Cyprus: Paving The Way To Become An AI Innovation Hub

by News Editor

April 8, 2025

On a recent Tuesday, Cyprus stepped into the spotlight as President Nikos Christodoulides unveiled ambitions for the island to become a burgeoning center for artificial intelligence (AI) innovation. In discussions with OpenAI’s COO, Brad Lightcap, the potential of Cyprus as a pivotal player in technological advancement was debated meticulously.

Government spokesperson Konstantinos Letymbiotis emphasized the strategic dialogue, shedding light on the global significance of AI and the role companies like OpenAI play in this digital renaissance. The conversation was a testament to the transformative power AI holds in revolutionizing national industries.

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Further, the enhancements AI promises in terms of process efficiency were discussed, showcasing how innovative tools can be instrumental in the digital metamorphosis of Cyprus. As Cyprus explores collaborations across sectors, the digital transformation narrative gains momentum, echoing similar transformations seen in countries like Israel’s cybersecurity evolution.

OpenAI, renowned for its creation of ChatGPT, reported remarkable revenues of $3.7 billion last year, embodying the dynamic growth within the AI sector. Such figures underscore the potential economic viabilities for emerging AI hubs like Cyprus, presenting exciting possibilities for future investments.

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Cyprus Construction Price Index Rises Amid Cost Pressures

by THEFUTURE.TEAM

February 19, 2026

The latest data from the Cyprus Statistical Service (Cystat) shows that the Price Index of Construction Materials in Cyprus reached 118.89 points in January 2026, based on a 2021 average of 100. Compared with December 2025, the index increased by 0.12%, indicating gradual price adjustments across the sector.

Year-Over-Year Growth

On an annual basis, the index recorded a 1.09% increase compared with January of the previous year. The rise reflects ongoing changes in contractor costs and highlights evolving market conditions within the construction industry.

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Commodity-Specific Movements

The report provides a detailed breakdown by material category. Minerals recorded the strongest annual increase at 2.91%, followed by electromechanical products at 2.55%. Products made from wood, insulation materials, chemicals and plastics rose by 1.19%, while mineral products increased by 0.97%. In contrast, metallic products declined by 0.49%.

Volatility In Sub-Categories

More pronounced changes were observed within specific sub-categories. Mineral aggregates rose by 8.34%, while stones increased by 4.97% compared with January 2025. Electrical fixtures posted a 4.65% increase. Iron and steel products declined by 1.73%, and ceramics and cement continued to trend lower, falling by 1.47% and 1.38% respectively.

Methodological Insights

The index is calculated as a weighted average based on the expenditure share of sampled materials during the 2021 base year. Prices are collected monthly from a range of suppliers, using the 15th of each month as the reference date and excluding VAT. The Construction Costs Index applies specifically to new residential buildings.

This detailed analysis not only sheds light on current market trends but also offers stakeholders a robust framework for understanding the underlying cost dynamics in Cyprus’s construction materials market.

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