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The Cyprus turn-around

Cyprus is well-positioned to embark on a new era of sustainable economic growth

The year 2016 has been of particular significance for Cyprus. Back in early spring, Cyprus successfully completed the ESM-IMF Economic Adjustment Programme. Having done that one year ahead of schedule, Cyprus proved, once again, that the overarching decision on the part of all internal and external interlocutors to apply the right combination of fiscal discipline and institutional and political maturity had a catalytic effect on the management of the financial crisis that had such dire consequences on the lives of people. 
Currently, Cyprus is projected to grow by 2.9 to 3 per cent, and with its public finances in excellent condition, Cyprus is well-positioned to embark on a new era of sustainable economic growth. It suffices to say, though, that challenges remain, particularly in respect to unemployment and the overall condition of the private debt. As a result, and while the government and people of Cyprus have every right to accept the much deserved praise of the international community for their ability to overcome adversity, they remain vigilant, and continue to work hard in order to implement the necessary institutional reforms that will allow Cyprus not only to engage with the international economic system, but to do so competitively and successfully. 
Domestic economic successes aside, 2016 witnessed an impressive activity in the relationship between Cyprus and the UAE that culminated with the visit of the Minister of Foreign Affairs of the UAE, Shaikh Abdullah bin Zayed Al Nahyan to Cyprus and the official inauguration ceremony of the UAE Embassy in Nicosia. Moreover, working hand-in-hand, the two respective governments held, back in May 2016, the first round of bilateral political consultations in Nicosia at the level of Deputy Ministers. The meeting provided a wonderful opportunity for the two countries to renew their strong institutional cooperation, and to share with each other their plans for the future. At the cultural front, the Embassy of Cyprus in Abu Dhabi hosted, for the first time, a two-week long pictorial essay exhibition at the campus of Paris Sorbonne Abu Dhabi in order to introduce the academic community and the public with the rich multifaceted cultural heritage of Cyprus.
In addition to these important developments, another pivotal event that underlines not only the solid foundations on which our relationship is founded, but also indicates the rich promise of the future, has been the assumption of the management of general services/general cargo and passenger terminals of the port of Limassol by DP World and its subsidiaries and partners in Cyprus. Following a successful international tender, DP World and Cyprus are partnering together in order to utilise their respective competitive advantages for their mutual benefit. In view of the official assumption of this project by DP World in early 2017, the Minister of Transport of Cyprus paid a working visit to Dubai last October, during which he met with the leadership and senior management of DP World and utilised his presence in Dubai to also meet the CEO and senior management of DIFC. 
In a number of separate and distinct occasions, several other important trade visits took place during 2016, within the context of the various commercial fairs that take place in Dubai and Abu Dhabi that showcased the strong interest and the potential that exists in the areas of commerce, tourism, construction, finance and investment. This constantly increasing activity, along with the decades-old presence of several important Cypriot companies in the UAE and the active and highly-skilled Cypriot professional community living and working in the Emirates, encourages both governments to continue working together in a spirit of mutual respect and to further develop the friendly relations between the two countries. 
The Embassy of Cyprus in Abu Dhabi and the Cyprus Trade Centre in Dubai have launched several other initiatives, especially following the recent admission of Cyprus to the European Fund Industry Association, that open up a new and very promising professional field of cooperation between Cyprus and the UAE, especially considering the UAE's instrumental role in the wider region.
All in all, 2016 has been a very active and very productive year that not only constituted the completion of the turn-around of the Cyprus economy, but also ushered in a new promising era for the relations between Cyprus and the UAE.