Investors from Qatar and the United Arab Emirates have shown significant interest in participating in the project to develop a Science and Technology Park in the Pentakomo area.
Cyprus' Minister of Energy, Trade, and Industry, Yiorgos Papanastasiou, announced this on Monday, June 16.
According to Papanastasiou, the initiative has received support from a major international investor who approached the Limassol Chamber of Commerce and Industry, as well as from business representatives from Qatar and the UAE.
The government is committed to implementing the project. To attract investors, the government will offer incentives, including state participation in infrastructure development, said Papanastasiou.
He specified that the Cypriot budget will cover the costs of preparing the site, including the construction of roads, sidewalks, water supply, and electrification. This will enable the winning investor to begin construction immediately.
Papanastasiou outlined the government's schedule:
- July 2025: shortlisting of interested investors.
- In December 2025, the second stage will begin with the submission of detailed proposals and the launch of the tender.
- March–May 2026: Final selection of the contractor.
- June 2026: signing of the contract.
The minister also addressed concerns that the territory could be used for hotel or tourist development.
The project documentation does not include real estate or hotel businesses. The goal is to create a space for scientific research, not tourism," Papanastasiou emphasized.
Incidentally, the project includes plans for a research and development cluster that will consist of start-ups, technology companies, and scientific institutions. Additionally, plans are in place to build housing for employees within the park, which will help alleviate the housing shortage in the Limassol area.
Papanastasiou explained that the aim is to create a high-tech center that will promote the development and transfer of knowledge in areas such as telecommunications, smart systems, healthcare, energy, environmental protection, and agriculture.
It is worth mentioning that the potential investor will finance the project and coordinate interaction between universities and innovative companies to ensure synergy between science and production.
Andreas Tsouloftas, head of the Limassol Chamber of Commerce and Industry, recalled that the idea of creating a technology park has been discussed since 2001. He welcomed the resumption of the project but expressed concern about the lack of transparency in its preparation. Tsouloftas also noted that various international investors interested in participating have already approached the Chamber.
"We believe that the tender should be awarded to those who truly understand the specifics of high-tech projects and can attract five to six world-class innovative companies to the region," said Tsouloftas.
It should be noted that the idea of creating a technology park in Cyprus was first proposed more than 20 years ago.
First, a location was chosen, then decisions were made about who would build it and what the costs would be. During the first phase of preparation, the Cypriot government expropriated land belonging to private individuals. The owners were given similar plots in other areas of the island in exchange.
In 2006, experts who conducted preliminary feasibility studies for the Cyprus Technology Park estimated that the project would generate around €780 million per year. Officials claimed that Microsoft and Google were interested in participating in the venture.
The government planned to allocate approximately €82 million from the state budget for the project. However, in 2010, amid the global financial crisis, the budget was cut to €10 million. Eventually, the decision was made to increase investment in the project to €50 million. In 2013, however, Cyprus was hit by a financial crisis, and the government shelved the project indefinitely.
Three years later, the idea of creating a technology park was revived. Cypriot Minister of Energy, Trade, Industry, and Tourism Yiorgos Lakkotrypis took over the project. During his trips abroad, Lakkotrypis actively sought investors and a company with experience in similar projects.
According to the terms of the tender, the government must provide the park with communications infrastructure, including electricity, sewage, water supply, telephone lines, and roads. The state budget allocated €3.5 million for this purpose. The investor was required to install communications infrastructure in the park and build research laboratories, offices for business incubators, and a hotel for visiting scientists and park visitors.