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Cyprus DECEMBER 2019 the window of opportunity Cyprus is emerging as europe's new investment hotspot with investor-friendly tax systems
Cyprus
Cyprus
DECEMBER 2019
Executive Editor
Vicky Kapur
6
AttrActing foreign
Lead - Native Editorial investment
Rhonita Patnaik
Reporter
Farhana Chowdhury
Contributor
Natalia Ahmed
Senior Designers
Muhammad Ejaz Khan
M A Aroos Mohamed
Graphic Designer
Jemalyn Rizardo
BusiNEss MANAgEMENt
Senior Vice President
Finance & Operations
shishir Kapadia Even as the economic growth slowed in the second half of 2019,
Deputy Director Advertising according to reports, the Cypriot government is leaving no stone
shekhar iyer unturned to bolster its economy with attractive tax regimes, robust legal
shekhar@khaleejtimes.com system and business-friendly environment
Manager Supplements
Bilal saeed
bilal@khaleejtimes.com
Senior Account Group Manager
Debashish shome
debashish@khaleejtimes.com 4 ‘An all-in-one package’ 16 Traditional cheese
Advertisement Control 8 ‘big plans to boost tourism’ 18 STEAME — The next level
Mohamed suleman
mohammed@khaleejtimes.com 10 EU's bridge to Mena 20 A manufacturing hub
Head - Circulation and Distribution
Constance Louis Moraes
14 Live the dream 21 Extensive connectivity
Head — Production and IT Operations 15 Cypriot delicacies 22 The route to prosperity
Mohan Kumar shetty
Manager — Brand and Marketing
12
Communication
Harjyot Oberoi Bohra
PArAdise on eArth
harjyot@khaleejtimes.com
Commercial Printing Head CPO
imran shariff
HR Business Partner
Huzaifa sikander
DuBAI HEAD OFFICE
P.O. Box 11243 tel: +971 4 3383535
Fax: +971 4 3383345/46
Website: www.khaleejtimes.com
ABu DHABI
P.O. Box 3082 tel: +971 2 6337666
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E-mail: jino@khaleejtimes.com
A Publication of Galadari The sun-kissed country, in the Eastern Mediterranean region, is a popular
Printing & Publishing LLC tourist destination for all the right reasons
KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019 3
Cyprus
‘An all-in-one package’
Besides being an investor-
friendly nation, Cyprus is
also one of the fastest
growing economies in the
EU and an extremely
popular tourist hotspot.
Yannis Michaelides,
Ambassador of Cyprus to
the UAE, gives an insight
into the current
opportunities in the country
B
eginning with a positive outlook, the
Cypriot economy is now among the
fastest growing economies in the
European Union (EU), with a growth rate of
almost four per cent. The government has
sought to maintain conditions of stability and Yannis Michaelides, Ambassador of Cyprus to the UAE
confidence, tax certainty and a business-
friendly environment for the private sector. the UAE. The many fields of cooperation
Furthermore, a comprehensive long-term include renewable energy, tourism,
economic diplomacy is now our key priority investments, infrastructure, health,
with clear objectives and relevant action Being the easternmost education, merchant shipping, commerce, oil
plans. Extensive efforts have been made to and gas exploration among many other
consolidate and modernise Cyprus’ banking
country in the EU, situated at sectors, as we are committed to strengthening
system and promote the country as a the crossroads of three the links between Cyprus and the UAE.
preferred business and investment continents and occupying a Being the easternmost country in the EU,
destination. The strong presence of foreign situated at the crossroads of three continents
direct investment (FDI) in Cyprus, which we
key strategic position at the and occupying a key strategic position at the
welcome and support, is a confidence vote gateways of Europe, Asia gateways of Europe, Asia and Africa, Cyprus
to the island and its economy. and Africa, Cyprus presents is an ideal platform for regional cooperation.
Cyprus’ growth performance continues to We are eager to expand this cooperation to
exceed international expectations. We are an ideal platform for regional the Gulf countries, and in particular to the
attracting FDIs from different parts of the cooperation. UAE. The strong political cooperation
world and especially from the Middle East between Cyprus and the UAE is attested by
and Asia. New infrastructure and housing the most recent visit by our Foreign Minister,
developments are underway across the Cypriot companies operating in UAE, in H.E. Nikos Christodoulides, to the UAE this
country with significant foreign investor addition to the participation of our country November and the official visit to Cyprus
backing. International companies are setting in the major commercial and business earlier this summer by H.H. Sheikh Abdullah
up their headquarters in Cyprus, which is exhibitions, which undoubtedly contributes bin Zayed Al Nahyan, UAE Minister of Foreign
becoming an attractive gateway to growth to the straightening of our bilateral trade Affairs and International Cooperation, during
markets. The sectors that have seen the most relations. which he reaffirmed together with his Cypriot
significant growth and that Cyprus is looking Over the last few years, Cyprus has sought counterpart, the joint political will and
to expand are shipping, retail, tourism, to deepen its relations with countries in the commitment of Cyprus and the UAE to
banking, pharmaceuticals and energy. Middle East, especially within the GCC. We enhance their relations, both at the bilateral
have established collaboration mechanisms and at the multilateral levels. This was further
Ties wiTh The UAe And The GCC with our neighbours in the Eastern demonstrated by an MoU on establishing a
The UAE is home to over 1,000 Cypriots and Mediterranean and are now in the process of joint committee of cooperation as well as the
there are currently more than seventy-five establishing a structured cooperation with agreement on economic and technical
4 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019
Cyprus
cooperation, signed during that visit. These left their footprint on the island among which destinations.
