ISSUE 63 JUNE 19, 2016 PRICE €3.00
Gold ISSUE 63 | JUNE 19, 2016 | ALL MY OWN WORK
presents CIPA International Investment Awards June 2016 | Presidential Palace, Nicosia
INVESTMENT Naguib Sawiris “I’m an investor with a heart”
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BANKING
Interview with CBC Governor Chrystalla Georghadji
PEOPLE
Elena Donets William Janssen Martin Manuzi
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62 | GOLD | The Business Magazine of Cyprus
ISSUE 63 JUNE 19, 2016
T H E
B U S I N E S S
M A G A Z I N E
O F
C Y P R U S
| COVER STORY |
Eight Self-Made Cypriot Businessmen By John Vickers & Artemis Constantinidou | Photos by Andreas Loucaides
became a household househ name in the UK through the TV programme Dragons’ Dragons Den. Or Loucas Haji-Ioannou, the eldest of 12 children, who w left school at 17 and worked as salesman. Some 45 years later, lat in 1990, he was the world’s largest independent shipowner. shipown On any list of the t most successful and wealthy Cypriots, Loucas Haji-Ioannou’s billionaire son Stelios is near the top. Haji-Ioan But does the founder foun of easyJet deserve to be described as a self-made businessman? We think not because, despite his busines undoubted acumen, acum vision and ability, he was given considerable help by his father – most reports cite the amount of £30 million – to start his own enterprise. All eight of the entrepreneurs that you y will meet on the following pages would love to have received recei a fraction of that sum when they were trying to get their companies off the ground. we chose to speak to people who are For our cover story, s hat’s the connection between Bill Gates, Mark Zuckerberg still very much involved with the comand Jeff Bezos, apart from the fact that they panies that they set up on their own are among the world’s richest businessThe World’s initiative and they cover a wide men? One answer is that all three are Wealthiest Self-Ma Self-Made range of sectors from real estate to self-made entrepreneurs – men who technology, from recycling to travel Entrepreneurs started their professional career with & tourism, from toys to professional little more than an idea, some savings services. As you will see from their 1. and a great deal of self-belief and deinterviews, they are all from what BILL 2. termination. They were once unknowns Symeon Kassianides (Chairman and GATES AMANCIO and yet, if it were not for them, we would ($75 BILLION) CEO, Hyperion Group) describes ORTEGA never have heard of Microsoft, Facebook ($67 BILLION) as the “Never Give Up” school, and Amazon. And without others like them, although several of them admit that 3. there would be no Google or Apple, no Zara WARREN they came close. Their collective ador Nike, no Oracle, no Virgin Atlantic, no IKEA, BUFFETT vice to anyone wishing to emulate them no McDonald’s...The list is endless. All these (($60.8 BILLION) would seem to be that they need to dedicate global brands were conceived and built by themselves 100% to their idea and vision. people with no or little money (Sir Richard 4. As Miltos Kambourides (Managing CARLOS Branson famously started Virgin with a 5. SLIM HELU Partner & co-founder, Dolphin Capital JEFF start-up capital of £300) but whereas it ($50 BILLION) BEZOS Partners) puts it, “There are no successful might be the first thing that some of us ($45.2 B BILLION) part-time start-up entrepreneurs”. would think about, the lack of funds did On the following pages, you can not stop them. 6. read about how Panikos Akritas Much of today’s talk is about start-ups MARK 7. but there is nothing new about creating (NetU Group), Nicos Apostolides G ZUCKERBERG LARRY ($44.6 BILLION) a business from scratch. Indeed, virtually (Datatech I.T. Solutions Ltd), MilELLISON every great invention throughout history has ($43.6 BILLION) tos Kambourides (Dolphin Capital originated in one person’s visionary idea. Partners), Symeon Kassianides Business success ultimately brings wealth of (Hyperion Group), Marios 8. varying degrees but it is the creation of wealth from 9. Klitou (Baker Tilly), Antonis MICHAEL LARRY nothing that inspires us all. The picture of the enBLOOMBERG Orthodoxou (Orthodoxou PAGE ($40 BILLION) trepreneur or inventor spending every working moGroup), Costas Sisamos (En($35.2 BILLION) ment on realising that vision is the stuff of dreams gino) and Andreas Tsouloftas and movies but, in many cases, it is a very real one. ( Tsouloftas Group) began 10. Where do the Cypriots fit into this exciting world? with a vision, worked on it, realSERGEY In most instances, those who have made their fortune have BRIN ised it and earned a reputation for ($34.4 BILLION) done it beyond the island’s shores: people like multi-millionexcellence way beyond the borders of aire Theo Paphitis, for example, who owns the stationery Cyprus. chain Ryman and the lingerie retailer Boux Avenue and
COVER
STORY
22 | GOLD | The Business Magazine of Cyprus
23 | All My Own Work
Source: Forbes
www.goldnews.com.cy | GOLD | 23
CONTENTS 6 | EDITORIAL 8 | BUSINESS BRIEFING
Economic & Business Highlights of the past month.
