Doing Business in Cyprus (UAE Edition)

DOING BUSINESS C YPRUS
43
UNITED ARAB EMIRATES EDITION
How would you describe the current bilateral
relations between Cyprus and the UAE?
Friendly relations between Cyprus and the UAE date back several decades as
highlighted by the official visit to the UAE on May 24, 1975, of the first President of
the Republic of Cyprus, the late Archbishop Makarios. Situated at the crossroads of
three continents and occupying a strategic position at the gateways of Europe, Asia and
Africa, Cyprus has sought to deepen its relations with the GCC countries. Cyprus is now
witnessing a real impetus in the development of its political and economic cooperation
with these countries and with the UAE in particular.
The establishment of a Joint Committee for Cooperation and the signing of an
Agreement on Economic and Technical Cooperation with the UAE are two important
tools which contribute to enhancing our bilateral relations. The Joint Declaration of
February 2022 by the Cyprus and UAE Governments for a Comprehensive Strategic
Partnership sets the framework for further expanding Cyprus’ bilateral relations with
the UAE in the political as well as in the economic sector.
Cyprus now enjoys a structured cooperation with the UAE, witnessing a significant
expansion in bilateral ties, with diverse opportunities for collaboration emerging in
various key fields, including trade, investment, energy, education, culture, tourism,
security and defence.
The official visit of the President of the Republic of Cyprus to the UAE for the National
Day of Cyprus at EXPO2020 in February 2022 was an opportunity for the two sides to
reaffirm the robust and privileged relations between the two countries. The President’s
meeting with the Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh
Mohammed bin Rashid Al Maktoum, was an occasion to explore new avenues of
cooperation especially in the fields of business and investment, as well as opportunities
that can benefit the private sector in both countries.
Cyprus has focused on developing stronger
economic links and trade relations with the Emirates
over the years, what kind of joint projects have
the two countries participated in and what new
prospects are there to increase cooperation?
O
ur current structured cooperation with the UAE allows a significant expansion in
bilateral economic ties between our two countries with an increase of over 25% of
non-oil trade from the preceding year.
In 2016, DP World, a leading Emirati worldwide provider of smart logistics solutions,
was awarded a concession to operate the multi-purpose port terminal in Limassol.
Cypriot manufactured products are already of considerable interest to Emirati
companies in the fields of agriculture, food, pharmaceuticals and building materials.