Cyprus-Saudi Arabia step up investments

Cyprus and Saudi Arabia have signed a Framework Cooperation Programme (FCP), boosting promotion investments between the two countries in areas of mutual concern.

The FCP was signed on Saturday in Nicosia by Minister of Finance Makis Keravnos and the Saudi Minister of Investment Khalid Al Falih during his official visit to Cyprus.

“This programme is an important step further to promote our bilateral relations in the area of investments, and it has come as a result of mutual recognition of the opportunities offered,” Keravnos said.

He said the cooperation includes the exchange of visits between experts and conferences in the field of investments.

“We also discussed the prospects for investments in a variety of priority sectors for our countries, such as ICT, tourism and hospitality, shipping, energy, health and education”.

Al Falih said the FCP “will enhance bilateral relations in the field of investment and open a new era for economic cooperation for the public and private sector partnership between our two nations.”

He said the Programme would facilitate continuous interactions between the Saudi and the Cypriot businesses.

Furthermore, the Saudi Minister stated signing the FCP comes only a few months after we concluded a “landmark deal between Saudi Arabia, Cyprus and Greece which will constitute one of the world’s longest and impactful data transmission corridors (EMC)”.

“We hope to build on this momentum created by the agreement, by the EMC project, by the alignment between our leaders to also kick-off our cooperation in travel and tourism, shipbuilding and maintenance and the maritime sector,” Al Falih said.