12 | MY WAY
Andri Georgiou’s management style.
14 | FIVE MINUTES WITH… Helena Naaman
Interviews with eight self-made Cypriot businessmen about the challenges they faced at the start of their careers, their inspiration, their advice to young entrepreneurs and more.
16 | THEY SAID WHAT?
A selection of notable utterances by Cypriots in the public eye.
OPINION 40 | NOT THE END OF THE ROAD By George Theocharides
FEATURES 18 | CREDIT WHERE IT’S DUE
Interview with Chrystalla Georghadji, Governor of the Central Bank of Cyprus.
42 | DREAMERS, CRAZY, CREATIVE AND DARING! Elena Donets, CEO of the Tel Aviv University Entrepreneurship Centre (StarTAU) on how students are going to change the world with technology.
14
46 | INVESTOR WITH A HEART
80
Egyptian Billionaire Naguib Sawiris reveals how his investment decisions are as emotional as much as they are businessbased.
76 | NICOSIA ECONOMIC CONGRESS Photos from the event.
42
78 | JUST ADD SUN
William Janssen, CEO of the awardwinnin winning start-up Desolenator, on how his ide idea can help combat the global water shortage.
SPECIAL ADVERTISING SUPPLEMENT 49 | Accounting, Audit & Tax Advisory Firms in Cyprus
Eleven companies present their products and services, while a senior representative answers the question What can Cyprus do to ensure that it remains a competitive jurisdiction and continues to attract foreign companies and investors to the island?
100
80 | HOW TO BE AN EFFECTIVE MCLO By Gregory Dellas.
82 | BREXIT: THE GHOST OF TWO SUMMERS FUTURE By Dr. Savvas Savouri.
84 | BREXIT: THE TIMES THEY
ARE A-CHANGIN’ How the ICAEW is dealing with the UK referendum issues. Interview with Martin Manuzi, Regional Director for Europe. 4 | GOLD | The Business Magazine of Cyprus
87 | SHIPPING
INDUSTRY CONFERENCE GALA Photos from the event.
92| CELEBRATING 20
YEARS OF SUCCESS Interview with Costas Christoforou, CEO of CPM, a leading provider VM ÄK\JPHY` HUK JVYWVYH[L administration services.
96 | IN GOOD COMPANY How PwC Cyprus achieves success through people.
99 | BOOKSHELF
Five of the best new business titles.
100 | LUNCH WITH GOLD Thomas Kazakos, DirectorGeneral of the Cyprus Shipping Chamber.
