A number of important agreements strengthening the important trade and investment relationship between Greece and the United Arab Emirates were signed during the visit of the Prime Minister, Kyriakos Mitsotakis to Abu Dhabiduring which he had a meeting with the Crown Prince of Abu Dhabi Mohammed Bin Zayed Al Nahyan.
The Prime Minister and His Highness praised the strong ties between the two countries, as well as the bilateral Broad Strategic Partnership agreed in November 2020, which gave a new impetus to bilateral relations.
The two leaders reaffirmed their determination to deepen and further expand the UAE-Greece relationship in as many areas as possible and to join forces to meet common global and regional challenges and to explore new opportunities for peace and prosperity.
Economy, Investment, Industry and Energy
The UAE and the Hellenic Republic maintain a significant trade and investment relationship, with a total trade volume of US $ 560 million in 2021, up 67.4% from 2020, promoting innovation, job creation and economic development in the UAE and Greece.
The leaders set goals to increase economic exchanges between the two countries and discussed new opportunities for cooperation, including strategic joint ventures in energy, industry and technology, with a particular focus on environmentally friendly technologies, renewable energy sources, hydrogen and decarbonization of industry.
The leaders attended the signing of a Memorandum of Understanding on Economic and Technical Cooperation, with the aim of further strengthening economic cooperation between the two countries.
The UAE and the Hellenic Republic have agreed to establish one Investment Initiative 4 billion euros to facilitate investment in the Greek economy in a wide range of sectors, including infrastructure, renewable energy and new forms of energy, healthcare, medicine, food, agriculture and the supply chain.
For this purpose, a Memorandum of Understanding was signed between the ADQ of the UAE and the Hellenic Development Bank and the Hellenic Development Investment Bank.
In addition, Mubadala Investment Company and the Hellenic Development Investment Bank agreed to expand their partnership to the € 400 million joint investment platform set up in 2018.
The leaders attended the signing of a Memorandum of Understanding in the field of industry and advanced technologies and a Memorandum of Understanding in the field of standardization and compliance with standards.
In the framework of the Broad Strategic Partnership, the UAE and Greece are actively working to expand bilateral ties in the energy sector.
The Abu Dhabi National Oil Company (ADNOC) and Motor Oil have signed a Strategic Framework Agreement to explore opportunities for liquefied natural gas (LNG) cargo supply in Greece, including the future floating liquefied natural gas storage unit (F). of “Dioriga Gas”, as well as to explore other cooperation opportunities at the “Dioriga Gas” terminal.
Bilateral cooperation in the field of renewable energy sources will be expanded and deepened through three new agreements signed by Abu Dhabi Future Energy Company (Masdar): a Memorandum of Understanding with the Greek Government for the development of renewable energy sources and energy efficiency solutions in ecological islands; a Memorandum of Understanding for the establishment of a Consortium with the local partner Kyoto SA. for the development of onshore renewable energy projects in Greece; and a Memorandum of Understanding with Motor Oil for the development of offshore wind farms and other renewable energy projects in Greece.
Foreign Policy, Regional Issues, Peace and Stability
The two countries reiterated their unwavering commitment to deepen their strategic partnership in the fields of foreign policy and regional security and defense.
The Prime Minister congratulated the UAE on their current term as a non-permanent member of the UN Security Council for the period 2022-2023. His Highness reiterated the support of the UAE in Greece’s candidacy for the position of non-permanent member of the UN Security Council for the period 2025-26. The UAE and Greece reaffirmed their commitment to work together to promote international peace and security. The two leaders discussed the long-term strategic implications of the global recovery from COVID 19.
The leaders expressed their commitment to supporting efforts to promote peace and stability, both regionally and internationally, on the basis of international law, including the Law of the Sea. They also reaffirmed that political processes and dialogue, based on the fundamental principles of the UN Charter, remain the guiding compass for achieving lasting solutions to all conflicts and disputes, and stressed the importance of a peaceful settlement of disputes between states.
They also noted that maintaining stability and prosperity remains a priority for achieving regional peace and security. In this light, they agreed that undermining the sovereignty and territorial integrity of either country would destabilize regional peace and security.
The Prime Minister of the Hellenic Republic reiterated his strong condemnation of the terrorist attacks against the UAE and reaffirmed his solidarity and full support for the UAE in the face of these attacks.
Both leaders expressed confidence in their ability to meet future challenges based on the strength of the existing broad and solid partnership, which contributes to increasing mutual security, stability, economic growth and flagship cooperation.
Climate Action
Recognizing that strong, decisive climate action can be a driving force for economic growth, job creation and sustainable development, the leaders underlined the desire to strengthen climate action cooperation to facilitate energy transition and the implementation of the Paris.
The leaders agreed to work closely together at the UN Conference on the Parties to the UN Framework Convention on Climate Change and to support both sides’ efforts for clean energy.
The leaders agreed to strengthen bilateral co-operation to accelerate climate action and environmental protection, and welcomed the signing of a Memorandum of Understanding on climate action.
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