UAE, Greece set up major investment fund

WAM

The UAE and Greece have announced the creation of a €4 billion fund ($4.2 billion) to invest in the Greek economy.

Sectors targeted for investment include renewable energy, infrastructure, agriculture, technology, healthcare and life sciences.

The deal between Abu Dhabi Holding company, ADQ, and Greece's Hellenic Development Bank and Hellenic Development Bank of Investments was signed by Konstantinos Fragkogiannis, Deputy Minister of Economic Diplomacy and Openness at the Greek Ministry of Foreign Affairs, Ioannis Tsakiris, Deputy Minister for Development & Investments and Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ.

The event took place in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Kyriakos Mitsotakis, Prime Minister of Greece.

The agreement underscores the growing economic ties between the two countries and will drive significant investor interest in Greece. In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly AED2.1 billion, with a 67 per cent growth compared to 2020, reflecting a significant spike in growth compared to pre-pandemic levels.

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