106 104 | WHAT’S ON Gold’s guide to the best cultural events of the coming month. 106 | A DAY IN THE LIFE Elena Constantinou
THIS IS
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| EDITORIAL |
In Praise of the Entrepreneur
GOLD ISSUE 63 JUNE 19, 2016 PRICE €3.00
T H E
B U S I N E S S
INVESTMENT Naguib Sawiris “I’m an investor with a heart”
M A G A Z I N E
BANKING
Interview with CBC Governor Chrystalla Georghadji
O F
C Y P R U S
PEOPLE
Elena Donets William Janssen Martin Manuzi
PLUS )\ZPULZZ )YPLÄUN >OH[»Z 6U )VVRZ Opinion & More
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5 291295 000577
PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
O
Daphne Roditou Tang MEDIA MANAGER
ne of the most famous remarks attributed to former US President George W. Bush’s is the one that he supposedly made to the then British Prime Minister, Tony Blair: “The trouble with the French is that they don’t have a word for entrepreneur.” While making a fool of himself over his linguistic failings, Mr. Bush was presumably expressing the view that France was not a country that one immediately associated with entrepreneurship. He certainly could not have said that about the Greek Cypriots, who have shown, following two major crises in the past 40 years, that when the going gets tough, they know how to buckle down to some creative hard work (and they have a word for it). On the other hand, it is a fact that Cyprus, too, is not a country that one immediately associates with entrepreneurship but this may not be a fair reflection of the island’s business scene. When we decided to focus on a number of self-made businessmen for this month’s cover story, we had far more examples than we could possibly present, from as far back as the 1950s to today’s era of start-ups, from those who made their names and fortunes in other countries to those who took the decision to remain in their homeland. In the end, we narrowed a very long list down to eight entrepreneurs operating in a broad range of sectors, all of whom are still active today and deserve recognition for their achievements. Still on the entrepreneurship, you will find several more impressive examples of it elsewhere in this issue. We have an exclusive interview with one of the world’s richest men, Egyptian billionaire Naguib Sawiris, who is behind a huge investment in the planned Makronisos Marina & Resort at Ayia Napa and who reveals how he refused to join his father’s company until he had made it on his own (page 46). You can also read about William Janssen’s invention, the Desolenator, a portable device that desalinates water for drinking purposes, which won a UK start-up award (page 78), and see what Elena Donets, CEO of the Tel Aviv University Entrepreneurship Centre (StarTAU) and a leading figure on the Israeli entrepreneurship scene, has to say about how she sees the future, thanks to tech-savvy student communities around the world (page 42). In addition to this, we have interviews with Central Bank Governor Chrystalla Georghadji (page 18) and ICAEW Regional Director for Europe Martin Manuzi (page 84), who clarifies the Institute’s official stance on this month’s John Vickers, British referendum on EU membership, while economist Savvas Savouri explains why he is for Brexit. I think you’ll agree that these Chief Editor and all our usual features make for another varied read. Enjoy! john@imhbusiness.com
6 | GOLD | The Business Magazine of Cyprus
Elena Leontiou
EDITOR-IN-CHIEF
John Vickers
JOURNALISTS
Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE
Gregory Dellas, Savvas Savouri, George Theocharides PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides ART DIRECTION
Anna Theodosiou
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Jo Michaelides, Harris Kyprianou MARKETING EXECUTIVE
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62 | GOLD | The Business Magazine of Cyprus
BUSINESS BRIEFING
M&A ASCENDIS HEALTH ACQUIRES REMEDICA
18th Cyprus Amateur Golf Classic Tournament SPORT
The Cyprus Tourism Organisation welcomed 70 golfers who participated in the 18th Cyprus Amateur Golf Classic Tournament 2016, organised by Exclusive Golf Tours from the UK. The tournament took place at the Minthis Hills, Secret Valley and Aphrodite Hills Golf Courses. The 18th Cyprus Golf Classic 2016 was honoured by the presence of the distinguished sports and TV personality, Olympic Gold Medallist Kriss Akabusi MBE, who participated in the tournament and expressed positive comments YLNHYKPUN NVSM PU *`WY\Z! ¸*`WY\Z PZ HU H[[YHJ[P]L KLZ[PUH[PVU MVY .VSM /VSPKH`Z PU HU PKLHS JSPTH[L VɈLYPUN H \UPX\L NVSM L_WLYPLUJL ^P[O H ]HYPL[` VM KPɈLYLU[ NVSM JV\YZLZ [HZ[` MVVK NYLH[ ^PUL HUK H\[OLU[PJ hospitality”. The Awards Ceremony and gala dinner took place at the Almyra Hotel in Paphos.
OPERA IN PAPHOS
ARTS
IN THE NEWS
Elections
Elections for a new House of Representatives were held on May 22, resulting in an 8-party parliament for the first time as four smaller groupings won enough votes to secure a place in the 56-seat legislature. The big winner was Voter Apathy as a record 33.26% of the electorate did not bother to go to the polling station. Later, Demetris Syllouris, formerly leader of the European Party (EVROKO) who stood for Solidarity, was elected Speaker of the House. The final allocation of seats was as follows: Democratic Rally (DISY) 18; Communist Party (AKEL) 16; Democratic Party (DIKO) 9; Socialist Party (EDEK) 3; Solidarity 3; Citizens’ Alliance 3; Greens 2; National Popular Front (ELAM) 2
Opera lovers will be delighted to know that the rumours about the end of the annual Paphos Aphrodite Festival have proved to be unfounded. Don Giovanni by W.A. Mozart will be performed by the Centro Formazione Alta Cultura of Parma, Italy on September 2, 3 & 4 at Paphos Harbour with the Mediaeval Castle as a backdrop. The Cyprus Symphony Orchestra will provide the accompaniment. Don Giovanni is considered to be one of the greatest works of the operatic repertoire and one of the leading lyric masterpieces of all time. As always, there will be Greek and English surtitles.
