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A Year of Strategic Growth and Global Connections

The Cyprus Trade Centre has played an integral role in showcasing the country’s innovation, fostering valuable partnerships, and driving economic collaboration

The year 2024 has been a transformative period for the Cyprus Trade Centre in Dubai (CTC), marked by strategic moves and key engagements that have significantly boosted Cyprus’s presence and influence in the UAE and beyond. From relocating to the thriving business hub of Dubai Silicon Oasis, to representing Cyprus at prestigious global exhibitions such as Gulfood, GITEX Global, and ADIPEC, the CTC has played an integral role in showcasing the country’s innovation, fostering valuable partnerships, and driving economic collaboration. These highlights reflect the Centre's unwavering commitment to supporting Cypriot businesses, expanding their global reach, and strengthening the bilateral ties between Cyprus and the UAE.

A Commitment to Supporting Cypriot Businesses at Global Exhibitions GITEX Global 2024: Cyprus Showcases Innovation and Digital Transformation

The Ministry of Energy Commerce and Industry (MECI), in collaboration with the CTC, participated with a National Pavilion for the third consecutive year at the international technology and IT exhibition, GITEX Global 2024, held in Dubai from October 14 to 18, 2024.

The National Pavilion, supported by the Cyprus Information Technology Enterprises Association (CITEA), hosted 14 pioneering technology companies1 operating in fields such as life sciences, artificial intelligence, cybersecurity, robotics, and applied research and much more. The Pavilion attracted over 200,000 visitors including governmental officials and high-level executives.

During the exhibition’s "Tech Talk Sessions," Cypriot businesses showcased their innovative technologies to a broader audience and had bilateral meetings with a lot of different companies and high-level executives. Moreover, a successful networking event took place with the participation of high-ranking officials, including Dr. Nikodimos Damianou, Deputy Minister of Research, Innovation and Digital Policy, Marios Panayides, Permanent Secretary of MECI, Meropi Christofi, Ambassador of Cyprus to the UAE, and Demetris Skourides, Chief Scientist for Research, Innovation and Technology.

Strengthening Cyprus-UAE Collaboration: MoU Signed with Khazna Data Centers

The exhibition also served as a platform for the signing of a Memorandum of Understanding (MoU) by the Deputy Minister of Research, Innovation, and Digital Policy, Dr. Nikodimos Damianou, with Khazna's CEO, Hassan Alnaqbi, the largest data center provider in the United Arab Emirates (UAE) and prominent member of the renowned G42 conglomerate. This MoU strengthens Cyprus-UAE relations and enhances Cyprus’s presence as a hub for technological innovation in the region. Furthermore the Deputy Minister of Research, Innovation, and Digital Policy had the honour to participate at a very insightful panel discussion at the main stage for shaping the future of AI Digital economy and emphasise on the importance of international collaboration and trust to effectively address cyber threats across borders.

Gulfood 2024: Cyprus Promotes Excellence in Food and Beverage

A total of 34 companies2 from Cyprus, active in the manufacturing and trade of agricultural products, participated through a National Pavilion at the 29th International Food and Beverage Exhibition "Gulfood 2024." The event took place in Dubai from February 19 to 23, 2024.

Cyprus’ participation in "Gulfood 2024" is part of the Ministry’s ongoing efforts to support businesses in penetrating new markets, not only in the Gulf Region but also globally. The exhibition is recognized as one of the largest in the food and beverage sector worldwide.

The Cypriot exhibitors, operating in sectors such as halloumi and dairy products, fresh vegetables, potatoes, avocados, juices and other non-alcoholic beverages, olive oil, pasta, flour and bulgur, frozen foods, nuts, baked goods, salt, and vegetarian products, had the opportunity to hold meetings and establish connections with existing and potential buyers.

This year’s "Gulfood" featured over 5,500 exhibitors and around 93,000 visitors, showcasing a vast array of food and beverage products. Additionally, the exhibition included presentations on topics such as business opportunities and solutions to evolving global challenges, including technologies for food distribution, utilization, and transportation.

