ATHENS – Further trying to wean off reliance on Russian energy over its invasion of Ukraine, Greece is looking to Saudi Arabia as a source of renewable energy to make a stake as an energy hub for the European Union.

Speaking to Arab News at the 6th edition of the Future Investment Initiative forum in Riyadh, Investment and Development Minister Adonis Georgiadi said Saudi Arabia is working on a plan to export green hydrogen.

Saudi Arabia is “going to produce the biggest green hydrogen on the planet. So yes, this would be one way,” he said, the country building the world’s largest green hydrogen plant in NEOM that is expected to be online in 2025.

“We will also build a cable and will let electricity flow from the Kingdom to Europe,” said Georgiadis as the two countries have tightened ties, adding that a memorandum of understanding would be signed once a deal is reached.

Georgiadis said he believes Foreign Direct Investments and exports will be the major contributors to growth in 2023 and that more investments are likely to come from Saudi Arabia and the United Arab Emirates.

When Saudi and Greek officials met in July during Crown Prince Mohammed bin Salman’s visit to Athens, the discussions focused on joint ventures in communications, transport, logistics and energy.

Georgiadis said he and his Saudi counterpart will meet again in Athens for the first business council meeting between both countries.

“The council will have its first session next week in Athens, with a lot of private enterprises from both countries that have already started to sign agreements together, integrated together, and opening a new era in our economic relationship, our effort is to find a way to balance our economic relationship to the same excellent level as in the political level,” he said.

A strategic partnership between the Saudi and Greek private sectors to build a data cable between the two countries was also announced on the sidelines of the Crown Prince’s visit.