8 | GOLD | The Business Magazine of Cyprus
Cypriot pharmaceutical manufacturer Remedica has announced its takeover by South African Ascendis Health, which acquired 100% of the company. The price of the acquisition was the equivalent of €260m. Remedica CEO Charalambos Pattihis said, “Our goal was, is and remains the sustainable development of Remedica. Under the new umbrella we will thrive and achieve even more impressive results”. Pattihis and his team of Remedica executives will retain their positions. Remedica supplies over 300 generic pharmaceutical products for the treatment of diseases such as malaria, or antibiotics, to some 100 countries, primarily in emerging markets including the Middle East, Asia, Africa and South America, and to the World Health Organisation, Médecins Sans Frontières rontières and the Red Cross.
TUNISIE E TELECOM ACQUIRES GO PLC
GO plc, which owns a 51% stake in Cablenet, has been acquires by Tunisie Telecom. Nizar Bouguila, Chairman and Chief Execu[P]L 6ɉJLY VM ;\UPZPL ;LSLJVT ZHPK ¸>L HYL committed to becoming a long-term partner for GO, supporting continued investments in the Maltese ICT sector as well as in Cyprus through Cablenet. GO is the leading provider of telecommunications services in Malta with H ZVSPK VWLYH[PVUHS HUK ÄUHUJPHS WLYMVYTHUJL [YHJR YLJVYK >L ÄYTS` ILSPL]L PU [OL Z[YVUN Z[YH[LNPJ Ä[ IL[^LLU V\Y [^V JVTWHUPLZ 0[ will provide each of Tunisie Telecom and GO ^P[O [OL VWWVY[\UP[` [V HJJLSLYH[L V\Y ÄILY and 4G network developments as well as to expand our data center and cloud services VɈLYPUNZ¹
NUKKLEUS ACQUIRES 9.9% OF IRONFX GLOBAL. 5\RRSL\Z VɉJPHSS` OHZ HUUV\UJLK [OH[ P[ has acquired select assets in technology provider Forexware and a 9.9% shareholder stake in IronFX Global. Both brands under Nukkleus will keep their own separate identities and operational autonomy. The CEO of IronFX, Markos A. Kashiouris, said, “Our core strategy always involved the introduction of an industry leading consolidation platform, driven by outstanding localized service and product development, as well as, cutting edge technological backbone and multi- locational regulatory coverage. By building strong on the existing operations of Nukkleus, as well as the future contemplated transactions, we create unparalleled and long overdue global synergies that place us at the forefront of value creation within the sector”.
PEOPLE
MATTHEW KIDD
Matthew Kidd is to return to the post of British High Commissioner in Cyprus, after the departure of Ric Todd from the position for personal reasons. The process has begun to appoint a new High Commissioner but, in the meantime Todd’s predecessor, Matthew Kidd who was High Commissioner from May 2010 to August 2014, will undertake the duties.
ALEXIS TSIELEPIS
Leading Cypriot VAT expert, Alexis Tsielepis, has authored the Cyprus chapter of the European VAT Handbook 2016, one of Europe’s most credible and comprehensive guides on Value Added Tax. Tsielepis, Managing Director of Chelco VAT Ltd, the only VAT-dedicated ÄYT PU *`WY\Z ZHPK P[ was a privilege to work with such high-calibre VAT professionals on the Handbook.
