The Kingdom of Saudi Arabia and Greece have entered into a strategic partnership between the private sectors in the two countries to build a data cable project linking the East and the West.
The partnership aims to 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 percent.
This follows through leading the electrical, mechanical and communications services (EMC) project by the Saudi Telecom Company (STC) in partnership with the Greek Telecom Company, the General Energy Company in Greece and the Cyprus Telecom Company.
The agreements were exchanged during the visit of HRH Crown Prince Mohammed bin Salman to the Republic of Greece, which will contribute to strengthening the Kingdom’s position as a regional digital hub center in line with the goals of the Kingdom’s Vision 2030, and 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 comes as part of the strategic digital transformation plan of the Republic of Greece.
Once completed, the project will also contribute to accelerating the growth of the global digital economy, which is estimated to reach $15 trillion, 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 is an ideal location to be a center of attraction for the digital economy and investment, as about 10 percent of the global capacities of submarine cables pass through the Saudi territory.