The visit of Cypriot President Nicos Anastasiades to Saudi Arabia on Tuesday raised the bar of expectations for the two countries enhancing strategic cooperation. This comes when geopolitical developments are emerging due to the Russian-Ukrainian war.
Economists stressed that available opportunities are enough to constitute a required integration for the economies of the two countries.
Saudi oil giant Aramco has intentions to launch oil and gas investments in the exclusive economic zone of Cyprus.
The Cypriot president’s visit to the Kingdom enhances the development of bilateral relations after the conclusion of previous agreements to avoid double taxation and launch the executive program between Saudi Arabia’s General Civil Aviation Authority and the Cypriot Ministry of Transport.
Moreover, the interests of the two countries intersect with geopolitical dimensions related to security and stability in the Middle East and Eastern Mediterranean regions.
“The second visit of the Cypriot president to the Kingdom confirms the two countries’ determination to advance joint relations to the stage of qualitative partnership,” Fadl Al-Buainain, member of the Saudi Shura Council, told Asharq Al-Awsat.
Al-Buainain added that Saudi Arabia and Cyprus support investing in available opportunities and perhaps creating joint mega-projects that deepen the joint economic relations, which is the main base for building reliable and sustainable political ties.
Saudi Arabia’s Public Investment Fund may be one of the main players in the joint investment relations between the two countries, noted Al-Buainain.
This aligns with the Kingdom’s Vision 2030 and its declared investment objectives.
Al-Buainain said the Cypriot president’s visit deepens joint bilateral relations in various fields, activates agreements signed in the first visit, and concludes new economic partnerships.
According to Al-Buainain, Cyprus is part of the European common market, and this gives a strategic dimension to Saudi investments, especially in the oil and gas sector and trade in general, where direct access to European markets is considered an added value to various Saudi investments.
