economic ties — economic ties — Cyprus and the United Arab Emirates (UAE) have significantly advanced their economic relations with the establishment of a joint business council, a move that underscores a remarkable growth in non-oil trade between the two nations.
At a recent business forum in Nicosia, UAE Trade Minister Thani bin Ahmed Al Zeyoudi revealed that non-oil trade reached $176 million in the first nine months of this year, marking an almost 40 per cent increase compared to the same period last year. This surge is approaching the total trade value recorded in 2024, indicating robust economic momentum.
The newly formed UAE-Cyprus Joint Business and Investment Council aims to foster structured cooperation among businesses and investors, opening doors for greater collaboration. During his address, Al Zeyoudi highlighted the forum as a prime opportunity to explore synergies across sectors of mutual interest.
Recent initiatives reflect this growing partnership, including the establishment of the Cyprus Business Council in Dubai last month, which is designed to enhance collaboration in key areas such as finance, green technology, tourism, and logistics. These developments are part of a broader strategy to strengthen ties and facilitate mutual investment.
Al Zeyoudi also pointed out that the Investopia investment platform from the UAE hosted its first international events in Cyprus in June, which reinforces the island’s position as a gateway to Europe for Middle Eastern investors. He noted the similarities in the economic models of both countries, characterised by streamlined company registration processes, innovation incentives, and low corporate tax rates.
Both Cyprus and the UAE serve as essential hubs for shipping and fintech, attracting foreign direct investment in sectors like real estate, technology, and renewable energy. Al Zeyoudi encouraged UAE companies to seek opportunities in Cyprus while inviting Cypriot businesses to view the UAE as a base for regional expansion, particularly towards Asia and the wider Middle East.
Commerce Minister Michael Damianos described the Memorandum of Understanding (MoU) as a “major step forward” in institutionalising economic cooperation. He expressed confidence that the council would provide a structured platform for entities seeking collaboration, facilitating knowledge exchange, joint ventures, and cooperative projects.











