Saudi-Greek Partnership to Link Global Digital Economy through Data Cable

The signing ceremony of a Greek-Saudi agreement (Asharq Al-Awsat)
The signing ceremony of a Greek-Saudi agreement (Asharq Al-Awsat)
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Saudi-Greek Partnership to Link Global Digital Economy through Data Cable

The signing ceremony of a Greek-Saudi agreement (Asharq Al-Awsat)
The signing ceremony of a Greek-Saudi agreement (Asharq Al-Awsat)

Saudi Arabia and Greece have revealed a strategic partnership between the private sectors in the two countries to work on a cable project that will ensure the smooth digital supply of data worldwide at a time when data traffic is growing by more than 30 percent.

The partnership was announced during the official visit of Crown Prince Mohammad bin Salman to Greece on Wednesday to hold and expand partnerships between the two countries in several fields.

The partnership comes through the leadership of the Saudi Telecom Company (STC) in the East to Med Data Corridor (EMC) project in collaboration with the Greek Telecom Company, the Greek General Energy Company, and the Cyprus Telecom Company.

The agreements will boost the Kingdom's position as a regional digital hub in line with Vision 2030, as Greece is the eastern data gateway to the European Union.

The project aims to position the two countries as an eastern digital station for Europe to reach the Middle East, Africa, and Asia, and the submarine cable comes as part of Greece's strategic digital transformation plan.

It is also part of the Kingdom's ambitions to consolidate its position as a digital hub center at the regional and global levels by taking advantage of its advanced digital infrastructure, its developed cadres and institutions, and geographical location, which allows it to become an international digital hub center by linking East and West.

The project, if completed, will contribute to accelerating the growth of the global digital economy, which is estimated to reach $15 trillion, and supporting new industries and emerging markets based on innovative business models.

Notably, the geographical position of the Kingdom and its many ports have already qualified it to be a center of attraction for the digital economy and investment, as about ten percent of the global capacities of submarine cables pass through the Saudi territory.

Meanwhile, STC Group announced that Mena Hub, a premier digital hub, partnered with Greek telco TSSA to build the EMC undersea and land fiber optic data cable to link Europe with Asia.

The new project demonstrates STC's goal to provide ever-increasing global connectivity and data center capacity to the markets of Asia, Europe, and the rest of the world through Saudi Arabia, which sits at the geographic heart of these key economies.

With increasing digital connectivity comes the need to protect businesses and companies. Sirar, STC's cybersecurity arm, handles and addresses the current and future requirements as they arise.

STC Group CEO Olayan al- Wetaid noted that this vital signing represents another validation of the execution of the DARE2.0 strategy as "we build out our complete digital ecosystem at expanding scope, increasing scale and accelerating pace."

"We are pleased to be building our integrated system even further for the benefit of our clients and customers, as we look to further establish our digital credentials and contribute to Vision 2030 and become a leading digital company and regional digital hub linking three continents,” Wetaid said.



Oil Prices Inch up on Geopolitical Risks, Easing Tariff Worries

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/ File Photo
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/ File Photo
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Oil Prices Inch up on Geopolitical Risks, Easing Tariff Worries

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

Oil prices edged up on Thursday on signs of easing trade tensions, stronger than expected economic data from the world's top oil consumers and renewed risks in the Middle East.

Brent crude futures were up 17 cents, or around 0.3%, to $68.67 a barrel at 0856 GMT. US West Texas Intermediate crude futures were up 31 cents, or 0.5%, at $66.69.

"Oil thinking has been distracted from the Middle East, and the reminders of Israel's attacks into Syria and the drone attacks on oil infrastructure in Kurdistan are timely and once again add a little fizz to proceedings," said John Evans, analyst at PVM Oil Associates, Reuters reported.

"Any other incident that deprives the market of barrels will be added to the low inventory narrative and we expect prices to continue to hold with any risk being to the upside."

Drone attacks on oilfields in Iraq's semi-autonomous Kurdistan region have slashed crude output by up to 150,000 barrels per day, two energy officials said on Wednesday, as infrastructure damage forced multiple shutdowns.

Meanwhile, US President Donald Trump has said letters notifying smaller countries of their US tariff rates would go out soon, which along with his renewed optimism about prospects of a deal with Beijing on illicit drugs and an agreement possible with Europe helped calm investors.

"Trump softened tones on China and proposed lower tariff rates on smaller countries, which are seen as positive developments in the global trade outlooks," said independent analyst Tina Teng.

"China's better-than-expected economic data and the US's larger-than-expected oil inventory draw have both been bullish factors for oil prices."

US crude inventories fell more than expected by 3.9 million barrels to 422.2 million barrels last week, the Energy Information Administration said on Wednesday, suggesting stronger refinery activity, tighter supply, and increased demand.

However, larger than expected builds in gasoline and diesel inventories capped price gains, raising concerns of weakening demand from summer travel, ANZ analysts said in a note on Thursday.

Data showed that China's June crude oil throughput was up 8.5% from a year ago, implying stronger fuel demand.