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Israeli Developer Secures Conditional Approval for €40 Million Larnaca Beachfront Towers

by THEFUTURE.TEAM

June 26, 2025

Project Overview

Conditional approval has been granted for a high-profile beachfront development in Larnaca, Cyprus. The project, led by the Israeli-owned Solvin Ltd under the direction of Alon Natan Rechter, promises to reshape the city’s northern suburbs with the construction of two 15-storey towers known as the Aqua Residences. With an estimated investment of around €40 million, the development is poised to become a landmark on Larnaca’s coastline.

Amenities and Investment Potential

The Aqua Residences complex is set to offer premium lifestyle amenities that include 155 parking spaces, a state-of-the-art swimming pool, a fully equipped gym, a spa, and roof gardens, along with meticulously planned public green spaces. The blend of luxury accommodations and recreational facilities underscores the project’s potential to attract upscale residents and further elevate Larnaca’s real estate market.

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Environmental Remediation and Infrastructure Requirements

Local authorities have stipulated that the project must incorporate specific environmental measures due to coastal erosion. Reports indicate that nearly 40 percent of the 1,294-square-metre plot has suffered subsidence, compelling the developers to reclaim land from the sea. Additionally, the project will require a six-month monitoring period of the coastline, including during the winter months, to ensure stability and compliance with regulatory standards.

Regional Market Dynamics and Political Implications

This development unfolds against the backdrop of growing concerns over large-scale real estate acquisitions in Cyprus, particularly by foreign investors. Recent remarks by party leader Stefanos Stefanou have highlighted a surge in targeted property purchases in key areas like Limassol and Larnaca, where Israeli investors are increasingly active. Speculation in local media even suggests that Israel could be strategically expanding its influence in Cyprus.

Diplomatic Response to Controversy

The heightened activity in the real estate market has stirred political debate, with Israeli ambassador Oren Anolik condemning what he describes as a rise in antisemitic rhetoric. In a pointed statement, Anolik emphasized that while diverse investment enhances economic growth, the propagation of hateful myths does a disservice to democratic values. His remarks serve as a reminder of the delicate balance between economic expansion and social cohesion.

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Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

by THEFUTURE.TEAM

September 12, 2025

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

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Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.