special feature
5 291295 000577
00001 >
ISSUE 68 NOVEMBER 20, 2016 PRICE €2.00
· Luxurious residences. · World-class yachting facilities. “ 8CTKGV[ QH TGVCKN DQWVKSWGU YCVGTHTQPV ƂPG FKPKPI QRVKQPU TGETGCVKQPCN CPF PKIJVNKHG GZRGTKGPEGU · Two iconic towers, over 100 meters tall, in twisting forms. · 190 NWZWT[ CRCTVOGPVU · 29 luxury Beach and Marina Villas. · 600 DGTVJU HQT [CEJVU QH WR VQ 60m in length. · Two stunning beaches.
ISSUE 68 NOVEMBER 20, 2016 PRICE €2.00
00001 >
The large-scale projects that are changing the face of Cyprus
5 2 91 29 5 0 00 57 7
INTERVIEWS
Geoff Barnes Samira Cook Gaines Francisco Sottomayor
BREXIT
ICAEW Chief Michael Izza on the shock result
BANKING
Probanx Information Systems presents international RWKHU EDQNLQJ VHUYLFHV
PLUS %XVLQHVV %ULHÀQJ :KDW·V 2Q 7LPH 2II Business Books & more
Global Broker with a Local Touch ForexTime (FXTM) is an award-winning online forex broker committed to providing a superior trading experience for clients around the world • Trade currencies, metals, and CFDs • Extremely competitive trading terms • Attractive partnership programs
• Free & comprehensive forex education • Regular contests and promotions • Security, safety, and transparency
www.forextime.com/eu | info@forextime.com | Tel: +357 25 558777
ForexTime (FXTM) is an international online forex broker offering financial services in forex, spot metals and CFDs. ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 185/12. There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose. It is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. When trading, you must always take into consideration your level of experience. It is the responsibility of the Client to ensure that the Client can accept the Services and/or enter into the Transactions in the country in which the Client is resident. If the risks involved seem unclear to you, please seek independent advice. 34 | GOLD | The Business Magazine of Cyprus @2016 FXTM
Geophysic Universal Time watch Philippe Jordan, Chief Conductor and Music Director in Paris and Vienna
Open a whole new world
NAPA MARINA
nstruction
Begins
COME TO A NEW ERA RN BEACHFRONT LIVING
ISSUE 68 NOVEMBER 20, 2016
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 | (',725,$/ 8 | %86,1(66 %5,(),1*
Economic & Business Highlights of the past month.
A
yia Napa Marina is an exclusive integrated development offering luxurious residences, world-class yachting facilities, a variety of retail boutiques, waterfront fine dining options, recreational and nightlife experiences. Its unique location, crystal clear seas, stunning beaches and incredible views are enticing to boaters, visitors and residents who appreciate a lifestyle of class and elegance. With complete privacy and round-the-clock security for homes and yachts, Ayia Napa Marina is the ideal yachting, social and residential destination, offering everything one needs to relax and enjoy the exciting lifestyle of the Mediterranean. By combining vibrant beachfront living with luxury and quality services, Ayia Napa Marina is poised to mark the dawn of a new era.
14 | 0< :$<
COVER
Eleni Smilaâ&#x20AC;&#x2122;s management style.
STORY
BY COMBINING VIBRANT BEACHFRONT LIVING WITH LUXURY AND QUALITY SERVICES, AYIA NAPA MARINA IS POISED TO MARK THE DAWN OF A NEW ERA
16 | ),9( 0,187(6 :,7+ÂŞ
36 | 7+,1.,1* %,*
7+( 352-(&7¡6 3$571(56 Born of a deep-rooted love for the island of Cyprus and spurred on by an evident gap in the region for a modern luxury marina development, Ayia Napa Marina is the realization of the dream and vision of the projectâ&#x20AC;&#x2122;s partners, the Cyprus-based Caramondani Group and Egyptian investor Naguib Sawiris. Both genuine leaders in their respective fields, and with over 80 years of combined experience between them, the two family-run businesses have joined forces to implement a long-term strategic plan aiming to set a new standard for luxury beachfront marina living. Caramondani Group and Naguib Sawiris share the vision of making Ayia Napa Marina the new premier yachting destination in the Mediterranean. THE PROJECT With the laying of the foundation stone in September 2016, the Ayia Napa Marina development officially started construction The project is designed by SmithGroupJJR, a renowned US-based architectural, engineering and planning firm specialized in waterfront design. The Marina is due to start operations in 2019, while completion of the project is scheduled for 2021. The first apartments and villas will be delivered in 2020. The â&#x201A;Ź220 million mixed-use residential and commercial project will boast 190 spacious and deluxe apartments in two iconic, twisting towers, 29 luxury villas, a 600-berth full-service marina and boatyard, and a collection of elegant retail, waterfront dining and premium lifestyle amenities for residents and visitors. 7+( 5(6,'(1&(6 The Marina offers a selection of luxury residences, thoughtfully designed to provide comfortable, spacious modern living with uninterrupted panoramic views of the Mediterranean Sea. Residents are ensured peace of www.goldnews.com.cy | GOLD | 101
Richard Melton
Presenting the large-scale projects that are transforming the skyline and image of Cyprus in Limassol, Ayia Napa and Paphos, plus interviews with the luxury property developers.
