Greek Reporter - Greek Banks Make Strategic Entry Into the Middle East - By John Koutroumpis - October 1, 2025

 Greek  Reporter

Greek Banks Make Strategic Entry Into the Middle East

By

John Koutroumpis

October 1, 2025

Three of Greece’s largest banks — Eurobank, National Bank of Greece, and Piraeus Bank — have joined a $50 million tech ventures fund, run by Iliad Partners and headquartered in Abu Dhabi Global Market. The commitment marks the first entry of Greece’s financial sector into the Middle East and North Africa (MENA) venture capital market and highlights growing convergence between Europe and the Gulf around high-growth technology ecosystems, particularly in Saudi Arabia and the United Arab Emirates.

Expanding investor base across regions

The fund announced its first closing in December 2024 and has since attracted a mix of regional and international backers. These include 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 several family offices across Europe and the GCC.

By combining institutional capital from Europe with Gulf-based family offices and sovereign-linked investors, the fund underscores a hybrid investment model designed to bridge regional innovation hubs.

Strategic significance for Greece and MENA

national bank of Greece

For the three Greek banks, this step into MENA signals more than diversification. It reflects a strategic bet on cross-border innovation at a time when Greece’s own startup ecosystem is gaining visibility. By investing in Iliad’s platform, they gain exposure to fast-growing digital sectors in the Gulf, while also opening doors for Greek startups to expand into markets such as Saudi Arabia and the UAE.

Christos Mastoras, Founder and Managing Partner of Iliad Partners, noted that the fund is positioned to create a “MENA-Europe venture bridge”, enabling startups on both sides to tap into new sources of capital, talent, and customers.

Abu Dhabi as a gateway

With its base in ADGM and partnership with Hub71, Iliad Partners is strategically placed to connect entrepreneurs to funding, networks, and regulatory support. Its strong ties in Saudi Arabia further cement its role as a regional scaling platform for startups.

The fund’s dual focus—supporting early-stage MENA tech ventures while allocating capital to European companies (with an emphasis on Greece) expanding into the region—illustrates how Abu Dhabi is emerging as a bridgehead for cross-continental capital flows.

A signal of what’s to come

The second closing of Iliad’s fund is not just another VC milestone; it’s an indicator of shifting capital dynamics. European institutions are increasingly looking beyond traditional markets and recognizing the Gulf’s momentum in technology investment. For MENA, the entrance of major Greek banks lends international credibility and signals that regional VC is entering a more globally integrated phase.

If successful, the partnership could pave the way for more European institutions to engage in Gulf tech ecosystems, while giving MENA startups access to new pools of capital and international expansion routes.