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GOLD ISSUE 51 JUNE 14 - JULY 13, 2015 PRICE â‚Ź4.95
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
PRESENTS
LEADING
COMPANIES IN LIMASSOL POWERING THE CYPRUS ECONOMY
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INTERVIEWS, NEWS & OPINION
George Agathangelou Andreas Athinodorou Alexandra Attalides Marios Chiromerides Avgoustinos Constantinides Andrey Dashin Costas Galatariotis Klas Gierow Nicholas Hadjiyiannis Dinos Ioannides Demetra Kalogerou Philippa Kelly Philippos Mannaris Andreas Neocleous Marios Panayides Phidias Pilides Anu Saarela Despina Theodosiou
ISSUE 51 JUNE 14 - JULY 13, 2015
T H E
B U S I N E S S
150+
M A G A Z I N E
O F
C Y P R U S
CONTENTS 6 | EDITORIAL
LEADING
8 | BUSINESS BRIEFING
Economic & Business Highlights of the past month
COMPANIES
12 | MY WAY
Andreas Athinodorou’s management style
IN LIMASSOL
13 | FIVE MINUTES WITH… Demetra Kalogerou
COVER
STORY 29 | 150+ Leading Companies in Limassol 30 | Limassol Calling! Interview with LCCI Chairman Costas Galatariotis 32 | 150+ Leading Companies in Limassol The list
14 | THEY SAID WHAT?
A selection of memorable recent quotes
16 | Putting Provident Funds on the MAP
The Multi-Employer Aon Hewitt Provident Fund
20 | 2018 Is Just Around the Corner
Philippa Kelly on International Financial Reporting Standard IFRS 9
23 | The 11th CFO Management Forum Looking ahead to the conference
24 | Digital is Inevitable MTN’s conference on the integration of telecoms with IT OPINION 19 | Ctrl+Alt+Delete By Andrey Dashin
112
22 | Matchmaking for Business By Marios Chiromerides
SPECIAL ADVERTISING SUPPLEMENT 53 | 150+ Leading Companies in Limassol 98 | Limassol Marina: One Year On
110
The groundbreaking waterfront project
100 | Bringing People Together Nicholas Hadjiyiannis, Chairman of the Cooperative Central Bank
116
102 | 10 years “By Your Side” Carrefour Cyprus celebrates 10 years in Cyprus
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4 | GOLD | The Business Magazine of Cyprus
104 | Northern Lights How the Nordic countries became an economic and social model 106 | Turning the Page The Cyprus-Kuwait Business Association
116 | LUNCH WITH GOLD Alexandra Attalides, Acting Head VM [OL ,\YVWLHU 7HYSPHTLU[ VɉJL in Cyprus
109 | BOOKSHELF Five of the best new business titles
119 | BUSINESS CLASS Despina Panayiotou Theododiou, President of WISTA Cyprus, on her most memorable travel experiences
110 | IN GOOD COMPANY Auditing the life of employees at BAT Cyprus
120 | WHAT’S ON Gold’s guide to the best cultural events
112 | MY COLLECTION Phidias Pilides’ classic cars
122 | A DAY IN THE LIFE Dinos Ioannides
| EDITORIAL |
When Second is First
N
PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
George Michail
icosia may be the capital of Cyprus and the seat sea of government but when it comes to the economy, the residents of the island’s second-largest city have every reason to claim that Limassol is the real driving force behind the country’s success. International business, shipping and tourism are the country’s three main economic sectors; the first two are almost entirely Limassol-based, while the city earns a major slice of the lucrative tourism market. For our cover story in this issue, we return to a listing that we first compiled in December 2013. Then, we presented over 120 Limassol-based companies active in all sectors. Now, we have expanded the list to more than 150, in recognition of the fact that business in the city has grown, despite the effects of the crisis that affected the whole island more than two years ago. In addition to speaking to Costas Galatariotis, Chairman of the Limassol Chamber of Commerce & Industry, which has played a key role in promoting Limassol for more than half a century, we also asked senior figures from a number of Limassol-based business associations for their views on why their home base continues to deserve its nickname ‘the dynamo of the Cyprus economy’. Last month we introduced our redesigned magazine to you and I am delighted to report that your response has been extremely positive. In fact, we have never received so many e-mails and calls from readers in Cyprus and abroad