Abu Dhabi-based investment and holding company, ADQ has signed an investment partnership agreement with the national development bank of Greece, Hellenic Development Bank (HDB), and the Sovereign Fund-of-Funds of Greece, Hellenic Development Bank of Investments (HDBI), to invest $4.2 billion (€4 billion) across multiple sectors and asset classes in the Greek economy.
The agreement underscores the growing economic ties between the two countries and will drive significant investor interest in Greece.
The company said in a statement that the three parties will invest separately and jointly in areas such as renewable energy, infrastructure, agriculture, technology, healthcare and life sciences.
Mr. Ioannis Tsakiris, Deputy Minister for Development & Investments in Greece said that, “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.”
“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.”
Ms. Athina Chatzipetrou, Chairwoman and Chief Executive Officer of HDB commented that, “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. We look forward to a close and fruitful collaboration with ADQ to leverage Greece’s economic potential.”
“This 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,” noted Dr. Haris Lambropoulos, President of HDBI.