Economic integration

Saudi Arabia and Cyprus consider economic integration to absorb geopolitical shocks

Cypriot President Nicos Anastasiades’ visit to Saudi Arabia on Tuesday raised the bar of expectations for the two countries by strengthening strategic cooperation. This comes as geopolitical developments emerge due to the Russian-Ukrainian war.

The economists pointed out that the available opportunities are sufficient to constitute a necessary integration for the economies of the two countries.

Saudi oil giant Aramco intends to launch oil and gas investments in the exclusive economic zone of Cyprus.

The visit of the Cypriot President to the Kingdom reinforces the development of bilateral relations after the conclusion of previous agreements to avoid double taxation and launches the executive program between the Saudi General Authority of Civil Aviation and the Cypriot Ministry of Transport.

Moreover, the interests of both countries intersect with geopolitical dimensions related to security and stability in the Middle East and Eastern Mediterranean regions.

“The Cypriot President’s second visit to the Kingdom confirms the determination of the two countries to advance joint relations to the stage of a qualitative partnership,” Fadl Al-Buainain, a member of the Saudi Shura Council, told Asharq Al- AWSat.

Al-Buainain added that Saudi Arabia and Cyprus support investment in available opportunities and perhaps the creation of joint mega-projects that deepen common economic relations, which constitute the main basis for establishing reliable and lasting political ties.

The Saudi Public Investment Fund could be one of the main players in the joint investment relations between the two countries, Al-Buainain noted.

This is in line with the Kingdom’s Vision 2030 and its stated investment objectives.

Al-Buainain said that the Cypriot President’s visit deepens joint bilateral relations in various fields, activates the agreements signed during the first visit and establishes new economic partnerships.

According to Al-Buainain, Cyprus is part of the European common market, which 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 a value. added for various Saudi investments.