Isabel Uson, CCO at Cyprus Business Group (CBG), sits down with Yiannos Olymbios, Chairman of the Cyprus Business Council (Dubai), for a timely conversation on what it really takes to build meaningful business bridges between Cyprus and the UAE. From the Council’s role in connecting entrepreneurs, corporates, and decision-makers, to the practical realities of expanding into Dubai, this interview explores the opportunities, mindset, and network-driven approach that can turn cross-border ambition into momentum.

How do you foresee the future of the bridge between Cyprus and the UAE in terms of business collaboration?

We can all realize that we are currently living in a very turbulent and unpredictable political environment globally. Traditional allies go separate ways and new economic, energy and natural resources corridors are formed resulting into new strategic partnerships. Over the past few years, UAE and Cyprus political relationship has deepened significantly in multiple areas as a result of these geopolitical transformations. In 2022 a Comprehensive Strategic Partnership agreement was signed between UAE and Cyprus covering defence, trade, energy, tourism, culture, education and technology. Recently, UAE has helped Cyprus with an emergency water supply solution via portable desalination units. The governments have set up the path. Now it is the time for the UAE and Cyprus private sector to take advantage of the G2G initiatives and do actual business.

What is your vision for the Cyprus Business Council (CBC) in the coming years?

The establishment of the Cyprus Business Council of Dubai Chambers (CBC) has been a long term objective of the Cyprus Government for many years. We are lucky that under the tenure of our Energy and Commercial Counsellor in the GCC, my dear friend George Partasides, who has dedicated time and effort together with his team this became a reality. We would also like to thank our Ambassador of Cyprus in the UAE Ms Meropi Christophi for her support and also the Cyprus Chamber of Commerce and the Ministry of Energy of Cyprus. As I previously said, now it is time for business people from both countries and the GCC region to connect and to do business. The CBC will facilitate this connection and act as a bridge for business people between the UAE and GCC and Cyprus. As you are aware, CBC has just been established. Together with the elected Board of Directors we will agree and set up specific targets that we will be implementing the next few months for the purpose of encouraging and facilitating business transactions.

In addition to the commercial role that the CBC will have we also want to act as the “home” of all the Cypriot expat community in the UAE and GCC region. We have already started to locate and attract Cypriots working and living in the UAE and GCC to join our Council for the purpose of forming an organized  community that will improve the quality of life of Cypriot expats. The vision of the CBC is aligned with the vision of the charismatic leaders of this amazing country which is to implement actions towards improving our business and personal lives.

What role do you see the CBC playing in promoting investment opportunities between the two regions?

CBC is a Council whose members are esteemed and prominent business people, who have proven that implementation and actions are needed for a vision to be achieved. We are not a governmental organization and we do not have to deal with the bureaucracy of the governments and the procedures and processes which most of the times are a burden in business transactions.

What we need to do first however, is to “expose” ourselves. Make people in Cyprus, the UAE and the GCC aware that we exist and that we can actually assist and facilitate business people. We want to be the first point of contact of people who want to do business in either country and to actually help these people by providing relevant references and advice. We also wish to work closely with the Chambers and the Governments of Cyprus, UAE and GCC and identify areas of improvements and of opportunities.

What are the main challenges and opportunities you believe Cypriot businesses will face in the near future?

UAE has become the last few years one of the most attractive global destinations to do business. We have been witnessing a huge influx of people and companies redomiciliating in the region to live and to do business. As a result, doing business in the region has become extremely competitive in all industries. I remember when I first came to the UAE 23 years ago, the country wanted to attract people to do business here. Demand then was much larger than supply. Last few years, supply supersedes demand by large numbers, resulting in a more competitive environment, higher costs in establishing business and higher costs of living. In order to do business in the UAE you need to be present, you need to invest time, effort and money and you need to establish the right network that will support you in expanding your services here.

The fact that UAE has become a global financial hub creates also opportunities. When you do business in the UAE you are not only doing business in the country but in a market of more than 3 billion people. UAE has bilateral trade and financial agreements with most of the MENA countries, Asian and African countries. Living and working in the UAE will also also provide the opportunity for someone to connect with important people from all over the world with a chance to form relationships and partnerships.

UAE provides also a safe and energetic environment to work and do business. People who live and work here are here to do business and you can feel the vibe and energy in everyday life.

As founding members, the Cyprus Business Group (CBG) team looks forward to sharing more exciting updates as they unfold.

Author: Isabel Uson

Isabel Uson Tirone is a dynamic marketing and communications professional with a strong focus on content strategy, event promotion, and community engagement. She currently serves...