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UAE, Greece discuss strengthening strategic relations

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ATHENS, 23rd June, 2022 (WAM) -- Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, today met with Kyriakos Mitsotakis, Prime Minister of the Hellenic Republic, during his visit to Athens, Greece.

Dr. Al Jaber also met with Nikos Dendias, Minister of Foreign Affairs; Spyridon Adonis Gougiades, Minister of Development and Investment; Costas Sikriaks, Minister of Environment and Energy; and other government officials and private sector representatives. The meeting was also held in the presence of Suleiman Al Mazrouei, UAE Ambassador to Greece; Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala Investment Company; and Hamad Al Hammadi, Executive Director, Energy and Utilities at ADQ.

The UAE Minister conveyed to the Prime Minister the greetings of the UAE leadership and people. They also discussed ways to enhance relations between the two countries and opportunities for joint investment in areas that would strengthen strategic cooperation and achieve sustainable economic growth for both countries.

Dr. Al Jaber said that the UAE's leadership is keen to build and strengthen ties in vital areas and promising sectors that contribute to achieving sustainable economic growth for both nations.

He also met with several ministers and officials from the Greek Government and private sector to discuss the latest regional and international developments and ways to strengthen economic cooperation between the UAE and Greece. The meetings build on the outcomes of the Prime Minister's visit to Abu Dhabi in May, which witnessed the signing of several agreements and memoranda of understanding in a number of vital sectors for the two countries.

"The UAE's wise leadership is keen to build and strengthen cooperation with the international community. This reflects the great emphasis we place on enhancing bilateral relations with Greece, supporting the efforts of the strategic partnership between our two countries, which will undoubtedly contribute to strengthening bilateral cooperation in areas of mutual interest and achieving sustainable economic growth," Dr. Al Jaber noted.

He stated that since the launch of the strategic partnership in November 2020, UAE-Greek ties have grown substantially despite the impact of the pandemic globally. The comprehensive partnership has also contributed to strengthening economic and international cooperation and areas of common interest including economic field, international cooperation, investment, energy, environment, agriculture, among others.

During the visit, ADQ chaired the UAE-Greece Business Forum alongside chief executive officers of UAE companies in the energy, investment, healthcare, agriculture, defence, infrastructure, real estate development and financial sectors.

The forum served as a platform to activate the EURO4 billion joint investment fund, which was announced during the visit of the Greek Prime Minister to Abu Dhabi last May. This forum will also contribute to reinforcing the communication channels between the partners on both sides and ensures the creation of investment opportunities under this fund.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, commented, "As part of our long-term commitment to expand strategic cooperation with Greece, the UAE-Greece Business Forum supports the UAE's vision and its 'Principles of the 50' to achieve economic development, diversify strategic investments and explore investment opportunities that would promote sustainable economic growth.

"Alongside our sovereign partners, we also aim to strengthen the partnership and investments between our two countries in many vital sectors such as industry, infrastructure development, food and agriculture, renewable energy, tourism, aviation and FinTech."

Trade relations between the UAE and Greece have recorded remarkable growth. The value of non-oil foreign trade between both countries reached more than AED2.1 billion, a 67 percent increase compared to 2020, and up 23 percent from 2019, which reflects a significant growth jump compared to pre-Covid-19 pandemic.

The value of Greek investment activity in the UAE reached over AED341 million by the end of 2019, of which approximately 50 percent was spurred in real estate activities, 23 percent in transportation and storage, 20 percent in construction, and 4 percent in information communication technology. Meanwhile, UAE investments in Greece increased to AED954 million by the end of 2020.