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2 clusters · 14 sources · 5 days · First seen · Last updated

Israel-Cyprus strategic and economic cooperation

Overview

Israel and Cyprus are deepening bilateral ties through significant defense and economic engagements. In the defense sector, the two nations are negotiating a €150 million agreement for Israel Shipyards and Rafael Advanced Defense Systems to supply naval vessels and integrated combat systems to the Cypriot Navy via a government-to-government framework. This follows previous cooperation, such as the delivery of an offshore patrol vessel and the procurement of Barak MX air defense systems to replace Russian-made equipment.

Economic integration has also expanded significantly, with Israeli investment stock in Cyprus reaching 5.1 billion euros by the end of 2024, a more than sixfold increase since 2017. These investments are concentrated in the water, energy, health, real estate, and finance sectors. Notably, the Israeli state-owned company Mekorot manages approximately 40 percent of Cyprus’s desalination capacity, and NewMed Energy holds a 30 percent stake in the Aphrodite natural gas field.

Entities

Israel Aerospace Industries · Mekorot · Al Jazeera · Calcalist · Israel Ministry of Defense

Timeline

  1. [BUSINESS] 3 sources
    Israeli investments in Cyprus reach 5.1 billion euros

    Israeli investments in Cyprus have surged to 5.1 billion euros, controlling 40% of desalination capacity and significant stakes in energy and defense sectors.

  2. [INTERNATIONAL] 11 sources
    Israel and Cyprus near €150 million naval defense deal

    Israel Shipyards and Rafael are nearing a €150 million government-to-government deal to supply naval vessels and weapon systems to Cyprus, strengthening regional maritime security ties.

Sources

24h.com.cy · cyprus-mail.com · econoTimes.com · en.globes.co.il · europesays.com · fr.businessam.be · gzt.com · itongadol.com · nemesishd.gr · politis.com.cy · sigmalive.com · sondakikakibris.com · thepressroom.gr · yenisafak.com