BUSINESS

UAE to invest in Greek construction

Chinese premier will also arrive in the coming weeks and discuss further cooperation with local companies By Dimitra Manifava

Officials from the United Arab Emirates are set to announce in Athens on Tuesday the UAE’s participation in the share capital of a major Greek construction company active in the sectors of energy and real estate.

The UAE is also close to a deal for the implementation of a similar cooperation with a smaller construction company, while its officials will sign agreements on Tuesday with Lamda Development, Fosun of China and Al Maabar regarding the investment in the development of the plot at the old airport in Elliniko, southern Athens.

UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and Assistant Minister for Financial Affairs Khalid Ghanim Al-Ghaith arrived in Athens late on Monday to take part in a meeting of the joint interministerial committee of Greece and the United Arab Emirates under Greek Foreign Minister Evangelos Venizelos.

In the context of their visit, Deputy Development Minister Notis Mitarakis announced on Monday that the Greek and UAE governments will sign an agreement for the protection and promotion of investments on Tuesday for the creation of a permanent cooperation mechanism on investment issues.

Meanwhile, more interest is coming from the East regarding investing in Greece. Chinese Premier Li Keqiang is set to examine further opportunities for cooperation between Greek and Chinese enterprises during his official visit to Greece, likely after the European elections on May 25.

The Chinese premier’s agenda during his visit will include examining the local market in a bid to deepen cooperation between local firms and the Chinese companies that are already involved in the domestic market, such as Cosco, Huawei, ZTE and Fosun. It will also include talks on the possibility for the expansion of the ship repair zone in Piraeus through an investment by Cosco’s local subsidiary, on issues concerning obstacles to Greek exports to China, and the longstanding issue of the lack of a direct air link between the two countries.

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