UAE, Cyprus strengthen trade ties; agree to establish business council

Dr Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade, led a high-level government and private sector delegation to the Republic of Cyprus to strengthen trade and investment ties, in the presence of Mohammed Saif Al Shehhi, UAE Ambassador to the Republic of Cyprus.

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During the visit, Al Zeyoudi met President Nikos Christodoulides and addressed the UAE-Cyprus Business Roundtable, in which he underlined the synergies between the two nations and the clear potential for collaboration in sectors such as oil and gas, renewable energy, logistics, real estate, technology and AI.

During the visit, the two sides also signed a Memorandum of Understanding (MoU), establishing the UAE-Cyprus Business Council. The Council will seek to boost private sector collaboration across a wide range of vital economic sectors.

Cyprus, which is a member of the European Union (EU), boasts a primarily services-based economy, with tourism, information and communications technology (ICT), and professional services serving as robust drivers of growth. Both the UAE and Cyprus are witnessing strong economic growth, fueled by economic diversification, technological innovation, tourism, and strategic investments. The UAE views Cyprus as an important gateway to Europe, while Cyprus is benefiting from UAE investments in sectors such as green energy, artificial intelligence, and infrastructure, which are fostering growing bilateral trade and private sector engagement.