The year 2023 brought new dynamics to the business environment in Cyprus.
During the year, a number of major deals were concluded in the island nation, which dramatically changed the business map of the region.
Despite all the difficulties and challenges arising from the uncertain economic situation in Europe and the Middle East, the business community of Cyprus, was able to not only strengthen, but also enter an active phase of renewal and change.
As a matter of fact, in 2023, Cyprus signed large-scale sale and purchase contracts that significantly impacted the healthcare, retail, technology, hospitality and professional services sectors.
Among the most important ones include:
The sale of the Kean plant in Limassol
In April 2023, the management of the plant, which had been operating in the city for 74 years, announced that it had sold it to a major real estate developer bbf:. By the way, the new owner got 100% of the shares.
At the beginning, the company said that it intends to invest in the further development of the plant. Later it became known that it wants to move it outside the city limits, and on the site to build an elite residential complex.
Acquisition of Grand Resort in Limassol by Fattal Hotel Group
In 2023, the prestigious Grand Resort hotel in Limassol passed into the hands of Fattal Hotel Group. Representatives of the group have announced plans to carry out a major renovation at the hotel. Upon completion of the modernization of the building, the hotel is to be included in the Leonardo Hotels Limited Edition chain.
Sale of Ygia Polyclinic Private Hospital
In December 2023, ECM Partners announced the completion of the acquisition of 68% of the share capital of Ygia Polyclinic Private Hospital in Limassol.
ECM Partners has entrusted the management of the hospital to Athens Medical Group (AMG), Greece's largest healthcare services group. AMG is expected to acquire a minority stake in the polyclinic in the near future. The company aims to play an important role in the healthcare sector in Cyprus and the wider Mediterranean region.
Major investment by Hellenic Healthcare Group
Hellenic Healthcare Group (HHG) has made a major investment in the healthcare sector in Cyprus by buying out Apollonion Private Hospital In Nicosia.
In more detail, in 2023, Hellenic Healthcare Holding Single Member SA, a member of HHG Group, through Lemgo Ltd, proceeded to acquire the share capital of Gialletto Ltd. Gialletto Ltd is a limited liability company duly incorporated under the laws of the Republic of Cyprus, engaged in the provision of radiology and related services.
Howden has acquired the Cyprus-based Niche Group
The cooperation agreement by way of sale and purchase between Howden Cyprus and NICHE Insurance Brokers Ltd and NICHE Insurance Agents Ltd was finalized in June 2023.
Howden Cyprus, which has a strong market share and presence in reinsurance intermediation in the financial and insurance sector since 2003, has made a dynamic entry into direct insurance intermediation through the acquisition of NICHE Brokers Ltd and NICHE Agents Ltd.
Sale of Prodigit Investments Ltd
Globe Invest Limited, owned b yTeddy Sagi and based in Nicosia, announced at the end of May 2023 the acquisition of Prodigit Investments Ltd. licensed by the Cyprus Securities and Exchange Commission.
The major transaction is part of the company's strategic expansion into portfolio management services.