Abu Dhabi to Invest in Cypriot Projects

Abu Dhabi to Invest in Cypriot Projects

President Nicos Christodoulides and a delegation from the Abu Dhabi National Energy Company (TAQA) discussed a list of infrastructure initiatives and development projects in Cyprus in which the Emirati company could invest.

The visit by TAQA representatives was a follow-up to the visit to Cyprus by the UAE’s Deputy Minister of Foreign Affairs for Trade and Financial Affairs in the summer of 2023. The purpose of the delegation’s visit to the island was to explore investment opportunities. The Government of the Republic of Cyprus welcomes the Emirate of Abu Dhabi’s desire to invest in the country’s development.

During the meeting, TAQA representatives expressed interest in the Great Sea Interconnector project, formerly known as the EuroAsia Interconnector, as well as a number of other initiatives across the country. It was decided that TAQA’s investment fund, in cooperation with the Ministry of Energy, Trade and Industry of the Republic of Cyprus, would study in detail the list of projects presented by President Christodoulides within a month. From these, the investment fund will be able to select projects of interest to it that are at the implementation stage or close to the start of work.

The Great Sea Interconnector is a 900-kilometer high-voltage direct current electricity project connecting Greece, Cyprus, and Israel. The project is expected to be completed by 2025 and will have a capacity of 2,000 megawatts. The project is considered to be of strategic importance for the region, as it will help to integrate renewable energy sources and improve energy security.

Other projects that TAQA may invest in include:

  • The development of a liquefied natural gas (LNG) terminal in Cyprus
  • The construction of a new airport in Larnaca
  • The development of tourist resorts and infrastructure

The investment by TAQA in Cyprus is a significant development for the country. It is a sign of confidence in the Cypriot economy and its potential for growth. The investment will also help to create jobs and boost economic activity.

The government of Cyprus is committed to attracting foreign investment. It has created a number of incentives for investors, including tax breaks and a streamlined investment approval process. The government is also working to improve the country’s infrastructure and business environment.

The investment by TAQA is a positive step for Cyprus. It is a sign that the country is on the right track to attracting foreign investment and boosting its economy.

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