UAE funds looking to invest in Greece
Greece and the United Arab Emirates are considering dozens of investment projects. The relationship has gone a long way since they signed, less than a year ago, a declaration on a joint partnership and a cooperation agreement on foreign policy and defense issues.
The Greek side gives priority to energy – including renewables – tourism, hi-tech, infrastructure, real estate and deals with small and medium-sized enterprises. Greek diplomats say that the Abu Dhabi Developmental Holding Company (ADQ) is assessing investments in Greek pharmaceuticals, ports – notably the port of Iraklio, on the island of Crete – logistics, airports and highways. ADQ is also in direct contact with the Environment and Energy Ministry on investments in the energy sector.
In May 2022, ADQ signed a strategic investment cooperation agreement with the Hellenic Development Bank and the Hellenic Development Bank of Investments to spend €4 billion on investment projects in Greece. A master investment initiative framework that will create a joint venture fund is under preparation.
ADNOC, Abu Dhabi’s state petroleum company, has signed a deal with refiner Motor Oil on supplying liquefied natural gas to Greece, including the planned floating storage and regasification unit off Motor Oil’s installations.
Another important investment fund, Masdar, is considering renewables, including wind parks, on Greek islands. It is also interested, reportedly, in the production of ‘green’ hydrogen, desalination units powered from renewables, as well as energy storage projects.
The Mubadala fund, known from its earlier investment in fisheries, recently announced a partnership with the Costamare group on building a hotel, a golf course and housing in southwestern Greece. It is also considering investments in shipping, marinas and several clinics.
