Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a senior delegation of government and private sector representatives on an official visit to the Republic of Cyprus, aimed at strengthening bilateral trade and investment cooperation. The visit took place in the presence of Mohammed Saif Al Shehhi, UAE Ambassador to the Republic of Cyprus.
During the visit, Al Zeyoudi met President Nikos Christodoulides and participated in the UAE–Cyprus Business Roundtable, where he highlighted the strong complementarities between the two economies and the significant scope for collaboration in sectors including oil and gas, renewable energy, logistics, real estate, technology and artificial intelligence.
The two sides also signed a Memorandum of Understanding (MoU) to establish the UAE–Cyprus Business Council. The Council is designed to enhance private sector engagement and support cooperation across a wide range of priority economic sectors.
An EU member state, Cyprus has a predominantly services-led economy, with tourism, information and communications technology, and professional services acting as key drivers of growth. Both the UAE and Cyprus are experiencing solid economic momentum, underpinned by diversification strategies, technological innovation, tourism activity and strategic investments. The UAE views Cyprus as a key gateway to Europe, while Cyprus continues to benefit from UAE investments in areas such as green energy, artificial intelligence and infrastructure, strengthening bilateral trade and private sector collaboration.
Cyprus recorded GDP growth of 3.2 per cent in the first half of 2025, supported by strong consumer demand and investment. While non-oil trade between the UAE and Cyprus has remained relatively steady over the past five years, recent data points to a marked acceleration. From January to September 2025, non-oil trade reached USD176 million, representing a 39.4 per cent increase compared to the same period in 2024 and a 25.1 per cent rise over 2023.
Commenting on the visit, Al Zeyoudi said the engagement reflects the UAE’s commitment to strengthening economic partnerships and deepening private sector collaboration with high-growth economies worldwide. He noted that the recent expansion in bilateral trade highlights the potential for a more diversified and mutually beneficial economic relationship, with discussions focused on identifying priority sectors, linking business communities and showcasing opportunities in both markets.
The UAE continues to provide a competitive and business-friendly environment that supports investment, innovation and cross-border collaboration across multiple industries. Through its Comprehensive Economic Partnership Agreements (CEPA) programme, the country is working to expand foreign trade and investment flows, reinforce its role as a global trade hub and drive sustainable economic growth.
With nearly 1,850 Cypriot companies operating in the UAE, Cyprus remains an important platform for UAE businesses seeking to expand into key European markets. Continued cooperation and joint initiatives are expected to further strengthen bilateral ties, supporting long-term economic growth and shared prosperity for both countries.
