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Cyprus Clears €6 Million AI Initiative To Give Local Businesses Free Advisory Support

by THEFUTURE.TEAM

July 30, 2026

Cyprus has cleared a €6 million artificial intelligence initiative aimed at helping businesses, public sector bodies and researchers access advanced AI infrastructure after the project received approval under European Union state aid rules.

State Aid Approval

State Aid Control Commissioner Stella Michaelidou ruled on July 17 that the funding scheme for the Cyprus AI Factory Antenna Pharos-CY complies with EU state aid rules, clearing the way for its implementation.

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The programme will be managed by the Deputy Ministry of Research, Innovation and Digital Policy.

Support For Businesses And Researchers

Small and medium-sized enterprises will be the main beneficiaries of the programme. Large companies, semi-government organisations and government departments may also receive support under EU de minimis rules or through measures that do not constitute state aid.

Pharos-CY aims to support the development and adoption of artificial intelligence applications in areas including healthcare, sustainability, culture and language.

Access To AI Infrastructure

Working with Greece’s AI Factory Pharos and the EuroHPC Joint Undertaking, the initiative will provide start-ups, SMEs, public sector organisations and researchers with access to AI tools, curated datasets and high-performance computing resources, including the Daedalus supercomputer.

The programme will also offer advisory services, secure data environments and specialised AI tools tailored to Cyprus’ priorities.

€6 Million Budget

The project has a budget of €6 million, with €3 million funded by the Deputy Ministry of Research, Innovation and Digital Policy and the remaining €3 million provided through Horizon Europe.

The programme will run until March 31, 2029. It was approved by the Council of Ministers in June 2025 and will take effect once the agreement between the Deputy Ministry and AI Factory Antenna Pharos-CY is signed.

Michaelidou said the scheme is compatible with Regulation (EU) No. 651/2014, specifically Article 28 governing innovation aid for SMEs.

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Cyprus GDP Growth Accelerates To 3.3% In Q2, Outpacing EU

by THEFUTURE.TEAM

September 7, 2026

Cyprus recorded one of the European Union’s stronger economic performances in the second quarter of 2026, with GDP growth accelerating to 0.8% from 0.5% in the first quarter.

On an annual basis, GDP increased 3.3%, up from 3.0% in the previous quarter, according to Eurostat. That outpaced quarterly growth of 0.6% in the euro area and 0.7% across the EU, while annual growth reached 1.2% and 1.4%, respectively.

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Ireland Leads As Austria Contracts

Ireland posted the EU’s strongest quarterly growth at 10.2%, followed by Slovenia at 1.8% and Lithuania at 1.7%. Austria was the only member state to record a contraction, with GDP falling 0.1%.

Employment Growth Supports Cyprus Economy

Cyprus also recorded stronger employment growth, with employment rising 0.5% in the second quarter after remaining flat in the first. Year over year, employment increased 1.6%, although that was slower than the 2.0% gain recorded in the first quarter.

Across the EU and euro area, employment increased 0.1% in the quarter. Portugal posted the strongest increase at 1.0%, followed by the Czech Republic and Malta at 0.9%, while employment fell 0.8% in Finland and 0.4% in Greece.

Trade Provides Strong Support

Hours worked increased 0.1% quarter over quarter in both the EU and euro area, and were up 0.8% and 0.7%, respectively, from a year earlier.

Household consumption contributed 0.2 percentage points to quarterly growth in both regions, while government consumption had little impact. Investment was broadly flat in the euro area and added 0.1 percentage points to EU growth, while inventory changes reduced growth by 0.5 percentage points in both.

Net trade provided the strongest boost, contributing 0.9 percentage points to euro area growth and 0.8 percentage points to EU growth.

US Growth Slows By Comparison

US GDP increased 0.4% in the second quarter, down from 0.5% in the first. Annual growth slowed to 2.1% from 2.7%. For Cyprus, the latest figures show growth accelerating above the EU average alongside stronger employment, while trade and domestic demand continued to support broader European activity.