Hassan Al Naqbi, CEO of Khazna, and Dr Nicodemos Damianou, Deputy Minister of Research, Innovation, and Digital Policy of Cyprus, signed a Memorandum of Understanding on the sidelines of Gitex Global in Dubai.
The UAE and Cyprus are strengthening their bilateral ties, focusing on long-term cooperation in trade, investment, and technology. Central to this partnership is a shared vision to enhance digital cooperation and drive economic growth in both countries. Dr Nicodemos Damianou emphasized Cyprus’s strategic role as a gateway to Europe, encouraging UAE companies to leverage Cyprus’s advantageous location. He stressed the importance of regular knowledge exchanges to foster technological advancement and expand business and diplomatic relations.
Cyprus showcased its commitment to Cyprus-UAE trade and investment, particularly in tech and innovation, at Gitex Global, the region’s largest technology exhibition. The Trade Service of the Ministry of Energy, Commerce, and Industry (MECI) organized a national pavilion in collaboration with the Cyprus Information Technology Enterprise Association (CITEA).
Dr Damianou highlighted his recent visits to explore investment opportunities and develop digital infrastructure in Cyprus. During his visit, he met with the Minister of AI and the Undersecretary of Investments to discuss AI collaborations and signed an MoU with Khazna, underscoring Cyprus’s commitment to becoming a key player in the global digital landscape. This MoU also initiates broader collaborations with companies specializing in AI, space technologies, and autonomous vehicles.
Dr Damianou’s participation in a panel discussion on “State Cybersecurity Outlook: Shaping the Future of All Digital Economy” underscored the importance of international collaboration in addressing cyber threats. He reiterated Cyprus’s position as an efficient gateway to Europe, urging UAE companies to capitalize on its strategic location.
The Deputy Minister emphasized the potential for increased bilateral trade and investment between the UAE and Cyprus, with a focus on digital infrastructure and AI. He announced plans to sign an MoU with the UAE Minister of AI during the “World Government Summit” in February 2025.
The Cyprus National Pavilion at Gitex Global, organized by the Trade Service of MECI, showcased Cyprus’s dynamic tech ecosystem. Marios Panayides, Permanent Secretary of MECI, highlighted the government’s commitment to positioning Cyprus as a leader in innovation and technology. The pavilion featured 14 technology companies, representing sectors such as life sciences, AI, cybersecurity, and more.
During a networking event, Dr Damianou expressed his enthusiasm for representing Cyprus at Gitex Global, emphasizing the event’s importance for tech enthusiasts. He noted Cyprus’s ranking as 10th in the European Innovation Scoreboard, highlighting the country’s status as a strong innovator in Europe.
Demetris Skourides, Chief Scientist for Research, Innovation, and Technology, discussed Cyprus’s rapid progress in becoming a regional innovation hub. He highlighted the government’s priorities for 2024-26, including environment, health, agriculture, space, and digital technologies. Skourides also acknowledged the UAE’s advanced startup ecosystem and the potential for mutual collaboration.
George Partasides, Commercial Counsellor, emphasized the role of the Cyprus Trade Centre in Dubai in promoting Cypriot exports and services across the UAE and GCC. The centre organizes business events, trade delegations, and provides support to Cypriot exporters.
Overall, Dr Damianou’s visit to Dubai marked significant progress in strengthening bilateral cooperation with the UAE in digital infrastructure.
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