UAE’s Minister of Economy: It is time to expand our cooperation with Cyprus

The United Arab Emirates are determined to expand cooperation with Cyprus, said the UAE’s Minister of Economy and Chairman of Investopia, Touq Al Marri, during the Investopia Global Mediterranean conference taking place in Limassol, which focused on the areas of cooperation that can create a “new economy”.

During a panel discussion entitled “Bridging Prosperity: Unlocking GCC-Eastern Mediterranean Synergies”, Touq Al Marri said the aim of Investopia is to create a new economy; not from scratch, but find the new in the traditional economy. “There’s huge potential for investments in every economy, and this is where Investopia helps countries recognise them,” he explained.

The discussion focused on the strategic collaboration between the UAE and Cyprus, emphasizing economic integration, investment opportunities, and regional partnerships. The dialogue explored key sectors such as energy, digital transformation, tourism, and logistics, while highlighting the importance of bilateral trade, cultural exchange, and innovation-driven economies.

Touq Al Marri said the relationship between Cyprus and the Gulf Cooperation Council (GCC) is very close. The UAE and Cyprus are geographically close, with shared traditions and cultures, while aviation and logistics are key enablers for regional integration, he said.

“Certainly the UAE are looking for a reliable partner in the Mediterranean,” said Touq Al Marri, adding that in return, the UAE will allow Cyprus to be more independent, especially when it comes to energy.

As he said, the UAE and Cyprus are geographically close, with shared traditions and cultures. Both nations envision the Eastern Mediterranean as a region of peace and prosperity, while Cyprus serves as a gateway to the European Union, enhancing regional stability and growth.

Trade between the UAE and Cyprus has grown by 25% since 2019, while over 424 Cypriot brands have invested approximately $420 million in the UAE, according to Touq Al Marri.

And so he added that the UAE and Cyprus aim to create a diversified and innovation-driven economic block. “Opportunities lie in energy, infrastructure, digitalisation, SMEs, and AI,” said Touq Al Marri.

He suggested that instead of focusing on trade and production, there are lot of opportunities in services, such as tourism and hospitality.

“I think we need to look at a different base, and services are ideal. We have a lot of production, but our service is where we excel,” he explained.

Elsewhere, Touq Al Marri referred to the UAE's engagement with Mediterranean countries, with significant investments in Greece, Lebanon, and Syria, and collaboration in sectors like healthcare, tourism, real estate, and technology.

Concluding, the UAE minister called on the business community to offer its input. “We are trying our best as ministers to put things into gear, but you guys are doing the work, so it’s important for you tell us what you need,” he said.

Event ID:

In partnership with:

Ministry of Energy, Commerce and Industry, Republic of Cyprus, Invest Cyprus, Cyprus Chamber of Commerce and Industry

Main sponsor: Eurobank

Gold Sponsors: Altia, Columbia Group, Finvasia

Silver Sponsors: Athlos Capital, Ecommbx, EY, Perfect Circle Trust, Argyrides & Associates LLC, STI Taxand Cyprus, K.Treppides & Co Ltd

Sponsor: IMR

Organisers: Investopia & IMH