Gold August Issue pages 1-12

ISSUE 77 AUGUST 20, 2017 PRICE €2.00

5 291295 000577

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PRESENTS

TECHNOLOGY

INTERVIEWS

CYHERE

PLUS

Panos Panay on the creation of the Surface laptop

Antonis Antoniou Linda Papadopoulos Sotiris Poulengeris

The platform promoting Cyprus In China

%XVLQHVV %ULHÀQJ :KDW·V 2Q Books and more

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ISSUE 77 AUGUST 20, 2017

T H E

B U S I N E S S

M A G A Z I N E

O F

C Y P R U S

CONTENTS 6 | EDITORIAL 8 | BUSINESS BRIEFING

Economic & Business Highlights of the t past month.

COVER

12 | MY WAY

A Antonis Orthodoxou’s management sstyle.

STORY

28 | /($',1* /$: ),506 ,1 &<3586 ;OL JV\U[Y`ÂťZ IPNNLZ[ SH^ Ă&#x201E;YTZ ranked according to the number of lawyers and partners, with an introduction by Dr. Demetra Fr. Sorvatzioti, Head of the Law Department, School of Law of the University of Nicosia.

14 | FIVE MINUTES WITHâ&#x20AC;Ś Marianna Pantelidou

16| THEY SAID WHAT?

A selection of the most memorable Cyprus-related statements made over the past month.

FEATURES 18 | No More Surface Tension

Interview with Panos Panay, Corporate Vice President for Surface Computing at Microsoft Corp.

22 | A Golden Opportunity

Antonis Antoniou, CEO of the Giovani Group of Companies, on the current state of the Cyprus property market.

18

SPECIAL PROMOTIONAL FEATURES 39 | Leading Law Firms in Cyprus

Fourteen firms present their legal teams, specialist areas of practice, company history and more.

77 | Large Scale

Real Estate Projects

Five major developers in Cyprus and one in Malta present their latest projects.

26| Eye in the Sky

74

The recent launch of the Hellas Sat 3 satellite and the future of satellite telecommunications.

68 | Real Estate, Real Pleasure

A Cypriotâ&#x20AC;&#x2122;s adventures in the London property market.

26 100 72 | Microsoftâ&#x20AC;&#x2122;s Passion and

Expertise Thrive at European University Cyprus The strategic thinking behind the setting up of the Microsoft Innovation Center.

74 | Strengthening China-

Cyprus Ties Stefanie Yiangou, Project Manager Cyprus at CYhere, talks about a new initiative that seeks to promote Cyprus in China.

4 | GOLD | The Business Magazine of Cyprus

92 | â&#x20AC;&#x153;The Steel Heart

of Russiaâ&#x20AC;?

Photos from the recent MMK photo exhibition in Nicosia.

94 | BOOKSHELF Five new business titles.

95 | BUSINESS CLASS Dimis Michaelides

96 | IN GOOD COMPANY How Remedica creates a healthy working environment.

100 | LUNCH WITH H GOLD Michalis Simopoulos 104 | WHATâ&#x20AC;&#x2122;S ON GOLDâ&#x20AC;&#x2122;s guide to the best cultural events of the coming month.

106 | A DAY IN THE LIFE Linda Papadopoulos

106

| EDITORIAL |

GOLD ,668( _ $8*867 _ 80 LEADING LAW FIRMS IN CYPRUS

PRESENTS

5 2 91295 000577

00001 >

Legal Eagles

ISSUE 77 AUGUST 20, 2017 PRICE â&#x201A;Ź2.00

TECHNOLOGY

INTERVIEWS

CYHERE

PLUS

Panos Panay on the creation of the Surface laptop

Antonis Antoniou Linda Papadopoulos Sotiris Poulengeris

The platform promoting Cyprus In China

%XVLQHVV %ULHĂ&#x20AC;QJ :KDW¡V 2Q Books and more

PUBLISHED BY IMH ISSN 1986 - 3543

T

o work as a lawyer has been one of the most popular aspirations of ambitious young people in Cyprus (and their parents) since the founding of the Republic and the establishment of the Cyprus Bar Association in 1960. Little has changed in this respect, apart from the fact that the country now has its own universities offering law degree courses, and its success as an international business centre has only encouraged more school leavers to study law and, ultimately, join the legal profession.

