It is a fact that the growth that Cyprus has experienced in recent years is largely due to foreign capital that has been channeled into the various sectors of the domestic economy through foreign direct investments (FDI).
Foreign investors are key pillars of progress and transformation of the market into an increasingly advanced business hub. IN Business magazine recently recorded 20 of the largest foreign direct investments of recent years in the form of acquisitions and mergers that have strengthened Cyprus' profile as an attractive international destination in dynamic business sectors. With radical changes and deals worth millions and sometimes billions - a new economic environment, which enhances innovation, creates jobs and opens paths for sustainable development - has already taken shape.
Sklavenitis Group
Sector: Retail
Origin: Greece
CEO: Gerasimos Sklavenitis
The Sklavenitis Group is one of the largest retailers in Greece. It made its appearance on the island in 2017, after the acquisition of the Marinopoulos Group, gaining control of the 18 Carrefour stores that were operating in the Cypriot market at the time. In early 2024, the Sklavenitis Group made a checkmate move, acquiring the Papantoniou supermarket chain in our country, with a deal estimated at between €50 and €60 million. With the integration of the new stores, Sklavenitis Cyprus strengthened its network, reaching a total of 27 stores in all provinces. Today, the group employs 2,770 people in Cyprus and in 2024 the turnover amounted to €5.56 billion.Eurobank Group
Sector: Finance
Origin: Greece
CEO of Eurobank SA: Fokion C. Karavias
In a deal that made history as one of the largest deals ever entered into in Cyprus, exceeding €2 billion, Eurobank Group acquired the entire share capital of Hellenic Bank in 2025. It first appeared on the Cypriot market in December 2007 through its subsidiary Eurobank Cyprus and over time it recorded remarkable growth. By 2022, it had become the third largest bank in Cyprus with a market share of 14.01% and a return on assets of 1.10%. In 2024, it sought to strengthen its presence through the strategic acquisition of shares of Hellenic Bank, which acquired the Cooperative Central Bank in 2018. Thus, Hellenic Bank and Eurobank Cyprus joined forces with the full acquisition of the former by the Eurobank Group with a presence in Greece, Bulgaria, Cyprus, Luxembourg and the United Kingdom and a global staff exceeding 12 thousand people, through a merger that was completed during 2025. The operational integration is expected to last up to two years. The renaming of Hellenic Bank to Eurobank marks a significant realignment in the banking sector of Cyprus, consolidating market share and reshaping the competitive landscape on the island.
American University of Beirut
Sector: Education
Origin: Lebanon
Rector: Dr. Wassim El Hajj
The news of the major investment of €29 million by the American University of Beirut (AUB), aiming to expand for the first time outside Lebanon and specifically to Paphos, was announced in March 2022. Following an agreement with the Municipality of Paphos, AUB decided to establish the American University of Beirut- Mediterraneo based on American educational standards. Cyprus was chosen among 15 countries for this expansion, for reasons related, among others, to academic freedom and political and economic stability.
In the fall of 2024, AUB opened the doors of its twin campus in Paphos. The new university is expected to transform the area into a major regional center of higher education, attracting students from neighboring countries. It currently offers two graduate and eight undergraduate degree programs.
Blackstone Inc.
Sector: Hospitality
Origin: USA
Chairman, CEO & Co-Founder: Stephen A. Schwarzman
One of the most significant investments in the country’s hospitality sector was recently made with the arrival of the American investment giant Blackstone Inc., for the acquisition of Olympic Lagoon Resorts Paphos by KA Olympic Lagoon Resort Limited, that is, from Kanika Group and Amathus which held 52% and 48% respectively. The acquisition was carried out through Blackstone’s company, Querin. The five-star hotel, whose management and operation remain with Kanika Hotels & Resorts, has been undergoing extensive renovations worth over €15 million since November 2025, with the aim of reopening this spring. The owner of Olympic Lagoon Resorts Paphos is the Spanish Hotel Investment Partners (HIP), which is the largest owner of hotel resorts in Southern Europe and is controlled by Blackstone investment funds. It is noted that HIP was founded in 2015 and is 65% owned by funds managed by Blackstone, while the remaining 35% of its shares are held by GIC (the sovereign wealth fund of Singapore). The American group Blackstone - the largest alternative investment manager in the world with more than 1 trillion dollars under management - is not unknown in the region, as it has been operating in Greece for years with a significant hotel portfolio, including five units previously owned by the Louis Group.
