UAE and Greece look to boost ties as non-oil trade soars past $600m
The UAE and Greece are looking to enhance diplomatic and economic ties as non-oil trade between the two nations has moved beyond $600m a year.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), conducted an official visit to the Hellenic Republic, joined by senior government officials and representatives from leading UAE companies.
The delegation included ADNOC, Abu Dhabi Future Energy Company (Masdar), ADQ, Mubadala Investment Company, EDGE Group, PureHealth, MGX, 2PointZero, and Presight.
UAE and Greece trade
The visit focused on advancing the Comprehensive Strategic Partnership between the UAE and the Hellenic Republic, which was signed in November 2020 in the presence of President Sheikh Mohamed bin Zayed Al Nahyan, and on building upon the outcomes of Prime Minister Kyriakos Mitsotakis's visit to the UAE in February 2025.
It also included a review of progress under the UAE-Greece Joint Investment Fund, which was announced in May 2022 with a total value of €4bn ($4.5bn).
The total value of non-oil trade between the UAE and Greece reached AED2.22bn ($604m) in 2024, representing a 6 per cent year-on-year increase driven by a 26.3 per cent rise in imports.
In the first quarter of 2025, trade between the two countries grew by over 40 per cent compared to the same period the previous year, supported by a more than 140 per cent increase in exports, a 46 per cent increase in re-exports, and a 26 per cent rise in imports.
Over the past five years, non-oil trade between the UAE and Greece has grown by 80 per cent, with significant increases in exports (72 per cent) and imports (84 per cent).
This sustained growth, at an average annual rate of 16 per cent, underscores the strength and long-term potential of bilateral trade relations.
Dr. Sultan Al Jaber met with Prime Minister Kyriakos Mitsotakis and conveyed the greetings and best wishes of the UAE leadership to the government and people of Greece.
He reaffirmed the UAE's commitment to strengthening bilateral cooperation and expanding it to new strategic areas of mutual interest.
Dr. Al Jaber also met with Kostis Hatzidakis, Deputy Prime Minister of Greece. The two sides discussed the ongoing implementation of the Comprehensive Strategic Partnership, including a number of issues of mutual interest.
They also explored ways to deepen economic cooperation, expand investment, and advance ongoing joint projects.
Dr. Al Jaber also met with Nikos Dendias, Minister for National Defence, to explore opportunities for enhanced cooperation in advanced industries and manufacturing.
The discussions covered potential partnerships in defence-related technologies and platforms, as well as the exchange of expertise and best practices.
An announcement was also made during the visit confirmed the two countries' agreement to continue implementing the existing UAE-Greece double taxation agreement, underscoring their shared commitment to a stable investment climate and deeper economic cooperation.
The visit also featured a dedicated strategic dialogue titled 'Forging the Next Chapter of Economic Partnership', attended by representatives from UAE and Greek public and private sector entities.
The session highlighted opportunities for collaboration across key sectors, including energy, renewable energy, industry, advanced technology, infrastructure, and data centres.
Dr. Sultan Al Jaber also visited the headquarters of TERNA Energy, recently acquired by Abu Dhabi Future Energy Company (Masdar), as part of his programme in Athens. He met with Georgios Peristeris, Executive Chairman of TERNA Energy, and senior executives to review the company's strategic plans and its efforts to expand renewable energy projects across Southeastern and Central Europe.
The visit also included a tour of key facilities to observe the technologies and operational systems supporting TERNA's clean energy portfolio.
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