The Ministry of Digital Governance of the Hellenic Republic (Greece) and the Ministry of Investment of the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) to create a framework for investments in digital infrastructure with a focus on data centre projects in Greece.
The agreement was signed by Mohamed Hassan Alsuwaidi, UAE Minister of Investment, and Dimitris Papastergiou, Minister of Digital Governance of the Hellenic Republic. As per a press release, the MoU will enable UAE to help Greece develop data centers that can reach a capacity of 500 MW.
Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said, “The planned investments in data centre projects in Greece are set to contribute to the country’s rapidly growing digital infrastructure and provide businesses with additional opportunities to reap the benefits of digitisation.”
Dimitris Papastergiou, Minister of Digital Governance of the Hellenic Republic, said, “The agreement that was signed today is a testament of the Government’s commitment to solidify Greece as a hub for international data transfers therefore multiplying the impact of technological innovation on the country’s development trajectory while strengthening our international collaboration.”
The UAE is already a shining jewel in the data center crown of the Middle East. Greece is aiming to strengthen its economy by investing in robust digital infrastructure.
Greece is well connected digitally to Asia, Africa and other European countries thanks to nearly a dozen submarine cables. At present it is home to 15 data centers located mainly in and around the capital city of Athens. The government has also been setting up Free Trade Zones (FTZ) and Special Economic Zones (SEZ) with a view to attract foreign investments.
Greece’s data center market was valued at US$ 735 Million in 2022, and according to Arizton Advisory and Intelligence, it is expected to reach US$ 1.21 Billion by 2028, growing at a Compunded Average Growth Rate (CAGR) of 8.78 percent. It is expected to reach an IT capacity of 27 MW and occupy 124,000 square feet of space.
The press release also harked back to an announcement made by the two countries in 2022 to create a US$ 4.2 Billion fund to invest in the Greek economy. This was followed by a surge in non-oil trade between the nations, with a value of nearly US$ 572 Million in 2021, reflecting 67 percent growth compared to the previous year.
Source: https://w.media/greece-signs-mou-with-uae-for-data-center-project/