The Hellenic Development Bank (HDB), Greece’s national development bank, and the Hellenic Development Bank of Investments (HDBI), Greece’s sovereign fund-of-funds, have signed an investment partnership agreement with ADQ, an Abu Dhabi-based investment and holding company, to fund investments worth $4.2 billion across multiple sectors and asset classes of the Greek economy.
His Highness Sheikh Mohamed bin Zayed Al Nayhan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Kyriakos Mitsotakis, Prime Minister of Greece, attended the ceremony in Abu Dhabi.
Konstantinos Fragkogiannis, Deputy Minister of Foreign Affairs; Ioannis Tsakiris, Deputy Minister of Development and Investments; and Mohamed Hassan Alsuwaidi, managing director and chief executive officer of ADQ, exchanged agreements.
The accord highlights the two countries’ expanding economic links and is expected to pique investor interest in Greece. The three parties will invest separately and cooperatively in renewable energy, infrastructure, agriculture, technology, healthcare, and life sciences, among other industries.
According to Ioannis Tsakiris, Greece and the UAE continue to establish strong and strategic alliances based on investments that provide both countries with economic prospects.
“ADQ is a natural partner who will help our economic progress because of its track record of developing solid and tangible sovereign investment agreements.”
According to Mohamed Hassan Alsuwaidi, bilateral relations between the UAE and Greece have improved in recent years, especially in trade and economic development.
“The agreement today demonstrates ADQ’s commitment to forming strategic alliances with significant organisations that complement our investment strategy and capacity to deliver long-term financial returns. We are optimistic that our partnership will accelerate investments that will benefit both countries’ economic progress.”
“Deepening our economic linkages will establish a robust Mediterranean-Middle East commercial corridor, improving the level of our business partners and unleashing the possibility for large-scale investments in Greece,” said Athina Chatzipetrou, chairwoman and CEO of the Hellenic Development Bank (HDB). Data mining is unique to HDB. It now manages €8.6 billion in loans after starting with just $296 million, and more than 38,000 additional loans have been approved so far. Our strategy is built around strategic synergy. We look forward to working closely with ADQ to help Greece realise its economic potential.”
“Today’s signing is another milestone occasion that will improve the expanding cooperation between Greece and the UAE,” said Dr Haris Lambropoulos, President of the Hellenic Development Bank of Investments (HDBI). We look forward to collaborating with ADQ and leveraging their sector knowledge in investments that promote economic diversification and help us achieve our joint goals of growth and excellent financial returns.”
The value of non-oil international commerce between the UAE and Greece reached approximately Dh2.1 billion in 2021, representing a 67 percent increase over 2020 and a significant increase above pre-pandemic levels.
