Cyprus strengthens business ties with Saudi Arabia

Cyprus has moved to deepen its business and research ties with Saudi Arabia through the visit of an official delegation to the Kingdom between June 5 and June 8.

The delegation involved business and government representatives, including Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos.

During the delegation’s visit, a memorandum of understanding was signed between the Cyprus Chamber of Commerce and Industry (Keve) and the Federation of Saudi Chambers.

The agreement provides for the creation of a new organisation, the Cyprus-Saudi Arabia Business Council.

Its primary aim is to bolster and expand bilateral trade ties between the two countries.

According to a Keve statement, the newly formed business council will seek to encourage cooperation and new ventures between Cypriot and Saudi companies in untapped sectors of the economy.

Moreover, it will try to promote the exchange of views and information on difficulties and opportunities in each respective domestic market and strengthen investment cooperation between Cypriot and Saudi businesses and entrepreneurs.

During the visit, Cypriot business owners had the opportunity to hold meetings with their Saudi counterparts.

At the same time, private meetings took place between Keve members and representatives of the Chamber of Commerce and Industry in Jeddah.

In addition, on June 7, a business forum took place at the Riyadh Chamber of Commerce.

The forum, which involved the participation of Saudi business people, presented the prospects of business ventures involving Cyprus and Saudi Arabia.

“As part of the mission, the huge prospects for cooperation between Cyprus and Saudi Arabia were identified, including in the fields of tourism, manufacturing, digital technology, green development, renewable energy and construction,” a Keve statement said.

“As it emerged from the meetings, there will be huge investments in the coming years in Saudi Arabia, including in infrastructure projects, for the development of the above sectors, amounting to trillions of dollars, creating huge prospects for cooperation, for both Cyprus and for Cypriot companies,” the statement added.

Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos, who spearheaded the visit of the Cypriot delegation, held a private meeting with his Saudi counterpart, Minister of Information Technologies and Communications, Abdullah bin Amer Al-Sawaha.

Kokkinos was also received by the governor of the Digital Governance Authority of the National Cyber Security Authority, as well as the head of the Communications and Information Technologies Commission of the Kingdom of Saudi Arabia.

Moreover, the Cypriot minister also visited the King Abdulaziz City for Science and Technology national research centre.

During the visit, he held a meeting with the leadership of the Digital Cooperation Organisation (DCO) and Arabsat, a global leader in satellite services.

The company has already invested heavily in Cyprus through Hellas Sat.

Kokkinos’ meetings focused on strengthening bilateral and regional cooperation in a number of areas, including digital governance, telecommunications and space.

The meetings also examined the role that both countries can play in promoting the region as a centre of technology, science, innovation and data.

The deputy ministry has previously announced that in the coming months it will sign an official Memorandum of Understanding with Saudi Arabia in the field of cybersecurity.

A ministry press release explained that the one objective is Cyprus’ accession to the Digital Cooperation Organization (DCO), an initiative of Saudi Arabia.

According to its mission statement, the DCO was created to offer governments the tools, policies and guidance to facilitate their digital transformation.

Finally, during his participation in the aforementioned business forum in Riyadh, the deputy minister spoke about the government’s new strategy for attracting investments, including the support it provides through the creation of the Business Facilitation Unit.

In addition, Kokkinos also highlights the government’s commitment to improving Cyprus’ business environment, through targeted reforms and incentives, such as the Digital Nomad Visa and the recently introduced Cyprus Startup Visa.