ADQ, Abu Dhabi’s investment and holding company, inked a deal with two Greek banks to fund investments worth €4 billion ($4.23 b) in multiple sectors and asset classes of the Greek economy.
The two banks are the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI), the Sovereign Fund of Funds of Greece.
The agreement underscores the growing economic ties between the two countries and will drive significant investor interest in Greece, according to a statement.
In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly AED 2.1 billion.
The growth, when compared to 2020, was 67 percent, reflecting a significant spike in growth compared to pre-pandemic levels.
The three parties will invest individually and jointly, across target sectors including renewable energy, infrastructure, agriculture, technology, healthcare and life sciences, amongst others.
Athina Chatzipetrou, Chairwoman and Chief Executive Officer of HDB, said, “HDB has unique data mining. It currently has under management €8.6 billion in loans, while starting with only €280 million, and more than 38,000 new loans have been granted so far.”
She said, “Strategic synergies are at the core of our strategy. We look forward to a close and fruitful collaboration with ADQ to leverage Greece’s economic potential.”
