Twenty years have passed since the signing of the concession agreement between the Republic of Cyprus and Hermes Airports for the management of Larnaka and Pafos International Airports.
As noted in an announcement by Hermes Airports, the agreement "marked a new era for the travel experience and for Cypriot tourism, with an eloquent imprint on the wider economy of the country. Through the agreement, which was the first and largest Public-Private Partnership (PPP) in the country and which has been characterised as the most successful project in this field ("Best Transport Project in Europe" award by World Finance in 2013), Cyprus acquired two new state-of-the-art airports in Larnaca and Paphos, with an expenditure that exceeded €640 million."
"In these twenty years," the 11 May announcement continued, "thanks to the actions of Hermes Airports in cooperation with all tourism operators and despite the successive and major crises that affected air transport internationally, the country's connectivity has been significantly enhanced, now covering the entire European continent and the wider Middle East region. Primarily, traffic at the two airports has approximately doubled from 6.7 million in 2006 to 13.7 million in 2025, contributing decisively to the consolidation of tourism as a strategic pillar of the Cypriot economy, contributing to GDP that currently reaches 14%."
It went on to note that, "At the same time, through the projects of the second phase of the development of Larnaca and Paphos airports, which are in full swing, with an expenditure of €170 million that is fully covered by Hermes Airports, the total capacity of the two airports is substantially increased, covering the long-term needs of the country even after the expiration of the current concession agreement. The projects meet the modern needs of airlines and passengers and will offer an even more upgraded travel experience to those who use our airports. In total, during these two decades of airport management by Hermes Airports, the direct revenues of the Cypriot state from the concession fee have exceeded €715 million, while in 2025 alone the total direct and indirect contribution to the country's economy from the operation of airports amounted to €789.4 million, making the airport community one of the most vital areas of employment."
In a statement on the occasion of the completion of 20 years since Hermes Airports took over the management of the airports, the company's Chief Executive Officer, Eleni Kaloyirou, said, "Today's anniversary is a very special milestone for us, as it gives us the opportunity to reflect on this whole journey and the role we have played as a timeless and reliable partner of the state, contributing decisively to the development of the Cypriot economy and Cypriot tourism as well as to the effective response to any crisis that arose from time to time, turning it into an opportunity for further progress and development. Through targeted partnerships and strategic initiatives, we have decisively strengthened Cyprus' connectivity throughout the year. At the same time, through our activity, we actively support wider entrepreneurship and employment, while Hermes Airports itself is recognised in practice and through a series of distinctions as an employer of preference, investing in our people and cultivating a modern and supportive working environment. With our rich experience and know-how as a compass and having before us the creative challenge of the timely completion of the projects of the second phase of airport development, we continue our work with even greater determination, aiming to further strengthen the prospects and dynamics of our country."
