The partnership agreement signed with the Hellenic Development Bank and Hellenic Development Bank of Investments reflect ADQ’s position as a long-term investor in the Greek economy
HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (back center R) and HE Kyriakos Mitsotakis, Prime Minister of Greece (back center L), witness an MOU exchange ceremony, during an official visit reception, at Qasr Al Watan. Seen exchanging HE Mohamed Hassan Al Suwaidi, CEO of Abu Dhabi Developmental Holding Company (ADQ) (front R). Image Credit: Hamad Al Kaabi / Ministry of Presidential Affairs
May 9, 2022
- Investments accelerate funding to fuel growth in key sectors of Greece’s economy
- The Agreement forms part of ADQ’s strategy to seek long-term strategic partnerships that facilitate investments in key markets to generate sustainable returns
Abu Dhabi, UAE: ADQ, an Abu Dhabi-based investment and holding company, has signed an investment partnership agreement with 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, to fund investments worth 4 billion euros across multiple sectors and asset classes of the Greek economy.
The event took place in Abu Dhabi in the presence of His Highness Sheikh Mohamed bin Zayed Al Nayhan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Kostas Fragogiannis, the Deputy Minister for Economic Diplomacy and Openness at the Greek Ministry of Foreign Affairs. The exchange of agreement was between His Excellency Konstantinos Fragkogiannis, Deputy Minister of Foreign Affairs; His Excellency Ioannis Tsakiris, Deputy Minister for Development & Investments; and His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ.
The agreement underscores the growing economic ties between the two countries and will drive significant investor interest in Greece. The three parties will invest individually and jointly, across target sectors including renewable energy, infrastructure, agriculture, technology, healthcare and life sciences, amongst others.
Ioannis Tsakiris, Deputy Minister for Development & Investments, commented: “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.”
H.E. Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, commented: “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.”
Athina Chatzipetrou, Chairwoman and Chief Executive Officer of the Hellenic Development Bank (HDB), said: “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. HDB has unique data mining. It currently has under management 8.6 billion euros in loans, while starting with only 280 million euros, and more than 38,000 new loans have been granted so far. 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.”
Dr. Haris Lambropoulos, President of Hellenic Development Bank of Investments (HDBI), said: “Today’s 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.”
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, reflecting a significant spike in growth compared to pre-pandemic levels.
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy, including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
About the Hellenic Development Bank (HDB)
The Hellenic Development Bank SA (HDB) is the development institution of Greece. It is the 100% state owned financial intermediary in Greece, which is functioning in reciprocity with the Greek banking sector. Established in 2004, HDB contributes to the driving forces of the Greek enterprises as a pillar of growth of the national economy. HDB is the trusted partner of Greek entrepreneurs. In particular, HDB is supporting primarily micro, small and medium enterprises by facilitating their access to finance and support through non-financial tools, to address and cover any market failures and to create an ecosystem that favors and supports SMEs. HDB sees “Banking as a Service”.
For more information, please visit: https://hdb.gr/
About the Hellenic Development Bank of Investments (HDBI)
The Hellenic Development Bank of Investments SA (HDBI, ex TANEO) is the Sovereign Fund of Funds of Greece. The main activity of HDBI is to manage state and/or EU funds for the purpose of procuring and investing these resources to participate along other investors in Venture Capital and Private Equity Funds. The company’s mottos are #WeInvestForGrowth and #FinancingInnovation. Currently, the funds under management by HDBI amount to €2.1 billion.