Large projects worth over €8 billion in the pipeline in Cyprus, Association says

Large projects will continue to be among the protagonists in Cyprus’ growth trajectory, the Association of Large Investment Projects has said, outlining large-scale projects worth over €8 billion already in the pipeline.

In a press release, the Association said that the projects implemented or promoted in 2023 created a profile of a modern state that invests in its domestic product, and creates new jobs, while upgrading the quality of life both of its citizens and visitors, adding that the same course will dynamically continue in 2024 as well.

"The portfolio of the Association’s members includes, inter alia, hotels, medical and diagnostic centres, university campuses, golf courses, schools, commercial and residential buildings, large developments which are expected to yield multiple benefits to our country, the total value of which exceeds €8 billion,” the Association said.

According to the Association, the large-scale projects include the Limassol Hills Golf Resort, a resort that will feature a biological water treatment system, solar park, and green public areas, adding that its construction will employ more than 2,700 workers, creating more than 750 new jobs.

The Association also pointed out the Eagle Pine Golf Resort, also in Limassol, the worth of which exceeds €500 million. It is estimated that its construction will generate state revenues of €200 million and will require 300 jobs.

Furthermore, the Association highlighted Limassol Greens, worth €400 million, indirectly creating 800 jobs, and the Minithis Resort in Paphos, the construction cost of which will amount to €500 million, generating 800 jobs during the construction phase and 500 during its operation.

The Association pointed out that these projects will contribute to the reduction of climate impact as they will comply with green and sustainable transition, thereby contributing to Cyprus' compliance with SDGs and ESG requirements.

"Once more, it is obvious that large-scale developments will be the protagonist in Cyprus' growth trajectory, as they are a deciding investment on the future of our island,” the Association noted, adding that apart from attracting investments, these developments’ contribution to Cyprus GDP is over 15%.

(Source: CNA)