Today, the Cyprus Bar Association has over 3,000 registered members, many of whom work in more than 220 limited liability law firms throughout the island, providing a wide range of high quality legal services, while others provide in-house legal advice to companies in all sectors of the economy.

Since 2011, GOLD has been compiling and updating its list of the leading law firms in Cyprus and this monthâ&#x20AC;&#x2122;s cover story features the latest version. Once again, we have chosen to rank firms according to the number of lawyers (including partners) employed, while increasing the number of firms listed. This, in itself, is an indication that the sector is once again doing well.

In addition to our cover story, we also feature a large number of interviews. Two of them concern the real estate sector, about which we spoke to Sotiris Poulengeris of Hyde Park Agencies in London (page 68) and Antonis Antoniou of the Giovani Group in Ayia Napa (page 22), while two others were conducted with highly successful people of Cypriot origin: Panos Panay, Corporate Vice President for Surface Computing at Microsoft Corp. (page 18) and psychologist, author and broadcaster Linda Papadopoulos (page 106). As technology of all kinds continues to dominate the business world, we talked with Christodoulos Protopapas, President and CEO of Hellas-Sat Consortium Ltd, about the recent launch of the Hellas Sat 3 satellite (page 26), with Stefanie Yiangou, Project Manager Cyprus at CYhere, an Internet platform that seeks to promote Cyprus in China (page 74), with George Petrakides, Microsoft Country Manager in Cyprus, about the strategic thinking behind the setting up of the Microsoft Innovation Center two years ago (page 72) and with Marianna Pantelidou, Head of Publishing General Management at Wargaming, which has tens of millions of monthly active users playing its online games (page 14).

And, of course, this issue of GOLD contains all our usual popuJohn Vickers, lar features (My Way, They Said What?, Business Class, Bookshelf, Whatâ&#x20AC;&#x2122;s On, In Good Company, Lunch With Gold, etc.) to ensure Chief Editor that you have plenty of reading material at the end of your sumjohn@imhbusiness.com mer holidays. See you in September!

6 | GOLD | The Business Magazine of Cyprus

MANAGING DIRECTOR

George Michail

GENERAL MANAGER

Daphne Roditou Tang MEDIA MANAGER

Antonis Antoniou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Artemis Constantinidou, Voula Loizou ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou, Marios Kouroufexis PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras, Helena Georghiou MARKETING EXECUTIVE

Kevi Chishios

SALES MANAGER

Neofytos Constantinou SALES EXECUTIVE

Erika Phylakti

OPERATIONS MANAGER

Voulla Nicolaou

SUBSCRIPTIONS

Myria Neophytou PRINTERS

Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com

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BUSINESS BRIEFING

MEDICINE

NEW TO CYPRUS

EAC takes delivery VM P[Z Ă&#x201E;YZ[ LSLJ[YPJ JHYZ

GREEN LIGHT FOR MEDICAL CANNABIS CULTIVATION

T

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ACHIEVEMENTS

CTC to open 20 SPAR supermarkets

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CYTA AWARDED ISO FOR CUSTOMER CONTACT CENTRES

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MILESTONES

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I\ZPULZZ 6]LY [OL SHZ[ KLJHKL [OL .YV\W has continued its strategic development, ^P[O [OL MVYTH[PVU VM ;Y`MVU ;ZLYPV[PZ 3[K H oint venture marketing and sales company managing major consumer goods brands, the establishment of Diapo Ltd, a leading third-party logistics services company and [OL LZ[HISPZOTLU[ VM <UPSL]LY ;ZLYPV[PZ *`WY\Z Ltd for the sales, marketing and distribution VM <UPSL]LY OV\ZLOVSK WLYZVUHS JHYL HUK food products.

TAPPOINS T N ME

ANNA PAVLIDOU (UUH 7H]SPKV\ OHZ ILLU HWWVPU[LK HZ H member of the Board of Directors of Hor^H[O +:7 3[K :OL QVPULK [OL JVTWHU` PU 1\UL HUK PZ YLZWVUZPISL MVY [OL Ă&#x201E;YTÂťZ audit and the assurance assignments. She ZH`Z ¸0[ OHZ HS^H`Z ILLU H WYP]PSLNL [V IL H TLTILY VM [OL /VY^H[O +:7 [LHT HUK UV^ 0 HT OVUV\YLK [V have been offered the opportunity to contribute more in achievPUN P[Z NVHSZ /VY^H[O +:7 PZ H Ă&#x201E;YT [OH[ HJRUV^SLKNLZ HUK YL^HYKZ [OL JVU[YPI\[PVU VM P[Z TLTILYZ HUK [OH[ 0 ILSPL]L PZ the key to its success.â&#x20AC;?

