Mubadala, Taneo to create €400m co-investment platform
The two entities will target investment opportunities in Greece
Mubadala Investment Company will join hands with Greece’s New Economy Development Fund (Taneo) to create a €400 million (Dh1.8 billion) co-investment platform which will target investment opportunities in key sectors of Greece’s economy.
The two sides signed a Memorandum of Understanding (MoU) in this regard yesterday in Abu Dhabi.
Under the terms of the agreement, Taneo and Mubadala will each contribute €200 million to the new co-investment platform. “The Greek economy has demonstrated its resilience in recent years and many sectors are now demonstrating robust growth,” Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director of Mubadala, said in a statement.
“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.”
Echoing similar views, Greece’s Deputy Prime Minister and Minister of Economy and Development Yannis Dragasakis said the creation of a new coinvestment platform represents an exciting partnership for both parties.
“Greece and the United Arab Emirates 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,” Dragasakis said. “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.”
Taneo, established in 2001 by the Greek government, is a principal investment firm specialising in funds investments. The firm invests in venture capital funds which specialise in start ups, early and expansion stage investments, in particular, Greek SMEs operating in telecommunications, IT, e-commerce, biotechnology and new materials.