UAE And Cyprus Strengthen Trade And Investment Relations By Establishing Business Council

Dr. Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade, led a delegation to Cyprus to enhance trade and investment ties. The visit included meetings with President Nikos Christodoulides and participation in the UAE-Cyprus Business Roundtable. Discussions highlighted potential collaborations in oil, gas, renewable energy, logistics, real estate, technology, and AI.

The UAE and Cyprus signed a Memorandum of Understanding (MoU) to establish the UAE-Cyprus Business Council. This council aims to boost private sector collaboration across various economic sectors. Both nations are experiencing strong economic growth driven by diversification, innovation, tourism, and strategic investments.

In the first half of 2025, Cyprus's GDP grew by 3.2%, supported by consumer spending and investment. Non-oil foreign trade between the UAE and Cyprus has shown significant growth recently. From January to September 2025, non-oil trade reached US$176 million, marking a 39.4% increase from the same period in 2024.

Cyprus is a member of the European Union with a services-based economy. Key sectors include tourism, ICT, and professional services. The UAE sees Cyprus as a gateway to Europe while Cyprus benefits from UAE investments in green energy, AI, and infrastructure.

The UAE's Comprehensive Economic Partnership Agreements (CEPA) programme focuses on expanding foreign trade and investment. This initiative strengthens its position as a global trade hub that facilitates increased trade between nations and drives sustainable economic growth.

Al Zeyoudi stated: "Our visit to the Republic of Cyprus underscores the UAE's commitment to enhancing economic partnerships... Today’s discussions will play an important role in this process by identifying the most promising sectors..."

Bilateral Relations and Future Prospects

The UAE has created a business-friendly environment that encourages investment and innovation across various sectors. This ecosystem offers significant benefits to businesses from Cyprus and other nations with which the UAE has strong economic ties.

With nearly 1,850 Cypriot companies operating in the UAE market, Cyprus remains an important gateway for UAE companies into European markets. Continued collaboration promises sustainable economic growth and mutual prosperity for both countries.

With inputs from WAM