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May 9, 2022
ADQ, an Abu Dhabi-based investment and holding company, has signed an investment partnership agreement with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI), the Sovereign Fund-of-Funds of Greece, to fund investments worth 4 billion euros across multiple sectors and asset classes of the Greek economy.
The event took place in Abu Dhabi in the presence of His Highness Sheikh Mohamed bin Zayed Al Nayhan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Kyriakos Mitsotakis, Prime Minister of Greece. The exchange of agreement was between His Excellency Kostas Fragogiannis, the Deputy Minister for Economic Diplomacy and Openness at the Greek Ministry of Foreign Affairs; His Excellency Ioannis Tsakiris, Deputy Minister for Development & Investments; and His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ.
The agreementunderscores the growing economic ties between the two countries and will drive significant investor interest in Greece. The three parties will invest individually and jointly, across target sectors including renewable energy, infrastructure, agriculture, technology, healthcare and life sciences, amongst others.
Ioannis Tsakiris, Deputy Minister for Development & Investments, commented: “Greece and the UAE continue to forge strong and strategic partnerships underpinned by investments that provide growth opportunities for both nations. With its proven track record in establishing robust and tangible sovereign investment partnerships, ADQ is a natural partner that will contribute to achieving our economic growth.”
H.E. Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, commented: “Bilateral relations between the UAE and Greece have strengthened in recent years particularly in the areas of trade and economic development. Today’s signing underlines ADQ’s commitment to build strategic partnerships with key entities that complement our investment strategy and our ability to generate sustainable financial returns. We are confident that our joint collaboration will accelerate investments that will contribute to the economic growth of both nations.”
Athina Chatzipetrou, Chairwoman and Chief Executive Officer of the Hellenic Development Bank (HDB), said: “Deepening the economic ties between our countries will create a robust Mediterranean-Middle East commercial corridor raising the level of our business relationship and unlocking the potential for large-scale investments in Greece. HDB has unique data mining. It currently has under management 8.6 billion euros in loans, while starting with only 280 million euros, and more than 38,000 new loans have been granted so far. Strategic synergies are at the core of our strategy. We look forward to a close and fruitful collaboration with ADQ to leverage Greece’s economic potential.”
Dr. Haris Lambropoulos, President of Hellenic Development Bank of Investments (HDBI), said: “Today’s signing is yet another milestone occasion that will enhance the growing cooperation between Greece and the UAE.We look forward to working with ADQ and leveraging their sector expertise in investments that support economic diversification and advance our common goals for growth and solid financial returns.”
In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly AED 2.1 billion, with a 67% growth compared to 2020, reflecting a significant spike in growth compared to pre-pandemic levels.
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