are two important instruments setting the aretheAchaeanGreeks,Phoenicians,Assyrians, The island has become a popular
framework for further expanding our bilateral Egyptians and Persians and later Byzantines, destination not only for UAE citizens but also
relations in the political as well as in the Franks, Venetians and Ottomans. These for the expatriates living in the Emirates.
economic sector. influences throughout the island’s long and There are daily direct flights to Cyprus from
Thus, we see a real impetus in the rich history have shaped Cyprus into a multi- Dubai and Cyprus is only three and a half
development of our economic cooperation cultural, multi-religious and tolerant society. hours away from the UAE, making it the
with the GCC countries, particularly the UAE, With warm sun, sparkling sea, welcoming closest European country to the GCC. It is
which we are determined to actively pursue people and wonderful scenery, Cyprus offers blessed with exquisite natural beauty, where
further. This is an opportunity for growth and visitors a superb holiday destination packed people, family and friends connect in a
investment and for connecting important withunforgettableexperiences,extraordinary peaceful, safe and enjoyable environment.
markets and building synergies. Having sights, a fascinating history and culture and Lastly, I would like to revisit our focus on
established solid relations with key players in exquisite Mediterranean cuisine. the 'World’s Greatest Show' — Expo 2020
the region, Cyprus is a reliable partner that In Cyprus, each season brings something Dubai. No doubt, the expo will be a
has built, over the years, a secure investment new and wonderful for visitors to discover phenomenal event and a global platform,
environment. from the island’s endless stretches of golden which gives us a unique opportunity to
sands and secluded bays, to its verdant promote Cyprus as an international hub for
ToUrisM AT iTs peAk, And GrowinG countryside, mountains and pine-scented investments, trade and services. Cyprus’
During the last two years, Cyprus received forests. participation will provide significant business
almost 40,000 visitors from the UAE and this Through its captivating history and opportunities and allow us to present to the
number just keeps growing. culture, diverse flora and fauna, sea-side visitors, through an exploratory journey, all
Cyprus, one of the most beautiful islands in towns, outdoor activities for all seasons, that Cyprus has to offer in terms of its culture,
the Mediterranean, has been coveted, excellent business and conference facilities, natural beauty, hospitality and business
conquered and colonised numerous times health and wellness centres, Mediterranean opportunities. I warmly invite Khaleej Times’
during its 11,000-year history. Cyprus’ rich delicacies, sports and music, Cyprus has readers to visit our expo pavilion and our
history attests of the many civilisations that emerged as one of Europe’s most popular beautiful island.
KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019 5
Cyprus
AttrACting
forEign
invEstMEnt
Even as the economic growth slowed in the second half
of 2019, according to reports, the Cypriot government is
leaving no stone unturned to bolster its economy with
attractive tax regimes, robust legal system and business-
friendly environment
countries in the world, with a pleasant cli-
mate and hospitable population.
There are a number of other factors that
allow Cyprus to be at the forefront of attract-
ing foreign direct investment. Its full align-
ment and harmonization to the EU regula-
tory framework make Cyprus a solid
entry-point for investments into Europe.
The introduction of a range of fund vehi-
cles (AIFs, RAIFs, etc.) has contributed in
addressing the growing needs of investors,
which demonstrates the willingness of the
Theo C Parperis State to create the appropriate legal struc- tax developments. The transparent and tax
tures to match investors’ demands. Other efficient corporate system, as well as the wide
sectors which have contributed to the coun- range network of more than 60 double tax
T
he Cypriot economy has witnessed a try’s ability to appeal to foreign investors is treaties, make Cyprus an attractive location
robust recovery, since the 2013 finan- the positioning in the shipping industry as forsettinguppresenceofinternationalgroups.
cial crisis, driven by services (primarily well as the buoyant real estate sector. At the same time, Cyprus has introduced in-
tourism, shipping, education and financial Cyprus is the largest ship management centives for high net worth individuals in
services), private consumption and foreign centre in the EU and in the top five ship man- order to facilitate the physical relocation of
direct investment. Over the recent years, agement centers worldwide. The island’s key decision makers and business owners to
Cyprus has established itself as an interna- strategic location, coupled with the com- the island. This solidifies the country’s posi-
tional business hub which is ideal for head- petitive tonnage tax regime which has been tioning as a regional hub to headquarter and
quartering and attracting investments. in place for decades, make Cyprus the ideal manage international businesses.
Cyprus’ attractiveness as a business center choice for ship-owners, charterers and ship- We have recently seen a number of Middle
is attributed primarily to the country’s inter- managers. It is anticipated that the country Eastern investors interested in using Cyprus
national orientation, strategic location and will continue to strengthen its position in the as a logistics, shipping and trading center, as
ease of doing business, which is supported world economy by maintaining and enhanc- it offers a number of advantages for business
by a pro-business tax and legal system, mod- ing its sound maritime infrastructure. and investment purposes. Moreover, the in-
eled on the English common law. As far as the real estate sector, it is undoubt- terest in real estate has been increasing, at-
In addition to the above advantages, Cy- edly one of the key pillars of the economy, tracting investors in residential and commer-
prus has all the ingredients to succeed as a contributing significantly to the country’s cial projects, as well as using Cyprus as their
regional business centre and as an invest- GDP for 2018, attracting foreign investors in personal base. This is due to Cyprus’:
ment hub because of its modern infrastruc- the high end residential projects as well as in f Geographic location — close proximity to
ture, strong availability of multilingual, high hotels and other tourism projects. both the EU and Middle East;
quality professionals across various compe- The country aims to attract more interna- f Being part of the EU — strategic gateway
tencies, wide use of English as the business tional businesses with real presence in Cy- to Europe;
language and being one of the top five safest prus, in line with the stringent international f Effective tax rate — corporate tax of 12.5
6 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019
Cyprus
The country aims to
attract more international
businesses with real
presence in Cyprus, in line
with the stringent
international tax
developments.
international economic environment.
