UAE, Greece Ink MoU for Digital Infrastructure Investments

Abu Dhabi, The Gulf Observer: Ministry of Investment of the United Arab Emirates (UAE) and the Ministry of Digital Governance of the Greece Republic have signed a Memorandum of Understanding (MoU). The agreement establishes a comprehensive framework for investments in digital infrastructure, focusing particularly on data centre projects in Greece.

The signing ceremony, attended by UAE Minister of Investment Mohamed Hassan Alsuwaidi and Hellenic Republic Minister of Digital Governance Dimitris Papastergiou, solidifies a commitment to propel the digital transformation efforts of both nations. Under the MoU, the development of data centres in Greece is anticipated to reach a total capacity of 500 megawatts.

The surge in Greece’s data centre market, marked by a projected growth from US$735 million in 2022 to US$1.218 billion by 2028, has been fueled by the country’s Digital Transformation Strategy 2020-2025. This initiative seeks to facilitate the digitalization of Greek enterprises and integrate digital technologies across economic sectors.

Greece, set to become the largest data hub in Southeast Europe and the second largest in the Mediterranean by 2028, boasts a network of over ten submarine cables linking it to vital global markets. The MoU signifies a pivotal step towards bolstering this digital infrastructure, making Greece an increasingly attractive destination for businesses seeking efficient and reliable data exchange.

Minister Alsuwaidi remarked, “The signing of this agreement strengthens the growing bilateral economic ties between our two nations and denotes a shared vision that recognizes the crucial role of technology and data processing in shaping a digital economy.”

Minister Papastergiou echoed these sentiments, expressing Greece’s commitment to becoming a technological leader in the Southeast European region. He stated, “The Ministry of Digital Governance is committed to fulfilling the Prime Minister’s vision of making Greece an attractive innovation hub, open to investments and geared towards flourishing the local technological ecosystem through strategic partnerships.”

The MoU emphasizes effective collaboration between public and private organizations, proposes incentives to support pertinent initiatives, and aims to facilitate the exchange of knowledge. This agreement builds upon the strategic partnership between the UAE and Greece, exemplified by the EUR 4 billion ($4.2 billion) fund announced in 2022 to invest in the Greek economy.

The signing of this MoU reinforces the commitment of both nations to harness the power of technology and digital infrastructure for sustained economic growth and global competitiveness. The UAE and Greece look forward to reaping the mutual benefits of this collaboration in the realm of digital innovation.