The Big 5 Dubai 2024: A Showcase of Cypriot Expertise in Building and Construction

With a longstanding tradition of Cypriot participation, the Big 5 in Dubai once again featured a strong presence from Cypriot companies, with six companies demonstrating their expertise in various sectors of the building and construction materials industry. This year’s participants, included Cyprus Forest Industries Public Ltd, specializing in wood panel production; D. Ellinas Factory Products Ltd, experts in air-conditioning grills and ventilation solutions; ELNIA Ltd, providers of high-quality flooring products; Peta Trading Ltd, manufacturers of premium paint brushes and rollers; Lordos United Public Ltd, producers of durable plastic pipes for industrial and construction use; and UNC Urban Noise Control Ltd, innovators in urban noise control solutions.

During the exhibition, the CTC engaged with companies’ representatives to discuss opportunities and challenges and emphasized its role in supporting Cypriot businesses through Export Helpdesk applications.

CABSAT 2024: Cypriot Innovation in the Media and Telecom Sectors

At CABSAT 2024, the CTC had the pleasure of witnessing the remarkable achievements of Cypriot companies in the media and telecommunications sectors. Cyta Global which offers comprehensive satellite uplink, downlink, and connectivity solutions, drew significant attention with its exceptional services in the GCC region and beyond. The event also provided an opportunity to connect with other innovative and startup Cypriot companies, such as Digital Tree Media, which is making significant progress in online media and radio in GCC Region, and Venus Hub, a startup excelling in IP streaming services and satellite signal transport. The participation of these companies underscores Cyprus's commitment to advancing its media and telecommunications capabilities, positioning the country as a global leader in the sector. Follow up with companies was made available and further support was provided after the exhibition.

Cyprus at ADIPEC 2024: Strengthening Energy Ties with the UAE

The CTC with the Embassy of Cyprus in the UAE, also had the privilege of representing Cyprus at ADIPEC 2024, one of the most prominent events in the global energy sector. This prestigious gathering provided exceptional networking opportunities, fostering collaboration and facilitating discussions between big energy companies in the energy industry. The Cyprus delegation, led by Cyprus’s Minister of Energy, Commerce, and Industry, George Papanastasiou, engaged in highly productive meetings with high level officials of the UAE in the energy sector, and group CEO of companies like ENI, TOTAL, Chevron, Shell, BP and representatives of EMGF and VTTI. These discussions underscored Cyprus's increasing influence and geostrategic role in the region, particularly in the fields of energy, infrastructure, and natural resources.

One of the key highlights of the Cyprus delegation’s participation at ADIPEC was the positive reception of Cyprus as a potential hub for significant infrastructure projects. Industry leaders and investors from the Middle East expressed strong interest in collaborating with Cyprus, reaffirming the country’s strategic importance in the energy sector. During the panel discussion, Minister Papanastasiou emphasised how energy solutions can drive regional stability and progress, showcasing Cyprus as an ideal partner in addressing the region’s energy challenges.

The meeting with ADNOC’s team, including Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology Group CEO of ADNOC, also garnered significant interest. ADNOC expressed a keen desire to collaborate with Cyprus in the country’s Exclusive Economic Zone (EEZ), while ongoing cooperation with TAQA in the Electricity Interconnector Project GSI was also highlighted. These engagements reflect Cyprus's commitment to advancing energy development in the region through strong international partnerships.

Meeting with TAQA Group: Exploring Investment Opportunities in Cyprus

In January 2024, the President of Cyprus, Nikos Christodoulides, met with a delegation from the UAE’s TAQA Fund at the Presidential Palace in Nicosia. The meeting focused on exploring investment opportunities in Cyprus, particularly in the energy and water sectors. The discussion centered around the Great Sea Interconnector project and other mature or near-mature projects that could benefit from TAQA's investment expertise. This meeting further strengthened the ties between Cyprus and the UAE, paving the way for increased collaboration in areas of mutual interest.

