GOLD New Issue – 2024: A year defined by FDI

In the new issue of GOLD (click here), available on newsstands from Sunday, 15 December, we feature the 12 major investments that defined 2024, demonstrating why Cyprus has emerged as a safe haven for investors amidst global uncertainty.

In recent years, Cyprus has been quietly – and then not so quietly – reinventing itself. The bulk of foreign direct investment (FDI) flowing into the economy has reduced its reliance on the traditional trio of real estate, tourism and services, leading to a new pillar of economic activity: technology. Today, the tech sector contributes more than a tenth of Cyprus’ €32 billion GDP and employs roughly 17,000 people – about 3.5% of the labour force. The benefits of having a robust tech sector became especially evident during the pandemic, as economies with a strong tech foundation proved more resilient – this might come in handy when the next crisis comes around. By mid-2024, over 270 companies, of which 70 are international tech firms, had navigated the relocation process through the Ministry of Energy, Commerce & Industry’s Business Facilitation Unit.

Bringing high-calibre professionals to Cyprus to support the companies that have relocated is only half the challenge; the other half is creating an environment that encourages them to stay. According to data from Invest Cyprus, the country attracted €3.2 billion of FDI in 2023. On a per capita basis, this placed Cyprus second in the EU – just behind Malta – and among the top ten globally. On this cover story, we profile 12 of the most significant FDI deals that shaped Cyprus in 2024. Additionally, in an exclusive op-ed, President Nikos Christodoulides outlines the Government’s initiatives to expand the FDI pipeline while Evgenios Evgeniou, Chairman of Invest Cyprus, shares his insights into the country’s current standing and future direction.

Special Features:

• Professional Services in Cyprus
• The Cyprus Shipping Industry
• Private Education in Cyprus

Exclusive interviews & features:

• Treppides: 40 Years of Excellence - Introducing the twelve-member Board of Directors
• PET Projects - Constantinos and Michalis Sideris, CEO and Head of Business Operations, CYPET Technologies
• Celebrating a Maritime Union - Themis Papadopoulos and Dieter Rohdenburg, CEOs
• The Sky’s the Limit - Wizz Air CEO Jozsef Varadi
• Cyprus on the Path to Net Zero - Xenios Konomis, Director of Corporate & SME Banking at Bank of Cyprus

My Way: Michalis Antoniades

Five Minutes With: George Hasapakos

In Good Company: Wrike

Start Me Up: Proper Property

Also available with this issue is the fourth edition of the Watch Collector publication by Vassos Eliades Accessories.

You can download the magazine app on AppStore / GooglePlay /WebApp using the keywords GoldMagazine for Gold Magazine. You can also read the magazine online at the following link.

All this and more in Issue 165 of GOLD magazine, out on Sunday, 15 December.