Despite the demanding economic realities
that Europe and the world are facing, Cyprus
is strategically located to assert its position
in the global business market and be a driving
force for international investment. PwC Cy-
prus, and the professional services sector as
per cent and more than 60 double tax mistic, with key to the country’s economic a whole, remains focused, committed and
treaties; success being the state’s commitment to motivated to continue servicing our coun-
f Attractive Non-Dom tax regime; long-term, sustainable working practices, try’s investors.
f Legal framework — based on the English reflected in a modern and well-functioning
common law system. regulatory framework, aimed at increasing The author is the Head of tax
The outlook for the future is overall opti- Cyprus’ competitiveness in this challenging and legal at PwC Cyprus.
KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019 7
Cyprus
‘Big plans to boost tourism’
In an interview with those well-known in the Gulf region.
Khaleej Times, Savvas Theme parks, biking and triathlon centres
are also something we are getting investors
Perdios, Deputy Minister of
aboard. Taking inspiration from places such
Tourism, reveals the as Dubai and Saudi Arabia, I think there is go-
ministry’s big plans to make ing to be a lot of potential for transport, infra-
the country the ultimate structure, movement of tourists within the
island. Whether this means heli-taxis or sea-
holiday destination taxis, that will be very interesting to look at.
Can you describe Cyprus’ tourism sector and What is your strategy for making Cyprus the
how has it contributed to the overall trade and ultimate tourist destination?
economy of the country? savvas Perdios: Cyprus has traditionally been
savvas Perdios: The tourism sector in Cyprus known for its beaches. Over the next decade,
directly contributes around 13 per cent to the we are going to be doing everything in terms
economy and indirectly about 20 per cent. of marketing, policies and investment incen-
So, it’s a very important part of our economy. tives to develop alternative regions of the
Thus, we have come up with the decision to Savvas Perdios, Deputy Minister of Tourism island. The world, and especially the GCC, is
create a strategy for developing the tourism going to see a completely new face of Cyprus
sector further in the next decade. ing to be very important for us is this increase over the next decade. Something that is com-
from the new markets such as the GCC. It is pletely unknown, something that is com-
Do you find a considerable number of tourists not currently a big part of the nationalities that pletely authentic and something that Cyprus
coming from the gCC region? we attract. Yet, we expect a lot to happen from is going to be at an advantage to show be-
savvas Perdios: At the moment, despite the this region in the next few years because the cause of the small size of the island. The is-
fact that there are a lot of flights from Dubai population is younger who are now traveling land is small. This means that if you are skiing
to Cyprus, only two per cent of tourists come more for shorter, lifestyle breaks. in the mountains during the day, an hour's
from the GCC region. Which is why the region drive can get you a fantastic fish dinner by
features very heavily in our new next decade What are some of the tourism-related invest- the beach — this is the advantage Cyprus I am
strategy to attract more tourists. We feel that ment opportunities in Cyprus right now? talking about.
there is a lot of potential in the GCC market, savvasPerdios:Within the new strategy, there
not just for local residents but also for the are 10 specific special-interest products that Can you reveal your plans for Expo 2020
expats residing in the region. we want to develop — yacht, cruise, F&B, ru- Dubai?
We are also looking to increase our marketing ral tourism, health and wellness, wedding, savvas Perdios: We will be present at Expo
budget for this region and, therefore, work- golf, biking, hiking, and sporting events. 2020. I think it’s going to be a fantastic affair.
ing closely with the Ministry of Foreign Af- Among these, health and wellness sector is Dubai is going to be home to the future and I
fairs to make the visa process smoother. Now, one sector we see significant investment com- was very impressed with the launch of the
it is only a matter of informing the market ing in. The mountains are fantastic and the marketing material for the expo event. It’s
correctly about what we offer as a destina- climate is great to heal and meditate. going to be a great opportunity to see what
tion, and creating interest. Last year, in fact, Besides that, our in-country marina proj- other countries are doing. We will also be pres-
we activated marketing campaigns for the ects are expanding. A few years ago, we ent for the world to see and understand what
same and have appointed a regional director opened the marina in Limassol; by the end of Cyprus is about and what our vision is for the
who is very focused and involved in cam- this year/beginning of next year, we have the next decade. Most importantly, they can un-
paign as well as improve our relations with opening of the new marina in Ayia Napa. Also, derstand how the quality of life that we have
agents to promote the country further. the one currently being built in the Paralimni here is also a huge advantage when it comes
area will be ready in the next couple of years. to attracting tourists — be it the climate, the
What new areas are you tapping to encourage There will be further opportunities to invest quality of food and the hospitality of the
a rise in tourist numbers? in two upcoming marina projects — one in people. We are working very hard to position
savvas Perdios: Cyprus has witnessed record Paphos and a port in Larnaca that will be pro- Cyprus as one of the key considerations of
number of tourist arrivals in the last three moted as a cruise port. Aside from that, we travellers, especially from the Middle East and
years. We had 2.6 million arrivals in 2015, see that the hotel sector has been undergoing GCC region. The distance is not far. We have
and last year, we closed with four million — a huge revamp over the last five years with made a lot of strides and improvements in the
that’s about 54 per cent rise. We are very the launch of many upgraded hotels. This last few years, and I believe that the degree of
happy about this increase and certainly want opens up a huge opportunity for internation- satisfaction with our destination is going to
to develop tourist arrivals further. What is go- al brands to come to the island, especially be very high.