18 | 7+(< 6$,' :+$7"
Some of the more remarkable statements made about Cyprus and the Cypriots over the past month.
FEATURES 20 | $<,$ 1$3$ 0$5,1$
Photos and everything you need to know about the project.
26 | )$&,/,7$7,1* ,17(51$7,21$/ 75$'( $1' ,19(670(17 7+( %9, :$< What British Virgin Islands has to offer clients in Cyprus. 28 | 6/2:,1* '2:1 %87 67,//
029,1* )25:$5' Interview with Geoff Barnes, now Chairman of the Regional Council of Baker Tilly in South East Europe.
104 4
96 9
SPECIAL PROMOTIONAL FEATURE 69 | Banking Services to International national and other er clients Eleven banks anks and related companies ies and present their ir services.
31 | &+$1*,1* 7(&+12/2*< &+$1*,1* 1(('6 &+$1*,1* (;3(&7$7,216 Interview with Per Granath, Chief Architect, Networks & Telecommunications at GCC Computers. 32 | 627720$<25 +($'6 $;,$Âś6 /$7(67 9(1785( The investment bank has a new Managing Director and Head of Investment Banking for Iberia.
56
108
114
35 | 1' ,17(51$7,21$/ &203/,$1&( )2580 Photos of the event.
56 | ,172 7+( 81.12:1 Michael Izza on the consequences of Brexit and the growing importance of technology. 58 | *$7(:$< 72 $ '5($0
Gold talks to Samira Cook Gaines, Chief of Economic Empowerment for the US National Community Reinvestment Coalition (NCRC).
62 | /,0$662/ (&2120,& )2580 Photos of this yearâ&#x20AC;&#x2122;s event.
4 | GOLD | The Business Magazine of Cyprus
66 | 12 025(
:('',1* %(// %/8(6 BookYourWeddingDay.com: The story behind it, as told by Maria Evripides.
96 | 7+( 5($/ '($/
Gregg von Holdt, Managing Director of Coast2Coast, on why his company is glad it bought the Cypriot pharmaceutical company, Remedica.
99 | %86,1(66 &/$66 Andreas Neocleous
100 | ,1 *22' &203$1< How ConnectedSky creates a homelike environment for its members of staff. 103 | %22.6+(/)
Six of the latest business titles.
104 | 7,0( 2)) Maria Kyriacou, MP and lawyer on her baking skills.
108 | /81&+ :,7+ *2/' Michael Virardi 112 | :+$7Âś6 21 Goldâ&#x20AC;&#x2122;s guide to the best cultural events of the coming month. 114| $ '$< ,1 7+( /,)( Anna Koukkides-Procopiou
LEGENDS LIVE FOREVER EL PRIMERO
I Chronomaster 1969
www.zenith-watches.com
Tour Auto Edition
| EDITORIAL |
Changing Skylines
ISSUE 68 NOVEMBER 20, 2016 PRICE â&#x201A;Ź2.00
00001 >
The large-scale projects that are changing the face of Cyprus
5 2 91295 000577
INTERVIEWS
Geoff Barnes Samira Cook Gaines Francisco Sottomayor
BREXIT
ICAEW Chief Michael Izza on the shock result
BANKING
Probanx Information Systems presents international RWKHU EDQNLQJ VHUYLFHV
PLUS %XVLQHVV %ULHĂ&#x20AC;QJ :KDW¡V 2Q 7LPH 2II Business Books & more
PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
C
yprus has never been known for its innovative architecture. Indeed, most of the buildings that anyone might care to visit here tend to be extremely old, (Byzantine churches and mediaeval castles, anyone?) and itâ&#x20AC;&#x2122;s only in recent years that people have come to recognize and appreciate the few remaining 19th century houses for what they are. Apart from some rare instances of old industrial buildings being transformed into something new, many of the best examples of 20th century architecture have been allowed to deteriorate, only to be replaced by some ugly monstrosity that will, itself, need demolishing within a few decades. How we now cherish the few British colonial homes that are left, and quite rightly so. But there appears to be a change in the air. Less than four years after the construction sector was dealt a seemingly knockout blow by the 2013 financial crisis, the luxury property sector has suddenly bounced back and nowhere more obviously than in Limassol, where developers are competing with one another to build the highest office blocks, the tallest towers and the most impressive apartments and workplaces, all with state-of-the-art technology and security