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Lamda Development - Al Maabar sign Hellinikon agreement

The UAE has given Greece a seal of approval through the signing of bilateral cooperation agreements within the framework of the 2nd Joint Inter - ministerial Greece-UAE Cooperation Committee that took place today at a Vouliagmeni hotel.

UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan stressed the intense investment interest by the UAE for Greece, making special mention of the Hellinikon project and the Asteras Vouliagmenis hotel complex.

The UAE foreign minister called the Hellinikon area one of the best venues in the Mediterranean, where the investment, as he said is expected to top 7 billion euros, while more than 50,000 jobs will be created. The site will be developed by Abu Dhabi-based Al Maabar International Investment.

Al Maabar has partnered with Latsis Group and Fosun to form a venture called Global Investment Group to develop the site with Lamda Development SA. At a signing function within the framework of the committee meeting, Lamda Development signed with Al Maabar an agreement of "Cooperation and Deveklopment for the Management of Hellinikon". The agreement was signed by Ms Marianna Latsis and the chairman of the Arab firm Yousef Al Nowais, in the presence of the foreign ministers of the two countries.

State-run Abu Dhabi Investment Council also offered to buy the Astir Palace resort in Athens, while Abu Dhabi National Energy Co (TAQA) and Terna Energy signed a framework agreement to explore investment opportunities.

UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan also thanked the Greek government and people for their hospitality and for the trust shown to his country, noting in his thank you address the exit of Greece from the crisis.

On his part Greek foreign minister Evangelos Venizelos noted the government's pleasure "that very important Arab capital funds" are participating in the Greek economic growth process, "with the two most salient investments being in the sector of tourism and housing development, which are the well-known Astera hotel complex, in Vouliagmeni, and the former airport of Hellenikon, which is being transformed into the largest park in Europe."

Late Monday, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and Assistant Minister for Financial Affairs Khalid Ghanim Al-Ghaith landed in Athens to participate in the "Europe & Arab World: Strengthening Political, Business & Investment Ties" conference.