since we launched Gold in April 2011. Thank you for making the effort to contact us. In addition to our cover story, this month we present a wide variety of interviews and features covering a broad spectrum of topics and sectors from AON Hewitt’s new Provident Fund (page 16), Carrefour Cyprus’ 10th anniversary (page 102), the newly-formed Cyprus-Kuwait Business Association (page 106) and Nordic cooperation (page 104) to Limassol Marina’s first year (page 98), the future of the Cyprus Cooperative Movement (page 100) and the forthcoming new International Financial Reporting Standard (page 20). In addition, Phidias Pilides, President of the Cyprus Chamber of Commerce & Industry, enthuses about his classic car collection (page 112), Andreas Athinodorou, CEO of the Aspen Trust Group, shares his management secrets (page 12), Alexandra Attalides, Acting head of the European Parliament office in Cyprus, chats about politicians and more over lunch (page 116), Despina Panayiotou Theodosiou, President of WISTA Cyprus, talks about her most memorable travel experiences (page 119), and Dinos Ioannides, DHL Country Manager, tells us about life at work and at home in ‘A Day in the Life’ (page 122). Moreover, we have opinion pieces from Andrey Dashin, Founder of ForexTime (page 19) and Marios ChiromeJohn Vickers, rides, Managing Director of Connecor Investments (page 22) and Chief Editor our guide to what’s on over the next month. Enjoy it! john@imhbusiness.com 6 | GOLD | The Business Magazine of Cyprus
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Elena Leontiou
EDITOR-IN-CHIEF
John Vickers
JOURNALISTS
Kyriakos Demetriou, Effy Pafitis CONTRIBUTORS TO THIS ISSUE
Marios Chiromerides, Andrey Dashin, Andrew Lumley-Holmes ART DIRECTION
Anna Theodosiou SENIOR DESIGNER
Alexia Petrou
PHOTOGRAPHY
Jo Michaelides
MARKETING EXECUTIVE
Kevi Chishios
SALES & BUSINESS DEVELOPMENT EXECUTIVE
Stavros Epifaniou
ADVERTISING EXECUTIVES
Irene Georgiou, Christopher Constantinou OPERATIONS MANAGER
Voulla Nicolaou
SUBSCRIPTIONS
Myria Neophytou PRINTERS
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BUSINESS BRIEFING IN THE NEWS
MONEY
SALE OF 2015 EURO COINS
Walking and Talking Peace
President Nicos Anastasiades and Turkish-Cypriot leader Mustafa Akinci took a walk through the divided city VM 5PJVZPH [VNL[OLY VU 4H` PU H Z`TIVSPJ NLZ[\YL HM[LY [OL YLZ\TW[PVU VM YL\UPĂ„JH[PVU [HSRZ ;OL [^V SLHKers met at 11am at the Ledra Street checkpoint and walked to the occupied north of the old city of Nicosia. President Anastasiades spoke of his common vision with Mustafa Akinci to reunite Cyprus, thereby creating the most stable country in the region. “We know that we have a long way ahead of us. We know that we will MHJL KPɉJ\S[PLZ )\[ ZPUJL V\Y ]PZPVU PZ H ZOHYLK VUL 0 ILSPL]L [OH[ ^L ^PSS IL HISL [V OLHS [OL ^V\UKZ [OH[ have been open for decades,â€? he said. Akinci later joked: “It is believed that we Greek Cypriots and Turkish Cypriots are very good at eating and drinking together but when it comes to the negotiating table we are not HZ NVVK :V ^L ULLK [V WYV]L [OL VWWVZP[L š 9L\UPĂ„JH[PVU [HSRZ YLZ[HY[LK VU 4H` ^P[O HU L_JOHUNL VM JVUĂ„KLUJL I\PSKPUN TLHZ\YLZ HUK [OL SLHKLYZÂť TLL[PUNZ HYL ZL[ [V JVU[PU\L [^PJL H TVU[O HKLYZ TLL[PUNZ HYL HYL ZL[ L ZL[[ [V JVU[PU\L [^PJL H TVU[O
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BANK OF CYPRUS â‚Ź29 MILLION NET PROFIT IN Q1
MOTORIN G
Vasilikos Storage Terminal Inauguration on President Anastasiades inauguratated the storage and management terminal for petroleum products at Vasilikos on Friday 29 May. The facility, was designed and constructed by VTTI. VTTV CEO Rob Nijst said that Cyprus “has a truly advantageous geographic position to become a regional energy hub. With large refineries being built in the Middle East, the market expects more vessels’ traffic moving oil products through the Suez Canal bound for the Mediterranean markets, and such cargoes will need to be re-sized at a convenient oil terminal to meet regional requirements.� The facility currently comprises of 28 tanks with a capacity of 544,000 cubic meters, and offers access to a deep water marine jetty as well as to road tanker loading facilities.
