Breaking news

Cyprus Unveils Ambitious Plan To Become A Regional Research And Innovation Hub By 2035

by THEFUTURE.TEAM

July 23, 2024

In a bold move to position itself as a leader in research and innovation (R&I), Cyprus has unveiled a comprehensive strategy aimed at transforming the nation into a regional hub by 2035. Presented by Chief Scientist Demetris Skourides at the Cyprus Rectors’ Conference, the strategy outlines a robust roadmap designed to elevate the country’s R&I ecosystem.

The roadmap, developed after extensive consultations with over 650 stakeholders including research organisations, startups, and established enterprises, is built on simplifying processes, enhancing customer experience, and ensuring transparency. Key initiatives include the introduction of a new grants management system by 2025, aimed at reducing administrative burdens and allowing researchers to focus on their scientific and commercial pursuits.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Cyprus has already made significant strides in innovation, maintaining its 10th position on the European Innovation Scoreboard for three consecutive years. Public universities and institutions, such as the University of Cyprus and the Cyprus Institute, have been instrumental in securing prestigious European Research Council (ERC) grants. This success is underscored by 18 ERC awards and notable advanced grants achieved by leading researchers.

Government commitment to R&I is evident with a substantial increase in competitive funding for 2021-2027, rising to €177.25 million—a 34% increase from the previous period. This funding is allocated across various sectors: 23% for research, 27% for collaboration and knowledge transfer, 21% for innovation, 15% for internationalisation, and 14% for infrastructure and skills.

Operational improvements at the Research and Innovation Foundation have drastically reduced the average time to pay from 275 days in 2019 to 61 days in 2023, and the average time to contract from 21 months to seven months in the same period. These improvements are part of a broader effort to enhance customer experience and ensure high-impact funding programmes.

A significant focus of the new strategy is bridging the gap between industry and research. Initiatives like Partner Innovation Day facilitate collaboration and knowledge transfer among research organisations, startups, and technology innovators. This collaborative approach is expected to support over 550 researchers and drive further advancements in thematic areas such as ICT, green transition, energy, and health.

Furthermore, Cyprus is fostering international collaborations, with recent engagements involving Japan’s Ambassador and the President of Japan Science and Technology Agency. These partnerships are aimed at expanding Cyprus’ global R&I footprint.

Chief Scientist Skourides emphasised the importance of competitive funding in sustaining the nation’s R&I momentum. With €22.1 million allocated for various funding calls in 2024 and an additional €4.1 million for post-doc and PhD programmes in 2025, Cyprus is well on its way to realising its vision of becoming a leading regional R&I hub.

The Future Forbes Realty Global Properties

Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.