JEDDAH, 2 December 2007 — Greece holds major opportunities for Saudi business, Ioannis Economou, Greek ambassador in Riyadh, said last night. Speaking at a dinner in Jeddah to celebrate Greek-Saudi commercial ties and attended by a number of prominent Saudi businessmen, the ambassador urged Saudis to invest in Greece, saying that the country was the ideal gateway for business in southeast Europe. He also called on more Saudis to vacation in Greece.
The current picture is healthy, he said. Trade between the two countries doubled between 2003 and 2006. Between 2004 and 2006, the number of Saudi tourists visiting Greece also doubled. But the possibilities are massive and businessmen from both sides are increasingly looking at new developments, not only in traditional areas such as shipping or tourism but also new fields, such as healthcare, he said.
Saudi oil sales account for the overwhelming bulk of bilateral trade — and much of the increase in trade figures is attributed to higher oil prices. However, there has been steady year-on-year growth in the volume of imports from Greece. The Kingdom’s current construction boom has fuelled boom. There has been a marked increase in imports of Greek building materials and Greek companies are prominent in the international construction industry; Athens is the headquarters of one the major players in the construction industry in the Kingdom, CCC (Consolidated Contractors Co.).
Saudi investment in the Balkans and southeast Europe is expected to grow in the next five years, but Greece has the best infrastructure and communications in the region. Its value as a business gateway has already convinced Saudi Basic Industries Corp (SABIC). In October, SABIC announced that it would open a petrochemicals sales office in Athens in January to cover not only Greece but also Albania, Bulgaria and the former Yugoslav Republic of Macedonia. The framework for business links has been much improved in the last three years. In November 2005 the two countries agreed to set up a joint business council. Last year, during the visit of Greek Presdient Karolos Papoulias, a double taxation agreement was signed. Negotiations on investment promotion and protection have been concluded and, according to Ecomomou, an agreement on shipping is in the pipeline. Greece has the fifth largest commercial fleet in the world and it is expected to be increasingly involved in transporting Saudi oil, gas and particularly petrochemicals in future.
Referring to Custodian of the Two Holy Mosques King Abdullah’s announcement in last month’s OPEC summit in Riyadh on a $300-million grant to tackle the issue of global warming, Economou said that Greece has great experience in solar and wind energy. It is an area for potential cooperation. Because of growing domestic demand, the private energy sector in Greece has in any event attracted considerable foreign interest.
Relations are not just about business links, Economou said. He urged more Saudis to visit the country. Sixteen million tourists visit Greece each year. Two years ago, a survey in China saw Greece voted the number one choice as foreign tourist destination.
