SCCI Emphasises Growing Economic Relations Between UAE And Greece At Arab-Hellenic Forum

The Sharjah Chamber of Commerce and Industry (SCCI) has emphasised the strengthening economic and trade ties between the UAE and Greece. This growth is supported by collaborative projects and joint investments. Since May 2022, the UAE-Greece Joint Investment Fund has reached an estimated value of €4 billion, focusing on sectors like renewable energy, infrastructure, agriculture, and technology.

The UAE-Greece partnership plays a crucial role in bolstering strategic economic relations. The Sharjah Chamber's participation in the 13th Arab-Hellenic Economic Forum in Athens highlighted these efforts. The event marked the 45th anniversary of the Arab-Hellenic Chamber, which has been instrumental in enhancing trade exchanges and mutual investments between the Arab world and Greece.

Representing SCCI at the forum were Saeed Ghanem Al Suwaidi, Chairman of the Representative Committee of the Real Estate Sector Business Group, and Saud Al-Hajri, Head of Public Relations and Social Responsibility Department. They engaged in panel discussions focused on boosting economic collaboration between the Arab world and Greece.

During these sessions, SCCI underscored the strong ties between the UAE and Greece. The UAE is seen as a global model for sustainable economic development. It continues to foster partnerships worldwide, aligning with UAE Vision 2071, which prioritises strengthening economic relations globally.

The private sectors in both countries are pivotal areas for investment and cooperation. Celebrating its 53rd Eid Al Etihad, the UAE reaffirmed its achievements in sustainable economic development. Its advanced infrastructure, political stability, and diversified economy attract significant investments.

Non-Oil Sector Contributions

At the forum, it was noted that over 200 Greek companies contribute significantly to diversifying the UAE economy. A thriving Greek community benefits from a business-friendly environment due to the UAE's strides in economic diversification. Non-oil sectors now make up about 70% of the UAE’s GDP.

In 2022, non-oil foreign trade in the UAE totalled AED 2.233 trillion, marking a growth rate of 17% compared to 2021. Joint ventures between the UAE and Greece are vital in areas like renewable energy and sustainable projects that promote clean energy transitions.

Strategic Investments

Other key areas of collaboration include pharmaceuticals for advancing medical products development and logistics with infrastructure investments to enhance supply chains. Tourism and cultural exchange also play significant roles in this partnership.

The sustainability of UAE-Greece economic relations was further affirmed by a €3.2bn deal earlier this year between "Masdar" and Terna Energy from Greece’s GEK TERNA group. This acquisition represents one of Europe's largest renewable energy transactions.

Forum Discussions

The Arab-Hellenic Economic Forum featured a session on building materials industry opportunities for collaboration between both nations. Another session included insights from Gulf Cooperation Council (GCC) countries about potential partnerships in construction and infrastructure projects.

These discussions highlighted available opportunities for collaboration across various sectors, reinforcing ongoing efforts to strengthen ties between Greece and Arab nations through shared expertise and technology transfer initiatives.

The continued growth in economic relations between the UAE and Greece underscores their commitment to fostering strategic partnerships across diverse sectors while promoting sustainable development goals on both sides.

With inputs from WAM