UAE Financial Empire In Greece
Discover the UAE's expanding financial footprint in Greece, including a full list of UAE-owned companies and sectors they influence.
Discover the UAE's expanding financial footprint in Greece, including a full list of UAE-owned companies and sectors they influence.
Greece and the United Arab Emirates (UAE) have developed a rapidly growing economic relationship marked by significant trade volumes and foreign direct investment (FDI). According to the Bank of Greece, the UAE ranked among the top three countries of origin for FDI into Greece in 2024, a historic milestone reflecting deepening ties. Total FDI inflows into Greece reached approximately €6 billion last year, with the UAE contributing a substantial share. From 2002 to 2022, cumulative UAE investments in Greece totaled around €553 million, with a notable increase in recent years, including €47 million in 2021 alone (Enterprise Greece, 2025).
Trade between the two countries is robust and diversified. In 2023, Greece imported goods worth approximately US$407.19 million from the UAE, dominated by mineral fuels and oils ($283.22 million), aluminum ($78.60 million), and iron and steel products ($19.70 million) (United Nations COMTRADE, 2023). Conversely, UAE imports from Greece totaled about US$330.5 million, including tobacco and substitutes ($39.30 million), pharmaceutical products ($33.71 million), and mineral fuels and oils ($26.50 million). Notably, bilateral non-oil trade surged by 67% in 2021 compared to the previous year, reaching nearly $572 million (WAM News, 2024). This growth reflects a dynamic and expanding commercial relationship.
The UAE’s investments in Greece span several strategic sectors. In the energy domain, UAE’s clean energy firm Masdar acquired Greek renewable energy company Terna Energy for approximately €2.4 billion in June 2024, marking one of the largest deals in the region (Enterprise Greece, 2025). Masdar also partners with Motor Oil and Terna Energy to develop Greece’s first offshore wind farm, contributing to the country’s clean energy transition. The Egypt-Greece power interconnection project “GREGY,” involving Masdar and other regional partners, is part of a broader strategy to integrate energy networks in the Eastern Mediterranean, potentially linking to a planned 2,000 km Saudi-Greek interconnection (Proto Thema, 2025).
In digital infrastructure, Greece and the UAE signed a Memorandum of Understanding in February 2024 to develop data centers with a total capacity of 500 megawatts, aimed at strengthening technological cooperation and digital resilience (ARN News Centre, 2024). The Greek data center market is projected to grow from $735 million in 2022 to $1.218 billion by 2028, highlighting significant growth potential.
Healthcare is another focal point, with UAE-based PureHealth Group acquiring a 60% stake in Hellenic Health Group, which owns 10 hospitals and 16 diagnostic centers in Greece, in a deal valued at approximately $1.4 billion (Enterprise Greece, 2025). This investment underscores the UAE’s interest in expanding its footprint in Greece’s healthcare sector.
Real estate and tourism also attract Emirati capital. DAMAC Properties, a prominent UAE developer, entered a joint venture with Greece’s Public Power Corporation to build a €150 million data center near Athens (Enterprise Greece, 2025). Additionally, UAE investments extend to luxury hotel acquisitions and coastal property developments on Greek islands such as Mykonos, Crete, and Rhodes. In aquaculture, UAE-based Aqua Bridge announced plans to acquire Greek-Spanish fish farmer Avramar, a leading Mediterranean aquaculture producer (Enterprise Greece, 2025).
The strategic partnership between Greece and the UAE is reinforced by high-level political engagement. In May 2022, the two countries agreed to jointly fund investments worth €4 billion in Greece, signaling a deepening economic alliance (Proto Thema, 2025). Greek Prime Minister Kyriakos Mitsotakis and UAE President Sheikh Mohamed bin Zayed Al Nahyan reaffirmed their strong bilateral ties during a February 2025 meeting in Abu Dhabi, emphasizing cooperation in artificial intelligence, digital technology, renewable energy, and tourism (Proto Thema, 2025). Greece’s selection as one of seven EU countries to host an AI Factory highlights its emerging role as a technological hub connecting Europe, the Middle East, and India.
Greek Prime Minister Mitsotakis stated, “We reaffirmed the depth of the strategic relationship between our two countries. The target of €4 billion in UAE foreign direct investment has now been exceeded. Greece offers significant opportunities in AI infrastructure and renewable energy, strengthening our position as an economic and energy bridge” (Proto Thema, 2025).
