Delay And Legal Strife Derail Paphos–Polis Chrisochous Road Project

by THEFUTURE.TEAM

October 31, 2025

A year after the termination of the initial contract, not a single meter of the Paphos–Polis Chrisochous road has been constructed. Compounding the delays, the feasibility study for the project now faces significant legal entanglements that threaten to derail its overall timeline.

Contract Termination And Emerging Legal Battles

The project hit an early setback when the Ministry of Public Works terminated the contract with the company AktoR on November 11, 2024, due to non-fulfillment of contractual obligations. Despite the ministry’s subsequent efforts to re-initiate the bidding process, AktoR challenged the revised terms published in the Official Gazette on August 8, 2025. The company contended that the new conditions detracted from the fundamental principles of administrative law, specifically citing concerns over transparency, equal treatment, and fair competition.

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

Revised Schedules And Continued Delays

Originally, the adjusted schedule placed the submission deadline for bids on November 7, 2025. However, after legal interventions and a series of appeals, the Ministry of Public Works sought approval from the Review Authority to postpone the deadline to February 6, 2026. This change was rationalized by the need to avoid the necessity of a complete re-announcement, a situation that could trigger further delays. In addition, the timeline for submitting and clarifying questions by economic operators was extended significantly, underscoring the complexity of the procurement process.

Temporary Measures And Their Implications

In a bid to safeguard its interests, AktoR successfully obtained temporary measures that halted the acceptance of bids. The company’s legal argument, favoring the modification or supplementation of the tender terms, aimed to ensure compliance with established public procurement norms. Even though the Ministry of Public Works presented its case by highlighting the negative consequences that might arise from issuing such measures, it was left to the Review Authority’s judgment to decide the outcome. A hearing was set for November 3, 2025, with a decision expected by the end of November or early December, promising to minimize further delay.

Looking Ahead: A Stalled Construction Timeline

Despite attempts to expedite the project and commence construction promptly, the procedural complications have pushed the final bid submission date to February 6, 2026, marking a substantial postponement from the initial termination in November 2024. As debates continue and the Review Authority’s decision looms, stakeholders remain on edge, awaiting clarity on a project that is pivotal for the region’s infrastructure development.

The unfolding situation illustrates the persistent challenges in managing large-scale public infrastructure projects, where legal, administrative, and commercial interests often intersect, leading to significant delays and operational uncertainty.

The Future Forbes Realty Global Properties

Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

by THEFUTURE.TEAM

June 26, 2026

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

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

Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

Breaking news