The Ministry of Investment of the UAE and the Greek Ministry of Digital Governance have signed a Memorandum of Understanding (MoU) to create a framework for investments in digital infrastructure with a focus on data center projects in Greece.
The agreement was signed by UAE Minister of Investment Mohamed Hassan Alsuwaidi and the Greek Minister of Digital Governance, Dimitris Papastergiou.
Data centers to be developed under this agreement can reach a total capacity of 500 megawatts.
The data center market in Greece has witnessed significant growth in recent years, largely driven by the country's Digital Transformation Strategy 2020-2025, which aims to facilitate the transformation of companies into digital enterprises and incorporate digital technologies across its economic sectors.
Projections indicate that Greece's data center market will reach $1.218 billion by 2028 from $735 million in 2022, growing at a compound annual growth rate of approximately 9 percent.
With 15 data centers, Greece is set to expand its data infrastructure with an additional 139 megawatts of power capacity from new data centers planned for development over the next five years. This positions the country to become the largest data hub in Southeast Europe and the second largest in the Mediterranean by 2028.
Greece benefits from a network of over ten submarine cables linking the country to crucial global markets, further reinforced by multiple inland internet exchange points, resulting in significantly enhanced connectivity, reliability and an increased appeal for businesses seeking efficient and dependable data exchange.
The MoU between the UAE and Greece focuses on forging effective collaboration by building relationships between public and private organizations. The agreement additionally proposes the implementation of incentives to support pertinent initiatives and aims to facilitate the exchange of knowledge.
