Saudi-Greek Strategic Partnership to Link Global Digital Economy via Data Cables
As part of the official visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Deputy Prime Minister of the Kingdom of Saudi Arabia, to the Hellenic Republic (Greece), a strategic partnership was announced between the private sectors in the two countries to build a data cable project linking the East and the West, in a way that would ensure the smooth digital supply of data worldwide at a time when the world is witnessing a growth of data traffic by more than 30%.
The partnership comes through the leadership of the Saudi Telecom Company (STC) in the East to Med Data Corridor (EMC) project in collaboration with the Greek Telecom Company, the Greek General Energy Company, and the Cyprus Telecom Company, as the agreements were exchanged during the visit of HRH Crown Prince Mohammed bin Salman to the Republic of Greece. The agreements will boost the Kingdom's position as a regional digital hub in line with Vision 2030 objectives, as Greece is the eastern data gateway to the European Union.
The project aims to position the two countries as an eastern digital station for Europe to reach the Middle East, the continents of Africa and Asia, and the submarine cable (EMC) comes as part of the strategic digital transformation plan of the Republic of Greece, and is part of the Kingdom’s ambitions to consolidate its position as a digital hub center at the regional and global levels by taking advantage of its advanced digital infrastructure, and its developed cadres and institutions, in addition to its geographical location, which allows it to become a global digital hub center by linking East and West.
The project, if completed, will also contribute to accelerating the growth of the global digital economy, which is estimated to reach 15 trillion dollars, in addition to supporting new industries and emerging markets based on innovative business models.
It is worth mentioning that the geographical position of the Kingdom and its possession of many ports have already qualified it to be a center of attraction for the digital economy and investment, as about 10% of the global capacities of submarine cables pass through the Saudi territory.