HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, led the UAE’s delegation on an official visit to Greece. The visit aimed to discuss techniques of enhancing economic ties as well as trade and investment cooperation between the two countries. The meeting also highlighted the strength and durability of the UAE’s economy and presented an array of investment opportunities in the UAE.

The delegation consisted of Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs; Majid Ali Omran, Director of International Financial Relations at the Ministry of Finance; Dr. Hamid Nasr, Economist at MoF; Abdullah Al Hammadi from the Ministry of Foreign Affairs and Kamel Mesfat from the Abu Dhabi Investment Authority. The meeting was also attended by Abdulhadi Al Khawaja, UAE Ambassador to Greece and member of the diplomatic corps at the UAE embassy in Greece.

The visit allowed dignitaries to review Greece’s current economic situation, the distinct economic and trade relations between the two countries, as well as the privileged position occupied by the UAE on a regional and global level as a result of the country’s achievement in various sectors.

Commenting on this visit, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs stressed on the importance of the relation between the UAE and Greece, which has witnessed significant development over the last few years and said: “A number of agreements have been signed between the two countries including the agreement to avoid double taxation, which aimed to strengthen economic ties, achieve economic balance and provide several major tax benefits for the UAE government and private sector investments in Greece.

In line with this visit, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs met HE Yannis Stournaras, Minister of Finance of Greece in the presence of HE Ambassador of the State where they discussed and signed a protocol associated with the agreement to avoid double taxation, which was initially drafted in 2010.

During his encounter with the Deputy Minister of Development and in the presence of HE UAE Ambassador, HE Al Tayer discussed possible opportunities to develop and further bilateral relations between the UAE and Greece, specifically in areas of common interest. In addition, HE pointed out that the UAE is the second largest economy in the region and is mainly concerned with the growth of its investment abroad and searches for investment and cooperation opportunities in many areas with various countries around the world. HE also shed light on the need to strengthen relations between the UAE and Greece, specifically in the fields of economic, touristic, cultural and commercial renewable energy.

It should be noted that Greek exports to the UAE amounted to AED 1.77 billion (379 million Euros) in 2011, compared to AED 790.7 million (169 million euros) in 2010, a growth rate of 124%. In fact, the UAE’s exports to Greece increased by 141% in 2011 and reached a total of AED 486.6 million (104 million Euros) compared to AED 201 million (43 million Euros) in 2010.

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