- The history of relations between the United Arab Emirates and the Republic of Cyprus dates back to the 1960s, especially in the economic sector, as there were many Cypriot expatriates living and working in the Emirates.
- In this context, and as part of attracting foreign direct investment (FDI) from the United Arab Emirates to Cyprus, the Cypriot Ministry of Commerce, Industry and Tourism, at that time, opened the center of the non-profit Cyprus Trade Organization in Dubai in 1977.
- Subsequently, since signing the official agreement to establish diplomatic relations between the two countries in 2007, there is a desire to move forward to enhance the relations in various fields. Furthermore, it also presented new opportunities to expand the economic cooperation and achieve mutual benefit for the two countries.
- According to recent statistics by the UAE Ministry of Economy, the total trade volume between the two countries in 2018 amounted to $121 million, of which the direct trade was $65.7 million and the Free Zone trade was $55.3 million. Imports in 2018 amounted to $28.6 million; non-oil exports $27.5 million, and re-exports $65 million.
- The non-oil trade growth and balance amounted to approximately $64 million.
- In accordance to the statistics of 2016, the volume of foreign direct investment from Cyprus to the UAE is estimated at $994.5 million, and from the Emirates to Cyprus $126.3 million.
- As of 2015, there are more than 50 Cypriot companies registered in the Emirates, while as of 2017, more than 15 commercial agencies were registered. Moreover, 371 brands were registered in the UAE between 1993-2017.
- In regards to the tourism indicator, the number of tourists arriving from the UAE to Cyprus in 2019 reached 21,353 tourists.
- The economic cooperation between the two countries focuses on many major goods, the most important of which are raw materials of Aluminum, a wide range of electrical and electronic equipment, jewelry and ceramic products.
