Strengthening bilateral relations: Cyprus and UAE collaborate on trade, technology, and innovation

The UAE and Cyprus are actively enhancing their bilateral relations, focusing on long-term cooperation in trade, investment, and technology. At the heart of this collaboration is a shared vision to expand digital cooperation and advance economic growth in both nations.

Dr Nicodemos Damianou, Cyprus' Deputy Minister of Research, Innovation, and Digital Policy, highlighted the island’s strategic importance as a gateway to Europe, urging UAE companies to capitalize on Cyprus’ advantageous location.

He emphasized the need for regular exchanges of knowledge and expertise to drive technological advancement, while broadening business and diplomatic ties.

With a focus on promoting Cyprus-UAE trade and investment, and particularly in tech and innovation, Cyprus was present at Gitex Global, the largest technology exhibition in the region. The Trade Service of the Ministry of Energy, Commerce, and Industry (MECI) organised a national pavilion, in collaboration with the Cyprus Information Technology Enterprise Association (CITEA).

“This is my second visit in just over two months to explore investment opportunities and collaborate on developing digital infrastructure in Cyprus. During this visit, I had the privilege of meeting with the Minister of AI, and the Undersecretary of Investments to discuss collaborations specifically in the space of AI, and signed a Memorandum of Understanding with Khazna, signifying our strong commitment to elevate Cyprus as a key player in the global digital landscape. This MoU also marks the beginning of a broader collaboration with companies specialised in AI, space technologies and autonomous vehicles,” Dr Damianou shared with Khaleej Times during an interview at a networking event during Gitex Global in Dubai.

His participation in a panel discussion on “State Cybersecurity Outlook: Shaping the Future of All Digital Economy” signified the importance of international collaboration and trust to effectively address cyber threats across borders.

Cyprus as a gateway to Europe

Dr Damianou said Cyprus is considered an efficient gateway to Europe, and UAE companies should capitalise on the country’s strategic location.

“Cyprus is a small country, but it is growing remarkably fast due to its geostrategic location connecting three continents. It is an eastern outpost of Europe offering a solid entry point to the European market,” he said.

“We are like-minded people, and I am confident that we will find common ground for further strengthening our already excellent bilateral relations and collaboration between the two countries, especially in the energy and digital infrastructure domains. Cyprus ranks 10th in Europe and 27th globally on relevant Innovation Indices, has a fast-growing ICT sector and it is a good market for launching products,” he said.

Digital Infrastructure Investments

There is a wide scope of increasing bilateral trade and investment between the UAE and Cyprus.

“Securing investment in digital infrastructure is our number one priority. We are also looking at investment in AI, where the UAE has emerged as a global leader, and we want to learn from their experience and know-how. To that end, we are planning to sign a Memorandum of Understanding with the UAE Minister of AI, on the sidelines of the “World Government Summit” in February 2025. We are working intensively to finalise the details of such an agreement,” the Deputy Minister of Research, Innovation & Digital Policy of Cyprus said.

Cyprus National Pavilion and Participation in Gitex

The Trade Service of the Cyprus Ministry of Energy, Commerce and Industry (MECI), committed to promoting Cyprus abroad and supporting local businesses particularly in promising sectors such as technology and innovation, decided to organise a Cyprus National Pavilion at the biggest technology exhibition, Gitex Global.

Marios Panayides, Permanent Secretary, MECI, said that the presence of high-level officials reflects the strong commitment of the government to position Cyprus as a leader in innovation and technology.

“Our Business Facilitation Unit at the MECI offers robust support to foreign companies interested in expanding their activities in Cyprus and exploring synergies with our local enterprises,” he added.

He also highlighted Cyprus’s presence at Gitex Global, stating that for the third consecutive year, Cyprus is proudly participating with its national pavilion, under the Cyprus National Pavilion in collaboration with the Cyprus Information Technology Enterprise Association (CITEA).

The 14 technology companies that participated were CDMA, CHANNELIT, JONITACO, ADDITESS, SIMPLEX, ENGINO, HOSTING B2B, INFOCREDIT GROUP, ISTOGNOSIS, EFEVRE, IREROBOT, IANUS TECHNOLOGIES, EMBIO DIAGNOSTICS, and SUPERNOVA.

These companies, spanning sectors such as life sciences, AI, cybersecurity, payment solutions, compliance services, and applied research, represent Cyprus’s dynamic tech ecosystem and showcased the country's growing role as an international hub for innovation and technology.

— muzaffarrizvi@khaleejtimes.com