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Cyprus Trade Centre CYPRUS KT CONNECT SPECIAL REPORT|DECEMBER 18, 2016 Promising FUTURE Thenationiswell-positionedto embarkonanew eraofsustainable economic growth CYPRUS SPECIAL REPORT DECEMBER 18, 2016 Gatewaytothe West Editor Vaman VassudevKamat Supplements Editor SuchitraStevenSamuel Assistant Editor IshtiaqAli Mehkri Reporter Farhana Chowdhury Senior Designers Mohammad Ejaz Khan MAAroos Mohamed Imaging VenugopalPrabhu Aurangzeb Baloch FACILITATING Senior Adverisement Manager CONTENTS Mamta Pillai TRADE Assistant AdvertisementManager (Supplements) 4 TheCyprus turn-around DP World and the Bilal Saeed Cyprus is well-positioned to embark on Government of the Senior Account Group Manager anew eraofsustainable economic growth DebashishShome Republic ofCyprus 6 Cyprus in your heart recentlysignedtwo Circulation Manager Theislandisthe perfect holiday destination separate concession Constance Louis Moraes in anyseason andfor adiversity of tastes agreements forthe andinterests commercialisation of Systems Manager activities within the Mohan Kumar Shetty 8 Pride with perfection Limassol Port in Cyprus Cyprus hasadynamicfutureinterms of DUBAI HEADOFFICE tradeand commerce with theUAE andthe DPWorld Limassol has been awarded P.O. Box11243,Tel: +971 43383535, regionbeyond Fax: +971 43383345/46, an exclusive25-year concession to E-mail: [email protected], operatethe multipurpose terminal at Website: www.khaleejtimes.com 11 Stabilising the region’s which operations include break-bulk, ABU DHABI telecommunication needs general cargo, roll-on/roll-off (ro-ro) P.O. Box3082, Tel: +971 26337666, Cytaglobalimplements state-of-the-art and passenger terminal operations. Fax: +971 26351122E-mail: [email protected] networks to link Cyprus andneighbouring Simultaneously,P&O Maritime BAHRAIN countries to theworld Cyprus (a wholly-owned subsidiary Universal Enterprises, of DPWorld Limited) received a P.O. Box1062Manama, 15-year concession to provide an Tel: +973-17290303Fax:+973-17293818 14 Digital portfolio to improve student employabilityrate exclusiverange of portmarine OMAN-MUSCAT services including tugs and pilotage DigitalPortfolio Portal addressesthe needs United Media Services SAOC,P.O. Box3305 at the portofLimassol.Both Ruwi, Postal Code 112,Tel: +968 24700896 of youngjob seekersvia an online concessions will be awarded to a Fax: +968 24706512, developmentprocess E-mail: [email protected] jointventurebetween DPWorld and G.A.P.Vassilopoulos Public Limited,a INDIA 16 Enhanced coursesfor entry Mediascope Publicitas,51Doli, logistics and services company, listed Chamber,Colaba, Mumbai 400005, into top universities on the Cyprus Stock Exchange. Tel: +9122613 77400 Ministry-approvedvolunteer teachers to Commenting on the venture, Fax: +912222875718, offer lessons forfuturesuccess Sultan Ahmed bin Sulayem, Group E-mail: [email protected] Chairman and CEO of DPWorld, PAKISTAN 20 Awalk down historylane said:“Webelieveinthe long-term Millennium Media, Karachi, prospects of Cyprus and the potential Tel: +92-21-35480795 Fax: +92-21-35870242, Exploringthe cultureofancient Cyprus was forDPWorld as afacilitatoroftrade E-mail: [email protected] likegoing back in atimemachine to maximise the potential of Limassol ENGLAND Port.These new concessions will 47,Great Cumberland Place, 22 Major ship LondonW1H7 LH, Tel: +442077235083 demonstrate DPWorld’s abilityto Fax: +442077064157 management centre offer arange of portand maritime Cyprus,with itslongmaritime tradition, services,complementing our vision to APUBLICATION OF enjoys aleadingrole in theinternational be global leaders in world trade.” GALADARI PRINTING&PUBLISHINGLLC shipping scene KHALEEJTIMES |SPECIAL REPORT DECEMBER 18,2016 3 CYPRUS The Cyprus turn-around Cyprus is well- international tender, DP World positioned to and Cyprus are partnering together in order to utilise their embark on a new respective competitive era of sustainable advantages for their mutual benefit. In view of the official economic growth assumption of this project by DP World in early 2017, the Minister of Transport of Cyprus The year 2016 has been of par- paid a working visit to Dubai ticular significance for Cyprus. last October, during which he Back in early spring, Cyprus suc- met with the leadership and cessfully completed the ESM- senior management of DP World IMF Economic Adjustment Pro- and utilised his presence in gramme. Having done that one Dubai to also meet the CEO and year ahead of schedule, Cyprus senior management of DIFC. proved, once again, that the In a number of separate and overarching decision on the part distinct occasions, several other of all internal and external important trade visits took place interlocutors to apply the right during 2016, within the context combination of fiscal discipline