8 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019
Cyprus
EU's bridge to Mena
Cyprus is rapidly Central Registry (CSD) of the Cyprus Stock Investment Funds Association (IIFA).
Exchange (CSE). Among others, Cyprus implements the US
establishing itself as a Investors are attracted to Cyprus because Foreign Account Tax Compliance Act (FAC-
safe, reliable and cost- it is an investment-grade, business-friendly TA), was an early adopter of the Common
competitive destination European destination in a common-law ju- Reporting Standard (CRS) and is in full com-
risdiction situated at the crossroads of three pliance with EU directives. To ensure that
for domiciling investment continents. Cyprus offers prudent regulation professionals in the sector keep up to date
funds in the EU combined with a cost-competitive, highly with international regulatory developments,
educated, English-speaking workforce as CIFA also has a memorandum of understand-
well as competitive services right across the ing with the Chartered Institute for Securities
value chain: from fund administrators and and Investors (CISI) for collaboration, capac-
custodians to accountants and lawyers. As a ity building and best practice.
Commonwealth country with a familiar legal To keep Cyprus one step ahead, CIFA, Cy-
system, Cyprus is also seeing new opportuni- SEC and the Ministry of Finance continue to
ties arising out of Brexit as investors shift collaborate closely on enhancing the frame-
domicile. With more than 60 double taxation work for funds in Cyprus. A law adopted in
treaties worldwide, we are the gateway to 2018 allows the fast-tracking of Regulated
doing business in the European Union Alternative Investment Funds (RAIF). New
(EU). laws on fund administrators and mini manag-
Cyprus has been a member of the EU since ers are also in the pipeline.
2004 and adopted the Euro in 2008. In the CIFA is at the forefront of promoting Cy-
Marios Tannousis
past few years, the economy has demonstrat- prus, at home and abroad, as a highly com-
ed its resilience and dynamism, with real GDP petitive location for the global investment
T
he Cyprus investment funds sector is growth rates averaging four per cent in 2017- funds industry. The body organises the an-
one of the most dynamic sectors of the 19. For investors, EU and Euro-area member- nual International Funds Summit with the
Cyprus economy. Since the foundation ship, combined with CIFA’s membership in support of EFAMA, ICMA, CISI and Invest
of the Cyprus Investment Funds Association international organisations, means reassur- Cyprus, hosting the top global talent as speak-
(CIFA) in 2013, assets under management ance that they are operating within a rigorous ers. Now in its fifth year, the International
have more than tripled, from €2.1 billion at legal framework that promotes transparency Funds Summit attracts over 500 participants
the end of 2012 to almost €7 billion at the and protects investors. with some 200 coming from abroad. CIFA, in
end of June 2019. In the past year, funds have CIFA is a member of the European Fund collaboration with Invest Cyprus, also par-
been attracting some €120 million per month. andAssetManagementAssociation(EFAMA), ticipates as sponsor in a wide range of Inter-
The number of management companies and the representative association of the invest- national Fund Forums across the globe.
undertakings of collective investments super- ment fund and asset management industry CIFA welcomes institutional investors,
vised by the Cyprus Securities and Exchange in Europe. It is also an associate member of family offices, wealth and asset managers
Commission (CySec) has leapt from just 13 in the International Capital Market Association and other interested parties from the Mena
2014 to 200 today, with a continuous stream (ICMA) and this year joined the International region looking for a base to invest in the re-
of applications in the pipeline. gion or in other high growth markets.
A rising number of Cyprus funds are listing
on global platforms accessed by tens of thou- Marios Tannousis is deputy director general
sands of global asset managers. Funds are of CIPA and board member and secretary
listed on the Thomson Reuters funds plat- of CIFA
form, Clearstream and Bloomberg, while CIFA is at the forefront of
CIFA is also in advanced discussions with For more information on what
Morningstar for accessing their platform.
