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Cyprus Secures €55 Million Investment for Research and National Growth

by THEFUTURE.TEAM

Strategic Financial Agreements Propel Innovation

Cyprus has taken a decisive leap in bolstering its research and development capabilities with two strategic financing agreements totaling €55 million. In a ceremony held at the Finance Ministry in Nicosia, Finance Minister Makis Keravnos, European Investment Bank (EIB) Vice President Kyriacos Kakouris, and CING Chief Executive Leonidas Phylactou underscored the power of enduring partnerships. The agreements, which include €5 million for the construction of a new CING research building and €50 million for the Thalia 2021–2027 programme, highlight a shared commitment to national development and sustainable growth.

Boosting Research Infrastructure and Advanced Care

The first agreement, infusing an additional €5 million into the Cyprus Institute of Neurology and Genetics (CING), raises the total EIB support for the institute to €31 million. This initiative, underpinned by a state guarantee and supplementary grant adjustments, will finance the construction of a new building designed to house pioneering research and development projects. As Finance Minister Keravnos noted, this investment is poised to enhance the nation’s research capacity and elevate Cyprus’ performance in global biomedical indicators. Kakouris highlighted the tangible benefits of the project, including advanced patient care and enriched opportunities for scientific research.

Driving Economic Growth Through Cohesion

The second agreement earmarks €50 million for the Thalia 2021–2027 programme—a cornerstone of the EU cohesion policy in Cyprus. This initiative is forecast to contribute a 5.9% increase in the country’s GDP and generate approximately 8,500 jobs by 2029. Vice President Kakouris emphasized the transformative nature of projects under the Thalia programme, which span from energy management and digital public services to modernizing educational and research infrastructures. These investments are central to the government’s mission to foster a smarter, greener, and more equitable Cyprus.

Strengthening International Ties and Future Prospects

During the ceremony, Minister Keravnos praised the longstanding relationship between Cyprus and the EIB, built on shared values and mutual trust. He also acknowledged Vice President Kakouris’ contributions, noting that his efforts have not only benefitted Cyprus but have also set a precedent for representation by small states at the European Investment Bank. Additionally, CING’s expansion will soon welcome six new research teams, further cementing the country’s position as a hub for biomedical innovation, job creation, and international scientific collaboration.

Conclusion: A Blueprint for Resilient Growth

This dual-faceted investment marks a significant milestone for Cyprus as it cultivates a resilient and sustainable future. With enhanced research infrastructure, robust economic growth, and a commitment to public well-being, Cyprus is poised to become a leading centre for innovation and development in the region.

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

by News Editor

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.

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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