Here are the top business stories in Cyprus from the week starting September 16:
Following the recent announcement of a €30 million investment in premium AA games by Mad Crusader, a Cyprus-based IP incubator, the Cyprus Mail sat down with founder and CEO Yarr Rash to explore the company’s vision.
As a leading innovator in the gaming world, Rash shed light on how Mad Crusader’s unique approach to IP development and cross-media franchise creation sets them apart.
Meanwhile, business accelerator Kinisis Ventures on Monday announced the launch of Kinisis Venture Fund II (KVF II), a new investment fund under the KV Kinisis Ventures Fund in Cyprus. According to an official announcement, the new fund seeks to build on the success of its first fund and recent US partnerships.
In addition, the move seeks to capitalise on promising developments in the Cypriot startup ecosystem. “When we launched KVF I, the first CySEC-registered VC fund focusing on Cypriot startups, our expectation was that more institutional and private investors would begin adding capital to the ecosystem,” said Andreas Panayi, Partner at Kinisis Ventures.
Foreign investors in Cyprus are increasingly shifting their focus from luxury properties to more affordable housing, driven by a desire for residency permits rather than citizenship. This shift, according to a report utilising 2023 data from real estate firm Danos, marks a significant change in the market dynamics.
The Cyprus Borrowers Association (Syprodat) this week expressed “disappointment, discouragement, and a sense of failure” among trapped buyers, who are effectively paying off the debts of property developers from whom they purchased their homes. Trapped buyers, despite fulfilling their financial obligations and paying the full purchase price for their properties, have not received full ownership due to delays in obtaining title deeds. Without these deeds, buyers remain vulnerable, as developers’ unresolved loan obligations could result in the foreclosure of the properties in question.
At the same time, Research Deputy Ministry official Georgios Komodromos on Tuesday said that digital transformation is crucial in improving the country’s competitiveness and economic growth. In a statement, Komodromos outlined the government’s vision for Cyprus to become a regional centre for technology and innovation, saying that Cyprus is currently in its strongest position to pursue this goal.
In addition, Eurobank and the Indian Chamber of Commerce (ICC) this week signed a Memorandum of Understanding (MoU) at the Indian Embassy in Athens. The agreement, signed on September 16, aims to establish the India-Greece-Cyprus Business Council (IGC), marking a significant step towards strengthening trilateral business ties.
Simultaneously, Oleg Silakov and Philipp Gladkov, co-founders of the social gaming network Gameram, shared insights into their journey from passionate gamers to startup founders. They discussed the inspiration behind Gameram, its role in fostering meaningful connections within the gaming community, and the platform’s impressive growth.
Additionally, the founders highlighted why Cyprus was the ideal base for their company, detailing the strategic advantages of the island’s location, its vibrant tech ecosystem, and the collaborative opportunities within the local gaming industry.
Moreover, Melco Resorts & Entertainment, developer and operator of City of Dreams Mediterranean, on Tuesday evening hosted an event to promote Macao’s status as a travel, leisure, and business destination.
The event, the second in a series of ‘Glow Your Way to Macao’ gatherings hosted by Melco, was attended by officials from Cyprus, the Macao Special Administrative Region government (SAR), travel agents, and business associations from across Europe, the Gulf Cooperation Council (GCC) countries and Macao. In the context of the event, the Cyprus Mail had the opportunity to interview Lawrence Ho, Chairman and CEO of Melco, as well as Maria Helena de Senna Fernandes, Director of the Macao Government Tourism Office.
Additionally, Chief Scientist Demetris Skourides took part in the Learning Innovation Summit 2024 at the University of Nicosia, where he underlined the crucial role of the EU AI Act. Commenting on this major legal framework, Skourides said that it “sets the foundation for creating trustworthy, human-centric AI solutions, with an emphasis on ethics, traceability, and transparency”. He stressed the importance of ensuring these principles guide AI development, particularly in sensitive fields such as education.
Furthermore, City of Dreams Mediterranean on Wednesday evening celebrated the official opening of the Marcos Baghdatis Tennis Academy. The resort described the event as the mark of “the beginning of a new chapter for the sport in Cyprus”. The grand opening, held on Wednesday, September 18, involved a landmark exhibition match between the Cypriot tennis star and Andre Agassi, one of the sport’s all-time greats. The two players, who famously faced each other in the 2006 US Open, treated the crowd to a highly entertaining match filled with skill, sportsmanship, and light-hearted moments.
On another note, financial literacy and robust regulation are essential to strengthening household financial behaviour, according to a number of experts at a conference organised by the Central Bank of Cyprus (CBC) and the University of Cyprus’ Economics Research Centre (CypERC). Opening the conference, CBC governor Christodoulos Patsalides outlined Cyprus’ national strategy for promoting financial literacy.
He stressed the importance of this for helping individuals “manage their finances, budget effectively, save wisely, and invest securely.” Patsalides highlighted the results of a 2023 survey that exposed significant gaps in financial literacy across Cyprus, warning that the lack of basic financial skills is leaving many Cypriots unprepared to handle their finances, especially in times of crisis.
Meanwhile, national investment promotion agency, known as Invest Cyprus, on Thursday announced that it recently participated in the India Mediterranean Business Conclave 2024. The event, held on September 6 in New Delhi, was part of the agency’s “ongoing efforts to position Cyprus as a premier destination for investment and business activities”, according to the announcement.
In the meantime, the Nicosia property market is experiencing strong demand for second-floor apartments, according to real estate analytics firm Ask Wire. The company also reported notable differences in asking prices, with amounts ranging from €2,133 to €7,075 per square metre across different floors.
In the broader context of innovation, Cypriot businesses are making real progress, with new products entering international markets, according to Research & Innovation Foundation (RIF) director general Theodoros Loukaidis. However, he explained that while sectors such as defence technologies, biotechnology, and pharmaceuticals are gaining attention, investment levels remain below expectations. In addition, he stressed that continued support and increased funding are essential to keep this momentum going.
In his address at a dinner hosted by the Cyprus Union of Shipowners in Athens on Thursday evening, Christodoulides said that the above appointments were a goal of both him and Greek prime minister Kyriakos Mitsotakis. “One of the goals we set with Kyriakos Mitsotakis was for the maritime portfolio to be placed in Greek hands,” the president said.
