• A training contract for the Hellenic Aerospace Industry. 
  • Two 50 million investments through the Hellenic Development Bank of Investments , HDBI (no details provided). 
  • An agreement for the creation of a one billion co-investment fund for investments in Greece and the Balkans. 

These are the economic results from the recent visit of Prime Minister of Greece, Kyriakos Mitsotakis, in the United Arab Emirates (17-18 of November, 2020). 

Greece’s diplomacy and foreign policy has shifted its focus from economics to geopolitics.  

It was made clear at this visit.  

In the Joint Declaration of the Government of Greece and the Government of UAE, issued during Mitsotakis’ visit to Abu Dhabi, nine paragraphs are about: 

– the commitment of the two countries to international law and the Charter of the United Nations as the basis for peace, security, good neighborly relations and peaceful settlement of disputes 

– the “ Abraham Accords Peace Agreement ” signed between the United Arab Emirates and Israel 

– the commitment of Greece and UAE to the principle of non-interference in the internal affairs of states, 

– “Turkey’s violation of the sovereignty and sovereign rights of the Hellenic Republic and the Republic of Cyprus” and “Turkey’s overall aggressive behavior in the Middle East, the Southeastern Mediterranean and the South Caucasus” 

–  the two governments calling on Turkey “to respect international law and to immediately cease all illegal and provocative actions” 

– expanding cooperation, together with and within regional and multilateral mechanisms 

– Greece’s role in strengthening ties between the UAE and the European Union 

So, what about economics? Greece has been struggling to close its investment gap and attract foreign capital to help its once again ailing economy. 

A single paragraph of the Joint Declaration was dedicated to Trade, Investments and Tourism. Its content is quite ambiguous. 

It talks about “the exchange of know-how and information in all areas related to investments of common interest, strengthening SMEs and entrepreneurs, a network of business structures that will encourage cooperation, such as business incubators and networks of similar companies (incubators and clusters).”  

We contacted the office of Minister of Development and Investments, Adonis Georgiadis who accompanied K. Mitsotakis in UAE, to get more information about the economic agreements that came out of the visit. 

Here is what the Ministry reported:    

– a 130 million contract for the provision of training to United Arab Emirates Air Force executives by the Hellenic Aerospace Industry

– Τwo large investments of 50 million each (not specified whether in dollars or euros) in two key sectors of the economy. The investments will be carried out by ex “TANEO”, current Hellenic Development Bank of Investments 

-Agreement for the creation of a co-investment fund for investments in Greece and the Balkans over one billion (not specified whether USD or EUR). 

Greece and UAE signed a Strategic Partnership Agreement and an Agreement on Joint Foreign Policy and Defense Cooperation.