In the new issue of GOLD, coming out on Sunday, 16 November, we examine how an influx of international companies is transforming the capital and its residents’ lives (click here).
Despite the ongoing political stalemate on the Cyprus issue, Nicosia – and by extension, Cyprus as a whole – has succeeded in offering a rare blend of political and economic stability that continues to attract international firms.
And while Limassol has earned the unofficial title of the island’s business capital, in recent years, the real capital has also become a hub for tech companies seeking a foothold in the EU, some of which are featured in this issue. And unlike its coastal sibling, Nicosia has one decisive advantage: it is the seat of political power.
Since the last census in 2021, the city’s population has grown by 7.5% – that’s less than others but still enough to be felt. The arrival of international companies, along with their employees and families, has inevitably driven construction, mainly large-scale projects. New high-rises have emerged on the city’s traditionally low skyline, lending Nicosia an eclectic and, at times, experimental character.
However, bureaucracy has long been a pain point in Cyprus. Slow and cumbersome, it remains one of the private sector’s most persistent frustrations, for both international and local companies alike. To address this, the Government has been digitalising certain key processes, including Ippodamos, the platform for processing and approving building and planning permits, with mixed results so far.
The creation of new District Local Government Organisations (DLGOs), granting districts greater authority over issues ranging from water management to the operation of local markets and cultural facilities, represents another attempt to decentralise the system. With only a year since their establishment, however, it is still too early to assess their impact.
In this cover story, we spotlight key figures from the city’s administration, real estate sector, food and beverage scene, and governmental organisations, as well as four international companies that have chosen to set up operations in the capital—exploring what drew them to Nicosia and how they see it, both as a business hub and as a place to live.
- Charalambos Prountzos, Nicosia Mayor
- Constantinos Yiorkadjis, Nicosia DLGO Chairman
- Marios Tannousis, CEO of Invest Cyprus
- Theodoros Kringou, President of the Nicosia Tourism Board
- George Chrysochos, Executive Director of the Cyfield Group
- Pavlos Kyriakou, Co-founder and Managing Partner of the Amaro Hospitality Group
- Kikis Athinodorou, Director of Kikis Athinodorou & Associates
Representatives from companies that have chosen Nicosia as their destination also talk about doing business in Cyprus:
- Vera Khazova, Director of Wrike Cyprus Ltd
- Mike Bradshaw, Director Greece and Cyprus, FML Ship Management Ltd
- Mona Bazzi, Nicosia Site Manager at Murex
- Stefan Nolte, Managing Director of Shanda Consult Ltd
Special Features:
- Oil & Gas Services in Cyprus
- The Cyprus Real Estate Sector
- Luxury Brands
Exclusive interviews & features:
- Greater Than The Sum Of Its Parts – Monica Ioannidou Polemitis, Partner, and Thomas Gamble, CEO, TKI
- Increased Mutual Understanding is the Key to Greater Cooperation - China’s Ambassador to Cyprus, Liu Yantao
- All You Need Is Love - French designer and architect Philippe Starck
- Technology a Key Driver of Competitiveness - Xenios Konomis, Director of Corporate and SME Banking at Bank of Cyprus
- Charting a Path of Trust - Presenting the Founding Members of the Cyprus Compliance Association
My Way: Nicos Rotos
Five Minutes With: Ethan Volvovic
Start Me Up: INSAVIOR
In Good Company: Foody
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 176 of GOLD magazine, out on Sunday, 16 November. Click here to read the digital edition.
