Home Economy Qatar and Cyprus Enter a New Era of Bilateral Cooperation and Economic...

Qatar and Cyprus Enter a New Era of Bilateral Cooperation and Economic Prosperity

  The recent visit of HH Amir Sheikh Tamim bin Hamad Al-Thani to Cyprus marks a significant milestone in the relationship between the State of Qatar and the Republic of Cyprus. This visit heralds a new phase of bilateral cooperation aimed at fostering economic prosperity and achieving mutual goals. Established in 2001, the diplomatic relationship between Qatar and Cyprus has grown stronger over the years. Key developments include the opening of the Cypriot embassy in Doha in 2004 and the Qatari embassy in Nicosia in 2007, the latter being the first Gulf embassy in Cyprus. These milestones have been complemented by high-level visits, such as HH the Father Amir Sheikh Hamad bin Khalifa Al-Thani’s visit to Cyprus in 2010, which solidified the relationship through several important agreements. The relationship was further reinforced by the visit of former Cypriot President Dimitris Christofias to Doha in 2009 and former President Nicos Anastasiades in 2014.

In November 2023, HH the Amir received HE President Nikos Christodoulides of Cyprus, underscoring the depth of the bilateral relations and the commitment of both nations to enhance their cooperation. Economic collaboration between the two nations has seen significant growth, particularly in the construction and energy sectors. Cypriot companies have been instrumental in major Qatari infrastructure projects, including the Qatar Foundation’s Education City Stadium for the FIFA World Cup Qatar 2022. Additionally, Qatar Airways maintains robust connectivity with Cyprus, operating multiple weekly flights between Doha and Larnaca.

Energy cooperation is another cornerstone of the Qatar-Cyprus relationship. In December 2021, a consortium comprising QatarEnergy and ExxonMobil signed an exploration and production sharing contract with the Cypriot government for Block 5, located southeast of Cyprus. This venture is QatarEnergy’s second in Cyprus, following the successful Block 10 project, which led to the significant ‘Glaucus’ gas discovery. Cultural and educational exchanges further enrich the bilateral ties. Qatar recognizes key Cypriot academic institutions and intellectuals from both countries frequently participate in joint seminars and exhibitions. A memorandum of understanding (MoU) in higher education and scientific research was signed in November 2023, emphasizing the mutual interest in strengthening educational and scientific cooperation.

Trade between Qatar and Cyprus is characterized by Qatar’s exports of petroleum oils, ethylene polymers, and various industrial supplies, while Cypriot exports to Qatar include dairy machinery, medical solutions, and antibiotics. The visit of HH the Amir is expected to enhance these economic exchanges, boosting trade, investment, and business partnerships. Cyprus, strategically located in the eastern Mediterranean and a member of the European Union, offers a gateway to diverse economic activities. Known for its high-income economy, Cyprus excels in tourism and services, with emerging opportunities in oil and gas, maritime transport, and renewable energy. The new phase of cooperation between Qatar and Cyprus promises to deepen their already strong relations. The extensive agreements covering political, economic, educational, and health sectors provide a robust framework for future collaboration, reflecting a shared commitment to mutual prosperity and development.