Saudi-Greek Map Establishes Effective Economic, Trade Partnership

Saudi Minister of Investment Khaled al-Falih speaking at the Saudi-Greek Investment (Asharq Al-Awsat)
Saudi Minister of Investment Khaled al-Falih speaking at the Saudi-Greek Investment (Asharq Al-Awsat)
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Saudi-Greek Map Establishes Effective Economic, Trade Partnership

Saudi Minister of Investment Khaled al-Falih speaking at the Saudi-Greek Investment (Asharq Al-Awsat)
Saudi Minister of Investment Khaled al-Falih speaking at the Saudi-Greek Investment (Asharq Al-Awsat)

Saudi Arabia and Greece aim to increase their economic, investment, and trade cooperation.

The Saudi Ministry of Investment organized Sunday the Saudi-Greek Investment Forum in Riyadh, with top officials, executive directors of several large Saudi and Greek companies, and representatives of the private sector from both sides.

The event aims at introducing investment opportunities and reviewing aspects of the development of the business environment in the Kingdom.

Saudi Minister of Investment Khaled al-Falih confirmed to Asharq Al-Awsat that the Saudi economy is experiencing steady growth during the first five years of Vision 2030, coupled with fundamental reforms.

Falih said that the National Investment Strategy will allow local and foreign investors to take advantage of available opportunities through sectoral activities, noting that the volume of investments predicted in the following years, until 2030, is about $3.3 trillion, fully available for foreign investors.

Overcoming crises

The Minister pointed out that the Kingdom was able to overcome several crises that struck the whole world over the past few years, especially the health crisis triggered by the coronavirus pandemic with its impact on the economic situation in 2020.

The Saudi economy is moving towards more development and growth, said the Minister.

Greek cooperation

Falih addressed the Saudi-Greek cooperation, saying Athens' economy is based on tourism, energy, marine industries, and construction sectors which are the four most important sectors and the center of the Saudi-Greek Investment Forum.

The Forum was held Sunday over four sessions bringing together leaders from the private and public sectors.

The official expects the Forum to yield investment opportunities to benefit both countries.

Investment Incentives

The Greek Minister of Development and Investment Adonis Georgiadis and Greek deputy minister for economic diplomacy Kostas Fragogiannis affirmed that the political will in the two countries seeks to push bilateral relations to a broader economic and political scale, in light of incentives and guarantees to encourage and protect mutual investments.

The two officials stressed the partnership strategy between Riyadh and Athens given the available opportunities in the two countries, stressing that Greece is ready to move Saudi exports to European markets and nearby regions.

They noted that both governments launched several initiatives and reforms to attract investments, expecting trade growth during the coming period.

Framework for Cooperation

"We have reached a map that clearly and effectively frames our economic, investment, and trade cooperation with the Saudi side," said Greek Deputy Minister of Tourism, Sophia Zacharaki.

Zacharaki told Asharq Al-Awsat: "We look forward to working in the coming period to sustain development, develop tourism, and digitize the sector."

She noted that now is a suitable time for developing bilateral relations to broader horizons, especially in a post-coronavirus time.

The Deputy Minister announced a significant Saudi investment in the Greek tourism sector and other industries, with facilities that increase the number of tourists, exchanged visits, and direct flights between the two countries.

She stressed that the Kingdom had demonstrated great seriousness in implementing the Vision 2030 programs, noting that her country is already seeking to deepen and grow partnerships.

Targeted Sector

Zacharaki expects the tourism sector to recover and increase its growth to eight percent, which means the recovery of €15 billion in direct income following the development of the industry and the establishment of new hotels.

"In 2021, revenues increased by six percent compared to 2019, which means that €11 billion were obtained directly from those who chose Greece as their destination," said the official, adding that despite the geopolitical and geospatial conditions in the region, "the sector grew about 80 percent compared to before the [coronavirus] pandemic."

Real Partnership

For his part, Chairman of Saudi Chambers Ajlan al-Ajlan stressed that the size of investment, commercial, and economic opportunities in the Kingdom and Greece made the Investment Forum a real opportunity for a strong partnership.

In an interview with Asharq Al-Awsat, Ajlan stated that the volume of trade exchange between the two countries grew by 61 percent to reach $1.8 billion, which means there is a great scope for increasing trade exchange, especially in vital sectors, topped by tourism, logistics, and agriculture.

The Chairman pointed out that Greece supports investment in light of the firm will of the leadership and the government in the two countries to advance bilateral cooperation to broader and more wide horizons.

The two leaderships also seek to support the private sector in both countries, which means strengthening their cooperation with an integrated and precise plan.

Investment Strategy

The Saudi Ministry of Investment disclosed at the Forum that 14 Greek companies are investing in the Saudi market in energy, renewable energy, and tourism.

The Forum included sessions to discuss the future of energy, renewable energy, transportation and services, logistics, the future of tourism, construction, and innovation sectors.

Saudi and Greek top investment officials held talks in the Saudi capital to discuss cooperation.

Several bilateral meetings between government agencies and the private sector from both sides were held on the sidelines of the Forum to discuss opportunities for cooperation, partnership, and the promising investment opportunities available in the two countries.



Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.


Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.


GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.