Invest Cyprus gives new momentum to relations between Cyprus and the United Arab Emirates

Invest Cyprus took part in the high-level Cyprus – UAE Roundtable, which was co-organised by the Presidency of the Republic of Cyprus, Invest Cyprus and the Cyprus Chamber of Commerce and Industry (CCCI).

The event was held on 13 December 2025 at the CCCI in Nicosia and hosted Ministers and business leaders from both countries. Invest Cyprus was represented by its Chairman, Evgenios Evgeniou, and its Chief Executive Officer, Marios Tannousis.

During the meeting, a signing ceremony was held for a Memorandum of Understanding to establish the Joint Cyprus – UAE Business and Investment Council, while the programme included contributions from business leaders on specific models of cooperation as well as targeted B2B meetings. The opening remarks were delivered by the President of the Cyprus Chamber of Commerce and Industry (CCCI), Stavros Stavrou, while the roundtable discussion was moderated by CCCI’s Secretary General, Philokypros Roussounides. In parallel, remarks were delivered by the Deputy Minister to the President, Irene Piki, in the presence of the Minister of Energy, Commerce and Industry of the Republic of Cyprus, Michael Damianos, the Minister of Transport, Communications and Works, Alexis Vafeades, as well as the UAE Minister of State for Foreign Trade, H.E. Dr Thani bin Ahmed Al Zeyoudi.

Welcoming the UAE delegation, Evgenios Evgeniou referred to the positive growth trajectory of Cyprus, noting that the country is among the fastest growing economies in the European Union, is operating close to full employment and has reduced public debt to below 60% of GDP, while it has been rated “A” by the major international credit rating agencies. He underlined that these indicators reflect a reliable, outward-looking and resilient economy that is steadily strengthening its footprint on the European and international economic map.

The Chairman of Invest Cyprus also stressed that at the core of this trajectory lies the attraction of foreign direct investment, through a targeted strategy built on two key pillars, attracting companies with high know-how and talent and promoting investments that support sustainable, long-term growth and a more diversified economy.

Particular reference was made to the rapid evolution of Cyprus’ technology ecosystem. Today, more than 800 technology-oriented companies are active in the country in sectors such as ICT, fintech, gaming and technology-enabled services. The ICT sector contributes directly and indirectly approximately 14% of GDP, with Cyprus ranking third in the EU in terms of the sector’s growth, while in 2024 foreign investment in technology increased by more than 200% and the number of ICT professionals more than doubled within three years.

In this context, it was noted that Cyprus is further strengthening its role as an innovation hub, with tools such as the Cyprus Securities and Exchange Commission’s sandbox, the Central Bank of Cyprus’ Innovation Hub and the upcoming AI Sandbox, which facilitate the testing, scaling and commercialisation of new solutions with access to the single market of 450 million EU citizens. At the same time, the importance of quality of life and human capital was highlighted, supported by a strong academic and research ecosystem with 12 universities, 9 research institutes and 7 centres of excellence.

Invest Cyprus reaffirmed its commitment to even closer cooperation between Cyprus and the UAE, stressing that the Joint Business and Investment Council is expected to serve as a catalyst for strengthening trade, investment and broader economic cooperation. The discussion focused on opportunities in sectors such as shipping, energy, technology, automation, multi-purpose developments and other strategic sectors of the economy.

This initiative marks an important step towards further strengthening relations between Cyprus and the UAE and promoting sustainable growth through quality investments and stronger trade and capital flows between the two countries.

Invest Cyprus is the official investment promotion agency of the Republic of Cyprus, responsible for attracting investment and supporting the country’s economic development. Its mission is to attract high-quality foreign investment, support international companies that wish to operate in Cyprus and promote the country as an attractive and competitive investment destination. With a focus on transparency, efficiency and the provision of end-to-end services, Invest Cyprus is a strategic partner for every investor who chooses Cyprus.
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