Doing Business in Cyprus (UAE Edition)
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DOING BUSINESS C YPRUS<br />
68<br />
UNITED ARAB EMIRATES EDITION<br />
<strong>in</strong>vestment authorities of the two countries are explor<strong>in</strong>g potential opportunities for<br />
cooperation on large-scale <strong>in</strong>vestment projects for strategic economic sectors, such<br />
as tourism and hospitality, and other large <strong>in</strong>frastructure projects. It is important to<br />
note that the number of tourists arriv<strong>in</strong>g to <strong>Cyprus</strong> from the <strong>UAE</strong> <strong>in</strong> 2019, before the<br />
pandemic, exceeded 20,000 tourists. The possibilities are significant and wide-rang<strong>in</strong>g,<br />
render<strong>in</strong>g the <strong>UAE</strong> a strategic partner for <strong>Cyprus</strong> and vice-versa.<br />
What advantages does <strong>Cyprus</strong> offer specifically<br />
to <strong>UAE</strong> companies and <strong>in</strong>vestors?<br />
<strong>Cyprus</strong> has an abundance of competitive advantages for bus<strong>in</strong>esses and <strong>in</strong>vestors<br />
from the <strong>UAE</strong>. The geographical proximity, along with the fact that <strong>Cyprus</strong> is an<br />
EU and eurozone member, make our island a valuable gateway to the EU. Moreover,<br />
<strong>Cyprus</strong> offers an attractive tax system, high-quality professional services and a modern<br />
<strong>in</strong>frastructure <strong>in</strong> transport, communications, and other sectors. All these factors,<br />
comb<strong>in</strong>ed with the safe environment of the island, serve as benefits for every <strong>UAE</strong><br />
company that would like to <strong>in</strong>vest <strong>in</strong> <strong>Cyprus</strong> or cooperate with other companies that<br />
are based on the island.<br />
What new prospects and opportunities could be cultivated<br />
to facilitate more bus<strong>in</strong>ess between <strong>Cyprus</strong> and the <strong>UAE</strong>?<br />
<strong>Cyprus</strong> is focus<strong>in</strong>g efforts on the<br />
development of emerg<strong>in</strong>g sectors,<br />
such energy, <strong>in</strong>novation, digital<br />
transformation, the private medical<br />
sector, private education, green and blue<br />
development, and susta<strong>in</strong>ability, to name<br />
a few. All these areas offer significant<br />
<strong>in</strong>vestment opportunities that can be<br />
very beneficial to <strong>in</strong>vestors from the <strong>UAE</strong>,<br />
enhanc<strong>in</strong>g the f<strong>in</strong>ancial and bus<strong>in</strong>ess<br />
cooperation between the two countries.<br />
Many of these emerg<strong>in</strong>g sectors, like<br />
energy, education, tourism, technology<br />
and shipp<strong>in</strong>g, are already <strong>in</strong>cluded <strong>in</strong><br />
the new agreements signed by the two<br />
countries.<br />
I<strong>Cyprus</strong> is focus<strong>in</strong>g efforts<br />
on the development of<br />
emerg<strong>in</strong>g sectors, such<br />
energy, <strong>in</strong>novation, digital<br />
transformation, the private<br />
medical sector, private<br />
education, green and<br />
blue development, and<br />
susta<strong>in</strong>ability, to name a few.<br />
All these areas offer significant<br />
<strong>in</strong>vestment opportunities<br />
that can be very beneficial<br />
to <strong>in</strong>vestors from the <strong>UAE</strong>.
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