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Cyprus Set To Propel Its Space Ambitions With First Homegrown Satellite Launch

Cyprus is gearing up for a landmark achievement with the planned launch in 2026 of its first domestically developed satellite. Spearheaded by Dimitris Skouridis, Chief Scientist and President of the Foundation for Research and Innovation (ΙΔΕΚ), this ambitious project benefits from the support of both NASA and COSPAR, the global space research organization. This milestone not only underscores Cyprus’ technological progress, but also signals a bold entrance into the international space arena.

International Collaboration And Prestigious Conferences

Dimitris Skouridis inaugurated the sixth global COSPAR conference, “Exploration Of Space 2025: Humanity’s Challenges And Celestial Solutions,” held in Nicosia from November 3 to 7, 2025. The event, organized under the aegis of his office and with the Foundation for Research and Innovation as a major national sponsor, brought together ambassadors, over 40 representatives from international space agencies, leading astronauts, and prominent industry figures including Niklas Hedman, the newly appointed Chief Executive of COSPAR, former deputy director at UNOOSA; John G. Reed of United Launch Alliance; and Jean-Yves Le Gall, former CEO of Arianespace.

Building A National Space Infrastructure

Among the significant initiatives is the establishment of the Cyprus Space Research and Innovation Center (C-SpaRC), described by Skouridis as a cornerstone in advancing national scientific capabilities. With a budget of €2.5 million financed by ΙΔΕΚ, this state-of-the-art facility is managed by the Cyprus Space Exploration Organization (CSEO) and benefits from collaborative ties with NASA’s TRISH, Lockheed Martin, the Sodankylä Geophysical Observatory, and leading Cypriot research institutions. The C-SpaRC’s ultramodern facilities are set to streamline prototype development, production, and space testing, positioning Cyprus as a key participant in European and global space missions.

Enhancing Cyprus’ Regional And Global Influence

Skouridis also highlighted the strategic importance of Cyprus’ integration into the European Space Agency (ESA) as an associate member, along with the nation’s recent signing of the Artemis agreements with NASA in 2024. These developments fortify Cyprus’ role in international space exploration and collaborative research.

Resounding Endorsements And Future Prospects

The conference opened with remarks from George Danos, President of the Cyprus Space Exploration Organization (CSEO), and included addresses by influential figures such as Professor Pascale Ehrenfreund, President of COSPAR, who heralded the event as the beginning of an exciting week of scientific exchange focused on harnessing space observation for global climate research ahead of COP13 in Brazil.

Additional endorsements came from key government representatives and industry leaders. George Komodromos, Deputy Director General of the Undersecretary of Research, Innovation and Digital Policy on behalf of the President of the Republic, pointed to the rapid evolution of Cyprus’ national space ecosystem. Dr. Eric Smith, Director of Optical Detection and Exploitation at Lockheed Martin Space, emphasized the long-standing collaboration between the private and academic sectors, while Marios Tannousis, CEO of Invest Cyprus, reiterated the nation’s commitment to fostering a robust international space network.

A New Era In Space Research

As Cyprus embarks on this exciting journey toward launching its first homegrown satellite, the strategic initiatives and international partnerships being forged promise to elevate the country on the global stage. With expertise spanning government, industry, and academia, Cyprus is poised to become a significant hub for space research, innovation, and crisis management solutions in the Mediterranean region.

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

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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