UAE Minister of Investment Mohamed Hassan Alsuwaidi remarked, “The agreement to develop data centers in Greece strengthens bilateral economic ties and recognizes the crucial role of technology in shaping a digital economy” (ARN News Centre, 2024).
Echoing regional trends, IDA Ireland CEO Michael Lohan noted, “Ireland’s strengths in innovation and pro-enterprise policies underpin resilience amid global uncertainty, and similar dynamics are seen in neighboring countries like Greece” (IDA Ireland, 2025).
Greece’s economy continues its recovery from the debt crisis, with foreign investments playing a pivotal role in revitalization. UAE capital has been instrumental in post-crisis privatizations and infrastructure projects, often acquired at bargain valuations (Enterprise Greece, 2025). The Greek data center market’s rapid expansion, driven by the Digital Transformation Strategy 2020-2025, is further accelerated by UAE investments (ARN News Centre, 2024). Bilateral trade and investment growth align with Greece’s strategic goal to become a European hub for energy and digital infrastructure, leveraging its geographic position as a gateway to the Middle East and North Africa (Proto Thema, 2025).
While UAE investments bring much-needed capital and development, concerns persist regarding transparency, ownership structures, and potential geopolitical influence. The use of shell companies in Cyprus and the Netherlands to obscure ownership complicates regulatory oversight and raises questions about accountability (Enterprise Greece, 2025). Additionally, the intertwining of economic interests with security collaborations under the guise of counter-terrorism has sparked debate about sovereignty and civil liberties in Greece. Environmental activists criticize the UAE’s greenwashing efforts, pointing to the regime’s continued reliance on fossil fuels despite investments in renewable energy projects (Proto Thema, 2025).
Greece and the United Arab Emirates (UAE) have forged a dynamic and rapidly expanding economic partnership that has transformed the landscape of bilateral trade, investment, and strategic cooperation. This multifaceted relationship, marked by significant financial flows and collaborative projects across key sectors, offers promising opportunities for growth and modernization in Greece. However, it also presents complex challenges that necessitate vigilant oversight, ethical reflection, and strategic foresight to ensure that economic benefits align with Greece’s long-term interests, sovereignty, and democratic values.
At the heart of this partnership is a remarkable surge in trade and investment. According to the Bank of Greece, the UAE was among the top three countries of origin for foreign direct investment (FDI) into Greece in 2024, a historic milestone underscoring the depth of economic ties. Total FDI inflows into Greece last year reached approximately €6 billion, with the UAE contributing a substantial share. Between 2002 and 2022, cumulative UAE investments in Greece amounted to around €553 million, with a notable increase in recent years, including €47 million in 2021 alone (Enterprise Greece, 2025).
Trade volumes between the two nations have also grown impressively. In 2023, Greece imported goods worth about US$407.19 million from the UAE, dominated by mineral fuels and oils ($283.22 million), aluminum ($78.60 million), and iron and steel products ($19.70 million) (United Nations COMTRADE, 2023). Conversely, UAE imports from Greece totaled approximately US$330.5 million, including tobacco and substitutes ($39.30 million), pharmaceutical products ($33.71 million), and mineral fuels and oils ($26.50 million). Notably, bilateral non-oil trade surged by 67% in 2021 compared to the previous year, reaching nearly $572 million (WAM News, 2024). This robust trade growth reflects a deepening commercial relationship that benefits both economies.
Strategic investments by UAE entities in Greece span several critical sectors. In energy, the UAE’s clean energy firm Masdar acquired Greek renewable energy company Terna Energy for approximately €2.4 billion in June 2024, marking one of the largest deals in the region (Enterprise Greece, 2025). Masdar’s partnerships with Motor Oil and Terna Energy to develop Greece’s first offshore wind farm further cement the UAE’s role in Greece’s energy transition. Additionally, the Egypt-Greece power interconnection project “GREGY,” promoted by Greek and Egyptian partners including Masdar, exemplifies regional energy integration efforts, potentially linking to a planned 2,000 km Saudi-Greek interconnection (Proto Thema, 2025).