features. If this is not an indication that investor confidence has been restored to the country and that the economy is finally starting to grow again, nothing is. To the surprise of many observers, Limassol Marina was still selling villas and luxury residences throughout the islandâ&#x20AC;&#x2122;s three-year austerity programme and, as it moves towards its final stages, it has already become one of Cyprusâ&#x20AC;&#x2122; biggest success stories. Now, work on its Ayia Napa counterpart is about to begin, while other major multi-million euro projects are due to come onstream. Several new buildings have already won international architectural awards while others seem destined to become landmarks and are already enjoying unprecedented interest from potential buyers and investors. Our cover story (page 36) features nine such projects, all of which are going to change the face of Cyprus in one way or another, either because of their record-breaking height or, in the case of the (as yet unnamed) integrated casino resort in Limassol, the fact that it hopes to attract as many as half a million new visitors to the island every year. We look forward to seeing every one of these large-scale projects completed. As always, this issue of Gold is packed with interviews with people as diverse as Geoff Barnes (page 28), Samira Cook Gaines (page 58), Francisco Sottomayor (page 32), Michael Izza (page 56), Greg von Holdt (page 96), and Maria Evripides (page 66), not to mention revealing conversations with John Vickers, Anna Koukkides-Procopiou (page 114), Michael Virardi (page Chief Editor 108) and Maria Kyriacou (page 96) and several others. I think john@imhbusiness.com youâ&#x20AC;&#x2122;ll enjoy this issue. See you in December. 6 | GOLD | The Business Magazine of Cyprus
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Elena Leontiou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE
Charalambos Michael ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
ASSISTANT DESIGNER
Stephanie Andreou, George Yiamiadakis PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides, Christos Tsekouras MARKETING EXECUTIVE
Kevi Chishios
SALES MANAGER
Neofytos Constantinou SALES EXECUTIVE
Stavros Epifaniou
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
BUSINESS BRIEFING
BANKING
IN THE NEWS
*`WY\Z 9L\UPÄJH[PVU ;HSRZ 7YLZPKLU[ 5PJVZ (UHZ[HZPHKLZ HUK [OL ;\YRPZO *`WYPV[ SLHKLY 4\Z[HMH (RPUJP OLSK Ä]L KH`Z VM [HSRZ PU Mont Pelerin, Switzerland earlier this month. While progress was made in their discussions on territorial adjustments, they returned to Cyprus for a week and will resume in Geneva on November 20. The opening of the intensive negotiations was attended by the UN Secretary-General Ban Ki-moon, who praised the two leaders’ “strong commitment and determination” to resolve all the outstanding issues. “I commend the leaders for their vision, courage and leadership for advancing their talks further than ever before. The prospect of a solution in Cyprus is within their reach,” he said.
EXPANSION
CONNECTEDSKY
ConnectedSky has added another continent to its jurisdictions, with the establishment of ConnectedSky (HK) 3PTP[LK H M\SS` ÅLKNLK Z\IZPKPHY` [OH[ ^PSS IL VɈLYPUN HSS YV\UK JVYWVYH[L banking and legal services to its clients throughout Asia. ConnectedSky (HK) Limited is located on the prestigious Queen’s Road Central in the heart of Hong Kong’s ComTLYJPHS )\ZPULZZ +PZ[YPJ[ OVTL [V all main international companies and ÄUHUJPHS PUZ[P[\[PVUZ
BAKER TILLY
Baker Tilly in South East Europe has opened an additional VɉJL PU .YLLJL 4HYPVZ ( Klitou, CEO of Baker Tilly in South East Europe said that [OL VWLUPUN VM [OL UL^ VɉJL in Thessaloniki shows that Baker Tilly has developed into one of the largest auditing and HJJV\U[PUN ÄYTZ PU ZV\[OLHZ[LYU ,\YVWL ^P[O LPNO[ VɉJLZ in Cyprus, Greece, Romania, Bulgaria and Moldova.
