Sharjah Chamber highlights business cooperation between UAE and Greece

The Sharjah Chamber of Commerce and Industry (SCCI) highlighted the ongoing growth in economic and trade relations between the UAE and Greece, underpinned by collaborative projects and joint investments.

Since its launch in May 2022, the UAE-Greece Joint Investment Fund has reached an estimated value of €4 billion, targeting key sectors such as renewable energy, infrastructure, agriculture, and technology. This initiative plays a vital role in strengthening the strategic economic ties between the two countries.

These remarks were made as the Sharjah Chamber wrapped up its participation in the 13th Arab-Hellenic Economic Forum recently held in Athens, Greece. The event coincided with the 45th anniversary of the establishment of the Arab-Hellenic Chamber, which has played a key role in enhancing trade exchange and mutual investments between the Arab world and Greek, uncovering new communication channels and connecting business leaders from both regions.

The Sharjah Chamber was represented at the forum by Saeed Ghanem Al Suwaidi, Chairman of the Representative Committee of the Real Estate Sector Business Group at SCCI, alongside Saud Al-Hajri, Head of Public Relations and Social Responsibility Department at SCCI. They participated in a panel discussion as part of the forum’s agenda, which encompassed multiple sessions focusing on enhancing economic collaboration between the Arab world and Greece.

During these sessions, the Sharjah Chamber asserted the strong ties between the UAE and Greece, emphasising the UAE’s position as a global model for sustainable economic development.

It showcased the UAE’s role in fostering the continued growth of partnerships with its global counterparts, in line with the UAE Vision 2071, which prioritises strengthening economic relations and partnerships with different countries across the globe.

The Sharjah Chamber noted that the relationship between the private sectors of the UAE and Greece is one of the key areas of investment and economic cooperation.

Celebrating its 53rd National Day, the UAE reaffirmed its significant achievements in sustainable economic development and the formation of robust strategic ties with global economies. This has positioned the UAE as a leading model for attracting investments, underpinned by its advanced infrastructure, political stability, and diversified economy.

During the 13th Arab-Hellenic Economic Forum, the Sharjah Chamber noted that more than 200 Greek companies play a pivotal role in driving the growth and diversification of the UAE economy. A vibrant Greek community operates in a business-friendly environment, thanks to the UAE’s significant strides in economic diversification. Non-oil sectors now comprise about 70 per cent of the UAE’s GDP, spanning key sectors including aviation, logistics, industry, and tourism.

SCCI added that the UAE’s non-oil foreign trade totaled Dhs2.233 trillion in 2022, with a growth rate of 17 per cent compared to 2021. It highlighted the important role of joint ventures and investments between the UAE and Greece, particularly in areas such as renewable energy and sustainable projects that drive the transition to clean energy.

Other focal points of the UAE- Greece partnership include the pharmaceutical sector, aimed at advancing the development of medicines and medical products, as well as logistics, with investments in infrastructure to improve supply chains, in addition to tourism and cultural exchange between the two countries.

The Sharjah Chamber also affirmed the sustainability of UAE-Greece economic relations, pointing to the €3.2bn landmark deal signed earlier this year between “Masdar” and Terna Energy, a subsidiary of Greek company GEK TERNA, to acquire a 67% stake in Terna Energy. This deal is the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.

The Arab-Hellenic Economic Forum hosted a session focused on the building materials industry, exploring opportunities for collaboration and the transfer of technology and expertise between the UAE and Greece.

Another discussion session was held as part of the forum’s agenda, featuring insights from select Gulf Cooperation Council (GCC) countries and highlighting the opportunities available for partnerships and participation in construction and infrastructure projects.

Earlier, Marwan Hussein Al Shaali, Member of Ajman Chamber’s Board of Directors, participated in the 13th Arab-Hellenic Economic Forum held in Athens, Greece.

The forum aimed to enhance economic cooperation, increase the volume of Arab-Hellenic investments, and explore partnership opportunities, with a focus on developing mutual investments in the energy and construction sectors.

The forum was attended by officials and representatives from government and economic institutions of Arab countries and Greece, along with leaders of companies, entrepreneurs, experts, and specialists in the fields of energy, construction, and related sectors.

Since its launch in May 2022, the UAE-Greece Joint Investment Fund has reached an estimated value of €4 billion, targeting key sectors such as renewable energy, infrastructure and technology.