Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, met with his counterpart Harris Georgiades, Minister of Finance of Cyprus, to discuss ways of enhancing cooperation between the two friendly countries, which extends for more than 50 years. The meeting was held during a visit by a UAE Ministry of Finance, MoF, delegation to Luxembourg.
During the meeting, the two parties discussed means of enhancing cooperation and strategic partnership on various trade and economic levels, and the need to explore the available investment opportunities and activate the role of the private sector in promoting this partnership.
Al Tayer highlighted the advanced investment and legislative environment of the UAE and its advanced infrastructure as well as macroeconomic stability. These data reinforce the country's status as an attractive destination for foreign direct investment, which contributes to achieving the UAE Vision 2021.
He said, ""The UAE economy ranks second in the Middle East and North Africa region, becoming more diversified, and the contribution of the oil sector to the gross domestic product, GDP, has dropped to less than 25 percent. The country's GDP has grown strongly over the past years, while growth in GDP is expected to reach three percent between 2019 and 2020."
For his part, Georgiades praised the historical relations between the two countries and the economic performance of the UAE, stressing the need to strengthen bilateral relations in all areas of mutual interest.
The UAE and Cyprus are bound by a Double Taxation Avoidance Agreement that was issued in 2013. The two countries also have important historical, trade and economic ties in a number of vital sectors, mainly trade, energy, real estate, shipping, innovation and tourism.