Greece and UAE Line Up $14 Billion in Deals as Mitsotakis Pitches Europe-Gulf 'Bridge'

Greece and the United Arab Emirates have agreed to generate up to 12 billion euros ($14 billion) in economic benefits, as Greek Prime Minister Kyriakos Mitsotakis pitched his country as Europe's gateway to the Gulf.

Mr. Mitsotakis announced the memorandums of understanding at a Greece-UAE business forum in Athens attended by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Abu Dhabi's crown prince. 

He said Emirati direct investment in Greece had already exceeded a 4 billion-euro target set in 2022.

"I see my country, Greece, as a bridge between Europe and the Gulf," Mr. Mitsotakis said. He added that closer ties between the two regions were "a strategic necessity" at a time of deep geopolitical uncertainty, citing conflict and threats to shipping in the Gulf and the Red Sea.

The prime minister earlier met Sheikh Khaled at his office. 

The two discussed expanding cooperation in tourism, energy, artificial intelligence, infrastructure and defense, as well as joint investments across the wider region.

Mr. Mitsotakis highlighted energy as a key area, pointing to Abu Dhabi renewables giant Masdar's investment in Greece and Greece's role as an entry point for liquefied natural gas supplying its northern neighbors. 

He also backed the India-Middle East-Europe Economic Corridor, a planned trade route linking India and the Gulf to Europe, saying Greece was "ideally placed" as its European gateway.

He invited Emirati investment in artificial intelligence, a week after inaugurating Daedalus, Greece's new national supercomputer, and in Greece's agrifood sector to support food security.

Greece, Mr. Mitsotakis said, stands "firmly by" the UAE and its Gulf partners, noting Greece's leading role in Aspides, the European Union's naval mission protecting shipping in the Red Sea.

The UAE has become one of Greece's closest partners in the Middle East, with ties spanning trade, energy and defense

"The best chapters of our cooperation lie ahead," he said.

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