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Cypriot Water Security Project Among EU-Funded Innovations

A cutting-edge project hosted by the University of Cyprus, aimed at enhancing the security of water distribution systems, is among 134 initiatives selected for funding under the European Research Council’s 2024 Proof of Concept grants. These grants, totaling €20 million, will support innovative projects from EU member states and Horizon Europe participants.

The Cypriot project, titled WaterSAFE: An Integrated Cyber-Physical Security Solution for Water Distribution Systems, has been awarded €150,000. This funding will help bridge the gap between scientific research and practical application, advancing the development of robust solutions for water system security.

The Proof of Concept program empowers researchers to validate the practical feasibility of their ideas, assess commercial potential, and prepare for patent applications. It plays a critical role in transitioning scientific breakthroughs into market-ready technologies.

Selected projects span a range of fields, including autonomous satellite navigation, food fraud prevention, cancer drug repurposing, and improved treatments for life-threatening diseases.

This year’s grantees represent 20 countries across Europe. Germany, Italy, and the Netherlands lead with 15 projects each, followed by Spain and the UK (14 each), and Israel (12). Cyprus secured one grant, standing alongside nations such as Croatia, Poland, and Portugal.

The WaterSAFE project’s inclusion highlights Cyprus’s growing contribution to innovative, globally relevant research initiatives.

doValue Cyprus Strengthens Market Leadership With New Astrobank Portfolio

Expanding Market Influence

Loan and real estate management firm doValue Cyprus has significantly reinforced its domestic presence in non-performing loan servicing by acquiring a new portfolio from Astrobank Public Company Limited. This development follows Astrobank’s recent transition, marked by the transfer of key operations to Alpha Bank Cyprus Limited and the subsequent surrender of its banking licence.

Strategic Acquisition And Swift Execution

Finalized on November 3, 2025, the agreement underscores a decisive strategic shift as doValue Cyprus assumes management of Astrobank’s remaining portfolio. The immediate commencement of portfolio management is a testament to the firm’s commitment to delivering specialized, resilient solutions within the non-performing loan market.

Expertise Driving Market Growth

Chief Executive Officer Varnavas Kourounas emphasized that the latest portfolio acquisition not only expands the firm’s operational footprint but also validates its credibility and deep expertise in the competitive Cypriot financial sector. The strategic move is aligned with the broader growth ambitions of the doValue Group.

Broader Market Implications

Operating as part of the international doValue Group—the largest independent loan and real estate management organization in Southern Europe—doValue Cyprus is well-positioned to leverage its newly expanded portfolio. With approximately €136 billion in assets under management, the group maintains a dominant presence across Italy, Greece, Spain, Portugal, and Cyprus. Moreover, its subsidiary, Altamira Real Estate, runs Cyprus’ largest real estate platform, managing extensive property portfolios alongside the island’s most comprehensive sales network.

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