TechIsland exploring cooperation with Dubai Silicon Oasis- Dubai’s largest free trade zone

07:10 - 19 May 2025

Companies Reporter

TechIsland Chairperson Valentinos Polykarpou and General Manager Tanya Romanyukha have met with a delegation from Dubai Silicon Oasis—the largest economic free zone in Dubai—to explore cooperation opportunities.

The Dubai delegation was led by Director General Dr. Juma Al Matrooshi

The purpose of the meeting was to explore the prospect of signing a Memorandum of Understanding between the two parties, aiming to establish a mutually beneficial collaboration focused on knowledge exchange, data sharing, and joint experiences.

Commenting on the meeting, Polykarpou emphasised the importance of such a partnership for Cyprus’ tech ecosystem, “By aligning with a world-leading innovation hub, we can accelerate growth, bring new opportunities to Cyprus, and ensure our tech sector remains competitive and forward-looking.”

The meeting took place as part of the recent TechIsland Summit in Limassol.

The TechIsland Summit is the association’s annual flagship event. It brings together tech leaders, policymakers, and innovators to explore the current state and future potential of the tech sector in Cyprus.

The Main Stage featured impactful keynote addresses and panel discussions with thought leaders from across the tech and innovation spectrum.

Notable speakers included Minister of Interior Constantinos Ioannou, Deputy Minister to the President Irene Piki, Deputy Minister of Innovation Dr. Nicodemos Damianou, MP Nicholas Papadopoulos, and Chief Scientist Demetris Skourides.

Former Minister of Energy, Commerce and Industry, and current CEO of Med Energywise Natasa Pilides served as this year’s TechIsland Summit Chairperson.

Natasa Pilides

This year’s Summit centered around the theme 'Unlocking Opportunities,' highlighting how the tech sector is emerging as the fastest-growing sector and is redefining Cyprus’ economic landscape. According to a presentation by KPMG, the total impact of the tech sector on Cyprus’ economy is estimated at €8.5 billion, representing 16% of the country’s Gross Value Added (GVA).

Valentinos Polykarpou, Chairperson of TechIsland, stated, “The TechIsland Summit 2025 was once again a strategic gathering of all stakeholders. It was amazing to see, in numbers, the progress and growth of the tech sector. With tech contributing 16% to the national economy, it’s clear we’ve built significant momentum over the past few years. This highlights the immense potential for a tech-driven economy in Cyprus. The Summit stands as a testament to what can be achieved when public and private sector stakeholders work in alignment—finding solutions, discussing the future, and collaborating for the benefit of the country as a whole.”

Key outcomes from the Summit included:

A presentation of the government’s vision for repatriating highly skilled Cypriots, alongside proposed employer incentives to support this brain gain strategy.

A discussion on VAT reduction aiming at incentivising the construction of buildings for social use, including schools, hospitals, museums, and sports facilities.

A startup-focused panel sharing diverse perspectives on improving and strengthening the startup ecosystem. Speakers emphasised that, despite its size, Cyprus can serve as an ideal testing ground for larger markets.

A forward-looking address by Chief Scientist Demetris Skourides, who outlined an ambitious roadmap for embracing artificial intelligence (AI), data infrastructure, and broader technological innovation.

General Manager of TechIsland Tanya Romanyukha, joined on stage by Yioulika Antoniades of Systems Deployment Lead at Capacitor Partners, to present The Mentors’ Hub initiative, at supporting startups through curated one-on-one mentorship sessions with top-level mentors.