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.

As Cyprus is preparing itself for a post-Covid-19 working life, employers should maintain flexible workplace policies to retain and attract new talent, says Hayley Buckle, Director of Recruitment at GRS Recruitment.

Luxury properties and high-rise buildings are currently driving Cyprus’ construction sector forward. However, demand will shift in favour of more conventional villas and apartments in a few years’ time, predicts George Chrysochos, second-generation CEO of Cyfield Group, one of Cyprus’ largest vertically integrated construction companies.

We have every reason to remain optimistic and expect demand to continue to be strong in 2021, especially for ready to move in properties and projects approaching their delivery.

Competition coupled with a cleaner and lower cost fuel will drive a reduction of electricity costs for all.

Cyprus has a new, more discerning, type of client that expects world-class finishes, facilities and service in addition to an outstanding property with exceptional construction quality and specifications.