promoting Cyprus, at home Cyprus can offer in investment funds,
From 2019 Alternative Investment Funds and abroad, as a highly visit www.investcyprus.org.cy
(AIFs) and Undertakings for the Collective competitive location for the or contact Marios Tannousis at:
Investment in Transferable Securities +357-22-441133
(UCITS) may also can submit their registries
global investment funds or e-mail:
for handling to the Central Depository and industry mtannousis@investcyprus.org.cy
10 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019Cyprus
paradise on
earth
the sun-kissed country, in the
Eastern Mediterranean region, is
a popular tourist destination for
all the right reasons
G
reat things come in small packages! sures such as the Tombs of the Kings and AkAMAs ForesT nATUre TrAil: Of special
This can be aptly said for Cyprus, which Ancient Kourion. Limassol, Famagusta, and interest on this trail are the Loutra tis Afrodi-
even though small in size, is filled with Paphos are exotic, yet modern cities. tis (Baths of Aphrodite), where, according to
beautiful landscape and sun-soaked stretch- Exploring the history and culture of the legend, the Goddess of Love and Beauty used
es of sand. Traditionally, hospitable people island’s ancient civilisation is definitely a to take her baths. You will also pass by the
have made this island more welcoming. must for history buffs. Cafeterias line Ledra ruins of Pyrgos tis Rigainas (Queen’s Tower),
A short flight from Dubai — three hours Street is the main shopping area of the which are believed to belong to a Medieval
and 45 minutes — Cyprus is a hassle-free capital Nicosia. The Ledra Street Observa- monastery. Also noteworthy is a 500-year-
and safe destination for visitors from the tory is the tallest building in the Nicosia old old oak tree, which is located near the ruins
Middle East. As you disembark at Larnaca city area and boasts of big brand names. of the tower. Along the trail you can enjoy
airport, well-planned highways and clean There is an interesting mix — plenty of va- excellent views of Cape Arnaoutis, Polis
roads welcome you. riety with small speciality shops to those Chrysochous and Pafos (Paphos) Forest.
Stay in Larnaca to spot flamingos dancing selling art and craft. There are two non-potable water fountains
around their winter home on the nearby salt Let’s look at the other hotspots that you along the trail; one near the ruins of Pyrgos
lake before heading west for historic trea- should not miss in Cyprus. tis Rigainas, and another between the Loutra
tis Afroditis (Baths of Aphrodite) and Kako-
skali. The trail connects with the Adonis trail,
whilst at its starting point you can visit the
Botanical Gardens of Akamas.
kATo drYs: Located in the Larnaka (Larnaca)
region, the tiny mountainous village of Kato
Drys is idyllic and picturesque, offering the
perfect destination for agro-tourism. Located
36km southwest of Larnaka, the destination
is on the A5 and A1, and then the E105 route.
Before you reach Lefkara village, you turn left
towards Kato Drys.
Kato Drys means ‘lower oak’ in Greek, and
the village has existed since the Byzantine
period — referred to as the birthplace of Agios
Neofytos the Recluse — while the name Ca-
todi also appears on old maps.
12 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019Cyprus
Airlines
Emirates airline offers daily flights from
Dubai to Larnaca. The direct flights take
around three to four hours.
VisA
All information on visas available on:
www.vfsglobal.com/Cyprus/UAE/
hoTels
Can be found on:
www.visitcyprus.com/index.php/en/
accommodation-3
loCAl TrAnsporT opTions
MCkenzie BeACh ❖ The best way to get around Cyprus is by
A short drive from Larnaca International Airport, the highly-popular beach, is a one-kilometre long car or taxi on well-routed roads
strip with fine sands of varying shades, calm, clear and shallow seawater and stunning greenery. The throughout the country.
beach offers a wide array of water sports, children’s playgrounds, and outdoor exercise equipment,
as well as nearby restaurants and nightclubs. Concerts are held on the seafront stage throughout the FUn FACT
year, while arts fairs and stalls are also held along the strip. ❖ It takes less than two hours to get from
one end of the country to the other!
❖ The cheapest way to get around is by
bus, and with a huge bus schedule taking
travellers across the entire country,
there’s an abundance of options
throughout the day.
❖ And don’t forget cycling! With the brilliant
weather and an array of cycling routes,
hiring a bike throughout your time in
Cyprus is definitely an option to keep at
top of mind.
Its agricultural produce includes grapes, whole family and children above the age of
citrus fruit, almonds, olive and carobs, three. Be sure to dress in your sporty clothes
amongst other crops, whilst the handicraft including long pants, long sleeves, sneakers,
of famous Lefkara lace is also practiced in the gloves and don’t forget your change of
village, which neighbours the Lefkara area. clothes! All ropes use a click-it system to en-
The village has two interesting museums; hance safety and allow users to move
the Rural Museum and the Bee and throughout the rope park at a speedy base
Embroidery Museum, and two significant whilst enjoying all of the amazing views shoppinG desTinATions
churches; Panagia Eleousa (which dates along the way! Explore Sparti Rope Park in ❖ Nicosia Mall
back to the 16th century), and Agios Pano Platres (Limassol) and Marina’s Adven- ❖ My Mall Limassol
Charalambos (which dates back to the early ture (Rope) Park in Kakopetria (Nicosia). ❖ King’s Avenue Mall – Pafos
19th century). ❖ Anexartisias Str. and Makarios Ave.
wATerpArks: Cyprus enjoys more sunshine ❖ Limassol
sAnTA MArinA reTreAT: Situated in Limas- than any other Mediterranean resort. So wa- ❖ Mnasiadou
sol, the resort is an all-encompassing retreat terparks will be a sure way to cool down in ❖ Stasikratous
and an excellent place to take children horse the winter sun. Check out the waterparks; ❖ Themistokli Dervi
riding with an array of skilled instructors to they are packed with non-stop aquatic thrills ❖ Makariou Nicosia
guide the way. Adults, do not fret. The re- featuring high-speed water slides, extensive ❖ IKEA
treat something for everyone with wall lazy rivers, wave surge pools, lots of swim- ❖ JUMBO
climbing, football, mountain biking, shoot- ming areas and spectacular kids water-play ❖ Zinonos Kitieos
ing, quad biking and archery to keep every- areas, and food courts, alongside secure lock- ❖ Ermou Larnaka
one entertained. ers, free Wi-Fi, music, disabled facilities,
lifeguard entertainment and an array of ac- do’s And don’Ts To keep in Mind
rope pArks: Open throughout weekends tivities. The Aphrodite Waterpark in Pafos, ❖ Respect the no-photography signs along
from March onwards and additional days Water World Waterpark in Agia Napa and the Green Line
throughout the summer, Cyprus is home to Fassouri Watermania Waterpark in Limassol ❖ Do not enter Cyprus through the
exciting parks that promise adventure for the are very popular. occupied areas
KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019 13Cyprus
Live the dream
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C
yprus is a European country that has Nicosia and Paphos; and with three offices and villas. Some projects are already sold
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developed socioeconomic infrastructure, modern designs, high-end quality Plus Properties is your right choice for
stress-free lifestyle, very low crime rate, construction and finishing and its own investing in Cyprus!
