Greece’s New Economy Development Fund (Taneo) has signed a memorandum of understanding with Abu Dhabi's Mubadala Investment Company to create a EUR400 million ($350.4 million) co-investment platform.
The platform will target compelling investment opportunities found in key sectors of Greece’s economy, a statement said.
Under the terms of the MoU, Taneo and Mubadala will each contribute EUR200 million to the platform, which will capitalise on resilient businesses with growth potential across key sectors of Greece’s economy.
The two organisations will also share knowledge, further enhancing Greece’s strong diplomatic and trade relations with the UAE.
Greece’s Deputy Prime Minister and Minister of Economy and Development, Yannis Dragasakis, said: “The creation of a new co-investment platform represents an exciting partnership for both parties. Greece and the United Arab Emirates have had strong diplomatic ties for many decades and, in recent years, we have seen an increase in trade and bilateral investment between our countries.
"The signing of this MoU represents the first step towards wider cooperation between Mubadala and Taneo, and the creation of an investment platform that can facilitate the growth of resilient businesses in key areas of the Greek economy.”
Khaldoon Khalifa Al Mubarak, Group CEO and managing director of Mubadala, added: “The Greek economy has demonstrated its resilience in recent years and many sectors are now demonstrating robust growth.
"As a global long-term strategic investor and partner, Mubadala’s focus is on finding opportunities across different markets which offer compelling investment prospects and the opportunity to generate strong and consistent returns.”
Established in 2001 by the Greek government, Taneo is a principal investment firm specialising in fund of funds investments. The firm invests in venture capital funds which specialize in startup, early, and expansion stage investments, in particular, Greek SMEs operating in telecommunications, IT, e-commerce, biotechnology, and new materials.
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