Cyprus promoted as business base in UAE

Targeted actions are being taken to promote Cyprus in the United Arab Emirates, including an event held in collaboration with the Abu Dhabi Chamber of Commerce & Industry, national promotion agency Invest Cyprus said on Friday.

The event presented Cyprus’ comparative advantages to UAE-based business entities, while also outlining the evolution of the Cypriot economy, with the agency’s chairman Ioannis Matsis highlighting the country’s strong growth rate and short-to-medium term prospects.

Invest Cyprus CEO George Campanellas spoke on why Cyprus is a suitable investment destination, as well as why it has grown in prominence as a base for numerous companies’ European operations.

Dinos Mitsides, the vice president of the Cyprus Chamber of Commerce & Industry (Keve), provided additional information on the grown business relations between Cypriot companies and companies in Abu Dhabi.

Ali Saeed Bin Harmal Al Dhaheri, the vice president of the Abu Dhabi Chamber of Commerce & Industry, presented numerous facts on Abu Dhabi, while also referring to the development of bilateral relations between the two countries over the past few years, noting the strong prospects for stronger economic ties and trade relations.

The strengthening of relations between the two countries was sealed with the signing of a memorandum of understanding between the two chambers, through which specific initiatives for bilateral cooperation will be taken.

At the same time, a series of meetings were held with representatives of local and international companies who expressed interest either in operating on the island or exploring investment opportunities offered by Cyprus.

Discussions focused on the various advantages that Cyprus offers, such as its proximity to the Middle East and the Gulf countries, its attractive tax system, the high level of professional services, the lower cost of living when compared to other competing European countries, as well as recently introduced regulatory changes and other incentives.

Cyprus’ promotional campaign in the UAE culminated on Thursday with the participation of President Nicos Anastasiades, along with a delegation of government officials and business people, at a series of events celebrating Cyprus’ international day.