George Michael: Recent developments show the trust of institutional investors in our economy

Recent developments show the trust of institutional investors in our economy, according to George Michael, CEO of IMH, which he said has always supported and facilitated foreign investment in Cyprus and has always believed in its future as an attractive international business centre.

Welcoming guests to the 12th Cyprus International Investment Awards, presented by PwC Cyprus, which pay tribute to major international investors active on the island, Michael said: “Tonight, we are here to honour and express our appreciation to International Investors from diverse sectors of the economy, who have chosen to operate in Cyprus, investing hundreds of millions of euros and creating thousands of jobs.”

As he said, recent developments have justified their trust in Cyprus and its economic and business potential.

“A few days ago two major credit rating agencies, Fitch and Standard and Poor’s have upgraded Cyprus’ long-term ratings,” he pointed out. “The Cyprus government Eurobond worth €1 billion was oversubscribed nine times. The European Investment Bank Group announced that it will open an office in Nicosia.”

In June, he added, three major international investments were announced: “Eurobank, one of the biggest financial institutions in Greece, announced the increase of its holding in Hellenic Bank to 55.6%. Sklavenitis, the biggest Greek retailer, announced its takeover of Papantoniou Supermarkets. Hellenic Healthcare Group (part of CVC, one of the biggest private equity funds worldwide) announced a substantial stake in American Medical Centre. All these recent developments show the trust of institutional investors in our economy.”

Furthermore, in the first quarter of 2024, Cyprus had the highest growth acceleration in the EU, with a rate of 3.5%, he said. “Unemployment continues to decline, all while the public debt has been steadily dropping with the aim of bringing it under 60% of GDP by 2026.”

Michael continued, “IMH has always supported and facilitated foreign investment in Cyprus and has always believed in its future as an attractive international business centre. I can see tonight in this room business leaders from all sectors, old and new investors on our island. Investors who share our vision that Cyprus is a great place to live, work and do business.”

The IMH CEO extended his congratulations “to the outstanding organisations and business leaders receiving an award. “We are proud and honoured to have such investors in Cyprus,” he remarked.

He concluded, “I would like to thank Invest Cyprus and the members of the Awards Committee for tonight’s event. I would also like to thank our Sponsors: PwC, Eurobank Cyprus, ECOMMBX and Lanitis Group. Special thanks and congratulations go to the editorial team of GOLD magazine and all my wonderful colleagues at IMH.”

Taking place at the Hilton Nicosia, the 12th Invest Cyprus International Investment Awards are hosted by GOLD magazine and organised by Invest Cyprus, the official body the government has entrusted with the task of attracting foreign investment to Cyprus. The Awards are sponsored by Platinum Sponsor PwC Cyprus, Elite Sponsor Eurobank, as well as Golden Sponsors Ecommbx and Lanitis Group, Beverage Sponsor KEO Plc and Communication Sponsor CBN.​