Doing Business in Cyprus (Saudi edition)

DOING BUSINESS C YPRUS
57
SAUDI ARABIA EDITION
Cyprus and Saudi Arabia have been fostering
a closer relationship in the last few years both
economically and politically. In terms of investment,
what kind of activity has Cyprus attracted from
Saudi Arabia and what type of Saudi foreign direct
investment would you like to see in the future?
Invest Cyprus is committed to strengthening the economic and business ties
between Cyprus and Saudi Arabia. Across every level of the Cypriot government,
Saudi Arabia is recognised as a reliable ally contributing to the preservation of
stability in the region. The Arabian Peninsula was always a strategic and economic
point of reference for Cyprus, and it is hoped that cooperation will be expanded and
enhanced.
As a result of its proximity, Cyprus is an ideal EU destination for business owners
looking to relocate their businesses or establish a base in an EU jurisdiction. Of
particular importance are Cyprus’ attractive tax system (Saudi Arabia and Cyprus
have a double tax treaty since 2019), the high-level professional services, the low cost
of living compared to other European states with similar characteristics, but also
the regulatory changes and incentives integrated into the government’s strategy for
attracting international companies.
Cyprus can be a close, strategic and
ICyprus can be a close, strategic
reliable partner for the development of
the Saudi Arabia Vision 2030 aimed at and reliable partner for the
diversifying the investment model of
development of the Saudi
Saudi Arabia. It is anticipated that there
will be significant investments in the Arabia Vision 2030 aimed at
coming years in Saudi Arabia, including
diversifying the investment
infrastructure projects, which create
vast prospects for bilateral cooperation. model of Saudi Arabia
Additionally, Cyprus offers excellent
investment opportunities in industries like renewable energy, tourism and hospitality,
manufacturing, digital technology, healthcare and green development. It is worth
mentioning that Arabsat, a global leader in satellite services, has already invested
heavily in Cyprus through Hellas Sat. Also, the East Med Corridor (EMC) is another
important milestone for the relations of the two countries. The EMC is a new submarine
and terrestrial cable data transmission system connecting Europe with Asia via Greece
and Saudi Arabia and is necessary for the global economy. The consortium comprises
of MENA HUB, Telecommunication Telephony Satellite Applications (TTSA, Greece),
Public Power Corporation (PPC, Greece) and Cyta (Cyprus). n