Greek Banks Make Strategic Entry into the Middle East

Dubai City Skyline during Night Time. Credit: Ivan Siarbolin / CC0

Three of Greece’s largest banks — Eurobank, National Bank of Greece, and Piraeus Bank — person joined a $50 cardinal tech ventures fund, tally by Iliad Partners and headquartered successful Abu Dhabi Global Market. The committedness marks the archetypal introduction of Greece’s fiscal assemblage into the Middle East and North Africa (MENA) task superior marketplace and highlights increasing convergence betwixt Europe and the Gulf astir high-growth exertion ecosystems, peculiarly successful Saudi Arabia and the United Arab Emirates.

Expanding capitalist basal crossed regions

The money announced its archetypal closing successful December 2024 and has since attracted a premix of determination and planetary backers. These see Saudi Arabia’s Jada Fund of Funds (owned by the Public Investment Fund), the Olayan Family, Masarrah Investment Company, and MLM Investments, alongside European commitments from the Constantakopoulos Family of Greece and respective household offices crossed Europe and the GCC.

By combining organization superior from Europe with Gulf-based household offices and sovereign-linked investors, the money underscores a hybrid concern exemplary designed to span determination innovation hubs.

Strategic value for Greece and MENA

National Bank of Greece gathering successful Thessaloniki. Credit: flickr / gichristof CC BY-NC-ND 2.0

For the 3 Greek banks, this measurement into MENA signals much than diversification. It reflects a strategical stake connected cross-border innovation astatine a clip erstwhile Greece’s ain startup ecosystem is gaining visibility. By investing successful Iliad’s platform, they summation vulnerability to fast-growing integer sectors successful the Gulf, portion besides opening doors for Greek startups to grow into markets specified arsenic Saudi Arabia and the UAE.

Christos Mastoras, Founder and Managing Partner of Iliad Partners, noted that the money is positioned to make a “MENA-Europe task bridge”, enabling startups connected some sides to pat into caller sources of capital, talent, and customers.

Abu Dhabi arsenic a gateway

With its basal successful ADGM and concern with Hub71, Iliad Partners is strategically placed to link entrepreneurs to funding, networks, and regulatory support. Its beardown ties successful Saudi Arabia further cement its relation arsenic a determination scaling level for startups.

The fund’s dual focus—supporting early-stage MENA tech ventures portion allocating superior to European companies (with an accent connected Greece) expanding into the region—illustrates however Abu Dhabi is emerging arsenic a bridgehead for cross-continental superior flows.

A awesome of what’s to come

The 2nd closing of Iliad’s money is not conscionable different VC milestone; it’s an indicator of shifting superior dynamics. European institutions are progressively looking beyond accepted markets and recognizing the Gulf’s momentum successful exertion investment. For MENA, the entranceway of large Greek banks lends planetary credibility and signals that determination VC is entering a much globally integrated phase.

If successful, the concern could pave the mode for much European institutions to prosecute successful Gulf tech ecosystems, portion giving MENA startups entree to caller pools of superior and planetary enlargement routes.