Cyprus and UAE to sign agreements on taxation and investments

Cyprus and the United Arab Emirates are set to sign two agreements to improve economic ties. Cyprus Minister of Commerce, Industry and Tourism, Antonis Paschalides and the Deputy Minister for Financial issues at the Foreign Ministry of the United Arab Emirates (UAE) Khalid Al Gaith met here and discussed issues concerning investment, tourism, and energy.
Speaking after their meeting, Paschalides said that they agreed to sign agreements on the avoidance of double taxation and protection of investments. In addition they agreed to exchange visits of teams of technocrats and businessmen, he said.
“We both agreed that there is great potential to upgrade and improve relations between the two countries”, he stressed.
Replying to a question, Paschalides pointed out that the number of tourists coming from UAE is increasing. “We expect to welcome more tourists from UAE in the coming years”, he added.
Al Gaith stated that he had a constructive meeting with Paschalides, during which they discussed ways to enhance bilateral economic relations.
“Cooperation prospects for investments in Cyprus or abroad in the fields of energy, agriculture and tourism have been examined”, he said and referred to the agreements to be signed on the avoidance of double taxation and the protection of investments.
The foreign official said that he invited Cyprus Tourism Organisation (CTO) to visit UAE and advertise the tourist product of Cyprus.