UAE & Greece ink key investment deals as bilateral trade increases by 67 percent in 2021

UAE and Greece have signed a number of agreements and memorandums of understandings (MoUs) in the fields of investment, renewables, healthcare, advanced industries and technology, and other vital sectors.

The agreements were signed in the presence of Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Kyriakos Mitsotakis, the Prime Minister of the Hellenic Republic of Greece at the Qasr Al Watan Palace in Abu Dhabi.

Some of the UAE’s top firms, including ADNOC, Masdar, Mubadala, and ADQ, signed agreements during the meeting.

The agreements and MoUs included:

• An MoU between the UAE and Greece in the field of economic cooperation, signed by Abdullah bin Touq Al Marri, the UAE Minister of Economy, and Adonis Georgiadis, the Greek Minister of Development and Investments.

• A strategic framework agreement between Motor Oil and the Abu Dhabi National Oil Company (ADNOC), signed by Dr Sultan bin Ahmed Al Jaber, managing director and group CEO of ADNOC, to explore opportunities to supply LNG cargoes to Greece, as well as explore other cooperation opportunities between the two sides.

• An MoU between Abu Dhabi Future Energy Company (Masdar) and the Greek Government on eco-island renewables deployment, signed by Dr Al Jaber in his capacity as the chairman of the Board of Directors of Masdar, and Konstantinos Skrekas, the Greek Minister of the Environment and Energy.

• An MoU between Masdar and Motor Oil to cooperate on decarbonising the energy market in Greece, signed by Dr Al Jaber and Konstantinos Skrekas.

• An MoU between Mubadala Investment Company (Mubadala) and the Hellenic Development Bank of Investments (HDBI), signed by Khaldoon Al Mubarak, the managing director and group CEO of Mubadala Investment Company, and Antigoni Lymperopoulou, CEO of the Hellenic Development Bank of Investments, to extend their partnership in the €400 million co-investment platform.

• An MoU, signed by Mohamed Hassan Alsuwaidi, the managing director and chief executive officer of ADQ, and Konstantinos Fragkogiannis, the Deputy Minister of Economic Diplomacy and Openness at the Greek Ministry of Foreign Affairs, to establish a €4 billion Investment Initiative to facilitate investments in the Greek economy across a wide range of sectors.

• An MoU between Masdar and KYOTO S.A., signed by Dr Al Jaber and Achilles Constantakopoulos, chairman of TEMES S.A., to establish a Joint Venture (J.V.) to develop onshore renewables energy projects in Greece.

• An MoU on security cooperation, fighting organised crime and counter terrorism, signed by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Panagiotis Theodorikakos, the Greek Minister of Citizens’ Protection.

• An MoU between the UAE Ministry of Industry and Advanced Technology and Greece’s Ministry of Development and Investments in the field of advanced industries and technology, signed by Dr Al Jaber and Adonis Georgiadis, the Greek Minister of Development and Investments.

• An MoU between the UAE Ministry of Industry and Advanced Technology and Greece’s Ministry of Development and Investments in the field of standardisation, signed by Dr Al Jaber and Adonis Georgiadis.

• An MoU between the UAE Ministry of Health and Prevention and its Greek counterpart, signed by Abdul Rahman bin Mohammad bin Nasser Al Owais, the UAE Minister of Health and Prevention, and Dr Mina Gaga, the Greek Alternate Minister of Health.

• An MoU between the Office of the UAE Special Envoy for Climate Change and the Greek Ministry of Environment and Energy, signed by Dr Al Jaber, the UAE Special Envoy for Climate Change, and Konstantinos Skrekas, Greek Minister of the Environment and Energy.

UAE, Greece trade exchange increase by 67 percent in 2021

The value of trade exchange between the UAE and Greece increased by 67 percent, amounting to more than $544.5 million (AED 2 billion), compared to $326.69 million (AED 1.2 billion) in 2020, according to the 2021 figures released by the Federal Competitiveness and Statistics Centre (FCSC).

The figures also showed that the top five commodities imported from Greece in 2021 included petroleum and oils obtained from minerals worth AED 510 million; tobacco valued at AED 134 million; aluminium sheets and plates at AED 77 million; building stones at AED 67 million; and medicines at AED 65 million.

Raw aluminium topped the list of top five commodities exported to Greece last year, valued at AED 244 million, while telephones, including telephones for cellular networks or other wireless networks, topped the list with a value of AED 124 million.

The figures also showed that the trade exchange between the two countries in 2012 amounted to AED 772 million, which increased to AED 907 million in 2013. In 2014, this figure was AED 841 million, rising to AED 991 million in 2015.

In 2016, the value of trade between the two countries amounted to over AED 1 billion, and, in 2017, it increased to AED 1.18 billion, before further rising to AED 1.5 billion in 2018 and AED 1.67 billion in 2019.