Nicosia’s Old Gsp Redevelopment: A Strategic Shift To Modern Commercial Hub

by THEFUTURE.TEAM

October 23, 2025

Tender Announcement And Strategic Vision

In November, the public tender to commercially develop the historic Old Gsp site is expected to be announced, marking a decisive step in redesigning the area as a new commercial hub in the nation’s capital. The municipality is working diligently to ensure that by next year, the rejuvenated site will begin its operation as a modern gathering point for both commerce and community life.

Dynamic Commercial Offerings And Enhanced Public Spaces

According to recent updates from official sources, once transformed, the space will feature a mix of restaurants and cafes, inviting visitors to complement their leisurely strolls with quality dining and beverages. Already open to the public for daytime walks and relaxation, the area has experienced a notable increase in foot traffic. This uptick in public engagement underscores the potential for the site to evolve into a vibrant center for both recreation and tourism.

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Robust Consultation And Thoughtful Infrastructure

The consultation process has been completed, and the municipality, in partnership with the General Accountant’s Office, is now focused on finalizing the tender documentation. With seven available units—two dedicated to restaurants, two to cafes, and three flexible spaces to be tailored based on future proposals—the project is poised for varied commercial adaptation. Notably, a Citizen Service Center is planned behind the amphitheater square, and an additional unit along Evagorou is earmarked for a mini-market or a similar venture.

A Unified Approach And Future Expansion

The development strategy calls for a ‘cold shell’ delivery method, meaning each unit will be handed over in a basic structural form, allowing the successful bidder to customize the interior based on specific operational needs. Emerging discussions suggest a potential consortium model, wherein the entire collection of spaces could be jointly developed rather than as isolated units. This unified approach promises a coordinated aesthetic and operational consistency across the redevelopment.

Potential Inclusion Of Adjacent Assets

In addition to these planned initiatives, the possibility remains to integrate the restaurant space on the ground floor of the THOK building—adjacent to Old Gsp and currently underutilized—into the overall commercial strategy. This prospect, originally conceived in the initial design phase, could further streamline the transformation and maximize the area’s economic and social impact.

As Nicosia moves forward with this ambitious project, the focus remains on expedient implementation to avoid any stagnation. The convergence of thoughtful urban planning, strategic commercial partnerships, and active community engagement signals a promising future for this historic site.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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