Mubadala and the ADQ sign partnership agreements with Greek government entities

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Published on 05/10/2022


In recent years, the United Arab Emirates and Greece have forged stronger economic and military ties. Abu Dhabi Developmental Holding Company (ADQ) has signed an investment partnership agreement with Hellenic Development Bank (HDB), Greece’s national development bank, and Hellenic Development Bank of Investments (HDBI), Greece’s sovereign wealth fund. Greece, to finance investments worth €4 billion in several sectors and asset classes of the Greek economy. The three parties will individually and jointly invest in target sectors such as renewable energy, infrastructure, agriculture, technology, healthcare and life sciences, among others. In 2021, the value of non-oil foreign trade between the UAE and Greece reached almost AED 2.1 billion, with a growth of 67% compared to 2020, reflecting a strong increase in growth compared to to pre-pandemic levels.

Abu Dhabi-based sovereign investor Mubadala Investment Company and the Hellenic Development Bank of Investments have signed an agreement to expand their €400 million co-investment partnership to include venture capital and equity investments. private equity in top performing Greek funds that focus on high growth sectors. The Mubadala-HDBI co-investment partnership was first established in 2018 with an initial focus on direct minority private equity investments in Greek companies.

Additionally, Mubadala and HDBI secured their first co-investment under the new extended agreement with Athens-based VentureFriends Fund III, an early-stage technology investor. VentureFriends focuses on scalable B2C and B2B startups that can develop a sustainable moat over time, with a track record of successful investments in PropTech, Fintech, Marketplaces and SaaS. VentureFriends targets investments in Greece, across Europe and selectively globally, including the United Arab Emirates, where it has been an early investor in Instashop since 2016 and more recently an early investor in Huspy.

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