GOLD New Issue: The Cyprus Defence Gambit

In the new issue of GOLD (available here) we feature 15 local companies shaping Cyprus’ growing defence cluster, in a cover story presented by the Cyprus Association of Research and Innovation Enterprises (CARIE).

The past decade alone has provided enough geopolitical drama for even the most jaded analyst to sit up and take note. But while friction continued on the periphery, mainland Europe had been lulled into a false sense of security, believing that full-scale war was a thing of the past. That illusion was shattered in 2022 when Russia invaded Ukraine.

By 2024, EU defence spending had surged to an estimated €326 billion, a hefty 30% leap from three years earlier. The European Defence Fund now has an €8 billion war chest to spur collaboration on cutting-edge defence tech.

According to Dealroom, funding for European defence startups hit US$976 million in 2023, up from US$614 million the year before. The European Investment Fund chimed in with a €175 million commitment to “dual-use tech” – innovations that span civilian and military applications, now the industry's hottest trend.

Artificial intelligence is rapidly becoming the backbone of modern warfare, reshaping military operations much as electricity once redefined the battlefield. But AI isn’t just about precision strikes – it’s fortifying cybersecurity, securing satellite communications and simulating combat scenarios.

In this cover story, presented by the Cyprus Association of Research and Innovation Enterprises (CARIE), we showcase the below 15 local companies shaping Cyprus’ growing defence cluster, from drone manufacturers to cybersecurity specialists and advanced satellite operators.

• Cyric
• SignalGeneriX
• eBOS
• Cellock
• Additess
• AmaDema
• Cytacom Solutions Ltd
• Ecliptic Defence & Space
• Electi Consulting Ltd
• Geoimaging
• Hellas Sat
• Houtris
• Malloc
• Multimarine Services Ltd
• Swarmly

We also hear from the policymakers – President Nikos Christodoulides and Defence Minister Vasilis Palmas – on their plans to bring defence to the forefront. Finally, Tasos Kounoudes, President of the Cyprus Association of Research and Innovation Enterprises (CARIE) and the Cyprus Defence Industry Cluster (CYDIC), talks about pushing Cyprus further up the defence-tech value chain.

Special Features:

• Electric Vehicles
• Compliance & RegTech
• Investment Funds in Cyprus

Exclusive interviews & features:

• Navigating Global Waters - Thomas A. Kazakos, Secretary-General of the International Chamber of Shipping
• Ensuring Common Regulatory Standards - Cyprus Securities and Exchange Commission and International Organisation of Securities Commissions Chairmen, George Theocharides and Jean-Paul Servais
• Integrity Above All – Presenting the members of the Cyprus Integrity Forum
• Getting to the Meat of the Matter - Armen Meserlian, Managing Director, VRC Meat Med Ltd

My Way: Aphrodite Psara

Five Minutes With: Alex Mizzi

In Good Company: Ayia Napa Marina

Start Me Up: Magic Lantern

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 link https://www.magloft.com/app/goldmagazine#/shelf/view/default

All this and more in Issue 167 of GOLD magazine. Click here to read the digital edition.