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.



Saudi Arabia, Canada Open New Investment Era in AI, Mining

Officials are seen at the Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)
Officials are seen at the Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)
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Saudi Arabia, Canada Open New Investment Era in AI, Mining

Officials are seen at the Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)
Officials are seen at the Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)

Saudi Arabia and Canada have entered a new phase of strategic economic partnership, with both countries seeking to translate diplomatic momentum into commercial deals in mining, energy, artificial intelligence, data centers, financial services, and advanced industries.

Prince Mohammed bin Salman bin Abdulaziz, Saudi Crown Prince and Prime Minister, received Canadian Prime Minister Mark Carney on an official visit that capped a year of intensified diplomatic and investment activity between the two countries.

The visit coincided with the Saudi-Canadian Investment Forum in Jeddah, where senior officials and business leaders from both sides met to shape a practical road map for moving relations from discussion to implementation.

Carney said Saudi Arabia had become one of the main pillars of the global economy, praising the sharp acceleration in its economic growth and the structural transformation taking place under Vision 2030.

Speaking on the sidelines of the forum, he said Canada was firmly committed to deepening cooperation with the Kingdom in strategic sectors, led by energy and mining.

The joint push aims to connect Canadian technology, innovation and capital with the scale of opportunities created by Vision 2030, particularly in financial services, mining, advanced industries, artificial intelligence and data centers.

Saudi Investment Minister Fahad Al-Saif said the Kingdom’s economy had grown from about $720 billion in 2017 to nearly $1.3 trillion. Non-oil activities now account for more than 50% of gross domestic product, while non-oil and non-government investment represent about 77% of total investment.

Al-Saif said the forum offered a practical platform to link Canada’s strengths in capital, innovation, natural resources, education and professional expertise with opportunities being created in Saudi Arabia.

He said the presence of investors, companies, entrepreneurs and government representatives from both countries created the right mix to move from talks to execution.

The next phase of Saudi-Canadian investment ties should be more specific, more ambitious and more commercially focused, he said. It should link Canadian capital, technology and entrepreneurship with opportunities in the Kingdom, while opening new channels for Saudi capital, companies and national institutions in Canada.

Canadian Prime Minister Mark Carney speaks during a media availability in Jeddah, Saudi Arabia, Thursday, July 9, 2026. (Adrian Wyld/The Canadian Press via AP)

Natural partners

Mining emerged as a central pillar of the talks.

Carney said the mineral wealth sector offered a major base for cooperation and recalled his earlier participation in the Future Minerals Forum in Saudi Arabia. He said the Kingdom had become one of the most important suppliers and active players in global mining, backed by major financial investment in the sector.

He called for faster integration of Canadian experts, capital and advanced geological expertise with Saudi opportunities, and for steering the partnership toward mutual education and training. The goal, he said, was to turn geological science and modern technology into sustainable jobs for workers in Saudi Arabia’s mining sector.

Carney said Canadian educational institutions, including Niagara College, were ready to help train the Saudi national workforce and develop its digital and technical skills to use artificial intelligence tools.

He said about 40% of major mining companies worldwide were linked through close partnerships at several levels, strengthening prospects for joint work, operational development and the exploration of opportunities and calculated risks.

Carney said Canada and Saudi Arabia were natural partners in minerals and mining, adding that their cooperation would help meet growing global market needs.

Human dimension

David Morrison, Senior Diplomatic and International Affairs Advisor to the Prime Minister, said trade and investment ties between Ottawa and Riyadh were at their strongest point in history.

Speaking to Asharq Al-Awsat on the sidelines of the forum, Morrison said mining and minerals were a strategic pillar in Carney’s Jeddah talks because of the fit between Canada’s long experience in the sector and the opportunities offered by Vision 2030.

He said the strong Canadian business presence at the forum and Carney’s visit reflected a full commitment to supporting Vision 2030 targets.

The next phase would bring major partnerships and high-value deals focused on modern technologies, led by artificial intelligence, the digital economy, infrastructure and mining, he added.

Morrison also stressed the human dimension of the partnership, saying Canadian institutions and colleges, including Niagara College, were helping train young Saudis for the jobs of the future.