and geographical proximity, Cyprus is the expertise in the field, Plus Properties’
perfect place to enjoy life to the fullest. projects in Cyprus successfully serve the
Plus Properties is a fast growing real trending real estate demands. For more information, visit
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14 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019CYPRUS
Cypriot delicacies
N
o visit to Cyprus is incomplete without eating Cypriot dishes and delicacies. Cypriots take their food very seriously, which is wildly
— in some instances — accompanied by traditional Cypriot music being played live by the local skilled musicians.
KLEFTIKO: Kleftiko is a traditional lamb dish HORIATIKI SALATA: Means village or peasant- MELOMAKARONA: Christmas in Cyprus just
that’s prepared baked in a kiln and cooked style salad, is widely known as ‘Greek Salad’ wouldn’t be the same without a plate of de-
and is a common component of a Greek meal. licious melomakarona. Melomakarona are
while it marinates in a mixture of lemon juice In Cyprus, the Cypriot Greek Salad is enriched absolutely moreish moist syrupy sweet bis-
and cinnamon. with more ingredients such as fresh coriander, -
rocket, capers, lettuce and purslane and other ange juice, honey and oil. A word of warning:
ingredients, depending on the season. Addictive!
KHALEEJ TIMES | SPECIAL REPORT | DECEMBER 2019Cyprus
Traditional
cheese of Cyprus!
Halloumi is a complete diet, and can be used for all-purpose cheese churned by-products
U
niversally known as the traditional pApoUis dAiries staffed by trained personnel. Following
cheese of Cyprus, Halloumi is a semi- Papouis Dairies was established in 1967 these improvements, the company now has
hard, un-ripened, brined cheese made as a family run business in the village of the ability to produce 8,100 tonnes annually
from a mixture of cow, sheep and goat milk. Athienou, Cyprus, using traditional methods of Halloumi and 400 tonnes of Anari and
Halloumi is unique in its taste and texture of producing Halloumi and Anari cheese. In Ricotta.
and is a constant staple of the Mediterranean 2006, the family founded a limited company “Our factory exports to over 30 countries,
diet. under the name “Papouis Dairies Ltd”. mainly in Europe, USA, Australia and the
As one of the most versatile cheeses in the Located in Athienou Industrial Area with Middle East. The retail and HoReCa sector
world, it can be cooked in a variety of ways up-to-date and modern machinery, the new are supplied under our own brand label, our
and also be eaten fresh out of the packet. Its dairy was built in accordance with EU customers’ own label and the supermarket's
high melting point makes it excellent for regulations, covering 1,500m2. Thus, private label. Our products can be found
grilling. It is never out of place for breakfast, enabling the company to meet the standards worldwide in the most reputable and well-
lunch, dinner or a snack. of ISO and HACCP. known supermarket chains,” says Helen
Halloumi is suitable for vegetarians — it is In 2012, Papouis Dairies was acquired by Hagisavva, Export & Logsitics Manager.
the ideal alternative to meat. the Pancyprian Organisation of Cattle Thefactoryupholdsthehighestproduction
Farmers Public Ltd (P.O.C.F. Ltd). The new and hygiene standards, is regularly audited
owners invested in expanding the dairy, and has the following certifications – ISO
which now covers 4,500m2, is equipped 22000:2005, BRC and IFS.
with hi-tech machinery, as well as being
AwArds
16 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019Cyprus
STEAME — The next level
in education
The novel framework paring students for the future. engineering, arts, mathematics and
entrepreneurship as a reference point for
The pace of global change is so fast that
enriches the old approach tomorrow's jobs have not yet been invented guiding student research, dialogue, critical
with creativity, criticism, or defined. Over the last 20 years, technology thinking and entrepreneurial mindset.
research, innovation and has completely transformed the global The STEAME framework takes STEAM to
scene. Given this rate of change, the the next level, enriching it with creativity,
skills related to education system can only assume what will criticism, research and innovation and skills
entrepreneurship be created over the next 20 years. Therefore, relatedtoentrepreneurshipwithintroduction
education should not revolve around to technology transfer into the economy for
learning information, but also developing better life.
skills and character that allow students to
adapt to an uncertain world, specifically to
a dynamically changing world. In recent
years, the creation of a STEAME school was
an important step towards the necessary
educational redesign.
