A new three-year agreement between Mubadala and the Hellenic Development Bank of Investments (HDBI), approximately 15 memorandums of understanding and plans for a Greek-Emirati joint venture to pursue construction projects worth up to $10 billion in the Middle East and North Africa are at the center of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s official visit to Athens.

The visit, accompanied by a business delegation of approximately 60 people, follows extensive preparations coordinated by the Greek prime minister’s office and the country’s economic diplomacy officials.

Following a scheduled one-on-one meeting between the crown prince and Prime Minister Kyriakos Mitsotakis at the Maximos Mansion, the two leaders are expected to attend the Greek-Emirati business forum at Conrad Athens The Ilisian, where the cooperation agreements are scheduled to be signed in their presence.

The event, held as part of Investopia Mediterranean, will feature speeches and business discussions, with particular emphasis on direct meetings between representatives of Greek and Emirati companies.

These meetings will provide an opportunity to explore additional partnerships beyond those already being prepared for signature, covering a broad range of economic activities.

According to information obtained by newmoney, the agreements span sectors ranging from construction, investment and digital infrastructure to food exports, medical research and defense technology.

The renewed business activity comes at a time when the United Arab Emirates is understood to have fulfilled the €4 billion investment commitment announced in 2022, according to the same sources.

Major acquisitions involving TERNA Energy and Hellenic Healthcare Group have already significantly expanded the Emirati investment footprint in the Greek economy.

The new agenda, however, goes further, placing greater emphasis on joint ventures, financing arrangements, technological infrastructure and export opportunities.

Mubadala and joint investment initiatives

The planned three-year renewal of the memorandum of understanding between Mubadala and HDBI, according to newmoney, is intended to continue and expand their joint investment initiatives.

The partnership has already opened channels for Emirati capital to enter the Greek market through investment vehicles including VentureFriends, EuSIF and Diorama.

Areas of interest range from financing startups and technology businesses to supporting the expansion of larger companies.

Investment activity began ahead of the official events. Mubadala executives have been in Athens since Tuesday, holding meetings with Greek fund managers as part of their existing cooperation with HDBI.

The discussions have focused on maintaining investment flows and identifying new opportunities in the Greek market.

Beyond renewing the existing partnership, broader co-investment initiatives and business financing schemes are also under consideration, involving investment institutions and financial organizations from both countries.

The objective is to establish additional sources of capital for Greek businesses while facilitating their expansion into international markets.

Greece’s sovereign wealth fund, Growthfund, is also expected to assume a more active role in partnerships involving Emirati capital, according to sources familiar with the discussions.

This would form part of the fund’s efforts to expand its international investment relationships.

Construction partnerships targeting third-country markets

Among the approximately 15 agreements under preparation, a particularly significant initiative involves establishing a joint venture between Greek and Emirati construction companies to pursue major projects in the Middle East and North Africa.

According to economic diplomacy sources, the combined value of potential projects could reach $10 billion.

The figure represents a prospective pipeline of projects rather than contracts that have already been secured.

The Emirati delegation includes National Projects & Construction, a company belonging to the Trojan Group.

On the Greek side, companies expected to participate in the discussions include Archirodon, associated with the Karpidas family, which has a longstanding presence in construction markets across the Middle East.

For Greek construction companies, such partnerships would offer an opportunity to combine their technical expertise and experience in large-scale infrastructure projects with the strong regional presence of Emirati businesses.

The initiative also reflects a broader shift in Greek-Emirati economic relations, extending their cooperation beyond investments within Greece to jointly pursuing business opportunities in third countries.

Energy, artificial intelligence and digital infrastructure

Energy remains a central pillar of cooperation, increasingly intertwined with digital infrastructure and artificial intelligence.

The presence in Athens of executives from Masdar and ADNOC, alongside representatives of Greek energy companies such as TERNA Energy and the Copelouzos Group, underscores the continued strategic importance of the sector.

Potential partnerships range from developing energy infrastructure and lower-carbon solutions to supplying electricity for new digital facilities.

The connection between energy and technology is becoming increasingly important as the expansion of data centers and artificial intelligence applications drives growing demand for electricity and supporting infrastructure.

A significant portion of the planned memorandums concerns the development of AI infrastructure and green data centers, as well as applications in public administration and education.

Other proposed partnerships involve data analytics systems, digital services and communications technology.

The composition of the Emirati delegation reflects these priorities.

Alongside MGX, the investment company established with the participation of Mubadala and G42, representatives of several major technology businesses are in Athens.

These include G42, Presight, which specializes in large-scale data analytics, and Core42, a provider of cloud computing and artificial intelligence infrastructure.

The participation of these companies, together with major groups such as DAMAC, highlights the UAE’s interest in expanding its economic relationship with Greece beyond traditional investment sectors and into emerging technologies and internationally oriented business ventures.

The agreements under discussion could mark a new phase in bilateral economic cooperation, combining Emirati investment capital with Greek expertise, infrastructure and access to European markets.

For Athens, the immediate objective is to translate the high-level political relationship into concrete business partnerships, while opening new opportunities for Greek companies in the Gulf and the wider Middle East.

For Abu Dhabi, Greece offers a potential investment destination and a strategic European partner in sectors ranging from renewable energy and construction to artificial intelligence and healthcare.

The success of the initiative will ultimately depend on how many of the agreements and proposed partnerships translate into funded investments, signed contracts and operational projects.