Saudi Crown Prince in Greece, signs submarine cable agreement

Connecting electricity grids provides cheaper green energy
Saudi Crown Prince in Greece, signs submarine cable agreement
Saudi Crown Prince and Greek Prime Minister attending the signature

The Kingdom of Saudi Arabia and Greece concluded an agreement on laying an undersea data cable linking Europe to Asia, and discussed the possibility of connecting their electricity networks to provide Europe with cheaper green energy.

This happened during the visit of Saudi Crown Prince Mohammed bin Salman to Greece, which will be followed by another visit to France later this week.

This European tour comes after the Jeddah Summit for Security and Development, which was attended by US President Joe Biden, where the oil agenda was strongly present.

During his meeting with Greek Prime Minister Kyriakos Mitsotakis, the Crown Prince said, “By connecting the two countries’ electricity grid, we can provide Greece and southwestern Europe through Greece with much cheaper renewable energy.”

In May, the Kingdom and Greece agreed on the main conditions for establishing a joint venture to build a data cable, the so-called “East to Mediterranean Data Corridor”, to be developed by the “Mena Hub” company owned by the Saudi Telecom Company and the Greek Telecommunications and Satellite Applications Company (TTSA).

The agreement was finalized during the visit, which began on Tuesday.

Mitsotakis praised Prince Mohammed’s visit as an opportunity for further discussions of regional developments and “how to strengthen this important relationship between our two countries, with a particular focus on economic collaboration.”

The two countries also signed bilateral agreements in other fields in addition to the submarine cable: an agreement in the field of energy, a memorandum of understanding for cooperation in the field of sports, an agreement on cooperation in the fight against crime, an agreement to protect and encourage investment between the two countries, a memorandum of understanding for cooperation in the health field, an agreement for cooperation in the military field, a memorandum of understanding in the field of scientific and technical cooperation, a technical cooperation program in the fields of standards and quality, and a cooperation agreement in the field of documents and archiving.