Arabsat
Sector: Communication
Origin: Saudi Arabia
CEO: Dr. Badr N. Alsuwaidan
One of the most significant foreign investments in the satellite communications sector in Cyprus was made by Arabsat, which in 2013 acquired Hellas Sat for an amount exceeding €200 million, gaining control of the Greek and Cypriot satellites. This move was accompanied by an extensive multi-million euro investment plan for the development of new satellites and infrastructure in Greece and Cyprus. Following the acquisition, the company significantly strengthened its presence in the region, proceeding, among other things, with the launch of the Hellas Sat 3 satellite in 2017 and Hellas Sat 4 in 2019. The investment capitalizes on the strategic geographical position of Cyprus, making it an important satellite services hub for the wider region of Europe, the Middle East and Africa. Arabsat's entry into the Cypriot market contributed to the upgrading of the island's telecommunications infrastructure and strengthened Cyprus' role as a regional satellite communications hub, serving networks that reach tens of millions of users internationally. It is noted that the company is one of the leading satellite service providers worldwide with a presence in more than 100 countries.
Brown Hotels
Sector: Hospitality
Origin: Israel
Founder: Leon Avigad
The story of Brown Hotels began with the vision of creating a new form of hospitality that would not be limited to accommodation alone, but would tell stories, highlight the culture of each place and enhance the neighborhoods where its hotels are located. Today, more than 25 years since its foundation and with over 35 hotel units, the international chain made its debut in the Cypriot market in 2025, on the site where the Pafiana hotel was located, which was redesigned as a modern boutique resort. The opening of Brown Paphos Hills Resort & Spa in Geroskipou is linked to the group’s overall development strategy in the Eastern Mediterranean. The global chain’s goal is, as founder Leon Avigad characteristically stated, to continue to grow dynamically with substance and strategy, offering the island a new version of hospitality, an authentic, accessible and soulful boutique approach. Today the group is examining new investment opportunities in destinations such as Larnaca and Limassol.
ECM Partners
Sector: Health
Origin: Slovenia
Chairman of the Board: Savvas Liasis
ECM Partners is the alternative investment management company (AIFM) created in 2013 by Savvas Liasis, Ales Skoberne and Dejan Rajba, when they purchased and restructured the Slovenian fund management company NFD. ECM in October 2025 moved its institutional headquarters from Slovenia to Cyprus under the management of ECM Fund Management as AIFM.
It is targeting promising sectors, making a strategic push with significant investments in the field of healthcare in Cyprus, among other acquisitions in other sectors, such as real estate. In December 2023, ECM Partners announced the acquisition of 68% of the share capital of the private Ygia Polyclinic in Limassol, while the new development phase, in 2024, brought the acquisition of 75% of the polyclinic by the investment fund. The aim is to improve the facilities, expand the services and upgrade the care provided. It is noted that the management of the hospital was assigned to the Athens Medical Group.
In July 2025, Ygia Polyclinic announced the completion of the acquisition of Eden Rehabilitation and Palliative Care Center, established in Larnaca in 2018, placing it under the umbrella of the newly established Ygia Group. Furthermore, in November of the same year, the flagship of the group, Ygia Polyclinic, proceeded with the acquisition of the Limassol Eye Center. Another milestone move in ECM Partners’ long-term strategy for investments in the healthcare infrastructure of Cyprus and the wider region.
Fairfax Financial Holdings
Sector: Finance
Origin: Canada
CEO: Prem Watsa
With a €59 million deal, Canadian insurance giant Fairfax Financial Holdings has made an immediate presence in Cyprus, changing the dynamics of the insurance landscape in the country. Fairfax is a major shareholder of Eurobank Holdings, with a nearly 33% stake, and this is its first direct investment in Cyprus under its own name. By acquiring 45% of ERB Insurance, the general insurance company owned by Eurobank, this transaction gives the right to acquire the remaining 55% of ERB’s share capital at a later date. This move is expected to support the company’s underwriting, risk management and new product development activities in Cyprus and Greece. At the same time, Eurobank announced a significant agreement in Greece for the acquisition of 80% of Eurolife Life Insurance from the Canadian company, for €813 million, allowing the bank to gain full control of the life insurance activities, while at the same time maintaining a 20% stake in Eurolife's general insurance.
