ATHENS, Greece / RankWire.AI / – The UAE has increased its joint investment initiative with Greece by an extra €15 billion, nearly quadrupling the size of the initial program. The announcement was made on Thursday, October 22, during an official visit to Athens by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. Originally launched in May 2022 with a €4 billion value, the initiative now sees a significant expansion.
As reported by the Abu Dhabi Media Office, this additional investment aims to bolster the long-term economic ties between the two nations. It will broaden cooperation in sectors identified as strategic and development-focused by both governments. The 2022 initiative has already facilitated notable deals in energy and healthcare, demonstrating how investment collaboration can generate mutual economic benefits. Officials, however, did not specify a timeline for the new commitment.
During his visit, the Crown Prince engaged in discussions with Kyriakos Mitsotakis, the Greek Prime Minister, at his Athens office. Their talks centered on enhancing cooperation across energy, infrastructure, healthcare, and advanced technology sectors. Additionally, they exchanged perspectives on regional and global issues, emphasizing the importance of security, peace, and stability. Earlier in the visit, Sheikh Khaled was greeted by Foreign Minister George Gerapetritis at Athens International Airport.
Deals at the forum surpass €12.75 billion
On the same day, the UAE-Greece Strategic Forum convened government officials, business executives, and chambers of commerce representatives in Athens. During the event, UAE and Greek entities signed agreements and established commercial partnerships exceeding €12.75 billion. These encompass areas such as digital infrastructure, advanced technology, AI, renewable energy, manufacturing, transportation, port development, healthcare, and food security. These arrangements complement the €15 billion investment plan, while the forum also featured sessions dedicated to matching investors with projects and conducting business meetings.
Thani bin Ahmed Al Zeyoudi, the UAE Minister of Foreign Trade, noted that the joint commitments reflect the increasing confidence between the two nations. He emphasized that the next step involves transforming this momentum into practical projects. Alongside Mitsotakis, Deputy Foreign Minister Haris Theoharis also participated in the forum. Dimitris Skalkos, chairman of Enterprise Greece, was among the attendees. The forum included panels focusing on food security and collaborations in AI and emerging technologies.
Collaboration extends beyond financial pledges
The UAE stated that the expansion signifies confidence in Greece’s economic potential. It underscored Greece’s strategic position as a bridge connecting European markets with regional and international markets. Both countries’ investment institutions and companies are expected to deepen their cooperation on key projects. Furthermore, the initiative aims to foster innovation and facilitate the exchange of expertise across sectors that promote sustainable development.
This move follows other substantial UAE investment commitments within Europe during 2023. In September, the UAE supported a €40 billion investment package across Germany. It has also expanded cooperation with Italy on trade and energy issues. The UAE described the Greek initiative as a new phase of collaboration based on tangible achievements and a shared vision. The expansion was characterized as a significant milestone in their partnership.