Energy Minister: Cyprus seeking strategic investments with the UAE

Energy Minister George Papanastasiou expressed his commitment to strengthening cooperation between Cyprus and the United Arab Emirates, as a means of regional stability and mutual development, speaking at the Investopia Global Mediterranean Forum in Limassol, during a discussion with the participation of the UAE Minister of Finance, Abdulla bin Touq Al Marri.

Papanastasiou clearly presented the strategic position of Cyprus, as well as the complementarity of the two economies, underlining that the current situation is ideal for the development of substantial business partnerships.

In his statements, Papanastasiou highlighted four key pillars of the Cyprus-UAE relationship: economic complementarity, geopolitical convergence, sustainable development and a shared vision for the Eastern Mediterranean. As he said, “the Eastern Mediterranean can be seen as a space of peace and prosperity,” which is a common goal of both sides.

The search for sustainable investments and “the corridor for their connection” is a crucial element for the future, according to the Minister. As he explained, the European experience of dependence in critical sectors now gives Cyprus the opportunity to gain more independence and resilience.

Papanastasiou emphasised the strategic value of the Cyprus-UAE relationship, saying that “there is great dynamism,” and that “we can use this relationship to upgrade what we are already doing.” He set the strengthening of business-to-business (B2B) relations as a priority, stating: “now is the time to do business.” This is, as he said, the key step being promoted by the Cypriot side.

Referring to specific areas of cooperation, the Minister noted that technology and digital transformation are areas with great strategic convergence between Cyprus and the UAE. Furthermore, he acknowledged the significant scope for development in the tourism and hospitality sectors, as well as in sports and luxury developments. At the same time, he mentioned that there is a prospect of cooperation in solar and wind energy, and that, although the hydrocarbon sector is present, the focus must remain on sustainable approaches, noting the expertise that the UAE has in the sector.

He made particular reference to the ability of Cyprus to function as a headquarters for international businesses, presenting the advantages that the country offers in this direction.

Asked about Cyprus' cooperation with other countries, he stated that the country's development model has changed. "We are not operating as a supermarket, but now we are making targeted investments," he said. In this context, cooperation with the UAE is being strengthened.

Papanstasiou also referred to the contribution of organisations such as Invest Cyprus, the Cyprus Chamber of Commerce and Industry (CCCI) and other partners, which promote sustainable collaborations and initiatives. He recalled that the targeted sectors for the Cypriot side include energy, connectivity, education, healthcare, digital transformation and facilitating investment in tourism.

In conclusion, he stated that Cyprus now has a dedicated investor support center, a "one-stop shop" for any business interested in investing or establishing itself in the country. Through the numerous initiatives being implemented, the goal is to create a deeply interconnected region.

Earlier, during his opening remarks, Papanastasiou described it as “an honour for Cyprus” to be among Investopia’s valued partners. Referring to the challenges of today’s international reality, he noted that “no state can face uncertainty alone,” underlining the importance of knowledge exchange and building partnerships.

Speaking specifically about UAE-Cyprus relations, he stressed that “they are not just diplomatic relations, they are partnerships,” which include investment and cultural exchanges. “Cyprus is a reliable partner,” he said, adding that the country has a diverse and flexible economy, while citing GDP growth, unemployment reduction and “significant investments in technology and innovation” as key achievements of the recent period. He mentioned shipping, tourism, healthcare and education among the priority sectors.

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