The Cyprus Mathematical Society is
involved in several European funded projects
that develop methods, tools, activities, The STEAME School model should ensure
guidelines and material that evolve the the interdisciplinary approach of its topics,
Professor Gregoris A. Makrides traditional “lesson plans” to “learning and incorporating a multi-faceted exploration
creativity plans” giving a prototype for the and study of a subject that ensures transfer-
future school learning environment. able knowledge and its applications. The
E
ducation from the end of the 20th cen- The key to a change in the learning process cross-thematic approach helps build a more
tury to the present seems to follow a and in the school environment is always the holistic understanding of how the world re-
different path from traditional methods teacher. No matter how well design methods ally works and motivates students to find
as it is inextricably linked to the economic, and tools one develops, if the teachers cannot solutions to the challenges.
social, political and cultural developments deliver it or support then there will be no Communicating maths and science are an
taking place globally. By recognising that development and no impact. important element in this new methodology
today's education system cannot follow Whatever material and tools are devel- and guidelines and activities are in place to
change and try to meet the demands of a oped are nowadays becoming contradictory support this under the completed project Le-
globalised society, it is constantly undergo- for teachers, simply because by the time they Mathandtheuniqueinternationalconference
ing reforming education programmes by finish the training and implementation, for pupils of age nine to 18 called Euromath
introducing and applying innovative teach- there will be new tools and technologies. The and Euroscience.
ing methods and practices. solution to this is provided by another proj-
The educational policies of the EU member ect called L-Cloud: developing tomorrow's
states, through innovations, aim at develop- cloud education leaders, which developed a
ing and cultivating critical thinking, team- qualifications framework that will help fu-
work, knowledge building, technological ture teachers to be adaptable to changes, new Professor Gregoris A. Makrides, PhD, is a
literacy, and basic skills that pupils need to tools and especially cloud computing. professor of applied mathematics and
have in order to adapt themselves to modern Without entrepreneurial skills, it is not president of Cyprus Mathematical Society,
challenges. STEAME (science, technology, possible to innovate and expect impact to European Association of ERASMUS
engineering, arts, mathematics and entre- life and this was missing from the current Coordinators, European Association of
prenuership) training is considered to be a definition of ‘STEAM’ activities. Therefore, Career Guidance and THALES Foundation
driving force for developing important as- STEAME Schools is a new educational
pects of life and the economy, as well as pre- approach that uses science, technology, Contact: greg@thalescyprus.com
18 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019Cyprus
Cyprus scores 69th out of the 137 countries on the Global Competitiveness Index 2017–2018 when it comes to its growth prospects
A manufacturing hub in the making
Cyprus aspires to promote Nonetheless, during the last few years, cosmetics. Some of the most established ex-
and especially after the major financial port industries are those of the production
industrial production in downturn of 2013, the manufacturing in- of pharmaceuticals, cement and fabricated
order for it to reach 15 per dustry has been facing competitiveness metal items. Findings from the latest pub-
cent of GDP by 2030, from problems, mainly due to its low volume of lished Industrial Statistics of Cyprus reveal
manufacturing exports and its traditional that, while the manufacturing of food prod-
7.9 per cent in 2017 production processes. ucts is the activity with the highest contribu-
tion of the added value of the industrial sec-
M
aking full use of its strategic position Key products tor, the biggest export segment within
at the crossroads of Europe, Asia and The main growth areas in manufacturing manufacturing is pharmaceutical products
Africa, Cyprus, has always relied on in Cyprus, have been in the ICT sector, man- (34.6 per cent). This is followed by food prod-
trade for the development of its economy, ufacturing parts, instruments and electron- ucts (32.2 per cent) and non-metallic min-
facilitating the access of the island’s main ics, as well as consumer products such as eral products (nine per cent).
industrial products (pharmaceuticals, food
and beverages, clothes, minerals, machinery new opportunities
and equipment) to international markets. Lowest unemployment In 2008, GDP from manufacturing reached
In Cyprus, there are 5,300 manufacturers, in a decade an all-time high of €260.53 million, how-
the majority of which are small and medium- ever, the industry was hit hard by the 2013
sized, mostly family-owned. Most manufac-
turing companies have less than ten employ-
ees and only seven are large, i.e. employ more
U nemployment figures are at the
lowest level since February 2010,
Cyprus’ statistical service announced
economic recession, reaching its lowest point
that year, with €155.32 million. Since then,
GDP from manufacturing has been following
than 249 people, according to a recent Delo- recently. Based on the seasonally ad- an upward trajectory. According to the latest
itte study. justed data that show the trend of un- figures of the Statistical Service of the Repub-
Following the global technological trends, employment, the number of registered lic of Cyprus, the sector accounts for €209.09
there have been efforts at the national level unemployed for November 2019 de- million and contributes approximately five
to modernise the country’s traditional indus- creased to 20,860 persons in com- per cent to the country’s GDP, with a produc-
try base, with a goal to support the shift to- parison to 21,233 in the previous tion value of €2,734.4 million (6.4 per cent
wards higher value-added industry segments month. The highest number for No- increase compared to 2015 figures). Despite
and products. This is not surprising if one vember in recent years was recorded this, Cyprus scores 69th out of the 137 coun-
takes into account the fact that manufactur- in 2013, when the number after sea- tries on the Global Competitiveness Index
ing, along with tourism, has been one of the sonal adjustment was 48,381. 2017–2018 when it comes to its growth pros-
main drivers of the development of the Cy- pects, highlighting the need to focus on po-
priot economy in the last four decades. tential new opportunities.
