Abu Dhabi's ADQ announces EUR4bn investment partnership with Greece
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Abu Dhabi’s ADQ announces EUR4bn investment partnership with Greece

Abu Dhabi’s ADQ announces EUR4bn investment partnership with Greece

The agreement underscores growing economic ties between the two countries and will drive investor interest in Greece

Abu Dhabi

Abu Dhabi-based investment and holding company ADQ has signed investment partnership agreements with Greek entities.

It signed agreements with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI), the sovereign fund-of-funds of Greece, to plow investments worth EUR4bn across multiple sectors and asset classes of the Greek economy.

The agreement underscores the growing economic ties between the two countries and will drive investor interest in Greece. The three parties will invest individually and jointly, across target sectors including renewable energy, infrastructure, agriculture, technology, healthcare and life sciences, amongst others, a statement read.

In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly Dhs2.1bn, recording 67 per cent growth compared to 2020.

Ioannis Tsakiris, Deputy Minister for Development and Investments, said, “Greece and the UAE continue to forge strong and strategic partnerships underpinned by investments that provide growth opportunities for both nations. With its proven track record in establishing robust and tangible sovereign investment partnerships, ADQ is a natural partner that will contribute to achieving our economic growth.”

Mohamed Hassan Alsuwaidi, managing director and chief executive officer of ADQ, said: “Bilateral relations between the UAE and Greece have strengthened in recent years particularly in the areas of trade and economic development. Today’s signing underlines ADQ’s commitment to build strategic partnerships with key entities that complement our investment strategy and our ability to generate sustainable financial returns. We are confident that our joint collaboration will accelerate investments that will contribute to the economic growth of both nations.”

Athina Chatzipetrou, chairwoman and chief executive officer of HDB, said, “Deepening the economic ties between our countries will create a robust Mediterranean-Middle East commercial corridor raising the level of our business relationship and unlocking the potential for large-scale investments in Greece. HDB has unique data mining. It currently has under management €8.6bn in loans, while starting with only €280m, and more than 38,000 new loans have been granted so far. Strategic synergies are at the core of our strategy. We look forward to a close and fruitful collaboration with ADQ to leverage Greece’s economic potential.”

Dr. Haris Lambropoulos, president of Hellenic Development Bank of Investments (HDBI), said, “Today’s signing is yet another milestone occasion that will enhance the growing cooperation between Greece and the UAE. We look forward to working with ADQ and leveraging their sector expertise in investments that support economic diversification and advance our common goals for growth and solid financial returns.”

Mubadala Investment Company and HDBI also signed an agreement to expand their EUR400m co-investment partnership.

Read: Mubadala extends co-investment partnership with Hellenic Development Bank of Investments

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