Pharos-CY Proposal Secures EuroHPC Endorsement, Elevating Cyprus in European Innovation

by THEFUTURE.TEAM

October 16, 2025

Strategic Collaboration With Greek AI Factory Pharos

Cyprus has once again demonstrated its commitment to technological leadership by successfully securing the Pharos-CY proposal as part of the EuroHPC Joint Undertaking. This milestone positions the nation as a burgeoning hub of innovation, as it officially integrates into Europe’s elite network of AI Factories. Through this initiative, the country will establish its own AI Factory Antenna, reinforcing its capabilities in advanced artificial intelligence infrastructure.

Accelerating Developments Across Key Sectors

The Pharos-CY initiative is set to expedite the deployment of high-value AI solutions with transformative applications in critical sectors. Target areas include healthcare and biomedical research, clean tech focused on green energy and sustainability, and cultural as well as linguistic technology. Such strategic applications illustrate a well-rounded approach to leveraging AI for societal and economic growth.

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Leveraging Greek Language Models and Expertise

A significant aspect of the project is the collaboration between Cyprus and Greece on training large language models (LLMs) specifically tailored to the Greek language and cultural context. These models will drive advancements in machine translation, text analytics, digital advisory services, and cultural data management, thereby preserving and enriching Greece’s linguistic heritage while fostering technological innovation.

New Opportunities for Cyprus’ Startup Ecosystem

Pharos-CY extends substantial benefits to Cyprus’ ecosystem of startups and SMEs by granting access to the advanced ‘Daidalos’ supercomputing infrastructure along with cutting-edge AI tools, technical support, and educational programs. This initiative equips entrepreneurs and researchers with the necessary resources to integrate innovative AI technologies into their operations, accelerating the country’s digital transformation.

Strategic Impact for Cyprus

The success of the Pharos-CY proposal is a pivotal step towards creating a robust national AI ecosystem that aligns with the government’s strategic roadmap for technological integration across public administration and the broader economy. By joining the prestigious network of AI Factories, Cyprus reaffirms its commitment to investing in data, talent, and digital infrastructure, thereby cementing its role in Europe’s AI-driven future.

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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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