"Several Cypriot companies have been established in the Kingdom, benefiting from the encouraging investment environment and the incentives offered to foreign investors. At the same time, the Kingdom is seeking a foothold for significant investments in the energy, transportation, communications, information technology, healthcare and tourism sectors in Cyprus," Fawaz Alshubaili, Ambassador of the Kingdom of Saudi Arabia to Cyprus notes.
In a recent interview with GOLD magazine, His Excellency shares his views on the status of relations between Riyadh and Nicosia, and where development can occur to strengthen the partnership.
Among other things, Alshubaili notes that the Framework Cooperation Programme agreement signed in 2023 has opened a new era of economic cooperation for the public and private sectors in both countries. He also weighs in on the two countries' roles in promoting stability and prosperity in the Eastern Mediterranean and the wider Middle East.
Cyprus and Saudi Arabia have shared diplomatic relations since 1961. How would you describe their evolution over the past 65 years? Is there still room for further growth?
Relations between the Kingdom of Saudi Arabia and the Republic of Cyprus have developed and grown significantly in recent years and this movement culminated with the signing of a General Cooperation Agreement in New York last September.
This year, there have been reciprocal visits by senior officials, notably by Cypriot Foreign Minister Dr Constantinos Kombos to the Kingdom in March to express solidarity against the Iranian attacks as well as to exchange views on EU-Saudi Arabia relations. Furthermore, an invitation was extended to His Highness Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs, to attend the Informal Meeting of the European Union Foreign Affairs Council (GYMNICH) in Limassol in May. Certainly, the two countries have natural resources and a geographical location that enable them to strengthen strategic partnerships in a way that serves the common interests of both countries and their shared commitment to promoting regional security and prosperity.
Saudi Arabia and Cyprus signed the Framework Cooperation Programme in 2023 to further mutual investments in both countries. How has this agreement been developing and which sectors have been affected positively by it?
Undoubtedly, this agreement has opened a new era of economic cooperation for the public and private sectors in both countries. During the visits by official delegations and businessmen, numerous investment opportunities in Saudi Arabia and Cyprus have been explored. Several Cypriot companies have been established in the Kingdom, benefiting from the encouraging investment environment and the incentives offered to foreign investors. At the same time, the Kingdom is seeking a foothold for significant investments in the energy, transportation, communications, information technology, healthcare and tourism sectors in Cyprus. The Kingdom’s Vision 2030 aims to achieve a vibrant society and a thriving economy by providing a conducive environment for growth and investment, and by exploiting the Kingdom’s vast potential. Through Vision 2030, the Kingdom has fostered a dynamic business environment by encouraging entrepreneurship and advancing energy sector reforms to strengthen its global economic position. The Kingdom is also investing in a brighter future by launching promising new sectors and privatising more government services to diversify the economy and ensure its sustainability. Furthermore, given the Kingdom’s strategic geographic location at the crossroads of three continents, Vision 2030 aims to position it as a key player in international trade. Cypriot companies are welcome to invest through the plans set out in the Kingdom’s vision.
With all the recent geopolitical activity in the Middle East – and its economic impact – what role can Saudi Arabia and Cyprus play in promoting stability and prosperity in the Eastern Mediterranean and the wider Middle East?
The Kingdom of Saudi Arabia affirms its rejection of escalation in the region and expresses its concern about its repercussions. It is committed to preserving the region’s security and stability. The Kingdom always emphasises respect for the sovereignty, unity and territorial integrity of states, and on safeguarding regional and international peace and prosperity. We share the same positions with the Republic of Cyprus regarding Middle East security. In addition, we appreciate Cyprus’ efforts to coordinate with the Kingdom for peace and stability in the region during its recent six-month presidency of the Council of the European Union. Furthermore, both countries are committed to minimising the economic consequences of geopolitical tensions in the region and there are various opportunities for collaboration to achieve tangible results in this regard, taking into consideration the strategic importance of our region as an energy hub that contributes to broader efforts to diversify sources of supply and strengthen global energy security.
Saudi Arabia is investing heavily in technology and artificial intelligence. What role do innovation and AI play in the country’s future growth strategy and could Cyprus become an important partner?
The Kingdom has made significant efforts to keep pace with the rapid developments in artificial intelligence (AI) technology, aiming to leverage and apply it across various industries. It has achieved remarkable progress, placing it among the leading investing countries in this sector. The Kingdom has successfully employed AI to achieve the goals of Vision 2030, most notably building an AI-driven economy by integrating the technology into all sectors. A national strategy for AI has been adopted and a dedicated government entity – the Saudi Data and Artificial Intelligence Authority (SDAIA) – has been established. In a short period, the Authority achieved record-breaking figures and global accomplishments, most recently winning the 2026 United Nations Public Service Award for the National Data Bank project and the Foresight platform, both developed by the SDAIA during the Year of Artificial Intelligence. Later this year, we will be hosting the 6th UN World Data Forum in Riyadh Forum, which will bring together decision-makers and experts from across the globe under the theme “Promoting Innovation, Developing Global Partnerships, and Discussing the Future of Data and Statistics to Support Policy, Decision-Making, and Achieve Sustainable Development.” Therefore, there are numerous opportunities for collaboration with Cyprus in the field of artificial intelligence
Saudi Arabia is investing heavily in tourism. Do you see opportunities for cooperation with Cyprus in this sector?
The tourism sector is a key component of Vision 2030, which aims to attract 150 million tourists by 2030. In 2025, the Kingdom recorded 123 million tourists from 15 countries. A Memorandum of Understanding (MoU) was signed between the Kingdom and Cyprus on the sidelines of the 26th General Assembly of the World Tourism Organization (UN Tourism), held in Riyadh in November 2025. We anticipate that this MoU will be an effective mechanism for enhancing cooperation between the two countries in this vital sector through the exchange of expertise. Tourism is also a priority sector for the Republic of Cyprus, given its stunning coastline and its status as a popular tourist destination for visitors from Europe, as well as from the Kingdom and the GCC countries. Cypriot businesspeople and investors can benefit from the facilities offered by the Kingdom to foreign investors. I want to emphasise that the Kingdom welcomes them.
Cyprus has been divided for over half a century. How does Saudi Arabia view the current situation and what does it consider the best way to reach a peaceful resolution?
The Kingdom has constantly supported a peaceful resolution of the Cyprus issue within the framework of the relevant United Nations Security Council resolutions. We hope that the recent efforts by the UN Secretary General will contribute to the resumption of negotiations aimed at achieving a comprehensive and lasting solution that secures stability, peace and prosperity for the Cypriot people.
You are relatively new to Cyprus. What are your first impressions of the island?
I have found Cyprus to be a very welcoming and beautiful country. I truly appreciate the friendliness of its people and the rich culture and history of the island. I am impressed by the blend of modernity and tradition and the strong family bonds that characterise Cypriot society.
(Original photo by TASPHO)
This interview first appeared in the August edition of GOLD magazine. Click here to view it.
