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Senior officials during the 11th Arab-Greek Economic Forum in Athens.
The Sharjah Chamber of Commerce and Industry (SCCI) concluded its two-day participation in the 11th Arab-Greek Economic Forum, organized by the Arab-Greek Chamber of Commerce in partnership with the Federation of Arab Chambers of Commerce in Athens on 25-26 October.
The Chamber delegation, led by SCCI Chairman Abdallah Sultan Al Owais, also participated in the 4th “Meet the Arab Ambassadors” roundtable discussion on the sidelines of the forum.
Al Owais, speaking at the forum as Vice Chairman of the UAE Chamber of Commerce, stated that Gulf-Greece relations are developing and prospering remarkably in various fields, which are in the mutual interest of both parties, as well as economic, commercial and investment cooperation.
Al Owais spoke highly of the UAE’s strong relationship with Greece and its growing economic partnership in many areas.
Despite the challenges posed by the COVID-19 pandemic, trade between the UAE and Greece has grown significantly by 17% over the past two years, with non-oil trade reaching around AED2.1 billion in 2021 alone, al-O Weiss said.
He added: “At the end of 2019, Greek investments in the UAE totalled more than AED 341 million, of which 50% was in the real estate sector, 23% in transport and warehousing, 20% in building and construction, and 0.04% in information and telecommunications.”
According to the Federal Centre for Competitiveness and Statistics, as of the end of 2020, the total direct co-investment between the UAE and Greece was about AED 1.4 billion, of which the UAE invested more than AED 931 million in Greece, of which AED 468 million Mu is a foreign direct investment from Greece in the UAE.
Total foreign direct investment from Greece to the UAE increased significantly by 116 percent to AED468 million by the end of 2020, compared to AED217 million in 2011, Al Owais added.
He pointed out that Greek investments in the UAE cover six sectors including real estate, transportation and warehousing, building construction, manufacturing, wholesale and retail trade.
“In 2020, Greek exports to the UAE totaled $266 million, an annual increase of 7.8 percent, while UAE exports to Greece totaled $95.2 million, an annual increase of 13.3 percent,” he detailed. Al Owais continued: “The economic relations between the UAE and Greece have taken a considerable step forward in the past few years, with a series of agreements and memorandums of understanding signed by various authorities of the two countries. These memorandums of understanding and agreements cover different sectors, from investment to renewable energy, health, industry, cutting-edge technology and other key areas of importance to both countries.
WAM
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