UAE-Greece talks: Masdar, Mubadala expand partnership

Dr Sultan bin Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology and COP28 President, spearheaded a high-level delegation to Greece to meet with the country’s leaders on March 10.

The focal point of the official working visit was the sealing of a landmark EUR200m deal between the two nations, underscoring a burgeoning partnership in critical economic sectors.

UAE-Greece bilateral

As part of the visit, Dr Al Jaber engaged in bilateral meetings with key Greek officials, including Prime Minister Kyriakos Mitsotakis, Foreign Minister George Gerapetritis, and Minister of Development Kostas Skrekas. Discussions centered on reinforcing the robust strategic ties between the UAE and Greece, with a keen emphasis on mutual cooperation and shared prosperity.

Central to the talks was the burgeoning EUR4bn joint investment fund, initiated in May 2022 during a momentous gathering attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and the Greek Prime Minister.

Since its inception, the fund has played a pivotal role in bolstering vital sectors of the Greek economy, facilitating investment activities, and fostering sustainable growth.

Mubadala, Masdar sign deals

Moreover, the visit witnessed the signing of a Memorandum of Understanding (MoU) between Mubadala Investment Company and the Hellenic Development Bank of Investments, injecting an additional EUR200m into their existing partnership.

This strategic move supplements the EUR400m partnership established in 2018, amplifying cooperation in emerging and private investments, particularly in high-growth sectors.

A significant agreement was also inked to implement projects under the “GR-Eco Islands” initiative, a collaborative effort between Masdar and the Greek Ministry of Environment and Energy. This transformative initiative aims to accelerate the transition of Greek islands into green economic models powered by clean energy and digital innovation, epitomising a paradigm shift towards sustainability and environmental stewardship.

In Athens, COP28 President Dr. Sultan Al Jaber and Greece’s Foreign Minister George Gerapetritis discussed strengthening ties to tackle climate change, highlighting practical solutions and the critical role of collaboration to achieve the goals set out in the UAE Consensus.… pic.twitter.com/XQdH2lt9U1

— COP28 UAE (@COP28_UAE) March 10, 2024

Dr Al Jaber commended Greece’s commitment to climate action and lauded its support for the UAE’s COP28 presidency. Emphasising the imperative of collective action, he underscored the significance of practical solutions to mitigate climate change impacts, echoing sentiments of collaboration and solidarity in achieving ambitious climate goals.

Trade

Against the backdrop of burgeoning economic ties, non-oil trade between the UAE and Greece soared to approximately Dhs1.97bn in 2022, marking a remarkable 60 percent increase from pre-pandemic levels. Notably, trade volumes surged by 6.2 per cent during the first nine months of 2023, underscoring the resilience and dynamism of bilateral economic relations.

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