The United Arab Emirates and Cyprus are strengthening their bilateral relationship, with a focus on long-term cooperation in trade, investment, and technology. A recent visit to Dubai by Dr Nicodemos Damianou, Cyprus’s Deputy Minister of Research, Innovation, and Digital Policy, underscored a shared vision for digital collaboration and economic growth.
A Gateway to Europe
Dr Damianou highlighted Cyprus’s strategic position as an efficient entry point to the European market, urging UAE companies to take advantage of its location. “Cyprus is a small country, but it is growing remarkably fast due to its geostrategic location connecting three continents,” he said, describing the island as an “eastern outpost of Europe”.
He noted that Cyprus ranks 10th in Europe and 27th globally on key innovation indices and possesses a rapidly expanding ICT sector. “We are like-minded people, and I am confident that we will find common ground for further strengthening our already excellent bilateral relations,” Dr Damianou added, pointing to opportunities in energy and digital infrastructure.
Digital Infrastructure and AI
A key outcome of the visit was a Memorandum of Understanding (MoU) signed with data centre provider Khazna, which Dr Damianou said signifies a “strong commitment to elevate Cyprus as a key player in the global digital landscape”. The agreement is expected to be the start of wider collaboration with companies specialising in artificial intelligence, space technology, and autonomous vehicles.
During his trip, Dr Damianou met with the UAE’s Minister of AI and the Undersecretary of Investments. He confirmed that Cyprus is planning to sign a further MoU with the UAE Minister of AI during the World Government Summit in February 2025. His participation in a panel on state cybersecurity at Gitex Global also emphasised the need for international trust to address cross-border digital threats.
Cyprus at Gitex Global
For the third consecutive year, Cyprus hosted a national pavilion at Gitex Global, the region’s largest technology exhibition. The pavilion was organised by the Trade Service of the Ministry of Energy, Commerce, and Industry (MECI) in collaboration with the Cyprus Information Technology Enterprise Association (CITEA).
Marios Panayides, Permanent Secretary at MECI, said the presence of high-level officials reflected the government’s commitment to positioning Cyprus as a technology leader. He also noted that the ministry’s Business Facilitation Unit offers support to foreign companies looking to operate in Cyprus.
Fourteen Cypriot technology companies participated, representing sectors from AI and cybersecurity to life sciences and payment solutions. They included CDMA, CHANNELIT, JONITACO, ADDITESS, SIMPLEX, ENGINO, HOSTING B2B, INFOCREDIT GROUP, ISTOGNOSIS, EFEVRE, IREROBOT, IANUS TECHNOLOGIES, EMBIO DIAGNOSTICS, and SUPERNOVA.
Building an Innovation Hub
Demetris Skourides, Cyprus’s Chief Scientist for Research, Innovation and Technology, explained that the country is accelerating its development as a regional innovation hub. He pointed to seven centres of excellence focused on areas like energy, health, and shipping, which are working to commercialise new innovations.
Skourides suggested a mutually beneficial relationship where UAE-based startups could use Cyprus to access the European market and its incentives, while Cypriot firms could benefit from the UAE’s advanced experience in AI and blockchain. This effort is supported by the Cyprus Trade Centre in Dubai, which promotes Cypriot exports and identifies investment opportunities in the UAE and other GCC countries.