of the various commercial fairs and institutional and political that take place in Dubai and Abu maturity had a catalytic effect on Dhabi that showcased the strong the management of the financial interest and the potential that crisis that had such dire conse- exists in the areas of commerce, quences on the lives of people. tourism, construction, finance Currently, Cyprus is projected Vasilis Polemitis, Ambassador of the Republic of Cyprus to the UAE and investment. This constantly to grow by 2.9 to 3 per cent, and increasing activity, along with with its public finances in excel- implement the necessary insti- Moreover, working hand-in- the decades-old presence of lent condition, Cyprus is well- tutional reforms that will allow hand, the two respective several important Cypriot positioned to embark on a new Cyprus not only to engage with governments held, back in May companies in the UAE and the era of sustainable economic the international economic sys- 2016, the first round of bilateral active and highly–skilled Cypriot growth. It suffices to say, though, tem, but to do so competitively political consultations in Nicosia professional community living that challenges remain, particu- and successfully. at the level of Deputy Ministers. and working in the Emirates, larly in respect to unemploy- Domestic economic successes The meeting provided a encourages both governments ment and the overall condition aside, 2016 witnessed an wonderful opportunity for the to continue working together in of the private debt. As a result, impressive activity in the two countries to renew their a spirit of mutual respect and to and while the government and relationship between Cyprus strong institutional cooperation, further develop the friendly people of Cyprus have every and the UAE that culminated and to share with each other relations between the two right to accept the much with the visit of the Minister of their plans for the future. At the countries. deserved praise of the interna- Foreign Affairs of the UAE, cultural front, the Embassy of The Embassy of Cyprus in tional community for their Shaikh Abdullah bin Zayed Al Cyprus in Abu Dhabi hosted, for Abu Dhabi and the Cyprus Trade ability to overcome adversity, Nahyan to Cyprus and the the first time, a two–week long Centre in Dubai have launched they remain vigilant, and con- official inauguration ceremony pictorial essay exhibition at the several other initiatives, tinue to work hard in order to of the UAE Embassy in Nicosia. campus of Paris Sorbonne Abu especially following the recent Dhabi in order to introduce the admission of Cyprus to the academic community and the European Fund Industry public with the rich multifaceted Association, that open up a cultural heritage of Cyprus. new and very promising In addition to these important professional field of cooperation developments, another pivotal between Cyprus and the UAE, event that underlines not only especially considering the the solid foundations on which UAE’s instrumental role in the our relationship is founded, but wider region. also indicates the rich promise All in all, 2016 has been a very of the future, has been the active and very productive year assumption of the management that not only constituted the of general services/general cargo completion of the turn-around and passenger terminals of the of the Cyprus economy, but also port of Limassol by DP World and ushered in a new promising era its subsidiaries and partners in for the relations between Cyprus Cyprus. Following a successful and the UAE. 4 DECEMBER 18, 2016 KHALEEJ TIMES | SPecIAL REPORT CYPRUS Cyprus in your heart The island is the perfect holiday destination in any season and for a diversity of tastes and interests yprus, the southern-most island in the Eastern Mediter- ranean, offers year-round sunshine. The island has region can be found in the established itself as a quality destination with constant country. Visitors can expect a investment in tourism, welcoming 2.66 million in 2015. high level of quality and service CThis year has been another year of top results for Cyprus with most offering great Tourism. Overall, arrivals are expected to surpass the 3 million facilities such as indoor mark. Cyprus is an island of contrasts with a history dating back swimming pools, spas, health 10,000 years. The island offers a variety of attractive landscapes, and beauty treatments and including golden sandy beaches, pine-forested mountains and entertainment programmes. picturesque villages still carrying on ancient traditions. The island Visitors can choose from a is the perfect holiday in any season for a diversity of tastes and variety of activities, such as interests. These can range from pure rest and relaxation to walking walking, cycling
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