it will facilitate the production of 130 GW of renewable energy in the Kingdom by 2030.
The Kingdom's path towards diversification is one that's centered around fostering global alliances. The ever-expanding Saudi-Greek economic corridor offers a roadmap for Greek investors to participate in the evolving saga of economic narrative.
