The United Arab Emirates and Greece have signed multiple deals for up to $4.2 billion-worth of investment initiatives in the European nation, including supplying liquefied natural gas cargoes to the European nation, decarbonising energy markets in Greece and renewables development on an eco-friendly island.

While focusing on the energy sector, the memoranda of understanding signed between the two nations also involve multiple sectors involving the Greek economy.

One key element is the strategic framework agreement between state-owned players Abu Dhabi National Oil Company (Adnoc) and Motor Oil of Greece “to explore opportunities to supply LNG cargoes to Greece, including Dioriga Gas’s upcoming LNG floating storage and regasification unit”, Abu Dhabi’s official news agency WAM reported on Monday.

Other key deals between the two nations include agreements signed by Abu Dhabi Future Energy Company (Masdar), an MoU with the Greek Government on eco-island renewables deployment and a separate deal to establish a joint venture with local partner Kyoto to develop onshore renewables energy projects in Greece, the report said.

As a part of the recently signed deal, Masdar and Motor Oil will co-operate on decarbonising the energy market in Greece.

In addition, the emirate also inked a deal with Motor Oil “for developing offshore wind generation and other renewable power generation projects in Greece".

The agreements were signed on Sunday during the official visit of Greek Prime Minister Kyriakos Mitsotakis to the UAE.

Along with the deals involving the energy sector, the two nations also signed agreements involving the healthcare, pharmaceuticals, food and agriculture, and the logistics sectors.