Fattal Hotel Group
Sector: Hospitality
Origin: Israel
Founder and CEO: David Fattal
One of the most significant foreign investments in the hospitality sector in Cyprus was made by the Israeli group Fattal Hotel Group, which dynamically entered the Cypriot market in 2017 through its subsidiary - Fattal Hotel Management (Cyprus) - with the acquisition of three hotel units in Paphos for €80 million. Since then, it has followed an aggressive expansion strategy, investing over €300 million on the island. Today, it has a strong presence in Paphos, Limassol, Larnaca and Protaras. It manages seven hotels mainly under the Leonardo Hotels and NYX Hotels brands, while the most significant moves include the acquisition and renovation of the Grand Resort Limassol. The next plans concern expansion in Nicosia. The group's presence in Cyprus – through Leonardo Hotels & Resorts Mediterranean under the leadership of its CEO, Roni Aloni – has substantially contributed to the upgrading of the tourism product and the strengthening of the country's international competitiveness as a tourist destination.
It aims for further expansion both on our island and internationally. It currently has a presence with 315 hotels in the European Union, Great Britain and Israel.
Globeducate
Sector: Education
Origin: Spain
CEO: Luca Uva
With its strategic entry into the Cypriot market in 2022, the Globeducate group brought new data to private education. It is one of the largest international groups in this field, operating in pre-primary, primary and secondary education. The Spanish group with 40,000 students manages more than 65 international and bilingual schools as well as educational programs in 11 countries. In 2022, the Cypriot group of private schools PASCAL International Education, which includes Pascal Education Larnaka, Lefkosia and Lemesos and offers English-language education, Cambridge and International Baccalaureate programs, joined the international family of Globeducate. It also owns the Olympion Educational Group, founded in 2003 and which has a primary, middle and high school, and The International School of Paphos, which has been owned by it since 2024, after an acquisition. Globeducate has spent €55 million on real estate and renovations alone to date, with the lion's share, specifically €35 million, being allocated to replacing the Pascal Lemesos site with a new campus. It is worth noting that Providence Equity Partners, the leading equity investment company that focuses, among other things, on the education sector, has been a shareholder of Globeducate since 2017 and, together with the French investment firm Wendel, each owns approximately 50% of the Spanish group.
Invel Real Estate & Prodea Investments
Sector: Hospitality
Managing partner: Christoforos Papachristoforou
Invel Real Estate and Prodea Investments established MHV (Mediterranean Hospitality Venture) in Cyprus in 2021. This move constitutes one of the most significant development activities in the hospitality sector in Cyprus, as Invel, through MHV, has implemented investments of hundreds of millions of euros. The company's investment footprint includes emblematic projects such as Parklane, a Luxury Collection Resort & Spa in Limassol and Landmark Nicosia, Autograph Collection, which are in line with the strategy of upgrading the Cypriot tourism product towards luxury. Invel's actions through MHV enhance the international image of Cyprus as a quality and modern tourist destination, attracting high-level visitors and creating significant growth prospects for the economy. At the same time, they contribute to the upgrading of infrastructure and the strengthening of employment on the island, where it employs over 600 people. The group's portfolio in Cyprus and Greece exceeds, in total, €500 million.
Hellenic Dairies (Olympus)
Sector: Industry
Origin: Greece
CEO: Michalis Sarantis
The Greek group Hellenic Dairies officially expanded to Cyprus in 2024 through the company Olympus. The investment of €40 million concerned the creation of a modern factory in the Tseri Industrial Area, where it currently produces halloumi and other dairy products, with a maximum processing capacity of 180 tons of milk per day. It supports local producers through partnerships and development programs, while its products are intended both for the Cypriot market and for exports to the EU, the USA and other markets. As part of its expansion here, the group also acquired 49% of Kouroushis Dairies with a view to acquiring the remainder at a later stage. With its strategic moves, it is becoming a dynamic player in the sector on our island, with the market awaiting its next steps. Hellenic Dairies is the largest dairy company in Greece and one of the most important food companies in the country. Its portfolio includes brands such as Olympos, Tyras, Rodopi and Agno, while it has six more factories - five in Greece and one in Romania - that process milk and produce dairy products, bottled water, juices and soft drinks.
