The banking sector will continue to perform well, supporting local economic activity and corporate demands. At the same time, profitability will increase further as the economy grows and develops, strengthening the capital bases of banks.

Cyprus and the United Arab Emirates enjoy established and strong relations with both countries eager to find opportunities and make bigger investments in many fields of mutual interest, especially in hydrocarbons and renewable energy, says Ambassador Sultan Ahmed Ghanem Al Suwaidi.

The energy sector presents significant potential to further strengthen cooperation between Cyprus and Egypt, however, shipping, retail, financial services, health, and technology also offer many opportunities to attract higher levels of Egyptian investment to Cyprus, says Ambassador Ioannou.

Q: Cyprus and the United Arab Emirates have friendly relations and a long history of cooperation. In terms of investment, what key projects in Cyprus have attracted participation from the UAE, and what type of foreign direct investment would you like to see from the Emirates in the future?

Cyprus and Saudi Arabia have witnessed significant momentum in strategic bilateral and multilateral relations, both politically and economically. Cyprus is a high-growth market which offers significant opportunities for Saudi companies and investors across a range of sectors such as tourism, technology and energy, says Ambassador Stavros Avgoustides.

Saudi companies and investors can benefit significantly from Cyprus’ strong business ecosystem, and there are many business opportunities in both Cyprus and in Saudi Arabia for companies to build on to strengthen cooperation, says Demos Anastassiou.

Q: Egypt is a significant ally for Cyprus in the Eastern Mediterranean region. What are the key pillars that form this strong diplomatic relationship and how do you see this bilateral partnership developing in the future? 

Saudi Arabia and Cyprus have made headway in deepening their bilateral relations with a focus to intensify cooperation between the two countries in various fields such as economy, energy, sustainability and tourism, says Ambassador Khaled Mohammed Alsharif.

Cyprus has long established itself as a thriving business hub, with a vast array of investment opportunities in key growth sectors of the economy. With its long-standing friendly relations with the UAE and other key partners in the region, there is vast potential for further investment and building strong synergies, says Ambassador Yannis Michaelides.

The current cooperative climate between Cyprus and Egypt can be the springboard on which the private sector can expand existing trade relations, there is tremendous growth potential for the mutual benefit of our economies, says Christophoros Anayiotos.

Q: Cyprus and Israel have a strong partnership in multiple areas. Which sectors are providing the most investment potential at the moment? How can Cyprus facilitate more business from Israel and make itself even more attractive to Israeli investors?

The future of the Cypriot-Israeli relationship remains promising with its solid foundations and mutual interest in furthering and widening cooperation at all levels, says Ambassador Theodora Constantinidou.

The economic cooperation between Cyprus and the UAE currently focuses on many major goods, but the possibilities are significant and wide-ranging, rendering the UAE a strategic partner for Cyprus and vice-versa, says Yiannis Sophianos.

Q: Cyprus and Saudi Arabia are currently deepening their bilateral ties in terms of trade and investment. Which sectors of the Cyprus economy could provide the most investment potential for Saudi Arabia at the moment? How can Cyprus facilitate more business and make itself even more attractive to Saudi investors?

Israeli investors view Cyprus as a gateway and a good place to invest and do business in a variety of areas. With the support of the business communities of both countries, much more can be done to both expand trade and investment and bring the two peoples even closer, says Ambassador Oren Anolik.

Cyprus needs a robust, efficient and fair business tax framework that supports the post-Covid-19 recovery and is fully aligned with the expected legislative changes. In other words, this is the time to launch the process for a tax reform.

Over the space of roughly a decade, Cyprus has gone through a significant transformation. Its infrastructure, from public works to large private investments, have turned it into a major attraction.

Andrey Narutskiy explains how Cyprus’ AIFs help to meet the specific needs of ultra-high-net-worth investors and says Cyprus could win more fund business as offshore fund centres remain under attack from global policy-makers.  

Thematic Exchange Traded Funds (ETFs) are experiencing record growth globally as investors want to capitalise on clean energy and technology. Demand for specialised ETFs will likely increase in Cyprus too, although these funds might not necessarily be traded on the island, says Maria Clappa, Partner at Tassos Papadopoulos and Associates LLC.

UCITS could be the investment theme for 2021 and beyond. As the returns on fixed deposits continue to be diminishing in the current low-interest rate environment, retail investors are asking for alternatives to traditional bank products. UCITS could be the answer, says Alexios Kartalis, General Manager of GMM Global Money Managers Ltd.