Opens in a new tab

Breaking news

92% Of IT Jobs In Cyprus Set To Transform Due To Artificial Intelligence

by THEFUTURE.TEAM

The rapid advancement of artificial intelligence (AI) is poised to transform nearly all aspects of the information technology (IT) sector in Cyprus. According to a recent study, an astounding 92% of IT jobs in the country are expected to undergo significant changes due to AI integration. This transformation is not just about automating routine tasks; it extends to redefining job roles, enhancing productivity, and creating new opportunities that require advanced skills in AI and related technologies.

The IT sector in Cyprus, which has been a critical driver of the country’s economic growth, now faces a pivotal moment. As AI technologies such as machine learning, natural language processing, and robotic process automation become more prevalent, IT professionals will need to adapt quickly. The demand for traditional programming and support roles is expected to decline, while new opportunities will emerge in areas like AI development, data science, cybersecurity, and AI ethics.

This shift presents both challenges and opportunities for the Cypriot workforce. On the one hand, there is a pressing need for reskilling and upskilling to ensure that the current workforce can transition into these new roles. Educational institutions, businesses, and the government must collaborate to provide training programs that equip IT professionals with the necessary AI-related skills. On the other hand, the integration of AI into the IT sector also opens up possibilities for innovation and entrepreneurship, as new business models and services driven by AI technology are likely to emerge.

Moreover, the broader impact of AI on the IT sector in Cyprus is expected to resonate across other industries as well. As businesses in sectors like finance, healthcare, and logistics increasingly adopt AI-driven solutions, the demand for IT services that support these technologies will grow. This interconnectivity underscores the importance of preparing the Cypriot workforce not only for changes within the IT sector but also for the wider implications of AI across the economy.

In conclusion, the anticipated transformation of 92% of IT jobs in Cyprus due to AI represents a major shift that requires proactive planning and investment in human capital. By embracing this change and focusing on education and innovation, Cyprus has the potential to strengthen its position as a competitive player in the global digital economy. However, the success of this transition will depend on the collective efforts of all stakeholders to ensure that the workforce is prepared to meet the challenges and seize the opportunities presented by the AI revolution.

Cyta Plans €70 Million Investment Budget For 2027, Including Renewable Energy Expansion

by THEFUTURE.TEAM

Cyprus telecommunications provider Cyta has budgeted €70 million for investments in 2027, with funding earmarked for a new data center and an initial move into renewable energy. The investment budget is 75% higher than the €40 million allocated for 2026.

According to an explanatory note accompanying the budget submitted to Parliament, the funds will support subsidiaries responsible for delivering two major projects. The budget does not specify how much will go toward each project.

A New Data Center And A Renewable Energy Business

The first project is a new data center, which Cyta expects to complete over two years. The organization says the facility will serve its customers, Cyprus-based businesses, government and other public-sector bodies, as well as customers abroad.

The second project involves renewable energy. Cyta plans to enter the energy market commercially, including by meeting the power needs of its new data center. The budget provides no further details about the scale or structure of the energy investment.

Parliament cleared the way for Cyta to operate in the energy sector last March, approving legislation that allows the organization to participate through renewable energy sources. An amendment passed by a majority bars it from investing in conventional fuels. The move was opposed by the Electricity Authority of Cyprus, or EAC.

Cyta has said it intends to focus on consumers who cannot readily access renewable energy themselves. Its target groups include young couples renting homes, apartment residents and small businesses that lack suitable space to install their own solar panels.

Pension Fund Deficit Continues To Grow

The budget also highlights a widening actuarial deficit in Cyta’s employee pension scheme. A recent actuarial study put the funding shortfall at €211.56 million as of December 31, 2025, up from €140.07 million a year earlier and €85.59 million at the end of 2023.

In response, Cyta’s board increased the annual contribution rate to 4.6%, from 3.9%, and approved a schedule of payments intended to clear the deficit over eight years. The organization will pay €30 million this year, followed by €23 million in 2027 and €25 million in 2028.

From 2029 through 2032, annual payments are set at €33.391 million. A final payment of €29.54 million is scheduled for 2033.

Revenue And Surplus Forecast To Rise

Cyta’s 2027 budget forecasts a pre-tax surplus of €40.09 million and a post-tax surplus of €34.92 million. The projected pre-tax surplus is 14.85% higher than in 2026, an increase of €5.2 million.

Revenue is forecast to reach €478.48 million in 2027, up 6.2% from €450.57 million in 2026. Budgeted expenses are €438.39 million, compared with €415.67 million this year.

Uol
The Future Forbes Realty Global Properties
eCredo
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter