Our team recently visited Greece where they met with companies to get a better understanding of the investment opportunities there. Our CEE Investment Strategist George Velikov, CFA provides an update on his visit last week with Charles Jillings and Jacqueline Broers. #investmenttrusts #utilities #infrastructure #emergingmarkets #globaltrade #socialinfrastructure #energytransition #digitalinfrastructure The Association of Investment Companies (AIC)
Twenty years ago, Greece hosted the Olympics. It was a spectacular event that cost $11 billion and which reflected the booming state of the economy. With GDP per capita of $22,000 at the time, Greece had living standards comparable to Spain’s and materially ahead of South Korea. The subsequent collapse of the economy during the debt crisis (2009-2018) led to more than a decade of decline and then prolonged stagnation. And now the Greek economy is rising from the ashes. Economic growth is one of the highest in Europe, debt to GDP is falling and foreign direct investment is once again flooding into the country. The airports are full, prices are sky-high and tourism levels at a historic record. A €51 billion incoming from the EU for RRF and Cohesion Policy in the next couple of years is certainly a nice bonus! In that context, our team’s visit to the birthplace of Western civilization could not have come at a better time. During our trip we met with over a dozen highly prospective listed companies that play a key role in Greece’s resurgence in the coming years. We also had the chance to visit the site of Europe’s largest urban regeneration project – The Ellinikon. The multi-billion euro residential and retail “city-within-a-city” project is the site of the former international airport and part of the former Olympic complex in 2004. The spectacular development includes the Riviera Tower, which with a planned height of 198m will be the tallest building in Greece and presents unique structural challenges given its close proximity to the sea and the seismic risks of the area. Huge thanks to LAMDA Development S.A.'s team for organizing the site visit and to AXIA Ventures Group for helping us on our whole trip! Σας ευχαριστώ! #investmenttrusts #emergingmarkets #Greece #Athens #CEE #Equities Utilico Emerging Markets Trust Disclaimer: This is not financial advice.