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UAE and Greece Strengthen Trade and Economic Ties with New Pacts

UAE and Greece Strengthen Trade and Economic Ties with New Pacts

The UAE and Greece have solidified their Comprehensive Strategic Partnership (CSP) with the signing of several initial agreements aimed at bolstering cooperation and enhancing trade and investment relations between the two nations. The agreements were reached during an official visit to Greece led by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, along with government officials and private sector executives from the UAE.

Among the key pacts signed is an expansion of the existing partnership between Mubadala Investment Company, Abu Dhabi’s strategic investment arm, and Greece’s Hellenic Development Bank of Investments. The new agreement involves an investment of €200 million ($219 million), supplementing the €400 million partnership established in 2018. This additional investment is expected to foster cooperation in emerging and private investments in Greek funds focusing on high-growth sectors.

The CSP between the UAE and Greece covers various areas including political cooperation, international humanitarian developments, trade, investment, tourism, culture, and energy sector investments. Dr. Al Jaber emphasized the UAE’s commitment to strengthening strategic relations with Greece, particularly in sectors that offer mutual benefits.

Furthermore, discussions included a review of the progress made on a €4 billion joint investment fund established by both countries in 2022 to invest in the Greek economy. The joint steering committee of the fund convened to explore promising investment opportunities aimed at establishing sustainable and long-term partnerships.

Both sides underscored the importance of enhancing cooperation in digital transformation, government services, and artificial intelligence. Additionally, an agreement was signed between Abu Dhabi’s clean energy company, Masdar, and the Greek Ministry of Environment and Energy to collaborate on projects under the “GR-Eco Islands” initiative. This initiative aims to accelerate the transition of select Greek islands into green economic models powered by clean energy and digital innovation.

The non-oil trade volume between the UAE and Greece reached approximately Dh1.97 billion in 2022, with a notable 6.2% growth during the first nine months of 2023. The expansion was primarily driven by a significant increase in re-exports, highlighting the growing economic partnership between the two countries.

The UAE’s efforts to expand its trade and investment relations extend beyond Greece, with recent negotiations concluded with Kenya for a comprehensive economic partnership agreement (Cepa). This landmark deal is expected to provide further access to the high-growth African continent and facilitate expansion into various sectors.

The UAE continues to pursue comprehensive economic partnerships with countries worldwide, aiming to strengthen its position as a global hub for trade and investment.

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