Abu dhabi: Dr. Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade of the UAE, led a high-level delegation to Cyprus to enhance trade and investment relations, accompanied by UAE Ambassador to Cyprus, Mohammed Saif Al Shehhi. The visit resulted in the establishment of a UAE-Cyprus Business Council to boost private sector collaboration.
According to Emirates News Agency, Al Zeyoudi met with Cyprus President Nikos Christodoulides and addressed the UAE-Cyprus Business Roundtable. He highlighted collaboration opportunities in sectors such as oil and gas, renewable energy, logistics, real estate, technology, and AI.
The visit also marked the signing of a Memorandum of Understanding to establish the UAE-Cyprus Business Council, aiming to enhance private sector collaboration across vital economic sectors. Cyprus, a member of the EU, has a services-based economy with tourism, ICT, and professional services as growth drivers. The UAE sees Cyprus as a key gateway to Europe, while Cyprus benefits from UAE investments in green energy, AI, and infrastructure.
In the first half of 2025, Cyprus's GDP grew by 3.2%, driven by consumer spending and investment. Non-oil foreign trade between the UAE and Cyprus reached US$176 million from January to September 2025, reflecting a 39.4% increase compared to the same period in 2024.
Al Zeyoudi emphasized the UAE's commitment to enhancing economic partnerships and fostering private-sector collaboration. He noted the potential for a robust economic relationship between the nations, with discussions identifying promising sectors and establishing business connections.
The UAE offers a business-friendly ecosystem that fosters investment and innovation across various sectors. As part of its CEPA programme, the UAE focuses on expanding foreign trade and investment, strengthening its global trade hub position.
With nearly 1,850 Cypriot companies in the UAE market, Cyprus remains an important economic gateway for UAE companies into European markets. Continued collaboration and shared initiatives are set to strengthen bilateral relations, paving the way for sustainable economic growth and mutual prosperity.