GEORGE PAMBORIDIS
Cyprus Health Minister George Pamboridis is the new Commonwealth Health Ministers President for the next 12 months, following a decision taken in Geneva last month. PamboridIs met with Commonwealth SecretaryGeneral Patricia Scotland, to discuss current health challenges and Commonwealth support towards future Presidency initiatives. He also addressed the 69th General Assembly of the WHO in Geneva, on May 24
APPLICATIONS NOW OPEN FOR STELIOS AWARDS 2016
T
BICOM he Stelios Philanthropic Foundation has announced M BUSINEUNAL that, for the eighth consecutive year, Sir Stelios HaSS ji-Ioannou will be rewarding cooperation between Greek and Turkish Cypriots and applications can be made via Facebook. ;OPZ `LHY :PY :[LSPVZ ^PSS IL VɈLYPUN Ă [V H [V[HS VM teams that can win â‚Ź10,000 each. It will bring the total amount granted since 2009 to of â‚Ź2 million. All forms of cooperation between Greek Cypriots and Turkish Cypriots are eligible to apply, including business, sciences, arts, sport, NGO work and... life! The winners will be announced at an Awards Ceremony in October 2016 in Nicosia. The deadline for application submission through Facebook is 15 July, 2016. In order to promote more regular contact and cooperation between the two communities, with the ultimate objective of promoting lasting peace on the island, applications will only be accepted via the “Stelios Philanthropic Foundationâ€? Facebook page. All applicants are expected to like the page Stelios Philanthropic Foundation, join the group Stelios Cyprus Bi-Communal Awards 2016 which now counts over 1,000 members and make “Facebook friendsâ€? with members of the other community on the island. Past winners are always welcome to reapply. Multiple applications of each team member are also ^LSJVTL ^P[O KPɈLYLU[ TLTILYZ VM [OL V[OLY JVTT\UP[` -VY TVYL KL[HPSZ L THPS HWWSPJH[PVUZ'Z[LSPVZ JVT JHSS K\YPUN VɉJL OV\YZ VY ]PZP[ www.stelios.org.
AL POSTICES SERV
â‚Ź2.2 MILLION HELP TO CYPRUS POST
T
he Cyprus Post is to receive an estimated â‚Ź2.2 million in order to automate its services. Automated systems will be installed in all post offices throughout the island in an effort to alleviate ongoing problems, improve the quality of the work environment and to make the Post competitive. The central post offices in all towns are also due to start providing non-postal services that, until now, have been provided through the successful Citizens Service Centres.
Trust in Jordans wherever your business takes you Jordans Trust Company (Seychelles) can help your business thrive. Our professional team provide local insight and a full range of management, trust and director services. All services are regulated by the Financial Services Authority (FSA) in the Seychelles. Close links between all our -k!#1 ', 2&# -0" ,1 %0-3.A mean you have easy access to our services through our Cyprus -k!# ', '!-1' @ -,2 !2 -30 '!-1' 2# + 2-" 7@ Jordans Trust Company (Cyprus) Limited T +357 22 767 294 E info@jordans.com.cy
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BUSINESS BRIEFING ECONOMY
NEW TO CYPRUS EBRD: CYPRUS GDP TO REACH 2.5% IN 2017 yprus can expect GDP growth of 2.5% next year, according to the European Bank for Reconstruction and Development (EBRD), which said that, after five years of continuous contraction, it expects moderate growth ranging from 1.4% in 2016 to 2.5% in 2017. Referring to the EBRD report, DISY Chairman Averof Neophytou said that he expects the Cypriot economy to surpass the EBRD’s projections and for the unemployment rate to fall to single digits.
C
Cyprus Pils Beer
Emirates Boeing 777 Service
Artisan beer company Prime Microbrewery has released a new beer to pubs and other locations throughout the island. Cyprus Pils has already been awarded a silver medal at this year’s Meiningers International Craft Beer Awards in Germany. The beer will also be exported to Greece and France, thanks to increased demand.
Emirates, which operates KHPS` ÅPNO[Z IL[^LLU +\IHP and Cyprus, has boosted capacity on its twice-weekly service to Larnaca and onward to Malta with the introduction of a Boeing 777-300ER aircraft on June 1. Travellers from Cyprus on this route have the option of either going to Dubai or to Malta.
A.H.S. Playplanet
A.H.S. Playplanet, located in the basement of My Mall in Limassol, is a unique space [OH[ VɈLYZ JOPSKYLU H ]HYPL[` of activities and it is specially designed to create a friendly and comfortable environment for its young visitors. Children’s birthday parties are held in the Kid’s Land or Alien Bowling areas.
