UAE And Greece Forge Ahead With Economic Relations Within Strategic Partnership Framework

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, recently led a UAE delegation to Greece, aiming to bolster strategic relations. The visit included high-level meetings with Greek officials, including Prime Minister Kyriakos Mitsotakis, Minister of Foreign Affairs George Gerapetritis, and Minister of Development Kostas Skrekas. The discussions focused on enhancing cooperation across multiple sectors and setting the stage for future collaborations.

During his interaction with the Greek Prime Minister, Dr. Al Jaber highlighted the importance of nurturing sustainable investments and economic ties. The successful organization of COP28 by the UAE received commendation from Prime Minister Mitsotakis, who specifically praised the "UAE Consensus" for setting ambitious climate action goals. The achievements of COP28 were also acknowledged, notably the initiation of 11 pledges and declarations and the mobilization of over US$85 billion for global climate initiatives.

The dialogue also covered aspects of the UAE-Greece Comprehensive Strategic Partnership established in November 2020. This partnership spans political cooperation, trade, investment, tourism, energy, and digital services. A significant highlight was the €4 billion joint investment fund launched in May 2022, instrumental in bolstering key sectors within the Greek economy.

Further discussions underscored cooperation in digital services, governmental operations, and artificial intelligence, with a particular focus on data center projects in Greece. A Memorandum of Understanding (MoU) was signed between Mubadala Investment Company and the Hellenic Development Bank of Investments for a €200 million investment to enhance their partnership. Additionally, an agreement between Masdar and the Greek Ministry of Environment and Energy was established under the "GR-Eco Islands" initiative, aimed at transitioning Greek islands towards green economic models through clean energy and digital innovation.

Dr. Al Jaber lauded Greece's climate action efforts and its support for the UAE's COP28 presidency. He stressed the significance of collaborative endeavors to fulfill the objectives outlined in the "UAE Consensus" and commended Greece's backing for financial and technological initiatives aimed at global climate resilience.

The UAE delegation comprised representatives from various sectors including the Ministry of Investment, ADQ, Masdar, Mubadala, and Mubadala Investment Company. Trade relations between the two nations have shown remarkable growth; non-oil trade volume reached approximately AED1.97 billion in 2022, marking a 60 percent increase over pandemic levels. In the first nine months of 2023 alone, trade grew by about 6.2 percent, propelled by a significant 58 percent rise in re-export trade.

This visit underscores a mutual commitment between the UAE and Greece to deepen strategic ties across diverse sectors while promoting sustainable investments and economic collaboration for future prosperity.

With inputs from WAM