Economics & Technology | EU Gulf Partnership

Saudi Minister's Visit to Estonia Strengthens Strategic Partnerships and Fuels Investment Prospects

With the aim of further strengthening strategic partnerships and unlocking new investment avenues, the Saudi Minister of Investment, Khalid Al-Falih, embarked on an official three-day visit to Estonia at the end of June 2023. During this visit, Al-Falih engaged in discussions with Estonian Prime Minister Kaja Kallas and other high-ranking government officials, among whom Tiit Riisalo, the Estonian Minister of Economic Affairs and Information Technology, and Madis Kallas, the Minister of Regional Affairs. The visit culminated in the signing of five memorandums of understanding (MoUs) between companies from both nations.

June 28, 2023

Technology

French automation giant Schneider Electric opens facility in Saudi Arabia

In mid-June, French multinational corporation Schneider Electric, the global leader in automation and energy management, announced the opening of a new facility in Riyadh, Saudi Arabia.

June 21, 2023

Economics

Saudi Arabia continues industrial growth to minimise dependency on oil

In June 2023, the Nammat industrial investment programme in Saudi Arabia announced the launching of 31 local and international companies, valued at EUR 23 billion. These companies range from a cloud storage provider to an iron sheet manufacturer, and a logistics management centre. The Namaat (growth) programme was launched in 2021 by Saudi Aramco as part of Saudi Arabia’s ambitious initiatives to drive its industrial development and economic diversification.

June 16, 2023

Technology

UAE teams up with Belgium to build the first hydrogen electrolyser plant in the Gulf

Over the past decade, the member states of the Gulf Cooperation Council (GCC) have launched ambitious economic diversification strategies as an integral part of their National Vision programmes. The Ministry of Industry and Advanced Technology of the United Arab Emirates (UAE) unveiled “Operation 300bn” in 2021 to boost industrial development in the country and bring the sector’s contribution to GDP from AED 133 billion (EUR 34 billion) to AED 300 billion (EUR 76 billion) by 2031. Through this strategy, the UAE is working to expand its manufacturing base, while supporting the realisation of the Sustainable Development Goals.

June 12, 2023

Economics

Qatar Airways signs sustainable fuel deal with Shell

Since the 2015 Paris Agreement and the landmark decision to limit the increase in global temperature to 2 °C compared to pre-industrial levels by the end of the century, reductions of carbon emissions and overall decarbonisation have been at the top of the global agenda. Through decarbonisation, governments aim to establish a global low-carbon economy and achieve climate neutrality through the transition to cleaner energy sources.

June 8, 2023

Economics , Technology

The "Development Road": A EUR 16 bln Iraqi Project to Link the Gulf to Europe

At the end of May 2023, Iraq announced a EUR 16 billion megaproject aimed to link the Southern part of the country to the European rail and road networks. The project, dubbed “Development Road,” aims to connect the Grand Faw Port located in Southern Iraq to Turkey, and then connect into European transit networks.

June 5, 2023

Economics , Technology

The EU and Saudi Arabia agree on data cables deal to connect Europe and the Gulf

At the end of May 2023, the French company Alcatel Submarine Networks and Center3, a subsidiary of Saudi Telecommunication Company, announced they had finalised a deal to build the East to Med Corridor (EMC) Subsea Cable Project. The project is defined as a “submarine and terrestrial cable data transmission system connecting Europe with Asia via Greece and Saudi Arabia.” The project is expected to establish Saudi Arabia as a global digital hub while positioning Greece as well as Cyprus as the East Data Gateway for the European Union. The installation of this corridor is regarded as a major step to advance the global digital transformation and boost the global economy.

June 1, 2023

Economics

Saudi Arabia and Germany deepen cooperation on green energy

In 2019 Saudi Arabia and Germany established the Saudi-German Energy Dialogue, an initiative between Saudi Arabia’s Ministry of Energy and the German Federal Ministry for Economic Affairs and Climate Action. This dialogue has been promoting increased interactions amongst public and private stakeholders from both countries, with a focus on sustainable energy developments.

May 19, 2023

Economics , Technology

TotalEnergies signs a 900 million euro deal with UAE’s ADNOC

Following Russia’s illegal invasion of Ukraine in February 2022, Europe has been grappling with an unprecedented energy crisis. This has led the EU and its Member States to seek alternatives to the gas and oil provided previously by Russia. Over the past few months, several European states have turned to the Gulf States to sign ambitious energy deals.

May 5, 2023

Saudi Minister's Visit to Estonia Strengthens Strategic Partnerships and Fuels Investment Prospects

French automation giant Schneider Electric opens facility in Saudi Arabia

Saudi Arabia continues industrial growth to minimise dependency on oil

UAE teams up with Belgium to build the first hydrogen electrolyser plant in the Gulf

Qatar Airways signs sustainable fuel deal with Shell

The "Development Road": A EUR 16 bln Iraqi Project to Link the Gulf to Europe

The EU and Saudi Arabia agree on data cables deal to connect Europe and the Gulf

Saudi Arabia and Germany deepen cooperation on green energy

TotalEnergies signs a 900 million euro deal with UAE’s ADNOC

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