The UAE and Cyprus strengthen their trade and investment relations and agree to establish a business council
Nicosia, December 13 / WAM / His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, headed a high-level delegation from the government and private sectors to the Republic of Cyprus to enhance trade and investment relations, in the presence of His Excellency Mohammed Saif Al Shehhi, the UAE Ambassador to the Republic of Cyprus.
His Excellency Dr. Thani Al Zeyoudi delivered a speech at the Business Roundtable between the UAE and Cyprus, in which he stressed the mutual commitment between the two friendly countries to enhance cooperation with a focus on strategic sectors such as oil and gas, financial services, renewable energy, logistics, real estate, technology and artificial intelligence, in addition to maritime industries.
His Excellency said that our visit to the Republic of Cyprus confirms the UAE’s commitment to strengthening economic partnerships and encouraging cooperation with dynamic, rapidly growing economies around the world, by empowering the private sector.
His Excellency added that the prosperity of non-oil trade between the UAE and Cyprus since the beginning of this year reflects the possibility of building stronger trade and investment relations that achieve the mutual interests of both sides, and the discussions that took place during the UAE-Cyprus Business Forum will play an important role in strengthening economic ties by identifying promising sectors, consolidating relations between the two business communities, and providing more opportunities in the markets of both countries.
During the visit, a memorandum of understanding was signed to establish the UAE-Cyprus Business Council with the aim of enhancing cooperation between the private sectors of both sides in a wide range of vital economic sectors.
Cyprus, a member of the European Union, has a primarily service-based economy, with tourism, ICT and professional services being strong drivers of growth. Both the UAE and Cyprus are experiencing strong economic growth, driven by economic diversification, technological innovation, tourism and strategic investments.
The UAE considers Cyprus an important gateway to Europe, while Cyprus benefits from UAE investments in sectors such as clean energy, artificial intelligence and infrastructure, which enhances the growth of bilateral trade and interaction at the private sector level.
While the value of non-oil foreign trade between the UAE and Cyprus has remained constant over the past five years, recent figures show notable growth. The volume of non-oil foreign trade reached $176 million during the period from January to September 2025, recording an increase of 39.4% compared to the same period in 2024, and an increase of 25.1% compared to 2023.
With approximately 1,850 Cypriot companies operating in the UAE market, Cyprus continues its role as an important economic gateway for the expansion of UAE companies into major European markets. Through ongoing cooperation and joint initiatives, the UAE and Cyprus are working to strengthen their bilateral relations, paving the way for sustainable economic growth and mutual prosperity.
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