UAE & Greece explore cooperation to enhance private sector contribution to developing innovative & sustainable economic partnerships in future sectors

Non-oil trade between the two countries grew by 67% in 2021 to exceed AED 2 billion

H.E. Abdulla bin Touq Al Marri, Minister of Economy, met with H.E. Spyridon-Adonis Georgiadis, Greek Minister of Development and Investment, to explore means to develop bilateral economic relations, in line with the future visions of the two friendly countries. The two ministers discussed cooperation during the next phase to enhance the access of business communities and the private sector of the two countries to promising opportunities in each other’s market. These efforts will meet the requirements for successful and sustainable new partnerships in sectors of common interest with significant contributions from the private sector of both sides, particularly in the new economy sectors, they noted.

In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly AED 2.1 billion, with a 67% growth compared to 2020, and 23% compared to 2019, reflecting a significant spike in growth compared to pre-pandemic levels. The value of Greek investments in the UAE was recorded over AED 341 million by the end of 2019, of which approximately 50% were in real estate activities, 23% in transport and storage, 20% in construction, and 4% in information and communications. Meanwhile, the UAE’s direct investment balance in Greece totaled over AED 954 million by the end of 2020.

H.E. Bin Touq said: “The UAE enjoys a vibrant and growing economic relationship with Greece. Through our joint efforts, the two countries have succeeded in building a sustainable and diverse partnership with promising and renewed prospects for growth. Today, through Investopia, we are strengthening this partnership with a new vision that focuses on the future and the way technology can be used to achieve the desired economic development of the two countries.”

H.E. further explained that the cooperation with Greece is characterized by the diversity of its sectors and that there are successful UAE investments in Greece in many vital economic sectors such as pharmaceutical industries, infrastructure development, shipbuilding, and agricultural projects. He noted that the UAE is keen to expand existing areas of economic action to cover various strategic and future sectors such as the circular economy, renewable energy, tourism, aviation, information technology, telecommunications, financial and banking technology, food security, and sustainable transport, in line with UAE’s vision for the next 50 years, and the development strategies adopted by Greece.

H.E. Georgiadis commended the vital and growing relations between his country and the UAE, noting that the efforts of the two countries are continuing to move to a higher level of partnership, with a view to create new opportunities between the business communities and the private sector of the two countries in various sectors of common interest. He also highlighted the importance of exchanging visits and commercial and official delegations to expand communication channels between businessmen and investors from the two countries.