"The rising construction and real estate sector boosted by demand from the international community has contributed to the country's economic growth significantly," Nathanael told a press conference on the sidelines of an exclusive representation agreement he signed with Ahmed A. Kandil, CEO in Saudi Arabia of London-based Dorchester Estates. The agreement seeks Dorchester's involvement in mobilizing investment from Saudis to the real estate sector in Cyprus, especially holiday villas, apartments and retirement or permanent homes. "A similar relationship will also expand to other GCC states in the near future," he added.

Nathanael, who was accompanied by Michael Aniftos, Pafilia's area manager for the Middle East and Africa region, said Cyprus, a European Union (EU) member, had a highly developed insurance industry, which is growing alongside the banking and investment funds business.

Kandil said Saudi and other non-EU citizens investing in property in Cyprus could apply for a permanent residence permit.