Greece’s New Economy Development Fund (Taneo) has signed a MoU with Mubadala Investment Company to create a €400 million ($495.59 million) co-investment platform.

The platform will target compelling investment opportunities found in key sectors of Greece’s economy, said a statement.

Established in 2001 by the Greek government, Taneo is a principal investment firm specialising in fund of funds investments. The firm invests in venture capital funds which specialise in start-up, early, and expansion stage investments, in particular, Greek SMEs operating in telecommunications, IT, e-commerce, biotechnology, and new materials.

To date, Taneo, which is now co-funded by the Greek government and institutional investors, has indirect investments in approximately 50 companies through over 10 venture capital funds.

Antonis Georgakakis, chairman and CEO, Taneo; and Waleed Al Mokarrab Al Muhairi, Mubadala deputy group CEO and chief executive officer, Alternative Investments and Infrastructure, signed the agreement today (March 28) at a ceremony held in Abu Dhabi, UAE.

Under the terms of the MoU, Taneo and Mubadala will each contribute €200 million ($247.75 million) to the new co-investment platform, which will capitalise on resilient businesses with growth potential across key sectors of Greece’s economy, it added.

The two organisations will also share knowledge, further enhancing Greece’s strong diplomatic and trade relations with the UAE, it said.

Greece’s Deputy Prime Minister and Minister of Economy and Development Yannis Dragasakis said: “The creation of a new co-investment platform represents an exciting partnership for both parties.”

“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 between our countries,” he stated.

“The signing of this MoU represents the first step towards wider cooperation between Mubadala and Taneo, and the creation of an investment platform that can facilitate the growth of resilient businesses in key areas of the Greek economy,” he added.

Khaldoon Khalifa Al Mubarak, group chief executive officer and managing director of Mubadala, added: “The Greek economy has demonstrated its resilience in recent years and many sectors are now demonstrating robust growth.”

“As a global long-term strategic investor and partner, Mubadala’s focus is on finding opportunities across different markets which offer compelling investment prospects and the opportunity to generate strong and consistent returns,” he added.

Mubadala is active in 13 sectors and over 30 countries around the world, prioritising its partnerships with best-in-class organisations. The company is currently developing global industrial champions in sectors such as aerospace, ICT, semiconductors, metals and mining and renewable energy, utilities and manages a diverse portfolio of financial holdings.– TradeArabia News Service