Cyprus and the UAE create a joint business project

Cyprus and the United Arab Emirates have agreed to establish a joint business and investment council, which is intended to simplify interaction between companies and investors of the two countries and give cooperation a more “systematic” format.

The agreement was announced at a business forum in Nicosia. UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said that non-oil trade between the countries reached $176 million in the first nine months of the year, which is almost 40% more than in the same period a year earlier.

Recent steps in this direction were also mentioned: the launch of the Cypriot Business Council in Dubai (as a platform for private sector contacts in finance, green technologies, tourism, and logistics), as well as the holding in June in Cyprus of the first international events of the Investopia investment platform.

From the Cypriot side, Minister of Trade Michalis Damianou called the memorandum an important step toward institutionalizing economic cooperation — it is expected that the new council will help develop the exchange of expertise, joint projects, and partnerships.