Success in healthcare, aviation and mining was now closely tied to the ability to lead the use of artificial intelligence tools, an area Canada is working to develop with Saudi Arabia, he remarked.

Prince Mohammed bin Salman bin Abdulaziz, Saudi Crown Prince and Prime Minister, welcomes Canadian Prime Minister Mark Carney in Jeddah on Thursday. (SPA)

Agreements

Mohammed Al-Dulaim, chairman of the Saudi-Canadian Business Council, said that about 15 agreements to be signed on the sidelines of the event in the presence of the Canadian prime minister would be worth more than $1 billion.

He told Asharq Al-Awsat that the agreements would expand trade between the two sides, which has exceeded 66 billion over the past five years, and said the visit would mark a new stage in bilateral relations.

Al-Dulaim said Canada has expertise and technical capabilities in technology, mining, health, insurance, infrastructure, and artificial intelligence, while Saudi Arabia has a dynamic economy and a Vision 2030 agenda that makes Riyadh an investment destination.

The Kingdom and Canada are also positioned to build an integrated value chain for critical minerals. Saudi Arabia’s mineral resources are estimated at about $2.5 trillion and include more than 50 minerals across more than 2.1 million square kilometers.

Exploration opportunities and downstream value chains are expanding rapidly in areas that align with Canadian mining expertise.

Saudi Arabia is offering Canadian partners investment opportunities in artificial intelligence, data centers, financial services and mining, while highlighting progress in developing its investment environment.

The stock of Canadian direct investment in financial and insurance activities reached 177 million riyals, or $47.2 million, in 2024.

Saudi Arabia also offers access to the largest economy in the Middle East and a Gulf market worth about $2.3 trillion. Since last February, foreign investors have had full direct access to the Saudi main market, where market capitalization reached 8.82 trillion riyals, or $2.35 trillion.


Türkiye, Iraq to Sign 12-month Extension of Oil Pipeline Deal

Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas
Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas
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Türkiye, Iraq to Sign 12-month Extension of Oil Pipeline Deal

Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas
Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. REUTERS/Umit Bektas

Türkiye and Iraq are set to sign, within days, a one-year agreement to keep open the crude oil pipeline between the two countries, Turkish Energy Minister Alparslan Bayraktar said on Thursday. Their decades-old pipeline agreement, which governs exports through the pipeline, is due to expire on July 27.

"We have brought the agreement that will cover the next 12 months to the final stage. We aim to sign it in the coming days," Bayraktar, who was in Baghdad for an official visit, said in a statement, adding that oil flow from Iraq to Türkiye's port of Ceyhan on the eastern Mediterranean coast will continue.

The pipeline had remained offline for 2-1/2 years after an arbitration court ruled for Ankara to pay $1.5 billion in damages for unauthorized Iraqi exports Türkiye received between 2014 and 2018.

Flows resumed late last year. In an earlier post on X, Bayraktar said he had a fruitful meeting with Iraq Oil Minister Basim Mohammed, during which they discussed oil and gas cooperation. Iraqi Prime Minister Ali al-Zaidi also met with Bayraktar during his visit, according to his office.


Egypt June Annual Core Inflation Rises to 14.3%

The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh
The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh
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Egypt June Annual Core Inflation Rises to 14.3%

The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh
The sun behind high-voltage power lines and electricity pylons along the River Nile during a heatwave in Al-Qanatir al-Khairia, on the outskirts of Cairo, Egypt, July 4, 2026. REUTERS/Amr Abdallah Dalsh

Egypt's annual urban consumer inflation slowed slightly to 14.3% in June from 14.6% in May, statistics agency CAPMAS said on Thursday.

Annual core inflation, calculated by the Central Bank of Egypt, rose to 14.3% in June from 13.8% in May, Reuters reported.

The monthly decline compared with a drop of 0.1% in June 2025 and a rise of 1.6% in May 2026, according to CAPMAS.

Core inflation on a monthly basis rose 0.3% in June, compared with a fall of 0.2% in June 2025 and a rise of 1.6% in May 2026.