Here’s a recap of the major business developments in Cyprus from the week starting September 16:
Cyprus-based intellectual property incubator, Mad Crusader, made headlines with a significant €30 million investment into premium AA video games. Founder and CEO Yarr Rash shared insights with the Cyprus Mail, discussing the company’s innovative approach to intellectual property development and its ambitious cross-media franchise strategy.
In other news, Kinisis Ventures announced the launch of its second investment fund, Kinisis Venture Fund II (KVF II). This new fund is an expansion of its first and is designed to capitalize on growing opportunities in the Cypriot startup ecosystem, according to a statement by Andreas Panayi, Partner at Kinisis Ventures.
In a notable shift, foreign investors in Cyprus are now leaning towards more affordable housing rather than luxury properties. The change is attributed to a focus on residency permits, a trend highlighted in a report by real estate firm Danos, based on 2023 data.
Meanwhile, the Cyprus Borrowers Association (Syprodat) voiced concerns this week about so-called “trapped buyers.” These are individuals who have paid for their homes but have yet to receive ownership due to delays in obtaining title deeds, often leaving them vulnerable to developers’ unpaid loans and potential foreclosures.
In the realm of government initiatives, Georgios Komodromos, a representative of the Research Deputy Ministry, underscored the importance of digital transformation for enhancing Cyprus’ competitiveness. Komodromos noted that Cyprus is well-positioned to become a hub for technology and innovation.
A significant step toward strengthening business relations between Cyprus, Greece, and India was made with the signing of a Memorandum of Understanding (MoU) between Eurobank and the Indian Chamber of Commerce (ICC) at the Indian Embassy in Athens. The MoU establishes the India-Greece-Cyprus Business Council, aimed at enhancing trilateral trade and business ties.
Co-founders of Gameram, a social gaming network, Oleg Silakov and Philipp Gladkov, shared their entrepreneurial journey with the Cyprus Mail. They discussed how their platform fosters connections within the gaming community and why Cyprus, with its strategic location and thriving tech ecosystem, was the perfect base for their venture.
Meanwhile, Melco Resorts & Entertainment continued its efforts to promote Macao as a destination for travel, leisure, and business. Hosting its second “Glow Your Way to Macao” event, Melco brought together officials from across Europe, the Gulf Cooperation Council (GCC), and Macao for discussions on strengthening connections.
At the Learning Innovation Summit 2024, Chief Scientist Demetris Skourides emphasized the importance of the EU AI Act in ensuring ethical and transparent AI development. His address highlighted how this legal framework could be a game-changer in building trustworthy AI solutions, especially in education.
In sports, City of Dreams Mediterranean celebrated the grand opening of the Marcos Baghdatis Tennis Academy with an exhibition match featuring Baghdatis and tennis legend Andre Agassi. The event marked a milestone for tennis in Cyprus and was filled with sportsmanship and entertainment.
On the financial front, experts at a conference hosted by the Central Bank of Cyprus (CBC) and the University of Cyprus’ Economics Research Centre (CypERC) stressed the need for improved financial literacy. CBC governor Christodoulos Patsalides highlighted how a lack of basic financial skills is leaving many Cypriots vulnerable in times of crisis.
In the investment sphere, Invest Cyprus announced its participation in the India Mediterranean Business Conclave 2024 in New Delhi. This was part of the agency’s ongoing strategy to position Cyprus as a prime destination for business and investment.
Real estate trends in Nicosia were also a topic of interest this week. According to Ask Wire, second-floor apartments in the city are in high demand, with prices varying significantly, from €2,133 to €7,075 per square metre.
Finally, Theodoros Loukaidis, Director General of the Research & Innovation Foundation (RIF), remarked that while Cypriot companies are making progress in sectors like defence technologies, biotechnology, and pharmaceuticals, further investment is required to maintain momentum.
To wrap up the week, President Nikos Christodoulides expressed satisfaction with the appointment of Apostolos Tzitzikostas as the EU’s new transport commissioner and Costas Kadis as the fisheries commissioner. These appointments, Christodoulides noted, were part of a shared goal with Greek Prime Minister Kyriakos Mitsotakis to place the maritime portfolio in Greek hands.
Source: Cyprus Mail