Introduction of the Cyprus Business Council in Dubai
In a significant development aimed at boosting economic ties, the Dubai Chamber of Commerce has officially launched the Cyprus Business Council. This initiative is designed to foster collaboration between businesses in Dubai and Cyprus, focusing on enhancing trade, investment opportunities, and partnerships across various sectors.
Strengthening Trade Relations
The establishment of the Cyprus Business Council underscores Dubai’s growing reputation as a favored destination for Cypriot businesses and investors. Recent statistics indicate that non-oil trade between Dubai and Cyprus reached an impressive AED 588 million in 2024. Additionally, by the close of the third quarter in 2025, there were 612 Cypriot companies registered as active members of the Dubai Chamber of Commerce, with 71 new memberships added in just the initial nine months of the year.
Inaugural Meeting Highlights
The inaugural Annual General Meeting (AGM) of the Cyprus Business Council brought together key figures, including His Excellency George Papanastasiou, the Minister of Energy, Commerce, and Industry of the Republic of Cyprus. Notable attendees also included His Excellency Abdullah Ahmed Al Saleh, the Under-Secretary of the UAE Ministry of Economy and Tourism, and Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers. This gathering marked an essential step toward fostering deeper connections between the two business communities.
Insights from Officials
During his opening remarks at the AGM, Minister Papanastasiou emphasized the council’s role in creating a structured environment for businesses, investors, and innovators from Cyprus and Dubai. He expressed that the council will facilitate knowledge sharing and enable joint ventures, focusing on sustainable growth and technology transfer. This initiative is seen as a vital move in reinforcing the economic relationship between Cyprus and the UAE, highlighting the importance of collaborative efforts at both policy and technical levels.
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, remarked that the formation of the Cyprus Business Council is a strategic step in strengthening trade and investment relations between Dubai and Cyprus. He noted that the council would serve as a significant platform for Cypriot companies looking to explore opportunities in Dubai while also expanding their reach into promising regional and international markets.
Role of Business Councils
Maha Al Gargawi pointed out that the various Business Councils under the Dubai Chamber of Commerce are crucial in enhancing links with international investors and companies. She highlighted their essential contributions toward expanding cooperation and advancing Dubai’s trade and investment relations on a global scale. The councils aim to promote economic growth across diverse sectors, ensuring a robust and dynamic business environment.
The Function of Dubai Chamber of Commerce
Established in 1965, the Dubai Chamber of Commerce plays an instrumental role in advocating for and supporting the interests of the business community in Dubai. It is committed to creating an environment conducive to growth and promoting Dubai as a global business hub. The chamber operates alongside two other chambers under the umbrella of Dubai Chambers, which underwent restructuring to enhance its effectiveness in fostering business relations.
Conclusion
The newly formed Cyprus Business Council is set to play a vital role in enhancing cooperation between Dubai and Cyprus, providing opportunities for businesses to collaborate and grow in a supportive environment. As the landscape of international trade continues to evolve, this council represents a forward-thinking approach to building strong economic partnerships.
