UAE and Greece to set up $4.2 billion investment initiative

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met Kyriakos Mitsotakis, Greek Prime Minister, in Abu Dhabi on Monday.

As part of the visit, the UAE and Greece said they had agreed to create a 4 billion euro ($4.22 billion) initiative to invest in the Greek economy. Investments will be made in sectors including infrastructure, renewable and new energy, healthcare and pharmaceuticals, food and agriculture, and logistics, the official Wam news agency reported.

For this initiative, an agreement was signed between the Abu Dhabi holding company ADQ and the Hellenic Development Bank and the Hellenic Development Bank of Investments, by Mohamed Alsuwaidi, Managing Director and Managing Director of ADQ, and Kostas Fragogiannis, Vice -Minister of Economic Diplomacy and Openness at the Greek Ministry of Foreign Affairs.

Mubadala Investment Company and the Hellenic Development Bank of Investments have also agreed to expand their partnership in a €400 million co-investment platform they established in 2018.

An agreement has been signed between Khaldoon Al Mubarak, Managing Director and Managing Director of Mubadala Group, and Antigoni Lymperopoulou, Managing Director of Hellenic Development Bank of Investments.

Mr. Mitsotakis, who is on an official visit to the United Arab Emirates, received an official reception upon his arrival at Qasr Al Watan, where the national anthems of the United Arab Emirates and Greece were played, followed by a salute of 21 cannon shots, Wam reported.

Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister for Presidential Affairs, Sheikh Abdullah bin Zayed, Minister for Foreign Affairs and International Cooperation, and Sheikh Khaled bin Mohamed, Member of the Executive Council of Abu Dhabi and Chairman of the Executive Office of ‘Abu Dhabi were also among the welcome party.

Mr. Mitsotakis was accompanied by several members of the Greek cabinet, including Adonis Georgiadis, Minister of Development and Investments and Konstantinos Skrekas, Minister of Environment and Energy.

During their meeting, Sheikh Mohamed and Mr. Mitsotakis discussed strengthening cooperation between their countries.

Sheikh Mohamed said the visit to the UAE will help expand the strategic partnership between the UAE and Greece.

They discussed opportunities to advance their relationship, particularly in the areas of economy, investment, development, environment and energy, and considered expanding their partnership in energy renewables and food security.

The leaders also exchanged views on a number of regional and global issues of common concern and relevant developments, including the Ukrainian crisis and its humanitarian and economic fallout.

The Greek Prime Minister arrived in the United Arab Emirates on Sunday and was received by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, and officials at the presidential flight terminal at Abu Dhabi International Airport.

Sheikh Mohamed and Mr. Mitsotakis witnessed the signing of agreements between the two countries.

These include an agreement on security cooperation, the fight against organized crime and counter-terrorism, signed by Dr Al Jaber and Panagiotis Theodorikakos, Greek Minister for Citizen Protection.

Dr. Al Jaber has also signed agreements in the field of advanced industries and technologies and standardization with the Greek Ministry of Development and Investments.

Dr Al Jaber, who is also the United Arab Emirates’ special envoy for climate change, signed an agreement with Konstantinos Skrekas, Greek Minister of Environment and Energy.

Agreements in the energy sector have also been signed. A strategic framework agreement between Motor Oil of Greece and the national oil company of Abu Dhabi to explore opportunities to supply LNG cargoes to Greece, as well as to explore other opportunities for cooperation between the two parties, has been signed.

Clean energy company Masdar and the Greek government have signed an agreement on the deployment of renewable energy in eco-islands, Wam said. Masdar and Motor Oil will cooperate to decarbonize the energy market in Greece. A joint venture to develop onshore renewable energy projects in Greece will be created after the signing of an agreement between Masdar and Kyoto SA.

An economic cooperation agreement was signed by Abdulla bin Touq, Minister of Economy, and Adonis Georgiadis, Greek Minister of Development and Investments. Abdulrahman Al Owais, Minister of Health and Prevention and Minister of State for FNC Affairs, and Dr Mina Gaga, Greek Deputy Minister of Health, signed an agreement between the Ministries of Health.

In November, Etihad Credit Insurance, the UAE’s federal export credit agency, signed a preliminary agreement with the Greek export credit insurer to boost bilateral trade and economic cooperation .

The agencies aim to support local businesses operating in the agriculture, construction, steel and aluminum, ceramics, renewable energy, mechanical and waste management sectors with trade finance tools to help them expand internationally.

In 2020, the United Arab Emirates and Greece established a strategic partnership based on a relationship that dates back to 1976, when the countries established a joint committee for economic, cultural and technical cooperation.

Last year, the value of non-oil foreign trade between the UAE and Greece reached nearly 2.1 billion dirhams ($571.7 million), up 67% from 2020, according to figures compiled by the Ministry of Economy.

Updated: 09 May 2022, 17:16

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