Building Stronger Ties Between Cyprus and the UAE

The CTC, through its various meetings, especially with local Chambers, has effectively highlighted and promoted collaborations between companies in Cyprus, as well as funding opportunities. CTC’s visits to various exhibitions have led to identifying leads, which have subsequently passed on to the Cypriot companies. CTC’s main goal is to connect the different Cypriot companies in the region and develop synergies among them to establish Cyprus' presence firmly in the area. Many companies with Cypriot interests, such as Wade Adams, Hilalco, Logicom, and Virtual IT, have shown a willingness to assist other Cypriot companies.

The proposal for creating a B2B digital platform to connect Cypriot companies with UAE companies was very well received by local UAE authorities. The discussion about this initiative occurred at a high level between the Minister, George Papanastasiou, and Mohammed Abdul Rahman Al Hawi, the Undersecretary of the Ministry of Investment in the UAE during the Investopia conference that took place in February in 2024.

Additionally, Cyprus' active role in the International Renewable Energy Agency (IRENA), headquartered in Abu Dhabi, continues to be crucial since 2010. This involvement not only aids in promoting Cyprus’ advancements in renewable energy technologies but also positions the Country as a prime investment destination for new emerging technologies.

Furthermore, CTC attended the Abu Dhabi Business Week that proved instrumental in fostering G2G relations, as highlighted by productive discussions with leading entities like ADNOC and Space42. These meetings not only strengthen ties but also open doors for future bilateral initiatives and collaborations.

The CTC's participation in the "Digital Advocacy Workshop: Bridging the Funding & Investment Gaps for Digital Startups" was a strategic initiative to enlighten the digital startup community on available funding avenues and opportunities. Hosted under the auspices of the Dubai Chamber of Digital Economy and Mohamed Ali Rashed Lootah, the event offered a platform for rich discussions and networking among innovators and leaders in the digital sector. Cypriot companies have already engaged with funding programs presented.

A Strategic Move to Dubai Silicon Oasis

The CTC has officially relocated to Donna Towers, Office 908, Dubai Silicon Oasis, marking an exciting new chapter for the centre. Dubai Silicon Oasis (DSO) is one of the most dynamic and business-oriented environments in the region. Is located in the heart of Dubai's tech and business hub, provides opportunities for collaboration and expansion. This strategic move aligns with the CTC’s mission to further enhance its presence and support Cypriot businesses, creating stronger connections in the UAE and beyond. CTC is now even better positioned to provide comprehensive services and enhanced support to Cypriot businesses, helping them connect with potential partners, investors, and industry leaders in the UAE.

1 Cdma, Jonitaco, Additess, Simplex, Engino, Hosting B2B, Infocredit Group, Istognosis, Efevre, Irerobot, Ianus Technologies, Embio Diagnostics, Channelit, Supernova

2 A. Zorbas & Sons Ltd, A.a. To Trachonitiko Ltd, Alion Vegetables & Fruits Co Ltd, Amoresi Ltd, Charalambides Christis Ltd, Cyprus Millers, Cyprus Potato Marketing Board, Dodoni (Cyprus) Ltd, E. Neophytou Trading Co Ltd, Eleftherios G. Eleftheriou (Achnagal) Ltd, Fair Farms Family, Kean Soft Drinks Ltd, Keo Plc, Kouroushis Dairy Products, Lisko Foodstuffs Ltd, Lisko Pourgouromiloi, M.g.p Cyprus Salt Co Ltd, M.p. Theodorou Salt Industry Co Ltd, Magoulitsa Trading Ltd, Mitsides Public Co Ltd, New Sevegep Ltd, Op Sedigep Periferias Polis Chrysohous Ltd, Pantziarou Bros Dairy Products Ltd, Papouis Dairies Ltd, Petrou Bros Dairy Products Ltd, Photos Photiades Breweries Ltd, Protino Foods Ltd, S & G Herbs Farm Ltd, S. M. Tryfon Ltd, Siricam Ltd, Strakka Ltd, The King Of Olives - Agathoklis Agathokleous Ltd, Tyras Dairies Cyprus Ltd, Vgo