8 | GOLD | The Business Magazine of Cyprus
The Central Bank of Cyprus (CBC) has announced the sale of Cyprus euro coins minted in 2015. Only 100,000 pieces per denomination have been produced, of which 7,000 pieces have already been used by the CBC in the preparation of equal number of coin sets. The coins on sale are euro circulation coins of all denominations, in uncirculated conKP[PVU ;OL JVPUZ ^PSS VUS` IL VɈLYLK in rolls and at a nominal amount plus handling (5% on nominal amount), dispatch, insurance charges and VAT (where applicable).
CAR Sales Up Car registrations in the Ă„YZ[ MV\Y TVU[OZ VM YLJVYKLK HU PUJYLHZL VM JVTWHYLK ^P[O [OL JVYYLZWVUKPUN WLYPVK VM 5L^ JHY YLNPZ[YH[PVUZ YLHJOLK \W I` ^OPSL \ZLK car registrations recorded an PUJYLHZL VM `LHY VU `LHY [V :HSVVU JHY YLNPZ[YH[PVUZ U\TILYLK HU PUJYLHZL VM JVTWHYLK ^P[O ZVSK PU [OL WYL]PV\Z `LHY ;V[HS JHY YLNPZ[YH[PVUZ OH]L YPZLU PU LHJO VM [OL Ă„YZ[ MV\Y TVU[OZ VM 1HU\HY` -LIY\HY` 4HYJO (WYPS
The Bank of Cyprus Group anU UV\UJLK Ă TPSSPVU HM[LY [H_ WYVĂ„[ attributable to the owners for the quarter ending 31 March 2015, compared c to a loss of â‚Ź337million in the fourth quarter of 2014. On 31 March 2015, gross loans and cusM tomer to deposits totalled â‚Ź24.1 billion and â‚Ź13.6 billion respectively, with a the L/D ratio improving to 138%, compared to 141% on 31 December 2014.
G.A.P. VASSILOPOULOS EXPANDS TO BELGIUM
The G.A.P. Vassilopoulos Group is further expanding its reach, having signed a Master Agency agreement to represent Western Union in Belgium. The Cyprus-based group is already responsible for the workings of Western Union – the World-wide leader in International Money transfers with a network of over 500,000 points in more than 200 countries – in Cyprus, the UK, Israel, the Netherlands and Luxembourg. G.A.P Vassilopoulos’ business plan for operations in Belgium provides for the development of a network of 500 associates throughout the country.
THE MARSHALL ISLANDS FOREX RETAIL
TOMMY HILFIGER at Kings Avenue Mall
A
new Tommy Hilfiger store has opened at the Kings Avenue Mall in Paphos, making it the third in Cyprus and the latest addition to a growing portfolio of Tommy Hilfiger locations worldwide. The store is operated by Stazo Trading Ltd.. The Kings Avenue Mall store showcases the latest Spring/Summer 2015 Tommy Hilfiger collections, in a new store design concept that highlights men’s sportswear, women’s sportswear, and accessories in dedicated areas that celebrate the unique vibe of each category.
