Greece Going Arab for Investments: Energy, Tourism, High-Tech

ATHENS – After making deals with Saudi Arabia, Greece is moving toward making more with the United Arab Emirates in a number of sectors, less than a year after signing a cooperation agreement over foreign policy and defense.

The New Democracy government, trying to accelerate an economic recovery during the waning COVID-19 pandemic, is focusing especially on energy, including renewables to get away from reliance on oil and gas.

The prospective deals with the UAE, said Kathimerini, could also include tourism, infrastructure, real estate and with small and medium-sized enterprises as Greece has become more attractive to foreign investors.

Greek diplomats not named told the paper that the Abu Dhabi Developmental Holding Company (ADQ) is looking into Greek pharmaceuticals, ports – especially Iraklio on Crete – logistics, airports and highways as well as energy.

In May,  ADQ signed a strategic investment cooperation agreement with the Hellenic Development Bank and the Hellenic Development Bank of Investments to spend 4 billion euros ($4.02 billion) in Greek investments.

ADNOC, Abu Dhabi’s state petroleum company, signed a deal with refiner Motor Oil to supply liquefied natural gas (LNF) to Greece, including a planned floating storage and regasification unit off Motor Oil’s installations, the report said.

The investment fund Masdar is considering renewables, including wind parks, on Greek islands where there has been some opposition and was said interested in producing “green” hydrogen, desalination units powered from renewables, as well as energy storage projects too.

The Mubadala fund earlier acquired interests in fisheries and now said it will have a partnership with the Costamare group to build a hotel, golf course and housing in southwestern Greece and looking into investments in shipping, marinas and also several clinics.


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