Greece and the United Arab Emirates (UAE) have exceeded their target of attracting €4 billion in Emirati direct investment in Greece and could unlock a further €12 billion in economic benefits through new cooperation agreements, Prime Minister Kyriakos Mitsotakis said on Thursday at the Greece-UAE Strategic Forum organised by Enterprise Greece.
Addressing the forum, Mitsotakis said the two countries had built a relationship of exceptional trust and strategic importance in recent years, extending beyond trade and investment to political dialogue, security, energy, technology, artificial intelligence (AI) and regional stability.
“We are partners with shared perceptions and a common commitment to stability, economic openness and innovation,” Mitsotakis said. He added that the two countries had demonstrated their ability to turn their shared vision into tangible results, while stressing that the greatest opportunities for cooperation still lay ahead.
The prime minister described Greece as a “bridge” between Europe and the Gulf, arguing that the security, prosperity and economic futures of the two regions had become increasingly interconnected.
Against a backdrop of geopolitical uncertainty, conflict and threats to freedom of navigation in the Gulf and the Red Sea, Mitsotakis said closer ties between Europe and the Gulf represented a strategic necessity rather than merely an economic opportunity.
“Greece stands firmly alongside the United Arab Emirates and our partners in the Gulf,” he said.
Mitsotakis said Greece supported the UAE’s sovereignty and security through concrete action, including its leading role in the European Union’s ASPIDES naval operation, which helps safeguard freedom of navigation in the Red Sea.
Greece highlights economic transformation
Mitsotakis said the partnership coincided with a period of significant change in the Greek economy. Seven years ago, Greece was still working to restore its economic credibility, whereas today its growth rate exceeded the European average, the country attracted major international investments and public debt was declining at an unprecedented pace, he said.
He also highlighted Greece’s falling unemployment rate, which had dropped from 18% to below 8%, and said the country attracted record levels of foreign direct investment each year.
The prime minister described this transformation as more than a story of improved macroeconomic indicators, pointing to a new generation of dynamic, innovative and outward-looking Greek businesses competing internationally, investing in new technologies and seeking opportunities abroad.
He credited the UAE with playing an important role in Greece’s economic transformation.
Mitsotakis said the two countries had already surpassed their target of attracting €4 billion in direct investment from the UAE into Greece. He cited investments by Masdar and PureHealth as evidence of the depth of their economic ties.
He added that the forum would mark another milestone, with numerous memorandums of understanding expected to be signed, potentially generating an additional €12 billion in economic benefits.
Beyond investment in their respective countries, Mitsotakis urged Greece and the UAE to explore joint investment opportunities across the wider region, describing the Emirates as Greece’s most reliable partner for pursuing that objective.
Food security and energy offer further opportunities
Mitsotakis identified food security, energy, connectivity and artificial intelligence as key areas for expanding cooperation.
He said Greece’s dynamic agri-food sector could benefit from investment to increase productivity and strengthen businesses, while the UAE could find opportunities across renewable energy, energy storage and conventional energy sources.
The prime minister pointed to Masdar’s investment as an indication of Greece’s potential in the energy sector. He also highlighted Greece’s growing role as an entry point for liquefied natural gas (LNG) and the Vertical Corridor, through which Greece helps meet the energy needs of its northern neighbours.
He said substantial opportunities remained across the energy sector, including both fossil fuels and renewable sources.
Greece positions itself as gateway for IMEC
Mitsotakis also highlighted the India-Middle East-Europe Economic Corridor (IMEC), describing it as a strategically important route with significant potential to strengthen connectivity between India, the Gulf and Europe.
Greece, he said, occupied a natural geographical position as a gateway to continental Europe, while the UAE represented a natural strategic partner in bringing the ambitious project to fruition.
He stressed that IMEC extended beyond port links, infrastructure and logistics, offering the potential to create a new economic, geopolitical and geoeconomic corridor connecting the three regions.
The corridor could facilitate trade, investment, energy flows and digital connectivity, he said.
AI cooperation could transform public administration
Mitsotakis also identified artificial intelligence as a major opportunity for bilateral cooperation, building on what he described as successful results already achieved by the two countries.
He highlighted potential applications of AI in improving government efficiency, supporting decision-making, simplifying procurement procedures and strengthening transparency.
The prime minister also referred to the inauguration of Daedalus, Greece’s new national supercomputer, the previous week. He described it as one of Europe’s most powerful supercomputers, providing substantial computing capacity for research, innovation and businesses working in artificial intelligence.
By combining Emirati investment and expertise with Greek talent, research capabilities and access to the European market, Mitsotakis said the two countries could build an AI innovation ecosystem that would benefit both economies.
He also highlighted defence as an area where AI would bring fundamental change.
Mitsotakis calls for a new regional partnership
Mitsotakis said Greece and the UAE could play a central role in shaping a new regional architecture connecting Europe, the Gulf and Asia through energy, trade, technology and investment.
He said the partnership should rest on shared interests, economic connectivity, common values and friendship.
“Connectivity drives prosperity, prosperity strengthens stability, and stability creates the conditions for lasting peace,” he said, describing this as a strategic vision that Greece and the UAE could advance together.
The prime minister also emphasised the importance of people-to-people ties, noting that a significant Greek community lived in the UAE. He added that two of his three children worked there.
Mitsotakis said personal relationships and trust remained essential for building successful business partnerships, adding that companies should view the two countries’ established relationship as a solid foundation for further cooperation.
“We have achieved a great deal together. I am convinced that the best chapters of our cooperation lie ahead,” he said.
(Source: AMNA)
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