CYPRIOT BUSINESS COMPANIES WIN EUROPEAN BUSINESS AWARDS
G
reen Dot Public Co. Ltd and Remedica Ltd were awarded the Ruban D’Honneur at this year’s European Business Awards sponsored by RSM, at a ceremony at London’s Hilton Park Lane Hotel in May. The awards recognize and reward entrepreneurship, good practices and innovation across Europe. About 24,000 companies from 33 countries participated in this year’s competition, surpassing the number of last year’s WHY[PJPWH[PVUZ HUK PUJYLHZPUN JVTWL[P[PVU ZPNUPÄJHU[S` The winners for each of the 11 categories of awards were announced at the Ceremony. Two Cypriot companies were ZLSLJ[LK MVY [OL ÄUHS HUK H^HYKLK [OL 9\IHU K»/VUUL\Y The title is awarded to the ten best companies from all over Europe in each category. Green Dot Public Co Ltd won the Ruban d’Honneur in the Environmental & Corporate Sustainability category, while Remedica Ltd’s award was in the Import/Export category.
Corporate Registry
FOREX
President Inaugurates Park Donated by IronFX Global
P
resident Nicos Anastasiades recently inaugurated the Grigoris Afxentiou Public Park, located adjacent to the IronFX Global Headquarters in Limassol. Donated by IronFX Global as part of its Corporate Social Responsibility initiative, the park was officially opened by the President, the Mayor of Agios Athanasios, Kyriakos Hadjittofis, the CEO & Chairman of IronFX Global Markos Kashiouris, and Co-Founder & Board Member Petros Economides. Other dignitaries included the Bishop of Amathus and the Commander of the National Guard.
FXTM Launches Russian Website
L
eading forex brokerage firm ForexTime (FXTM) has announced the launch of its Russian-language website. This development is a result of “high demand” from Russian investors, FXTM representatives have revealed, and follows the addition of the Thai, Malay and Urdu languages to the site. Having established a global presence in European, Asian and Middle Eastern regions, FXTM has reaffirmed its commitment to make its website available in as many languages as possible.
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tel: +30 210 4294 404 piraeus@register-iri.com
www.goldnews.com.cy | GOLD | 9
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BUSINESS BRIEFING
TRAVEL &TOURISM
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Aphrodite Hills has been honoured by the World Luxury Spa Awards which recently named it Best Luxury Resort Spa in Cyprus. The awards are presented to luxury ZWHZ PU KPɈLYent categories on a country and global basis. Meanwhile, the Aphrodite Hills Golf & Spa Resort Residences have received a TripAdviZVY *LY[PĂ„JH[L VM Excellence award.
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Since 3 June, Qatar Airways has operated a daily direct service from Larnaca to Doha to help meet demand for both leisure and business travel. (SS ÅPNO[Z VU [OL Doha-Larnaca route will be operated with Airbus A320, featuring a two-class conÄN\YH[PVU PUJS\KPUN up to 12 seats in Business Class and up to 132 seats in Economy Class.
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The Classic Hotel, was recently awarded a 2015 Trip Advisor *LY[PÄJH[L VM ,_JLSlence and recognised as a Top Performing Hotel for the fourth consecutive year by the world’s largest travel site. The WYLZ[PNPV\Z *LY[PÄJH[L of Excellence Award recognises establishments that consistently earn great Trip Advisor reviews from travellers and achieve to deliver excellent hospitality services to customers.
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he Nicosiabased corporate and trustee service group, Bizserve Consultants, has appointed Antigone 2VYĂ„V[P HZ [OL NYV\WÂťZ UL^ Head of Corporate and Legal (ɈHPYZ 2VYĂ„V[P ^OV QVPULK [OL Ă„YT HZ HU HZZVJPH[L SHZ[
Cyprus’ beaches have been named the cleanest in Europe for the 10th consecutive year, with a total of 57 local coastal areas receiving Blue Flag JLY[PÄJH[PVU [OPZ year. In addition, many more beaches were declared to be excellent swimming spots by the Foundation for Environmental Education (FEE). After Cyprus came Greece, Croatia, Germany and Malta.
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The number of tourist arrivals rose by PU [OL ÄYZ[ quarter of 2015, a further indication of the successful summer season that industry experts have predicted. In April 2015 alone there was an 11.3% increase year-on-year, with visitors numbers reaching 201,495. The data is based on the results of the Service’s most recent Passenger Survey.
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Three airlines – Cobalt Air, Tous Air and Orion – have applied to the Civil Aviation Department for an operating licence in Cyprus. Transport Minister Marios Demetriades has expressed the hope that, if licensed, the airlines will employ local personnel, and noted that Cyprus’ connectivity with destinations in Europe will improve with the addition of more airlines.