Kassatly Chtaura Group
Sector: Industry
Origin: Lebanon
Managing Director: Nayef Kassatly
A key step that marked the evolution of the Kassatly Chtaura group from a regional powerhouse to a global competitor in the beverage bottling industry was its decision to operate in our country. The group, based in Lebanon, came to Limassol with offices in July 2021 and the brand name Boutique Beverage Bottling International (BBBI). Its factory in Ypsonas, built from scratch and engaged in beverage bottling, was put into operation in March 2024 and is estimated to create around 100 jobs over a five-year horizon. This particular factory is a significant move to expand the group’s bottling capabilities, with a main focus on promoting the well-known non-alcoholic, carbonated drink Freez, in international markets.
Marfields Group
Sector: Land development
Founder and Managing Director: Tal Mashkif
Both The Ritz-Carlton Residences and the Olympic Residence in Limassol and the Central Park Residences in Nicosia are among the most emblematic projects that the Marfields group has implemented. Founded in 2006 in Cyprus, it specialises in real estate development, currently having a portfolio of large residential and other mixed-use projects. Since its establishment, it has become known for the creation of architecturally distinctive properties that combine modern design, top quality and attention to detail. What mainly led the Israeli Tal Mashkif - Founder and Managing Director with many years of experience in the field of land development - to invest in our country through the group, is the flexibility it offers in the implementation of ambitious projects, the quality of life and the good climate. With plans to expand its activities in Italy, the group has implemented more than five high-rise projects here with a team that currently exceeds 60 people.
Medicover
Sector: Health
Headquarters: Stockholm, Sweden
It is an international healthcare and diagnostic services company founded in the mid-1990s in Poland. With a strong presence in more than 20 countries, Medicover serves millions of patients and systematically invests in modern medical infrastructure. Its entry into Cyprus was made noticeable in 2022, through the strategic acquisition of NIPD Genetics, the Cypriot company specialized in the biotechnology sector and founded by Philippos Patsalis, who retained the position of CEO until September 2024. Through this acquisition, Medicover increased its share capital in NIPD Genetics from 18.9% to 87.2% and the latter was renamed Medicover Genetics. The purchase price for the 68.3% of the shares acquired amounted to €44.4 million. without the assumption of debt. Medicover's investment activity was further strengthened by its participation in a broader international agreement to acquire the activities of Synlab, one of the largest pan-European medical diagnostic testing groups. This acquisition gave Medicover full control of the group's activities in European markets, including Cyprus. This move is part of an investment plan of tens of millions of euros, significantly strengthening the company's diagnostic services network.
Melco International Development
Sectors: Hospitality, Entertainment
Origin: Hong Kong
Property General Manager in Cyprus: Grant Johnson
Melco International Development Group is the majority shareholder of Melco Resorts & Entertainment, one of the world’s leading operators of casino and entertainment resorts. The company made its debut in Cyprus in 2018, when the Government launched a competition to develop the first casino, which the company won and subsequently developed City of Dreams Mediterranean. It is Europe’s first integrated casino resort, featuring a 14-story luxury hotel with 500 rooms and suites, over 8,000 sq m of MICE (meetings, conferences and events) space, an outdoor amphitheater, a family adventure park, as well as a variety of fine dining and luxury retail outlets. This is a world-class development, a landmark for both Cyprus and the wider region, which strengthens the country's tourism product, aiming to attract hundreds of thousands of new visitors annually and contribute to the establishment of the island as an all-year-round destination. It is worth noting that during its second year of operation, in 2024, over three million tourists visited the resort. The company also operates three satellite casinos in Nicosia,
Ayia Napa and Paphos.
