Where did the record investments in Greece go: METLEN, acquisitions and only $1.81 billion of new projects

Greece established historical record for the influx of foreign direct investment, however behind the impressive $12.86 billione exchange of shares, takeovers and change of owners of existing enterprises are hidden.

According to World Investment Report 2026According to UNCTAD, in 2025 the inflow of foreign direct investment into Greece will reach $12.86 billion.

This is the highest figure on record: 69.4% more than in 2024 and approximately ten times more than the 2015 result.

In euros Bank of Greece and Enterprise Greece estimate the net capital inflow into €11.38 billion versus €7.02 billion a year earlier.

However, a record overall figure does not mean that the country has built enterprises, opened new production lines and created a corresponding number of jobs.

What went into the record investment?

A significant part of the capital inflow was associated not with the creation of new capacities, but with financial and corporate transactions.

• METLEN: the exchange of shares in the Greek METLEN Energy & Metals SA for shares in the British METLEN Energy & Metals PLC provided the bulk of the record inflow in August 2025.
• TERNA Energy: Masdar has completed the acquisition of an existing Greek energy group valued at approximately €3.2 billion.
• Hellenic Healthcare Group: PureHealth acquired the medical group for approximately €800 million.
• OPAP and Allwyn: The statistics also reflected large transactions related to consolidation and changes in ownership structure.
• Real estate and land: foreign buyers continued to invest significant sums in completed buildings, sites and tourism assets.

All of these transactions are legally accounted for as foreign direct investment. However, the purchase of an existing company by one owner from another does not in itself create new plant, equipment or additional production capacity.

How METLEN increased its statistics

Had a particularly noticeable impact METLEN corporate transformation process.

In 2025, the British METLEN Energy & Metals PLC became the parent company of the group after an exchange of shares with the owners of the Greek METLEN. The new structure received a primary listing on the London Stock Exchange and a secondary listing in Athens.

According to Greek economic publications, in August, when the operation was carried out, net foreign direct investment inflows reached €4.8 billionand the main part of it was related to the exchange of shares.

For statistics, this is a foreign investment in a Greek company. For the real economy, this is primarily a change in the corporate structure and the country of registration of the parent organization.

At the same time, METLEN itself continues to invest in energy, metallurgy and defense production. But the exchange value of its shares cannot automatically be equated to new productive investments made in Greece in 2025.

There were significantly fewer new projects

The most revealing statistics are the so-called greenfield investmentsthat is, projects created from scratch, and not by purchasing an already operating enterprise.

In 2025, Greece announced:

• 41 new greenfield projects;
• their total declared value was $1.81 billion;
• in Romania were announced 144 projects worth $6.31 billion;
• in Turkey – 238 projects worth $7.08 billion.

This is where the weakness of the Greek investment performance becomes visible: The country successfully attracts buyers of existing assets, but is significantly worse than its competitors in attracting capital for the construction of new enterprises and infrastructure.

At the same time, the amount $1.81 billion cannot be called money that has actually already been invested in the economy during the year. UNCTAD takes into account the cost of announced projects, some of which have yet to undergo licensing, financing and construction.

Why can’t you just subtract $1.81 billion from $12.86 billion?

The total FDI inflow and the cost of greenfield projects are calculated using different methodologies.

• FDI streams reflect actual cross-border financial transactions, including acquisitions of interests, reinvested profits, intra-group financing and corporate transformations.
• Greenfield statistics Reflects announced plans for new projects that may be implemented gradually or may not be completed at all.
• Mergers and acquisitions show the purchase price of existing companies, but do not necessarily coincide in time with the flow of money in the balance of payments.

Therefore, the statement that out of $12.86 billion “only $1.81 billion was actually invested” economically inaccurate. But it is equally inaccurate to use the entire record figure as evidence of a large-scale renewal of the country’s industrial base.

Buying a company can also be beneficial

A change of ownership is not always just an accounting transaction. The new foreign owner can invest additional funds, introduce technology, expand production and open access to international markets.

The real result of such transactions should be assessed by what happened after the acquisition:

• were they built new production facilities;
• has the number increased permanent jobs;
• whether exports and local value added have increased;
• whether research and development costs have been incurred;
• whether Greek suppliers and specialists were involved;
• whether the profits remained in the country or were transferred abroad.

Without these indicators, the sale of a company to a foreign fund remains primarily a change in the owner’s name in the register.

Editorial comment

Greece’s investment record exists, but its content is noticeably more modest than the government fanfare. The country did attract a lot of foreign capital, but much of the money was tied up in METLEN, acquisitions and property redistribution.

The main problem is not that the state calculates investments incorrectly, but how these figures are then presented to society. Financial statistics record the movement of capital, but do not promise that factories, technologies and well-paid jobs will automatically appear next to it.

A company sold to a foreign owner can become stronger. But Changing a sign on a door is still not the same as building a new enterpriseno matter how convincing the billions may look in the government’s presentation.

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