Cyprus looks to the Gulf for investment

National investment agency Invest Cyprus on Friday announced that through a mission in Kuwait made a series of contacts and presented to local government officials and investors Cyprus’ business and investment prospects.

“As part of the implementation of its strategy to promote Cyprus in the wider region of the Middle East and Gulf countries, the Cyprus Investment Promotion Agency, known as Invest Cyprus, has been carrying out on-site targeted promotional actions in important markets of the region,” the agency said in a statement.

A delegation of Invest Cyprus, consisting of CEO George Campanellas and promotion officer Sarris Dimitriou recently visited Kuwait, where they had the opportunity to hold one-on-one meetings with private investors and local government agencies.

Moreover, the agency said that in the meeting with the Managing Director of the Kuwait Investment Authority (KIA), Ghanem Suleiman Al-Ghenaiman, as well as Executive Director Ahmad Bastaki, its mission presented an analysis of recent developments concerning the Cypriot economy.

During the presentation, it also examined Cyprus’ efforts to utilise funds made available through the Recovery and Resilience Plan to facilitate the green and digital transitions, as well as the new long-term strategy for sustainable development, titled ‘Vision 2035’.

The mission also presented investment opportunities in important sectors of the economy, including major development projects, as well as potential avenues of cooperation between Invest Cyprus and the country’s state fund.

Invest Cyprus’ delegation also met with the Director General of the Kuwait Direct Investment Promotion Authority (KDIPA), Sheikh Meshaal Jaber Al-Ahmad Al-Sabah, as well as the Director of International Relations of the Kuwait Chamber of Commerce and Industry Salah Eyadah, allowing them to promote the prospects of further development of bilateral relations.

What is more, the ambassador of the Republic of Cyprus to Kuwait Michalis Mavros, who participated in the meetings, said that “the excellent level of political cooperation between the two countries should translate into closer relations at all levels, including tourism, trade and investment”.

In addition, as part of the visit, Invest Cyprus organised the Cyprus-Kuwait Investment Forum, which was attended by senior executives from Kuwaiti state-owned companies, family offices and businessmen from the Gulf region.

The agency said that speaking to a highly targeted audience, allowed its representatives to highlight the advantages of Cyprus as an ideal choice for investors, which in turn enables them to access the European market, while also showcasing investment opportunities across a number of sectors of the Cypriot economy.

The agency noted that Invest Cyprus’ efforts to promote Cyprus in the markets of the Gulf region are expected to continue during 2023, with additional actions to promote Cyprus as a business and financial centre, as well as a destination for investments.

“The United Arab Emirates, Saudi Arabia, Kuwait, Qatar and Bahrain constitute for us a region with endless prospects,” Invest Cyprus CEO George Campanellas said.

“As the competent national investment promotion agency, we are making continuous efforts to capitalise on the improved bilateral relations between the two countries,” Campanellas concluded.