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RIYADH: Saudi Investment Minister Khaled Al-Falih has said it is time to ensure “an overarching alignment between” the economic visions of Saudi Arabia and Greece.
Al-Falih concluded an official visit to Greece on Wednesday, which sought to boost investment cooperation and enhance strategic partnerships between the two countries.
The two sides stressed the importance of strategic relations and ways to develop bilateral cooperation in all fields.
They also discussed opportunities to expand investment partnerships for the private sector in the two countries.
“Our visit to Greece today comes within the framework of the crown prince's directives to strengthen and deepen the Saudi-Greek partnership, and to exploit the potentials and opportunities available on both sides in the economic, investment, commercial, cultural, tourism and other fields,” Al-Falih said.
Fiber optic data cable link
The two countries also agreed on the main terms to set up a joint venture to lay a fiber optic data cable that will link Europe with Asia, Reuters reported quoting unnamed Greek sources.
The “East to Med data Corridor,” an undersea and land data cable, will be developed by MENA HUB, owned by Saudi Arabia’s STC and Greek telecoms and satellite applications company TTSA, it said.
Greece’s power utility Public Power Co. and Cyprus’ telecoms operator CYTA, will also hold a stake in the project, pending final corporate approvals, Reuters reported citing a Greek diplomat, who spoke on condition of anonymity.
The final closing of the deal is expected by July, for the project to launch in autumn and be completed by the end of 2025, the diplomat said.
Another person close to the deal said the cable, which will connect users from Italy to Singapore, will cost about €800 million ($857.68 million).