PEOPLE
year, specializes in corporate, commercial and European law and she has a broad academic knowledge and practice in banking law. Prior to becoming an associate of )PaZLY]L *VUZ\S[HU[Z 2VYĂ„V[P worked for two of the biggest SH^ Ă„YTZ PU *`WY\Z I\PSKPUN extensive professional experience. She has been a member of the Cyprus Bar Association since 2011. She received her LLB Law with Honours from the University of Bedfordshire and an LLM in European Law (commercial) from the University of Leicester.
10 | GOLD | The Business Magazine of Cyprus
)S\L -SHN Beaches
TR &TOUARVEL ISM
NE PROD W UCT
KEO Launches Cyprus’ First Light Beer
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Real Estate >LIZP[L MYVT *VVWLYH[P]L Central Bank
T
he Cooperative Central Bank has set up a real estate website which will serve as its main portal for information on issues regarding its property portfolio. The Bank says that the website was created with a view to promoting the sale of property in the Bank`s and the Cooperative Credit Institutions` portfolio as well as real estate for which assisted sale is being implemented. The website
REA ESTATL E
currently accommodates 43 properties worth approximately â‚Ź33 million. A description, photos and other information about each property is provide on the website, which also provides a search function based on three criteria (district, type of property, target sale price). Properties will be made available through an open bidding procedure and bids must be submitted in writing. Those interested can visit www.ccb.coop. com.cy or www.realestate.coop.com.cy
Cyprus Team Wins NASA Space Apps Challenge
T
he ‘Arachnobeea’ project from Cyprus has won the NASA International Space Apps Challenge in the Best Mission Concept. The project was the runner-up in the Space Apps Challenge Limassol 2015. Arachnobeea, a ‘quadcopter drone’ resembling a spider and a bee and designed to fetch items for astronauts, was selected by a NASA judging committee as one of the six global winners from more than
INNOV ATION
950 projects from 135 locations worldwide. The Cypriot team won the international competition in the ‘Best Mission Concept’ category. Team Leader Aleksandar Bozic said that they were very proud to be among the top six in the ^VYSK HUK Ă„YZ[ PU [OLPY JH[egory. He did not rule out the
possibility that NASA might use some parts of the Cypriot project on the International Space Station. The team, which will be invited by NASA to watch the launch of a resupply ship to the International Space Station in September, is made up of members from Cyprus, Ukraine, Serbia and Armenia.
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www.jordanstrustcompany.com www.goldnews.com.cy | GOLD | 11
MY WAY
Andreas Athinodorou
CEO, Aspen Trust Group
MANAGERS ARE CHARGED WITH FAR MORE THAN PRESIDING OVER THEIR FIRMS; THEY ARE RESPONSIBLE FOR THE PROFESSIONAL DEVELOPMENT OF THEIR EMPLOYEES AND INFLUENCING POSITIVE CHANGE IN THEIR INDUSTRIES AT LARGE. ANDREAS ATHINODOROU, CEO OF ASPEN TRUST GROUP, DOES NOT TAKE THIS RESPONSIBILITY LIGHTLY. HERE, HE DETAILS HOW HE LEADS BY EXAMPLE, FACILITATING THE EVOLUTION NOT ONLY OF HIS SECTOR BUT ALSO HIS COUNTRY ALONG THE WAY.
“M
anagers frequently forget that the only constant thing in life is change; this limits our ability to foresee – and be proactive – regarding changes that might influence our companies and industries.”
“I
have many people to thank for all that I have learnt on the journey of my professional career – my business partner who trusted the ideas that we worked on, our employees who trusted our guidance and direction, and our clients who entrusted us with their wealth and businesses. In times of challenge, the upbringing I got from my father played a vital role in my career, motivating me to believe in myself even if I have to stand alone, and teaching me that that beyond winning, true strength lies in picking yourself up when you fall.”
“T
here are several key aspects to my management style. Firstly, I switch my focus between my long-term vision and the necessity for detailed immediate action. This has helped me develop a management style which allows me to detach myself from daily tasks to seek long-term gains, while at the same time leading my team by example and action. Secondly, I strive to bring out the best in my team; my expectations for service and quality are demanding and these apply both to myself and the people who work with me. Finally, I seek joy in the moment; I am open to enjoying every moment of my day, whether the experience comes from a challenge or a triumph.”
