At a particularly critical geopolitical moment, following the ratification of the controversial Turkey-Libya maritime agreement by Libya’s parliament and the strong reaction from Athens through the European Union, today’s visit by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to the Maximos Mansion carries particular significance.

The visit comes amid heightened tensions in the Eastern Mediterranean, with Greece, Egypt, Israel and Cyprus expressing concerns over developments surrounding the Turkish-Libyan agreement.

Athens and Abu Dhabi have maintained close economic and geopolitical ties for years. The two countries previously signed a defense cooperation agreement containing a mutual defense assistance clause, similar to the one included in Greece’s agreement with France.

Since then, bilateral relations have increasingly focused on investment, with substantial Emirati capital flowing into Greek businesses. Interest appears to be growing across several sectors, which will be discussed at a major business forum scheduled for midday Thursday at The Ilisian hotel in Athens.

Mitsotakis’ message to Ankara and eastern Libya

Prime Minister Kyriakos Mitsotakis, who visited Abu Dhabi again several months ago, is expected to address developments across the wider region during his meeting with the crown prince.

Athens is sending a clear message to Ankara and eastern Libya that it will not accept attempts to establish faits accomplis at Greece’s expense, particularly through actions it considers to be in clear violation of international law.

The Greek government has already secured a unified position from all 27 European Union member states on the issue, following extensive diplomatic efforts.

Mitsotakis personally held several consultations with European counterparts, while Foreign Minister George Gerapetritis also engaged in diplomatic contacts to coordinate the European response.

The government views the EU’s collective position as an important diplomatic development at a time when the maritime dispute has once again moved to the forefront of regional relations.

A 60-member Emirati business delegation in Athens

Beyond the geopolitical dimension, the crown prince’s visit has a substantial economic agenda.

A large Emirati business delegation of approximately 60 people has arrived in Athens, accompanying Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, who was welcomed at the airport Wednesday by Foreign Minister George Gerapetritis.

Representatives of major Greek companies are also expected to participate in the Greek-Emirati business forum, where discussions will focus on opportunities for further investment and cooperation.

The visit’s agenda also includes the signing of bilateral memorandums of cooperation between the two governments, signaling their intention to deepen ties across a range of sectors.

Major investments in energy, data centers and aquaculture

Economic relations between Greece and the United Arab Emirates are already well developed, particularly in the energy sector, where Emirati investors have established a significant presence.

Masdar has acquired TERNA Energy in a transaction with an enterprise value of €3.2 billion, marking one of the largest Emirati investments in Greece.

Meanwhile, DAMAC has partnered with Greece’s Public Power Corporation (PPC) to develop a data center in Spata, near Athens, with an initial investment budget of €150 million.

Mubadala also maintains an investment presence in Greece, including in the aquaculture sector.

Another major component of bilateral economic cooperation is the €4 billion investment partnership agreement involving Abu Dhabi-based ADQ.

In 2022, ADQ signed a memorandum of understanding with the Hellenic Development Bank, establishing a framework for investment cooperation in Greece. The Emirati investment group has since expressed interest in opportunities across several sectors of the Greek economy.

The combination of established investments, new business contacts and planned intergovernmental agreements underscores the growing importance of the UAE as an economic partner for Greece.

Thursday’s visit is therefore expected to serve two objectives: reinforcing the strategic relationship between Athens and Abu Dhabi amid mounting regional geopolitical tensions, while opening the door to further Emirati investment in the Greek economy.