Cyprus, Saudi Arabia Make Business Deals, Promote Investments

NICOSIA –  Following Greece’s lead in conducting business with Saudi Arabia despite the Gulf nation’s alleged involvement in the killing of an American-based journalist, Cyprus is forging ahead with deals and investments. A Framework Cooperation Program was signed in Nicosia by Finance Minister Makis Keravnos and Saudi Minister of Investment Khalid Al Falih, as reported by The Cyprus Mail. “This program is an important step to further 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 in a statement.

Despite Saudi Arabia being criticized for violating human rights, the two countries also discussed the prospects for investments in a variety of priority sectors such as ICT, tourism and hospitality, shipping, energy, health, and education during their meeting.

Joining Greece in doing business with Saudi Arabia after the Gulf country was denounced for reportedly ordering the killing of an American-based journalist, Cyprus is going ahead with making deals and pushing investments.

He also expressed his honor at receiving Al Falih as one of his first duties as the new finance minister. The Cyprus Mail reported that Al Falih stated he was pleased with the FCP, which will enhance bilateral relations in the field of investment and open a new era for economic cooperation between the public and private sectors of both nations.

The Saudi minister highlighted that the FCP was signed only a few months after a landmark deal was concluded between Saudi Arabia, Cyprus, and Greece, which will create one of the world’s longest and most impactful data transmission corridors. He added, “We hope to build on the momentum created by the agreement signed today and the alignment between our leaders to kick off our cooperation in the travel and tourism, shipbuilding and maintenance, and maritime sectors.”


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