Saudi Arabia and Cyprus establish joint trade council

The Saudi and Cypriot Chambers of Commerce today announced the establishment of a new organization to boost trade between the two countries.

The Federation of Saudi Chambers of Commerce and the Cyprus Chamber of Commerce and Industry have signed an agreement establishing the Saudi Cypriot Business Council. The council’s aim is to boost bilateral business investment, the official Saudi Press Agency reported.

Why is this important: Saudi Arabia wants to deepen its ties with Cyprus. Crown Prince Mohammed bin Salman plans to visit Cyprus on an international trip that will also take him to Greece and Turkey. Saudi Arabia is currently pursuing its rapprochement with Turkey, but has also expressed its support for Cyprus in the dispute between the two countries over drilling in the eastern Mediterranean.

Cyprus is important for several countries in the Middle East due to its strategic location and its conflict with Turkey. Egypt also supports Cyprus’ position vis-à-vis Turkey. In December, Qatar signed an energy exploration agreement with Cyprus.

Know more: The Federation of Saudi Chambers also formally expressed in January its desire to improve trade relations with Russia.

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