World

UAE, Greece leaders meet in Abu Dhabi to better ties, launch billion-dollar venture

Leaders of the United Arab Emirates and Greece met in Abu Dhabi on Monday to strengthen bilateral ties and deepen their partnership on foreign policy, regional security, and general defense strategies, the official Emirates news agency (WAM) reported.

Both countries share a trade and investment relationship of $560 million as of 2021, reflecting a 67.4 percent growth compared to the year 2020, according to a WAM report.

For the latest headlines, follow our Google News channel online or via the app.

Further boosting cooperation, numerous agreements were signed in economic cooperation, climate action, health and medicine, security, and fighting organized crime and counterterrorism, WAM reported.

The UAE and the Hellenic Republic “agreed to establish a €4 billion investment ($4.2 billion) initiative to facilitate investments in the Greek economy across a wide range of sectors, including infrastructure, renewable and new forms of energy, healthcare and pharma, food and agriculture, and logistics,” according to WAM.

UAE’s Mubadala Investment Company and the Hellenic Development Bank of Investments also agreed to extend their partnership in the $422.6 million co-investment platform established in 2018, according to WAM.

Oil giant ADNOC and Motor Oil signed an agreement to supply LNG cargoes to Greece.

“Due to its geographical position, Greece has the potential to become a gate for natural gas from the Middle East to Europe,” Greek prime minister Kyriakos Mitsotakis was quoted as saying by Reuters. “We would like to explore the possibilities for further strategic cooperation and the participation of funds from the UAE in this direction.”

This will reportedly be complemented by a joint venture development of onshore renewable energy projects in Greece and an offshore wind generation system among renewable power generation projects in Greece.

The two countries on Monday signed in total nine agreements on technology, energy and health, among other sectors.

As part of its effort to boost the share of renewables in energy consumption to 35 percent by 2030 from around 23 percent now, Greece wants to install offshore wind parks capable of generating two gigawatts by 2030, with required investments seen at six billion euros, Reuters reported.

Apart from the economic aspects of the relationship, Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed reportedly reiterated the UAE’s support for Greece’s candidature for a non-permanent seat at the UN Security Council, adding a shared call for the promotion of international peace and security.

The UAE is a non-permanent member of the Security Council for 2022-23.

With Reuters

Read more:

Greece, Bulgaria say new LNG terminal will help cut reliance on Russia

Turkey rejects Greece’s charges of illegal military flights: Athens ‘started tension’

UAE invites companies to bid for 40 percent stake in 1.5 GW solar plant

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

Exit mobile version