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MOU Signing Between CUT And CARIE For The Creation Of A Technology Park In “Vereggaria”

by THEFUTURE.TEAM

November 28, 2024

The establishment and development of a Technology Park near the facilities of the Cyprus University of Technology (CUT) in the “Vereggaria” area is among the key initiatives outlined in the Cooperation Protocol signed today, Thursday, November 28, by the Cyprus University of Technology (CUT) and the Cyprus Association of Research and Innovation Enterprises (CARIE).

The protocol was signed by the Rector of CUT, Professor Panagiotis Zaphiris, and the President of the Association, Dr. Tasos Kounoudes, during a special ceremony held at the Rectorate building. The President of the University’s Council, Mr. Costas Galatariotis, also attended the event.

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The collaboration between CUT and CARIE aims to create a favorable environment for linking the university with Cyprus’ high-tech industry. The focus is on producing innovative Cypriot products with an export orientation. As part of this effort, the development of a Technology Park is expected to act as a catalyst for enhancing research and innovation while creating an ecosystem that offers significant benefits for the university, innovative Cypriot businesses, and the local and broader community.

The partnership also includes participation in cutting-edge research programs, such as artificial intelligence, biotechnology, and microelectronics. It provides opportunities for student internships and the potential employment of university graduates by association members. Moreover, it ensures access to advanced research and development infrastructure, while promoting the creation of a conducive environment for developing start-ups and spin-offs connected to the university. These initiatives aim to strengthen innovation and link academia with the job market.

The collaboration is expected to contribute to the creation of new jobs, attract investment to the area, and boost business activity, establishing the region as a center of excellence in high technology. It will also enhance the quality of life by fostering a dynamic innovation ecosystem and promoting lifelong learning through education and cooperation initiatives. To effectively achieve the protocol’s objectives, the formation of joint working groups and committees is planned.

Speaking at the event, the Rector of CUT, Professor Panagiotis Zaphiris, stated, “Today is an important day for CUT, as our longstanding collaboration with CARIE and its member companies is being elevated through this MOU signing.”

While the protocol primarily focuses on the creation of the Technology Park in “Vereggaria,” he added, it also includes many other initiatives, “forming a comprehensive framework that will bring us even closer. The creation of a Technology Park, which has been in the works for some time, will boost the research sector, creating a space where academic entities, start-ups, laboratories, and companies can coexist, offering opportunities for synergies and innovation,” he concluded.

On his part, the President of CARIE, Dr. Tasos Kounoudes, highlighted the long-standing and excellent cooperation between the Association and CUT. He emphasized the importance of enhancing this partnership through the signing of the MOU for the establishment of the Technology Park.

“Our Association, comprising 40 companies employing over 1,000 researchers and contributing €1.5 billion to the Cypriot economy, possesses a unique applied research infrastructure already collaborating with the University. With this new collaboration, students will gain more opportunities for internships and employment, while the benefits for innovation and the industrialization of research results are expected to increase significantly,” he noted.

In his address, the President of CUT’s Council, Mr. Costas Galatariotis, mentioned that “the collaboration with CARIE aims to maximize synergies between the academic community, the real economy, and industry—a model proven highly effective in advanced countries.”

He noted that the Technology Park would combine research, technology, and education, forming a comprehensive academic ecosystem. “We hope the Council of Ministers will officially approve the site allocation before Christmas,” he said, expressing CUT’s gratitude to the Municipality of Polemidia for its cooperation and support.

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Aegean Airlines Reports Higher Revenue And Profit In 2025

by THEFUTURE.TEAM

March 12, 2026

Financial Performance Overview

Greek air carrier Aegean Airlines delivered a solid financial performance in 2025, reporting increased revenue, profits, and passenger volumes as it advanced its expansion strategy. The consolidated revenue rose by 5% to reach €1.86 billion for the year, buoyed by a combination of network growth and heightened winter demand.

Expansion Strategy And Market Position

Capacity growth remained a central part of the airline’s strategy. Aegean Airlines offered 21 million available seats across domestic and international routes in 2025, representing a 6% increase compared with the previous year. The airline also expanded capacity during traditionally weaker travel periods to reduce the impact of seasonality. As a result, the annual load factor reached 82.5%, while total passenger traffic increased to 17.3 million, nearly one million more than in 2024.

Profitability And Dividend Proposal

Operating performance improved during the year. EBITDA reached €421.5 million, while pre-tax profit rose 17% to €192.1 million. Net profit increased 14% to €147.8 million. Additional costs related to European environmental regulations and the use of Sustainable Aviation Fuel added €43.3 million to operating expenses during the year. Lower fuel prices and a favorable euro exchange rate helped offset part of this impact. The board of directors has proposed a dividend of €0.90 per share, which will be submitted for approval at the upcoming annual general meeting.

Outlook Amid Geopolitical Volatility

Chief executive Dimitris Gerogiannis said the airline’s performance in 2025 was supported by network expansion, the delivery of new aircraft and higher capacity during off-peak travel periods. Looking ahead, he noted that rising geopolitical tensions in the Middle East could affect operations. Flights to the region represent approximately 4–5% of the airline’s total scheduled activity, and disruptions could influence demand and fuel costs. Higher fuel prices are expected to affect performance during the first quarter. Nevertheless, strong cash reserves and existing fuel hedging strategies are expected to help the airline manage potential volatility.

Debt Repayment And Financial Stability

The company also strengthened its balance sheet by repaying a €200.3 million common bond loan on March 12, 2026. The payment settled all obligations linked to the bond issued in March 2019. By the end of 2025, Aegean Airlines reported €955.1 million in cash, cash equivalents and financial investments, highlighting a strong liquidity position.

Conclusion

Aegean Airlines’ performance in 2025 reflects a well-executed blend of strategic expansion and fiscal discipline, positioning the carrier for continued success despite a challenging global environment. The company’s ability to sustain operational efficiency and profitability while managing external risks sets a compelling example for the aviation industry as it navigates an era of heightened market uncertainties.