Mubadala set to invest in Greek businesses

Waleed Al Mokarrab Al Muhairi and Antonis Georgakakis sign the agreement between Mubadala and Taneo.

Greece's New Economy Development Fund (Taneo), a fund of funds investing in Greek venture capital funds, has signed a memorandum of understanding (MoU) with Mubadala Investment Company to create a ?400 million co-investment platform which will target compelling investment opportunities found in key sectors of Greece's economy.

Antonis Georgakakis, chairman and CEO of Taneo, and Waleed Al Mokarrab Al Muhairi, Mubadala deputy Group CEO and CEO, Alternative Investments and Infrastructure, signed the MoU at a ceremony held in Abu Dhabi on Wednesday.

Taneo and Mubadala will each contribute ?200 million to the new co-investment platform, which will capitalise on resilient businesses with growth potential across key sectors of Greece's economy.

Greece's Deputy Prime Minister and Minister of Economy and Development Yannis Dragasakis said: "Greece and the UAE have had strong diplomatic ties for many decades and, in recent years, we have seen an increase in trade and bilateral investment. The signing of this MoU represents the creation of an investment platform that can facilitate the growth of resilient businesses in key areas of the Greek economy."

Khaldoon Khalifa Al Mubarak, Group CEO and managing director of Mubadala, said: "The Greek economy has demonstrated its resilience in recent years and many sectors are now demonstrating robust growth. Mubadala's focus is on finding opportunities across different markets which offer compelling investment prospects and the opportunity to generate strong and consistent returns."

- business@khaleejtimes.com