Cyprus And UAE Strengthen AI Collaboration With MoU

by THEFUTURE.TEAM

February 13, 2025

At the World Governments Summit in Dubai on February 12-13, Cyprus and the UAE took a significant step in advancing artificial intelligence (AI) collaboration by signing a Memorandum of Understanding (MoU). The MoU was signed by Cyprus’ Deputy Minister of Innovation, Nicodemos Damianou, and the UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar Sultan Al Olama.

A Shared Vision For Innovation And Socio-Economic Progress

The MoU, signed during a summit that attracts global leaders in technology, aims to enhance bilateral ties between the two nations. It seeks to foster innovation and tackle socio-economic challenges jointly, facilitating the exchange of best practices and accelerating the integration of AI across both public and private sectors. Both nations are working towards enhancing their respective AI ecosystems.

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Damianou expressed his gratitude for the hospitality and commitment shown by the UAE and emphasized that this partnership would build a more effective and tangible relationship between the countries. He underscored the importance of AI in driving technological progress and its potential to offer solutions to common challenges, highlighting that international cooperation with AI pioneers like the UAE is crucial for its responsible and effective development.

“This MoU reflects our shared commitment to harness AI as a key pillar for the development of our economies, industries, and societies,” said Damianou. He also expressed hope that this partnership could evolve into a regional effort, leveraging Cyprus’ strategic position and the UAE’s technological leadership.

UAE’s Commitment To Global AI Cooperation

For his part, Minister Al Olama emphasized the role of international collaboration in advancing AI. He pointed out that such partnerships align with the goals of the World Governments Summit 2025, underscoring the UAE’s position as a global hub for AI innovation. He stressed that these partnerships are essential for building a sustainable future based on advanced technologies.

AI’s Potential To Transform Global Economies

AI is widely recognized for its potential to revolutionize productivity and significantly impact global GDP. According to PwC, strategic investment in AI technologies is vital to unlocking this potential. The consulting firm highlights that AI can drive labor productivity improvements and, in turn, stimulate economic growth. It predicts that by 2030, 45% of total economic gains will stem from product enhancements driven by AI, fostering consumer demand through increased product variety, personalization, and affordability.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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