Cyprus RIF Deploys €18M Funding Program To Empower Private Sector Competitiveness

by THEFUTURE.TEAM

September 3, 2025

Introduction

The Cyprus Chamber of Commerce and Industry (Keve), in its role as coordinator for the Enterprise Europe Network Cyprus, has announced that the Research and Innovation Foundation (RIF) is extending substantial funding opportunities to the private sector. This initiative underscores Cyprus’s commitment to advancing research, innovation, and competitiveness across industries.

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Investing In The Future

As a pivotal component of Cyprus’s research and innovation ecosystem, the RIF has unveiled a series of funding programmes backed by a total budget of €18,015,000. These programmes are designed to enhance competitiveness, promote international market engagement, and stimulate groundbreaking innovation that can drive businesses on a global scale.

Strategic Information Sessions

To ensure that the business community is well informed, the RIF is organizing a series of personalized information sessions across all districts. A designated RIF officer will be available at the Keve offices from 08:00 to 15:00 on specific dates, including 4 and 18 September, 2, 16 and 30 October, 13 and 27 November, and 11 December. These sessions are set up by prior appointment, guaranteeing that each company receives tailored guidance and can gain direct access to critical funding details.

Driving Competitiveness Through Support

These one-on-one meetings are structured to provide comprehensive support to company representatives, ensuring they have all the information required to capitalize on these funding opportunities. By fostering an environment of direct communication and expert advice, the RIF is proactively strengthening the bridge between innovative research and practical business applications.

Conclusion

With this targeted funding initiative, Cyprus is strategically positioning its private sector for enhanced global competitiveness. The structured outreach and personalized support provided through these sessions are poised to unlock significant growth opportunities, marking a decisive step forward in the nation’s innovation agenda.

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Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

by News Editor

October 21, 2026

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

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ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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