CSC Chairperson Encourages Cyprus Investors to Explore Opportunities in Saudi Arabia

Chairperson of the Council of Saudi Chambers (CSC) Eng. Ahmed Al Rajhi received in his office His Excellency the Ambassador of Cyprus to Saudi Arabia, Nicos Panayi, where the two discussed investment cooperation between the two countries.

Eng. Al Rajhi shed light on the investment climate in Saudi Arabia post Saudi Vision 2030, encouraging Cypriot investors to explore the various opportunities the Vision will bring along. He expressed CSC’s readiness to assist Cypriot investors in this regard by arranging meetings with their Saudi counterpart and providing them with all the information regarding facilitations and advantages of investing in the Kingdom.

For his part, the Cypriot Ambassador noted the robust relations between the two friendly countries thanks to the support of their respective leaderships, adding that he looks forward to elevating these relations and increasing bilateral trade and investment. He emphasized the Cypriot side’s continued efforts in this regard, notably, the role of that Cypriot Embassy in Saudi Arabia.

Mr. Panayi highlighted the recently upgraded tax laws in Cyprus which makes it more competitive and incentivizing for foreign direct investments. In addition to several other procedures that enhance the economic environment in Cyprus. He explained that the Cypriot government is restructuring national economy so as to revitalize its growth and make the country a viable destination for foreign investors.

The meeting discussed preparations for a Saudi delegation to Cyprus in the upcoming months to explore investment opportunities and meet with businesspeople with the aim of entering into joint ventures in both countries.