MICHAEL ENGONOPOULOS

Michael Engonopoulos has joined the 0U]LZ[TLU[ )HURPUN KP]PZPVU VM (?0( =LU[\YLZ .YV\W HZ =PJL 7YLZPKLU[ IHZLK V\[ VM 3VUKVU /L QVPUZ (?0( HM[LY UPUL `LHYZ PU 4 ( HK]PZVY` 3L]LYHNLK -PUHUJL HUK -P_LK 0UJVTL YVSLZ PU 3VUKVU 4VYL ZWLJPĂ&#x201E;JHSS` OL TVZ[ YLJLU[S` ZLY]LK HZ :LUPVY (ZZVJPH[L PU [OL 0U]LZ[TLU[ )HURPUN KP]PZPVU VM *P[P MYVT [V (?0( PZ OLHKX\HY[LYLK PU 5PJVZPH HUK M\SS` SPJLUZLK [V WYV]PKL Ă&#x201E;UHUJPHS HK]PZVY` ZLY]PJLZ PU THU` Ă&#x201E;UHUJPHS THYRL[Z HYV\UK [OL ^VYSK

www.goldnews.com.cy | GOLD | 9

BUSINESS BRIEFING

/LNH LW )$&(%22. ,1 180%(56 (Z VM 1HU\HY` VM NSVIHS HJ[P]L -HJLIVVR \ZLYZ ^LYL ^VTLU IL[^LLU [OL HNLZ VM HUK `LHYZ HUK THSL (KKP[PVUHSS` [OL HNL NYV\W VM HUK PZ [OL ZLJVUK HNL KLTVNYHWOPJ ^P[O [OL OPNOLZ[ NSVIHS \ZLYZ ^VTLU HUK THSL â&#x20AC;¢ +HPS` HJ[P]L \ZLYZ +(<Z IPSSPVU MVY 1\UL ¶ PUJYLHZL `LHY VU `LHY â&#x20AC;¢ 4VU[OS` HJ[P]L \ZLYZ 4(<Z IPSSPVU HZ VM 1\UL ¶ PUJYLHZL `LHY VU `LHY â&#x20AC;¢ Mobile advertising revenue

VM HK]LY[PZPUN YL]LU\L MVY 8 YLHJOPUN IPSSPVU â&#x20AC;¢ Total ad revenue! IPSSPVU MVY 8 VM L]LY` *`WYPV[Z VUSPUL OH]L H -HJLIVVR HJJV\U[

18%

20% :OHYL VM HJ[P]L -HJLIVVR \ZLYZ

DISTRIBUTION OF FACEBOOK USERS WORLDWIDE AS OF JANUARY 2017, BY AGE AND GENDER

94%

15%

Cypriots online have a Facebook account

10%

â&#x20AC;¢ Female â&#x20AC;¢ Male

5%

0%

NUMBER OF USERS IN MILLIONS

2 Billion

NUMBER OF MONTHLY ACTIVE FACEBOOK USERS WORLDWIDE AS OF 2ND QUARTER 2017

Monthly Active Users

(IN MILLIONS)

(Z VM 8 -HJLIVVR OHK IPSSPVU monthly active users, representing NYV^[O VM MYVT 8 0U 8 [OL U\TILY VM HJ[P]L -HJLIVVR \ZLYZ Z\YWHZZLK IPSSPVU THRPUN P[ [OL Ã&#x201E;YZ[ ZVJPHS UL[^VYR L]LY [V KV ZV (Z VM 8 [OL ZVJPHS UL[^VYR OHK billion mobile monthly active users.