20 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019Cyprus
Extensive connectivity
Cyta offers state-of-the-art
telecommunications
solutions for the Eastern
Mediterranean region
C
yta, the incumbent telecom operator in
Cyprus, has played an important role
in developing the island’s telecommu-
nications and establishing Cyprus as a tele-
communications hub in the Eastern Mediter-
ranean region.
Cyta is the biggest telecom provider in
Cyprus and its product portfolio covers the
whole spectrum of electronic
communications, ranging from fixed and
mobile telephony to internet service
provision and broadband applications. Cyta’s
national network has an extensive coverage
enabling the company to offer connectivity
and first class telecommunication services
throughout Cyprus. external reviews by major satellite operators,
Through its strategic business unit Cyta- specialised service providers and industry
global, the company is particularly active in partners. MAKARIOS Teleport has been in-
the area of subsea cable systems and satellite cluded in the Teleport Partner Network of
communications, providing wholesale prod-
Cyta is the biggest telecom the global satellite operator, EUTELSAT, and
ucts and services on a global basis. Taking provider in Cyprus and its has successfully completed certification by
advantage of the island’s strategic geograph- product portfolio covers the the World Teleport Association.
ical position, Cytaglobal has developed an Cyta has also contributed in the
extensive undersea fibre optic cable net-
whole spectrum of development of Cyprus as an attractive
work, which connects Cyprus with its neigh- electronic communications, international business centre. Cyta provides
bouring countries of Greece, Italy, Syria, ranging from fixed and state-of-the-art solutions to international
Lebanon and Egypt, and thereafter with the businesses operating in Cyprus. Such
rest of the world. This network is also inter-
mobile telephony to businesses and offshore companies use
connected with Cyta’s international POPs in internet service provision Cyta’s international infrastructure and
London, Frankfurt, Marseilles, Sofia and and broadband applications. services to connect directly and securely to
Athens enabling the company to provide their headquarters abroad. International
global connectivity and services, in most connectivity options include SDH, Ethernet
areas of the globe. and IP/MPLS connections.
In addition to its extensive subsea cable Thanks to Cyta’s advanced national and
network, Cyta has been also active for years a permanent and occasional basis to international network, Cyprus has been
in satellite communications. Cyta has broadband gateway services, satellite control established as a major telecommunications
established three satellite teleport sites and monitoring services, data and internet hub in the eastern Mediterranean and an
named MAKARIOS, ERMIS and PERA that connectivity. The satellite teleports also offer excellent international electronic
enhance the resilience and diversity of its VSAT services, hosting services to third communications centre.
operations. Cyta’s teleports, with more than parties and serve as a video head-end for
35 satellite earth stations, provide access to Cytavision IP-TV in the Cyprus market and
global satellite providers such as EUTELSAT, other global wholesale customers. All services
INTELSAT,AVANTI,ASIASATandTHURAYA. offered, enjoy professional certifications and Learn more about
The services offered via Cyta’s satellite comply with all relevant international Cyta and Cytaglobal by visiting
teleports include a broad collection of standards. www.cyta.com.cy and
products, ranging from satellite television on Cyta’s capabilities have been subject to www.cytaglobal.com
KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019 21Cyprus
The route to prosperity
to our clients on a 24/7 basis. These include
an updated, flexible registration policy and
the streamlining of ship registry fees including
the abolition of initial registration fees for
ocean-going vessels.
At the Shipping Deputy Ministry, we are
passionate about providing top quality
services to support our clients, embracing
new technologies and integrating them into
our current operations. Our digital service
enables a user-friendly, client-orientated
approach and 24/7 support.
As a top-quality registry committed to
Shipping has been one of ping insurance, shipping finance, bunkering safety, security and excellence of service, the
and spare parts provision and ship repairs Cyprus flag is consistently included in the
the most important pillars and maintenance. Cyprus is one of the top ‘White List’ of the Paris, Tokyo and other
of the Cyprus economy five third-party ship management centres in MoUs for Port State Control.
for decades the world with over 20 per cent of the world’s Cyprus’s comprehensive tonnage tax
third-party managed fleet and 4.5 per cent system applicable to ship owners, ship
of the world fleet managed from Cyprus. managers and ship charterers is a compelling
W
ith the 11th largest ship registry in In 2018, the government of Cyprus set up advantage. The system was the first open
the world, Cyprus has a large resi- the first autonomous Deputy Ministry registry tonnage tax system to have ever been
dent shipping industry with over dedicated entirely to shipping, reporting approved by the EU back in 2010. Another
200 companies based in the country covering directly to the President of the Republic. Since important advantage is the availability of
a full range of shipping activities – ship own- then, a number of reform and modernisation highly qualified, specialised human talent.
ership and management to telecommunica- initiatives have been completed in order to With three maritime academies operating
tion services, specialised IT services, ship- ensure effective one-stop service is provided across the country and most universities
offering top quality maritime programmes,
the Cyprus government offers incentives
such as grants and scholarships to students
in order toencourage them to followmaritime
careers.
As part of its blue growth strategy, the
Cyprus government is encouraging expertise-
building across a range of disciplines covering
the full blue economy spectrum. This
includes the setting up of the Cyprus Marine
and Maritime Institute (CMMI), a regional
centre of research and innovation
collaborating with many universities and
marine institutes from all over the world,
including the USA, the UK and Ireland. The
CMMI has secured more than €50 million in
funding from the Cyprus government, the EU
and the resident shipping industry.
22 KHALEEJ TIMES | SPECIAL REPORT | DECEMbER 2019You can also read