IMMOVABLE PROPERTY TAX REDUCED BY 50%
REAL ESTATE
O
n June 1, the Council of Ministers approved the reduction of the immovable property tax rate by 50% and abolished the immovable property tax collected by municipalities and communities. “Today we made another important step towards tax reform and reducing the tax burden for households and corporations,” Finance Minister Harris Georgiades said following the meeting. He said the Government had approved a reduction of the immovable property tax by 50%, offsetting the EU obligation to charge 19% VAT on transactions of property in the context of commercial transactions of buildable land. The move will reduce immovable tax revenue from €103 million to €45 million. Georgiades added that the Government had decided to maintain the 20% discount to those who pay their immovable tax bill online or via a bank and the 17.5% discount for those paying their tax on time at Tax Department counters. The Government has also reduced transfer fees on all immovable property sales by 50%.
ARISTO DEVELOPERS IN BEIRUT REAL ESTATE EXPO
A
risto Developers continued to make its presence felt on the international property stage through its recent participation in the Beirut International Property Fair in Lebanon. As a leading and prominent developer in Cyprus, Aristo Developers was once again able to present its dynamic property portfolio to a plethora of international investors who attended the exhibition. Representatives of Aristo Developers had the opportunity to showcase 50 new islandwide developments currently in the market and to present Cyprus’ competitive advantages as a property destination, its favourable incentives and unique investment programmes. Aristo Developers’ flagship development, Venus Rock Golf Resort – the largest beachfront golf-integrated resort in the south-eastern Mediterranean – was one of the highlights at the event, including Bellevue Residences and Mersinia Hills Sea View Villas, all located in prime, sought-after locations across Cyprus. Visitors and potential buyers who attended the fair, expressed a keen interest in Cyprus’ simple and efficient EU Citizenship and Permanent Residency programmes available through property investment.
10 | GOLD | The Business Magazine of Cyprus
THE MARSHALL ISLANDS
BANKING
VISITORS
BANK DEPOSITS RISE BY €145M
D
eposits in the Cyprus banking system rose by €144.9 million in April, while loans fell by €86.7 million, continuing the deleveraging process for the fourth consec\[P]L TVU[O (JJVYKPUN [V ÄN\YLZ released by the Central Bank of Cyprus, total deposits in April amounted to €45.9 billion in April, whereas total loans declined to €57.0 billion. On an annual basis deposits rose by 2.4% in April compared with a 2.0% in March.
BOC NET PROFIT OF €50M IN Q1
B
ank of Cyprus recorded a net WYVÄ[ VM Á TPSSPVU PU [OL ÄYZ[ quarter of 2016, thanks in part to the momentum in non-performing loan restructuring which exceeded €1 billion in the quarter than ended on March 31 2016. The bank said it had provided new lending amounting to €223 million. Total loans on March 31 2016 amounted to €21.85 billion compared with €22.59 billion on December 31 2015.
FOREIGN AFFAIRS
US
Congressional Delegation
A
US Congressional Delegation, comprising Ileana Ros-Lehtinen (Republican, Florida), Carolyn Maloney (Democrat, New York), Gus Bilirakis (Republican, Florida) and Randy Weber (Republican, Texas), visited Cyprus on May 28-29. President Nicos Anastasiades received the delegation on the first day of their two-day visit. During the meeting, the President and the members of the US Congress discussed the latest developments in Cyprus, bilateral and economic relations between Cyprus and the United States, notably issues related to the Double Tax Treaty, the arms embargo, energy issues and wider developments in the region. The delegation, accompanied by US Ambassador to Cyprus Kathleen A. Doherty, also met with Foreign Minister Ioannis Kasoulides.
CYPRUS-UAE TALKS IN NICOSIA
T
Corporate Registry
OL ÄYZ[ YV\UK VM WVSP[PJHS [HSRZ IL[^LLU *`WY\Z and the United Arab Emirates took place in Nicosia last month. It was a follow-up to the visit of President Nicos Anastasiades to the UAE in April 2014. The Permanent Secretary of the 4PUPZ[Y` VM -VYLPNU (ɈHPYZ VM *`WY\Z (TIHZZHKVY (SL_andros N. Zenon, and the Assistant Minister for Political (ɈHPYZ VM [OL <(, (TIHZZHKVY (OTHK (ILK (S 9HOman Al Jarman, discussed bilateral relations and ways in which these can be enhanced. The two men also discussed,” the announcement said matters relating to energy, multilateral; cooperation, counter-terrorism and the latest developments in the Middle East region. The prospects for investments in Cyprus and trade and business opportunities in the UAE were also discussed.
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