Cyta Powers Ahead: Over €400M In Revenue, 5G Supremacy, And Bold Digital Investments

by THEFUTURE.TEAM

February 25, 2025

Cyta, the leading telecommunications authority in Cyprus, reported revenues of €415 million and an expected pre-tax profit of €59 million for 2024, according to Chairwoman Maria Tsiakka. Speaking at a House finance committee meeting on the 2025 budget, Tsiakka emphasized that Cyta’s financial strength and strategic investments are not just impressive figures—they’re critical to Cyprus’ economic future.

Financial Strength And National Impact

Since 2000, Cyta has funneled over €1.27 billion back to the state—€914 million in dividends and €359 million in taxes. “This contribution is not just numbers, it is an investment for Cyprus and its citizens,” Tsiakka noted. More than a public service, Cyta is a modern telecommunications powerhouse, ensuring that every person, business, and community across the island has equal access to cutting-edge technology.

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Leading The Digital Revolution

A standout achievement in 2024 was the completion of transformative infrastructure projects that have vaulted Cyprus to the forefront of digital connectivity. Thanks to significant investments in satellite and undersea infrastructure, Cyprus has soared from 17th to the top spot in Europe for 5G network coverage. Strategic moves, including a deal to extend the BlueMed cable to its Yeroskipou landfall station, have reinforced Cyprus’ reputation as a reliable telecommunications hub in the eastern Mediterranean.

Investing In The Future

Looking ahead, Cyta has earmarked €108 million for its 2025 development budget, focusing on cementing its leadership in digital infrastructure. Its primary goal? Achieving full optical fiber coverage across Cyprus, making it the first EU country to reach 100% connectivity—even in remote mountainous regions, with upgrades set for completion by the end of 2025. In parallel, Cyta is overhauling its data centers, including constructing a groundbreaking, internationally certified green data center poised to attract both local and global clients, all while championing energy independence and reducing environmental impact.

Political Endorsements And Ongoing Debates

Cyta’s performance has garnered robust political support. Akel MP Andreas Kafkalias praised the organization for its vital contributions to public coffers, arguing that its success effectively counters the call for privatization. Dipa MP Alekos Tryfonides echoed this sentiment, lauding the expansion of 5G coverage and enhanced international connectivity. However, concerns persist over the transparency of Cyta’s pension fund investments and the recruitment of 50 private-sector executives, with critics warning that these moves must not compromise the public character of this key institution.

In a rapidly digitalizing world, Cyta stands out as a modern, competitive public entity driving Cyprus’s economic growth and technological advancement.

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Lithuania And Cyprus Forge Enhanced Partnership In Tourism And Defence

by THEFUTURE.TEAM

May 22, 2026

Expanding Cooperation Beyond The Surface

Kristupas Vaitiekūnas highlighted opportunities for closer cooperation between Lithuania and Cyprus during his visit to Nicosia for the informal ECOFIN meeting. Speaking to the Cyprus News Agency, the Lithuanian finance minister said both countries share common challenges and could expand collaboration in areas including tourism, defence and financial services.

Addressing Shared Challenges

Finance Minister Kristupas Vaitiekūnas said Lithuania and Cyprus face similar security and economic pressures despite their geographic differences. Particular attention was given to emerging security threats, including drone-related risks, alongside the importance of maintaining resilient financial sectors. According to Vaitiekūnas, stronger coordination in those areas could deliver long-term economic and strategic benefits for both countries.

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Focus On Fiscal Stability And Energy Security

Discussions at the ECOFIN meeting are expected to focus on Europe’s economic outlook, energy market volatility and fiscal stability. Kristupas Vaitiekūnas warned that instability in the Middle East could continue affecting oil markets and broader economic performance across Europe. Housing affordability was also identified as a growing challenge, with rising property prices in cities such as Vilnius reflecting broader pressures seen across European markets.

Coordinated Energy Strategy And Future Investments

The Lithuanian finance minister also called for a more coordinated European approach to energy and economic resilience. Vaitiekūnas suggested that targeted and temporary policy measures could prove more effective than large-scale structural reforms in addressing short-term pressures. Lithuania continues to increase investment in renewable energy generation and storage infrastructure as part of efforts to strengthen energy independence and begin producing surplus electricity by 2028.

Support For Ukraine And Enhancing Defence Funding

Finance Minister Kristupas Vaitiekūnas reaffirmed Lithuania’s support for Ukraine, describing the war as a broader struggle tied to European security and democratic values. He also backed accelerating Ukraine’s accession process to the European Union, arguing that deeper integration would strengthen regional stability and economic prosperity. Vaitiekūnas welcomed the EU’s SAFE programme, which is expected to support Lithuania’s defence capabilities while contributing additional assistance to Ukraine.

Looking Ahead To A More Unified Europe

Addressing the European Union’s future budget framework, Kristupas Vaitiekūnas said increased funding for security and defence represented a positive development. At the same time, he warned that reductions in cohesion funding and agricultural support could negatively affect purchasing power and long-term European unity. Lithuania is expected to place continued emphasis on Ukraine and regional security ahead of its upcoming EU Council Presidency in early 2027.

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