Saudi Arabia is turning its attention to Greece as a key investment destination, with industry and energy cooperation at the top of the agenda. The country’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, arrived in Athens on October 6 to lead a high-level roundtable with more than 20 leading Greek companies.
The meeting, held at a central Athens hotel in collaboration with Greece’s Minister of Development, Takis Theodorikakos, aims to strengthen bilateral economic and industrial relations. Current non-oil trade between the two nations stands at $485.2 million, while overall trade — including oil — reaches $1.9 billion.
Top Greek Companies at the Table
Among the participants are some of Greece’s largest energy, industrial, and banking groups, including Motor Oil, HELLENiQ Energy, Metlen Energy & Metals, Viohalco, GEK TERNA, AVAX, AKTOR, Elpen, Vianex, Piraeus Bank, National Bank of Greece, Eurobank, Alpha Bank, and ONEX Shipyards & Technologies.
The discussions are part of a broader push to translate the strategic partnership between Riyadh and Athens into concrete commercial and industrial ventures, with a focus on sectors beyond oil and gas.
Expanding Non-Oil Trade and Industrial Cooperation
Talks are expected to center on the growth potential of non-oil trade, which has shown steady expansion but remains largely untapped. Areas of mutual interest include food processing, downstream chemical production, and metals, where both countries possess strong industrial capabilities.
Saudi Arabia, a global petrochemical leader, is seeking to boost exports of rubber and chemical products to Greece, while facilitating imports of Greek pharmaceuticals and agricultural goods. The two sides are also exploring joint projects in aluminum extraction and processing, aiming to enhance technology transfer and industrial know-how.
Energy Projects at the Core of Cooperation
Energy collaboration remains a central pillar of the partnership. A key project under discussion is the “Saudi-Greek Interconnection”, an ambitious plan to create a clean-energy bridge between the Middle East and Europe, positioning Greece as a major energy hub in the region.
During his meetings with Greek Minister of Environment and Energy Stavros Papastavrou, Alkhorayef also examined prospects for cooperation in hydrogen development, with Greece envisioned as a gateway for Saudi hydrogen exports to the European market, within the framework of the South East Europe Hydrogen Corridor initiative.
Focus on Shipbuilding and Strategic Investments
Alkhorayef’s visit also included a tour of Elefsis Shipyards, accompanied by Minister Theodorikakos. The two were welcomed by ONEX Shipyards & Technologies CEO Panos Xenokostas, who briefed them on the facility’s growth prospects and role in reviving Greece’s shipbuilding industry.
Talks highlighted opportunities for Saudi investment in Greek shipbuilding and defense manufacturing, sectors recently designated as strategic national priorities by the Greek Ministry of Development.
