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Damianou Meets With Leading G42 Companies In Abu Dhabi To Discuss AI Collaborations

by THEFUTURE.TEAM

July 31, 2024

In a strategic move aimed at bolstering Cyprus’s position in the rapidly evolving field of artificial intelligence (AI), Mr. Michael Damianou, a prominent figure in Cypriot business and technology sectors, recently met with leading companies under the G42 umbrella in Abu Dhabi. The discussions focused on exploring potential collaborations in AI, signalling a forward-thinking approach to integrating advanced technologies into the Cypriot economy.

G42, headquartered in the United Arab Emirates, is a renowned AI and cloud computing company known for its innovative solutions across various industries, including healthcare, finance, and smart cities. The company’s expertise in harnessing AI to drive efficiency and innovation has made it a global leader in the tech industry. The meeting between Damianou and G42 executives underscores the potential for significant technological advancements and economic benefits for Cyprus.

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The discussions covered a broad range of AI applications, reflecting the diverse capabilities of G42. Key areas of interest included AI-driven healthcare solutions, smart city initiatives, and advancements in financial technologies. These sectors are poised to benefit immensely from AI integration, offering improved services, enhanced efficiency, and new economic opportunities.

Healthcare emerged as a pivotal area for collaboration. G42’s AI solutions have the potential to revolutionise healthcare delivery in Cyprus by enabling predictive analytics, personalised medicine, and efficient resource management. Such advancements could lead to better patient outcomes, reduced healthcare costs, and a more robust healthcare infrastructure.

Smart city technologies were another focal point of the discussions. G42’s expertise in developing AI-powered solutions for urban management can assist Cyprus in creating smarter, more sustainable cities. These solutions encompass traffic management, energy optimisation, and public safety, aiming to enhance the quality of life for citizens and promote sustainable urban development.

The financial sector also stands to gain from AI collaborations. By leveraging G42’s AI capabilities, Cypriot financial institutions can enhance their services through advanced data analytics, fraud detection, and personalised financial planning. This can lead to greater financial inclusion, security, and customer satisfaction.

Mr. Damianou expressed optimism about the potential collaborations, stating, “Engaging with G42 offers a tremendous opportunity for Cyprus to advance its AI capabilities and drive innovation across multiple sectors. The expertise and technological prowess of G42 align with our vision to transform Cyprus into a hub of technological excellence.”

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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.