Deputy Prime Minister and Foreign Minister Evangelos Venizelos and his counterpart from the United Arab Emirates (UAE), Sheikh Abdullah bin Zayed Al Nahyan, signed a memorandum of cooperation, on May 6, for the mutual promotion and protection of investments, seen as a message of trust from the UAE to Greece.

The two officials made statements during the 2nd Greece-United Arab Emirates Joint Interministerial Committee.

Abdullah bin Zayed Al Nahyan announced that the UAE will invest €7 billion in redevelopment projects at Ellinikon and Asteras Vouliagmenis, while Greek Evangelos Venizelos estimated that it would create 50,000 new jobs. The Sheikh also met with Prime Minister Antonis Samaras.

President of the Hellenic Republic Karolos Papoulias also greeted the Arab officials.

During the President’s meeting with the UAE foreign minister, who emphasised the importance of the bilateral agreements signed with Greece, including one on the avoidance of double taxation that will facilitate major investment opportunities in Greece.