Saudi Arabia steps up efforts to accelerate the construction of economic corridors

Saudi Arabia is prepared to play a pivotal role in a large-scale economic corridor project connecting India, the Middle East, and Europe. This promising economic corridor is expected to reshape the pattern of international trade and, within the framework of Vision 2030, open up new prospects for energy, investment, and logistics services, consolidating Saudi Arabia's position as a global transportation and trade hub.  

The project was announced by Saudi Crown Prince Mohammed bin Salman during the G20 Summit in New Delhi in 2023 and is part of a memorandum of understanding signed by Saudi Arabia, the United States, India, the UAE, France, Germany, Italy, and the European Union. The aim is to create an economic corridor that saves time and costs, connecting three continents through advanced infrastructure such as railways, seaports, energy pipelines, and data cables. Prince Abdulaziz bin Salman, the Saudi energy minister, announced a few days ago that Saudi Arabia had taken the initiative to draft the corridor project, once again emphasizing the importance of this corridor. He said, "This task should have been completed long ago... We are the drafters of this project, and all that remains is to sign bilateral agreements with the committee." He also mentioned that the efforts made since the signing of the memorandum of understanding in September 2023 have contributed to the construction of the legal framework and infrastructure, which will lay the foundation for the project's implementation.