Greece attracts interest from UAE, Saudi investors in healthcare, clean energy, datacenter

Greece has recently attracted significant investments from Middle Eastern investors, notably from the United Arab Emirates and Saudi Arabia, across various sectors including healthcare, clean energy, and digital infrastructure. In recent months, several landmark agreements have marked the beginning of a new phase in diplomatic and commercial relations.

According to the latest data from the Bank of Greece, the UAE was among the top three countries of origin of Foreign Direct Investment into Greece last year – for the first time ever. FDI inflows into Greece last year totaled €6 billion.

In June of last year, UAE state-owned clean energy investor Masdar agreed to acquire Greek renewable energy company TERNA ENERGY for €2.4 billion. While in December, Emirati property developer DAMAC Properties entered a joint venture with Greece’s Public Power Corporation to build a €150 million data center in the town of Spata, east of Athens.

More recently, in January, Dubai-based Dar Global, the international arm of the Saudi real estate developer, Dar Al Arkan, said in a statement that it plans to expand in Greece. Likewise, Emirati aquaculture company Aqua Bridge announced that it would acquire Greek-Spanish fish farmer Avramar, the leading aquaculture producer in the Mediterranean.

Also last month, UAE-based healthcare conglomerate PureHealth Group agreed to acquire 60% of Hellenic Health Group, which owns 10 hospitals and 16 diagnostic centers in Greece. The stake, which is being sold by international investment fund CVC Capital Partners, is reportedly valued at $1.4 billion.

As part of Greece’s efforts to develop closer strategic ties with countries of the Arabian Gulf, Greece and the UAE agreed to jointly fund investments worth €4 billion in Greece during a state visit to Abu Dhabi by Prime Minister Kyriakos Mitsotakis in May 2022. And in January this year, Greece and Saudi Arabia held their first meeting of the High-Level Strategic Cooperation Council presided over by Mr. Mitsotakis and Saudi Prime Minister Mohammed bin Salman.