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20 Years Of Hermes Airports: Growth In Passenger Traffic And Connectivity

by THEFUTURE.TEAM

June 9, 2026

Overview Of A 20-Year Milestone

This year marks 20 years since the Cyprus government awarded Hermes Airports the concession to manage Larnaca and Pafos International Airports. Since taking over operations in 2006, Hermes Airports has overseen the development and expansion of the country’s two main airports under a long-term public-private partnership agreement.

Modernization And Infrastructure Development

Following the concession agreement, Hermes Airports launched a major infrastructure programme that included the construction of new terminal buildings and supporting facilities at both airports. Completed in 2008 and 2009, the projects represented an investment of more than €640 million and significantly increased the capacity of Cyprus’ aviation infrastructure.

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Enhancing The Passenger Experience And Economic Impact

Passenger traffic has grown substantially during the past two decades, rising from 6.7 million passengers in 2006 to a projected 13.7 million in 2025. The increase has been supported by the addition of new airline partners, expanded route networks and improved connectivity between Cyprus and international markets. Hermes Airports has also invested in technology, accessibility and operational improvements aimed at supporting passenger services and airport operations.

Navigating Global Challenges With Strategic Resilience

The aviation sector has faced several challenges during the concession period, including the Covid-19 pandemic, geopolitical disruptions and fluctuations in fuel prices. Hermes Airports said it worked closely with airlines, tourism stakeholders and government authorities to maintain operations and support the recovery of passenger traffic during periods of disruption.

Future Developments And Continued Growth

A second phase of expansion is currently underway at Larnaca and Pafos airports. The project, valued at €170 million and financed by Hermes Airports, is expected to increase capacity, improve operational efficiency and create additional commercial space. Following the recent extension of its agreement with the government, the company plans to continue investing in airport infrastructure and network development.

A Legacy Of Sustainable Contributions

According to Hermes Airports, the partnership has generated more than €715 million in direct revenues for the state over the past 20 years. Its total contribution to the Cypriot economy is estimated at €790 million in 2025, while airport operations support more than 18,500 jobs across the country. The figures highlight the role of aviation and airport infrastructure in supporting tourism, connectivity and economic activity in Cyprus.

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Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

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Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.