Breaking news

RIF’s €2 Million Fast Track Innovation Programme: A Boost for Cypriot Businesses

The Research and Innovation Foundation (RIF) has unveiled an exciting opportunity for Cypriot businesses. Their Fast Track Innovation programme promises to be a catalyst for local companies looking to accelerate their growth and global presence. With a significant budget of €2 million, the initiative is set to fuel the development and commercialization of groundbreaking products and services.

Who Can Benefit?

This programme is open to innovative enterprises in Cyprus across various sectors, aiming for swift growth and international exposure. Eligible businesses must already be operational with a minimum annual turnover of €200,000, employ at least four people, and have products or services at the pilot stage.

Funding and Timelines

Each project may receive up to €200,000 in funding, designed to be executed within 9 months. Applications are due by April 30, 2025, at 13:00. This timeline is stringent owing to additional resources from the Recovery and Resilience Plan (RRP), concluding by June 2026.

Additional Support And Information

An informative online seminar will be conducted on March 14, 2025, at 11:00 am. Participants can submit their proposals via the IRIS Portal. For more details, contact RIF‘s support team by email or phone.

Explore the transformative power of innovation with RIF’s latest initiative and potentially position your business among Cyprus’s success stories. Could your enterprise be the next big thing?

The Rocks Project Advances Through Licensing Process In Pentakomo

Overview Of The Ambitious Development

A large tourism development in Pentakomo is moving through the licensing process. Known as The Rocks Project, the proposal includes a hotel, villas, apartments and a beach club along the coast east of Limassol.

Strategic Location And Broader Impact

Located along the coastal corridor between Limassol and Zygi, the project would form part of the wider Governor’s Beach area. The site is situated near several state and energy infrastructure facilities, including the Evangelos Florakis Naval Base in Mari, making it subject to additional planning and regulatory considerations.

Master Plan And Key Infrastructure

Situated within the administrative boundaries of Pentakomo, the development is planned for the coastal area of Argaki Tou Mavrou. The project is being promoted by DRL5COMOS Properties Ltd and is supported by an environmental impact assessment prepared by P. Nikolaidis & Associates Ltd. The assessment is available for public consultation until July 3, 2026.

According to the master plan, operations are expected to begin in 2029. Plans include a 14,000-square-metre hotel with 126 rooms, a 900-square-metre spa and wellness centre, restaurants and dining facilities, 26 villas, 73 apartments and penthouses, and a 1,050-square-metre beach club with indoor and outdoor leisure areas. Parking facilities for 240 vehicles are also included in the proposal.

Integration With The Existing Landscape

The development plan allocates 12% of the site to public green space and includes an internal road network. Project documents indicate that several existing structures, including the Kalymnos Fish Tavern and current beach facilities, would be demolished as part of the redevelopment.

Regulatory And Institutional Considerations

The licensing process is ongoing and includes consultations with relevant local and government authorities. Comments submitted by the Ministry of Defence have not been made public due to the site’s proximity to the naval base. Those observations are expected to be reviewed by the environmental impact assessment committee during closed sessions.

Conclusion

With its carefully structured vision and strategic positioning, The Rocks Project promises to be a significant catalyst for economic and social growth in eastern Limassol. As it advances through the regulatory process, stakeholders remain focused on ensuring that this landmark development meets the highest standards of design, sustainability, and community integration.

The Future Forbes Realty Global Properties
Uol
Aretilaw firm
eCredo

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