In the digital infrastructure domain, Greece and the UAE signed a Memorandum of Understanding in February 2024 to develop data centers with a total capacity of 500 megawatts, aimed at strengthening technological cooperation and digital resilience (ARN News Centre, 2024). The Greek data center market is projected to grow from $735 million in 2022 to $1.218 billion by 2028, highlighting significant growth potential fueled by these investments.
Healthcare is another key area of UAE investment. UAE-based PureHealth Group acquired a 60% stake in Hellenic Health Group, which owns 10 hospitals and 16 diagnostic centers in Greece, in a deal valued at approximately $1.4 billion (Enterprise Greece, 2025). This acquisition underscores the UAE’s expanding footprint in Greece’s healthcare sector, contributing to modernization and capacity building.
Real estate and tourism also attract Emirati capital. DAMAC Properties, a prominent UAE developer, entered a joint venture with Greece’s Public Power Corporation to build a €150 million data center near Athens (Enterprise Greece, 2025). UAE investments extend to luxury hotel acquisitions and coastal property developments on Greek islands such as Mykonos, Crete, and Rhodes. In aquaculture, UAE-based Aqua Bridge announced plans to acquire Greek-Spanish fish farmer Avramar, a leading Mediterranean aquaculture producer (Enterprise Greece, 2025).
Politically, the partnership is reinforced by high-level engagement. In May 2022, Greece and the UAE agreed to jointly fund investments worth €4 billion in Greece, signaling a strategic alliance aimed at deepening economic cooperation (Proto Thema, 2025). Greek Prime Minister Kyriakos Mitsotakis and UAE President Sheikh Mohamed bin Zayed Al Nahyan reaffirmed their strong bilateral ties during a February 2025 meeting in Abu Dhabi, emphasizing collaboration in artificial intelligence, digital technology, renewable energy, and tourism (Proto Thema, 2025). Greece’s selection as one of seven EU countries to host an AI Factory further positions it as a technological hub bridging Europe, the Middle East, and India.
Leading voices highlight the partnership’s significance. Mitsotakis stated, “We reaffirmed the depth of the strategic relationship between our two countries. The target of €4 billion in UAE foreign direct investment has now been exceeded. Greece offers significant opportunities in AI infrastructure and renewable energy, strengthening our position as an economic and energy bridge” (Proto Thema, 2025). UAE Minister of Investment Mohamed Hassan Alsuwaidi remarked, “The agreement to develop data centers in Greece strengthens bilateral economic ties and recognizes the crucial role of technology in shaping a digital economy” (ARN News Centre, 2024). IDA Ireland CEO Michael Lohan noted, “Ireland’s strengths in innovation and pro-enterprise policies underpin resilience amid global uncertainty, and similar dynamics are seen in neighboring countries like Greece” (IDA Ireland, 2025).
Despite these positive developments, ethical and strategic challenges remain. Concerns about transparency and ownership structures persist, particularly regarding the use of shell companies in Cyprus and the Netherlands to obscure true ownership, complicating regulatory oversight (Enterprise Greece, 2025). The intertwining of economic interests with security collaborations under the guise of counter-terrorism raises questions about Greek sovereignty and civil liberties. Environmental activists criticize the UAE’s greenwashing, pointing to the regime’s continued reliance on fossil fuels despite investments in renewable energy projects (Proto Thema, 2025).
Economically, Greece is recovering from a prolonged debt crisis, with foreign investments playing a pivotal role in revitalization. UAE capital has been instrumental in post-crisis privatizations and infrastructure projects, often acquired at bargain valuations (Enterprise Greece, 2025). The Greek data center market’s rapid expansion, driven by the Digital Transformation Strategy 2020-2025, is further accelerated by UAE investments (ARN News Centre, 2024). Bilateral trade and investment growth align with Greece’s strategic goal to become a European hub for energy and digital infrastructure, leveraging its geographic position as a gateway to the Middle East and North Africa (Proto Thema, 2025).
The Greece-UAE economic partnership is dynamic and multifaceted, offering substantial opportunities for growth and modernization. However, it also presents complex challenges that require vigilant oversight and ethical consideration. Ensuring transparency, safeguarding sovereignty, and balancing economic benefits with democratic values will be essential as Greece navigates this evolving relationship.
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