Abu Dhabi: Mubadala Investment Company will join hands with Greece’s New Economy Development Fund (Taneo) to create a €400 million (Dh1.8 billion) co-investment platform which will target investment opportunities in key sectors of Greece’s economy.
The two sides signed a Memorandum of Understanding (MoU) in this regard on Wednesday in Abu Dhabi.
Under the terms of the agreement, Taneo and Mubadala will each contribute 200 million euros to the new co-investment platform. “The Greek economy has demonstrated its resilience in recent years and many sectors are now demonstrating robust growth,” Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer & Managing Director of Mubadala, said in a statement.
“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.”
Echoing similar views, 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,” Dragasakis said.
“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.”
Taneo, established in 2001 by the Greek government, is a principal investment firm specialising in funds investments. The firm invests in venture capital funds which specialise in start ups, early and expansion stage investments, in particular, Greek SMEs operating in telecommunications, IT, e-commerce, biotechnology and new materials. It has indirect investments in approximately 50 companies through over 10 venture capital funds.
Mubadala, with assets of $127 billion, is active in 13 sectors and has a presence in more than 30 countries around the world. The company is currently developing global industrial champions in sectors such as aerospace, ICT, semiconductors, metals & mining and renewable energy, and utilities among others.