Greece and the United Arab Emirates announced the agreement of a 400 million euro fund aimed at boosting investment in the Greek economy.
The Greek and UAE funds, Taneo and Mubadala Investment Co respectively, who partnered in the creation of this co-investment platform, will each contribute 200 million euros to the fund and will seek investment opportunities in robust enterprises with growth potential in key areas of the Greek economy. The two sides will also share their expertise and further strengthen diplomatic and trade relations between Greece and UAE.
“The Greek economy has demonstrated its resilience in recent years and many sectors are now demonstrating robust growth,” said Khaldoon Al Mubarak, chief executive of Mubadala.
“As a global long-term strategic investor and partner, Mubadalas focus is on finding opportunities across different markets which offer compelling investment prospects and the opportunity to generate strong and consistent returns,” he added.
The Memorandum of Understanding was signed by by Taneo President and CEO Antonis Georgakakis, with the head of the prime minister’s financial office Giorgos Tsipras in attendance.
According to sources, government Vice-President Yiannis Dragasakis and Giorgos Tsipras played key roles in the discussions leading up to the signature of the agreement.
Established in 2001 by the Greek government, Taneo is a principal investment firm specialising in fund of funds investments. The firm invests in venture capital funds which specialise in startup, early, and expansion stage investments, in particular, Greek SMEs operating in telecommunications, IT, e-commerce, biotechnology, and new materials. To date, Taneo, which is now co-funded by the Greek government and institutional investors, has indirect investments in approximately 50 companies through over 10 venture capital funds.
Mubadala is active in 13 sectors and more than 30 countries around the world, prioritising its partnerships with best-in-class organisations. The company is currently developing global industrial champions in sectors such as aerospace, ICT, semiconductors, metals & mining and renewable energy, utilities and manages a diverse portfolio of financial holdings.