25,375 ;/, 5<4),9 6- 46;69 =,/0*3,: 9,.0:;,9,+ FROM JANUARY-SEPTEMBER 2016. THIS REPRESENTS AN INCREASE OF 31.4% OVER THE FIGURE FOR THE FIRST NINE MONTHS OF 2015. OF THESE, 20,991 WERE 7(::,5.,9 *(9: 6- >/0*/ >,9, 5,> (5+ ;/, 9,4(05+,9 :,*65+ /(5+ 8 | GOLD | The Business Magazine of Cyprus
BANK OF CYPRUS NAMED BEST PRIVATE BANK IN CYPRUS FOR 2017 Bank of Cyprus has been named Best Private Bank in Cyprus for the second time by the internationally renowned magazine Global Finance. In a statement, the Bank noted that [OL H^HYK ¸JVUÄYTZ [OL Z\JJLZZful strategy of the Bank in regard [V VɈLYPUN ILZWVRL ZVS\[PVUZ HUK integrated products and services in the area of wealth management.” Meanwhile, at last month’s Annual .LULYHS 4LL[PUN Ä]L +PYLJ[VYZ (Maksim Goldman, Michael Spanos, Arne Berggren, Michael Heger and Lyn Grobler) were re-elected to the Board.
VGENOPOULOS INVESTIGATIONS TO CONTINUE Andreas Vgenopoulos, the Greek entrepreneur considered responsible for the demise of Laiki Bank, died of heart failure in Athens on November 5. VgeUVWV\SVZ ÄYZ[ THKL OLHKSPULZ PU *`WY\Z PU ^OLU OPZ 4HYÄU 0U]LZ[ment Group (MIG) bought out HSBC’s stake in Laiki which was closed down in 2013. He is accused of market manipulation and bribing former Central Bank of Cyprus Governor Christodoulos Christodoulou with €1 million. Attorney-General Costas Clerides said that investigations into cases implicating Vgenopoupolos will not be halted following his death.
TOURISM
QATAR AIRWAYS STARTS CYPRUSSEYCHELLES ROUTE Qatar Airways is to begin YLN\SHY ÅPNO[Z MYVT 3HYUHJH ]PH +VOH [V :L`JOLSSLZ next month. “Qatar Airways OHZ ZLLU ZPNUPÄJHU[ growth, expanding its worldwide footprint to provide more opportunities for global leisure travellers to premium destinations such as the Seychelles,” commented Group CEO Akbar Al Baker.
COBALT ADDS BIRMINGHAM AND PARIS FLIGHTS
LAKKOTRYPIS: ‘CAUTIOUS OPTIMISM’ FOR 2017
The new local airline *VIHS[ OHZ HKKLK ÅPNO[Z to Birmingham and Paris to its schedule. The airline, which operates from Larnaca, currently serves London, Manchester, Athens, Thessaloniki, Heraklion and Chania. It plans to eventually operate longhaul routes to China, India, South Africa and the USA.
Tourism minister Yiorgos Lakkotrypis has expressed cautious optimism that 2017 will be an even better year in terms of tourist arrivals. “The PZSHUK PZ UV[ VɈLYPUN Q\Z[ ‘sun and sea’ anymore. With this change, along with investment in infrastructure, we have regained our competitiveness,” he said.
SPECTRUM BOUTIQUE RESIDENCES
A
risto Developers, winner of the Best Cyprus Property 20162017 title, and winner of the Best Real Estate Developer 2016 award from the renowned International Finance Magazine (IFM), has announced the latest
addition to its expanding property portfolio. Spectrum Boutique Residences comprises luxurious apartments of two, three and four bedrooms with comfortable and functional living areas, suitable both for residence and affluent investment.
REAL ESTATE
Within walking distance of the beach, and in close proximity to shops, restaurants, cafes and other amenities, Spectrum Boutique Residences is an attractive option in one of the most sought-after tourist areas of Limassol.
PARK RESIDENCES
P
afilia Property Developers has launched its new residential project in Limassol: Park Residences. Pafilia has collaborated with award-winning architects Armeftis & Associates to deliver another property development for
those with a passion for luxury living from around the world. The spacious modern residences consisting of 2 and 3 bedroom apartments and an impressive 3-bedroom penthouse on the 5th floor. Park Residences are proportioned with open-plan living areas
that extend onto large open air terraces enjoying magnificent city views and plenty of natural light. They are located in an affluent family neighbourhood, close to a beautiful park. www.goldnews.com.cy | GOLD | 9