RIYADH: The UAE and Cyprus have launched a joint business council aimed at strengthening private-sector cooperation and expanding trade and investment links, as bilateral non-oil trade continues to rise.
The UAE–Cyprus Business Council was established during a visit to Nicosia led by Thani Al-Zeyoudi, the UAE minister of foreign trade, according to the Emirates News Agency.
The launch coincided with meetings between a UAE delegation of senior government officials and private-sector representatives and Cypriot counterparts.
Al-Zeyoudi met Cyprus President Nikos Christodoulides and addressed a UAE-Cyprus Business Roundtable, highlighting opportunities for collaboration across sectors including oil and gas, renewable energy, logistics, as well as real estate, technology and artificial intelligence.
The visit also included the participation of Mohammed Al-Shehhi, UAE ambassador to Cyprus.
The announcement comes amid a notable rise in bilateral trade, with non-oil foreign exchange between the two nations reaching $176 million from January to September, a 39.4 percent increase compared to the same period in 2024.
Al-Zeyoudi stated: “Our visit to the Republic of Cyprus underscores the UAE’s commitment to enhancing economic partnerships and fostering private-sector collaboration with agile, high-growth economies around the world.”
He added: “The recent growth in trade between our nations highlights the potential for a more robust and mutually beneficial economic relationship. Today’s discussions will play an important role in this process by identifying the most promising sectors, establishing connections between our business communities and showcasing the opportunities in each other’s markets.”
The UAE and Cyprus are both experiencing robust economic growth, supported by diversification, innovation, tourism, and strategic investment.
Cyprus, an EU member with a services-driven economy, has seen a 3.2 percent increase in gross domestic product in the first half of 2025, largely due to consumer spending and investment activity.
UAE investment has been instrumental in sectors such as green energy, artificial intelligence, and infrastructure in Cyprus, further deepening commercial ties.
The UAE, through its Comprehensive Economic Partnership Agreements program, continues to expand its global trade network and attract foreign investment.
Al-Zeyoudi noted the UAE’s dynamic and business-friendly ecosystem that fosters investment, collaboration, and innovation across a wide range of sectors, positioning the country as an advantageous partner for Cypriot enterprises.
With nearly 1,850 Cypriot companies already operating in the UAE, both countries are working to leverage their strategic geographic positions — Cyprus as a gateway to Europe, and the UAE as a central node in global trade — to support further economic integration and long-term prosperity.
