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Arab Investors May Help Rescue Greek Economy
By Paul Tugwell - Sep 14, 2011

Arab money may help come to the rescue of debt-ravaged Greece, according to the man responsible for fostering business ties with the oil-rich region.

Investors from the Middle East are waiting for Greece to detail plans to raise 50 billion euros ($68.5 billion) by the end of 2015 from state asset sales as part of its bailout conditions, said Christos Folias, president of the Arab-Hellenic Chamber of Commerce and Development. Greek first-half exports to the Arab world rose 49 percent to $14.8 billion, he said.

“Arab capital is the biggest that can invest heavily and immediately in Greece and Arab investors are firm believers in Greece’s growth prospects and that the country will emerge from its crisis,” Folias, a former deputy finance minister, said in an interview at his Athens office on Sept. 9.

Greece, scrambling to avert a debt default that’s threatening the future of the euro, is trying to build trade links with countries as the economy shrinks more than the government previously forecast. At the same time, investors are looking to buy assets at a discount.

EFG Eurobank Ergasias SA (EUROB) and Alpha Bank SA are merging to form the country’s largest bank, with Qatari-backed Paramount Services Holding Ltd. holding the biggest stake in the new entity after the transaction.

Qatar also plans to develop the site of the former Athens airport and is awaiting the findings of a committee set up to study how Qataris can invest in Greece, Prime Minister Sheikh Hamad bin Jasim bin Al-Thani said June 9.
Less Competitive

The main obstacle is still bureaucracy and government initiatives to fast-track procedures don’t go far enough, said Folias, whose organization has links with 22 Arab countries.

“If we want Greece to solve its own problems, the country has not to become more competitive than yesterday, but more competitive than other countries in the region so our neighbors don’t take potential investments away from Greece,” he said.

Greece fell seven places to 90th, the lowest ranking of the 27 European Union members, in the 2011/12 global competitiveness list published on Sept. 7 by the Geneva-based World Economic Forum. It trailed behind neighboring countries Bulgaria, Romania and Turkey, with “inefficient government bureaucracy” as the main obstacle for foreign investment in Greece.

To help make Greece more attractive to Arab investors, the Arab-Hellenic Chamber last week asked the Greek government to consider a reduction in the corporate tax rate for Arab-owned companies to 15 percent from 20 percent starting next year.

Other proposed initiatives include creating joint ventures between Arab and Greek companies and making the northern port of Thessaloniki a bespoke “saloon-door” for shipping to and from the Middle East, Folias said.