Dubai has introduced the Cyprus Business Council to strengthen cooperation between the two business communities and to expand trade and investment opportunities. The move further reinforces the emirate’s role as a global hub, since non-oil trade between both markets reached AED588 million in 2024. Moreover, the number of Cypriot companies active in the city continues to rise, as 612 are currently registered, including 71 that joined during the first nine months of 2025. Because of this growing presence, the new council arrives at a pivotal time and helps formalize collaboration across multiple sectors.
Highlights From the Inaugural Meeting
The council held its first Annual General Meeting with notable participation from senior officials and business leaders. Although the gathering marked its official launch, it also showcased the shared commitment to deeper economic engagement. During his welcome address, George Papanastasiou stated, “The Cyprus Business Council provides a structured platform for businesses, investors, and innovators from both countries to connect, exchange knowledge, and create joint ventures that promote sustainable growth, technology transfer, and shared prosperity. Its establishment is a tangible step forward in strengthening the economic bridge between Cyprus and the UAE, proving that when there are result-orientated collaboration and strong dedication at both the policy and technical levels, great things can happen quickly and effectively.”
Additionally, Mohammad Ali Rashed Lootah commented, “The launch of the Cyprus Business Council marks a strategic step in efforts to deepen trade and investment collaboration between Dubai and Cyprus. The council will serve as a key platform for generating new business opportunities for Cypriot companies in Dubai and enabling their expansion into promising regional and international markets. Its establishment reinforces Dubai’s status as a global hub for business and a preferred destination for forward-looking investors.”
During the same meeting, Maha Al Gargawi emphasized the role of existing Business Councils. She explained that they strengthen connections with international companies and investors, foster cooperation with global business communities, and support the emirate’s broader trade and investment ambitions. Furthermore, she outlined how these platforms continue to contribute to economic growth across every major sector.
Role of Business Councils in Expanding Global Partnerships
Business Councils operating under the chamber represent companies and investors from key international markets. They work closely with local counterparts to enhance bilateral trade and investment flows. As a result, they help build long-term partnerships, deepen commercial ties, and ensure that businesses can access new opportunities in Dubai’s dynamic economic environment.