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » »

Leading countries based on number of Facebook users as of July 2017 (in millions)

(Z VM 1\S` TPSSPVU \ZLYZ PU 0UKPH ^LYL YLNPZ[LYLK VU -HJLIVVR NP]PUN P[ Ã&#x201E;YZ[ WSHJL HOLHK VM ZLJVUK YHURLK <UP[LK :[H[LZ ^P[O TPSSPVU \ZLYZ ^OPSL )YHaPS ^P[O TPSSPVU \ZLYZ JHTL [OPYK -HJLbook is the most popular social UL[^VYR ^VYSK^PKL ^P[O H NSVIHS \ZHNL WLUL[YH[PVU VM

INDIA

241

UNITED STATES

240 139

BRAZIL INDONESIA

241

69

PHILIPPINES

64

VIETNAM

TURKEY

56

UNITED KINGDOM

$1.967 8 »

million users from India

57

THAILAND

44

Rest of World Asia - Pacific Europe US & Canada

$1.037

85

MEXICO

5\TILY VM -HJLIVVR \ZLYZ PU TPSSPVUZ

10 | GOLD | The Business Magazine of Cyprus

April - June 2017

(IN MILLIONS)

$4.042 $415 $623

126

$9.321

REVENUE

BY USERS GEOGRAPHY

$4.501 $451 $709

$5.841 $451 $709

$9.321 $8.809 $451

$6.436 $451 $5.382 $451

$709

$709

$709

$1.085

$2.256 8 »

$709 $1.085

$1.085

$1.085

$1.085

$1.085

$2.256 $2.256

8 »

$709

$1.085

$709 $1.085

$7.011 $451

$451 $8.032 $451

$2.256

8 »

$2.256

$2.256

8 »

8 »

$2.256

8 »

8 »

$2.256

8 »

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90 | GOLD | The Business Magazine of Cyprus

MY WAY

Antonis Orthodoxou

Managing Director Orthodoxou Group of Companies Ltd

HIS DEMOCRATIC MANAGEMENT STYLE AND RECOGNITION OF THE IMPORTANCE OF HAVING THE RIGHT PEOPLE NEXT TO HIM ARE KEY COMPONENTS OF HIS OWN SUCCESS AND THAT OF THE GROUP. OTHER FACTORS INCLUDE EFFECTIVE HIRING AND TRAINING PRACTICES, REWARDS AND INCENTIVES, AND MAINTAINING EXCELLENT RELATIONSHIPS BETWEEN EMPLOYEES AND THE COMPANIES THEY WORK FOR.

“I

believe that a democratic management style is the best approach to running a team. Ideas are discussed in an open and relatively free-flowing way.

Everyone has to take part in the efficient running and management of the organisation.”

“T “T he creation of a sound business organisation consisting of nine companies, five in Cyprus and four in Bulgaria, is probably my greatest professional achievement. I would also mention our cooperation with Blue Air since 2008, which has led to the airline opening a base at Larnaca Airport, which is now home to three aircraft and there are plans for more.”

here are many people I admire for their professional success but, most importantly, I admire their philosophy, their way of thinking, acting and managing that has led to that success. Such people make me to want to be as good as them and to see if their example can be applied successfully in today’s business environment and, specifically, y, in myy own organisation.”

“W

ork can be stressful but when you are doing something you love, he people you ver my you deal with the problems employ are of 21+ and have a productive day. key importance year Once I close my office to your business career, I have learned door, I spend so you need to that whatever you time with my develop them to support your business do, you cannot do it family. y. I also goals. Effective hiring and training pracalone. You need the enjoy meettices, creating employees who are motiright people by your ing up p with Antonis vated and rewarded for their hard work, side. With capable friendss or Orthodoxou obtained his and maintaining a good relationship people next to you relaxing ng HND in Tourism and Business between employees and the company and through your own with a from Bournemouth University determination, you can are essential factors in any successful (The Isle of Wight College), UK in good business.” get through anything.”

1995, while in 2010 he received a Bachebook.”” lor’s Degree in Tourism from the University of Economics in Varna, Bulgaria. he biggest mistakes that managers make are failing to take Over the last two decades, he has successquick decisions and thereby missing important opportunifully grown the business and built the ties and, on the other hand, taking quick decisions without Orthodoxou Group of Companies, studying the facts and figures properly, thus risking the financial stability and d which is currently engaged in recruitment, travel, insurance health of their business.” and other related services.

“O

“T

“T

12 | GOLD | The Business Magazine of Cyprus