The Cypriot authorities have disclosed details of the largest government payments made to construction companies in 2025. The published figures reveal which construction groups secured the highest value of public contracts and how government funding was distributed among the country's largest contractors.
More Than €238 Million Allocated to Construction and Infrastructure
According to the Cyprus Treasury, ministries, government departments, public services, special funds and other state bodies paid a total of €238.2 million to contractors in 2025 under contracts worth more than €1 million. The funding was allocated to major transport infrastructure projects, the construction of public buildings, the modernisation of utility networks, educational facilities, water supply systems and other large-scale public works.
In recent years, Cyprus has continued to invest heavily in infrastructure, supported in part by European funding and the THALIA 2021–2027 programme, which finances sustainable development, digitalisation and the modernisation of public infrastructure.
Which Construction Companies Received the Most Funding
Cyfield once again ranked first in terms of government payments. Through both direct contracts and joint ventures, the group received €102.5 million, accounting for 43% of all payments made to the construction sector. Iacovou ranked second with €74.8 million (31.4%). Cybarco/Pharmakas, together with its joint ventures, became the third-largest recipient, receiving a total of €25 million, or 10.5% of the overall amount. Other major contractors included:
- A. Aristotelous Group — €19.3 million (8.1%);
- S. Hadjichristofi Group — €10.1 million (4.2%);
- Wade Adams (through three joint ventures) — €13.3 million (5.6%);
- A. & C. Angeli Group — €6.3 million (2.6%).
In addition, the following companies received payments exceeding €3 million:
- Araco Construction Cy Ltd — €5.4 million;
- H. Gavriel & Sons Ltd — €5.4 million;
- KEPA Attikis A.T.E. – C.G. Kokias Ltd JV — €4.1 million;
- A&A Apostolidis Contracting Ltd — €4.1 million.
The Treasury noted, however, that the share received by individual companies may in some cases be lower, as part of the funding was paid to joint ventures involving multiple contractors.
Not All Payments Were Related to Construction
The published list includes more than just construction firms. For example, Caramondani Desalination Plants Ltd received €31.4 million for supplying water to the state. Although these payments were not linked to construction contracts, the company operates in the infrastructure sector and was therefore included among the largest recipients of government funding. A further 19 companies and consortia each received between €1 million and €2.9 million. Together, they accounted for €32.6 million, or 13.7% of the government's total spending on contractors.
Publishing this information improves the transparency of public spending and provides a clearer picture of the scale of infrastructure investment in Cyprus. Strong construction activity is expected to continue in the coming years as major transport, energy, water supply, healthcare and urban development projects move forward, financed through both the state budget and European Union funding. Large contractors will continue to play a central role in delivering these national projects, while public investment remains one of the key drivers of growth in both the construction industry and the Cypriot economy as a whole.