Premium Access Group
Sector: Hospitality
Origin: Israel
Founders-shareholders: Shaul Keinan and Evgeni Leibovich
This is the group that, in strategic partnership with Thanos Hospitality Services, undertook the radical transformation of the historic Palm Beach Hotel in Larnaca and the creation of the region's first city resort. The relationship of the group - founded in 2013 - and its founders, Evgeni Leibovich and Shaul Keinan, with Cyprus began five years ago through a financial transaction in Larnaca. Since then, the group has transitioned from its purely financial activities, until then, in Europe and Israel, to investing in properties located in strategic locations, especially along the Larnaca coastline. This transition led to the creation of Premium Access Cyprus, which is leading the Palm Beach Resort projects, which are expected to be completed this year. The specific investment will exceed €110 million and will include, among others, a five-star hotel, independent residences, a residential tower, luxury bungalows, restaurants, entertainment areas and a wellness center. The ambitious project aims to revitalize Larnaca's tourism and real estate sectors.
PureHealth
Sector: Health
Origin: Abu Dhabi (UAE)
Group CEO: Shaista Asif
It was only in October 2025 that PureHealth Holding, with a presence in five countries, 56 thousand employees and services to 1.4 million patients annually, dynamically entered the healthcare sector of Cyprus, to upgrade the standards of healthcare in the country. By acquiring the majority 60% stake of Hellenic Healthcare Group (HHG), the largest private healthcare group in Greece and Cyprus, from the investment firm CVC Capital Partners for €800 million, the Arab group now holds control over the largest private hospitals in the country. For the record, Apollonius Private Hospital was acquired by HHG in 2021 for €83 million and Aretaeion Hospital in 2022. Also, in 2024, HHG reached an agreement to acquire 50% of the share capital of American Medical Centre (AMC), which, in addition to the expansion of its existing facilities in Nicosia, has already entered the implementation phase of a new, state-of-the-art private hospital in Limassol, covering an area of 12,900 sq m, for which the investment will reach €60 million. More recently, the Evangelismos Polyclinic in Paphos was added to the group's capacity, which was acquired by HHG in the summer of 2025.
Solaar Hospitality & Accor Hotels
Sector: Hospitality
CEO: Rajai Khoury
Solaar Hospitality, led by Rajai Khoury, has partnered with Accor to introduce the internationally recognized Mercure brand to Cyprus, marking a significant investment in the hospitality sector. The first project - Mercure Larnaka Beach Resort - opened in 2023 in Oroklini, in a seaside location, offering 60 rooms and combining modern facilities with an authentic Cypriot experience. This was followed by Mercure Larnaka City Hotel in 2024, in the center of Larnaca, enhancing the city's potential as a destination for both business and leisure travelers. Accor's presence, with more than 5,500 hotels in over 110 countries, strengthens Cyprus' international visibility, while the Mercure brand emphasizes the connection with the local culture and the unique characteristics of each destination, offering a balance between international standards and an authentic hospitality experience. Through this approach, Mercure hotels contribute substantially to the upgrading of the tourism product and the strengthening of Cyprus' competitiveness as a modern and quality destination.
Trastor REIT
Sector: Real Estate
Origin: Greece
Vice Chairman, Chief Executive Officer, Executive Member: Tassos Kazinos
Trastor Real Estate Investment Company (Trastor REIT), is the first REIT established in Greece and listed on the Athens Stock Exchange, investing for over 20 years in high-quality real estate, mainly in offices, shops and warehouses. In 2024, it acquired 100% of Excelsior Hotel Enterprises, owner of the iconic LABS Tower located in the business heart of Nicosia. The price was based on Excelsior's net asset value at the time of the transaction, with the commercial value of the property amounting to €39 million. Trastor's decision to expand specifically to Cyprus, for the first time outside of Greece since its establishment, was not accidental. The island was chosen as a strategic investment destination due to its long-standing cooperation with Greece in the field of foreign direct investment, while the significant presence of Greek financial institutions and other businesses makes the Cypriot market an attractive destination offering reliable returns. Trastor currently manages a leading commercial portfolio of over 60 properties, valued at €718.6 million. Looking ahead, its strategic goal for the coming years is to increase its asset base to almost €1 billion.
*The text is part of a series of topics from the cover story of IN Business magazine, April 2026 issue, which is dedicated to the large foreign investments of recent years in Cyprus and which have changed the business landscape. Editorial team: Maria Michael, Emily Antoniou, Dora Pampoulou, Nicolas Prodromou.
