RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman on Saturday announced the signing of a memorandum of understanding between India, the Middle East, and Europe for the construction of a new economic corridor, the Kingdom’s state TV reported.

The corridor will include pipelines for electricity and hydrogen.

Addressing the G20 Summit in New Delhi, the crown prince said the project seeks to achieve the common interests of “our countries by strengthening economic interdependence.”

The crown prince signed a memorandum of understanding with the United States, India, United Arab Emirates, France, Germany, Italy and the European Union to establish the new economic corridor linking India, the Middle East and Europe.

He said it will contribute to developing and rehabilitating the infrastructure that includes railways, and ports and will help increase the exchange of goods and services.

The crown prince said the project will enhance trade exchange between the participating countries and boost the import of energy supplies including hydrogen to ensure energy security.

He noted that “the memorandum supports efforts to develop clean energy, and its implementation will contribute to generating new job opportunities and long-term gains along transit corridors for all parties.”

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