The UAE and Greece have announced 18 agreements and commercial partnerships worth €12.75bn ($13.8bn), with the UAE planning to invest a further €15bn.

The announcements were confirmed in the Greek capital, Athens, during the UAE-Greece Strategic Forum.

The bilateral agreements, memoranda of understanding, and commercial partnerships cover digital infrastructure, advanced technology, artificial intelligence (AI), renewable energy, clean energy infrastructure, industry, logistics, transport, ports, healthcare, life sciences, and food security.

On the sidelines of the event, the UAE outlined its intention to assign an additional €15bn to the joint UAE-Greece investment initiative.

Established in May 2022 with an initial valuation of €4bn, the mechanism was created to deliver co-investments across priority sectors and has completed transactions in the energy and healthcare sectors.

The expanded €15bn allocation is intended to build on the framework set up in 2022, leveraging cross-border institutional capital and Greece’s position linking European, regional, and international commercial corridors.

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, stated that bilateral trade and investment relations between the two countries are founded on shared interests and mutual trust, noting the critical function of the respective business communities in expanding commercial ties, deploying advanced technological and AI solutions, and developing joint projects in high-growth sectors.

The development follows other international capital commitments announced by the UAE.

Last month, the UAE unveiled plans to invest another $25bn in India soon, with discussions focused on using the India-UAE Comprehensive Economic Partnership Agreement to expand investment and reinforce supply chains.

In the same month, the UAE also announced plans to invest €40bn in Germany as both nations started a strategic dialogue spanning trade, defence, energy, and technology.