“M
y leadership style has been influenced by the entrepreneurial spirit and sense of a higher purpose in life through business. This combination has helped me and my team take risks in new areas of business and direct the company’s efforts in assisting the development of a better financial industry in Cyprus. A very powerful dynamic emerges when a team is encouraged to offer its best so as to achieve a higher goal and this is one of the main factors which has positioned our company as one of the industry opinion leaders and an example to follow both in Cyprus and abroad.”
“H
ow do I achieve a balance between life at work and at home? My children have inspired me to lead a life that is more balanced between creating innovation in business and enjoying the moment with the ones I love. I experienced time slip through my fingers when I missed them growing up while I was busy at work and this has given me the determination and commitment to savour every moment.”
12 | GOLD | The Business Magazine of Cyprus
“P
rofessionally, I admire Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates (UAE), and Emir of Dubai. He has managed to successfully develop his country and has applied many strategies which see Dubai operate like a perfectly organised and profitable company. He has motivated his people to dream beyond the deserts of Arabia and offered a hub for business and safe living in the trouble areas of the Middle East.”
Andreas %XLMRSHSVSY UYEPMÁIH EW a Chartered Accountant of the Institute of Chartered Accountants in England and Wales with PricewaterhouseCoopers before specializing in Corporate Finance and working as Group Finance Director in a number of companies in Cyprus. In 1998 he co-founded the Aspen Trust Group and was appointed CEO.
FIVE
MINUTES WITH
The Cyprus Securities and Exchange Commission recently launched its new website and updated RSS/social media services. What was the impetus behind these alterations to the ways in which the CySEC communicates? The CySEC is at all times concerned with the education of investors, as this strengthens its protection, which is at the forefront of our role. At the same time, the Commission aims to facilitate and enhance communication with its supervised entities, in order to ensure the continuous and immediate informing and updating of its obligations in accordance with the relevant supervisory and regulatory framework. Since we are living in an age of technology, we strongly believe that we should take advantage of the new tools appearing on the market in order to remain on track and enhance easy communication with all entities, as well as the general public. That’s why there are dedicated sections for investors on the CySEC website, providing a variety of information, services and tools to address Frequently Asked Questions. The CySEC is particularly concerned about the promotion of risky and complex financial products which may not be suitable for unsophisticated/retail investors. Therefore, it continuously strives to improve the methods and tools used to enhance the distribution and disclosure of information and investor awareness, and to improve its supervision mechanism/methodology, in order to further strengthen investor protection. What new features are offered on the revamped website? The most prominent feature of our website
DEMETRA KALOGEROU
(www.cysec.gov.cy) is the modern user-friendly design that provides clear and easy navigation and functionality. We have tried to achieve fast-loading pages, simplicity and good organisation, without overloading the website with content. The new RSS feeds comprise another important element, enabling users to be automatically and instantly notified regarding the latest news and features they want from the website. Furthermore, the site is linked to
Chairwoman of the Cyprus Securities and Exchange Commission
social media sites like Facebook and Twitter for faster and wider dissemination. Taking the rise in the use of mobile devices to access the Internet into consideration, we have also ensured that the CySEC website is accessible and viewable via mobile and tablet. We are in the process of further improving its mobile navigation by building a separate mobile-optimized design (mobile website).
In addition to these developments, the Commission has also launched a dedicated Web Portal, a step which will complete its transition to wholly electronic operations. What more can you tell us about this? The launch of the new CySEC portal is part of our continuous efforts to be proactive. The portal will feature notices and warnings issued by the CySEC and other foreign supervisory authorities regarding firms conducting unauthorised business in the their respective jurisdictions. Furthermore more, an online tool for the submission of inv investor complaints regarding licensed and n non-licensed entities is also available on the website. Additionally, a list of al all the supervised firms – for example C Cyprus Investment Firms, UCITS Funds and Managers, Alternative Funds and Alternative Management Companies – is displayed on the site, giving full details of their licence. IInvestors are encouraged to check th this list before deciding to establish a business bu relationship with any firm. The ttransition to wholly electronic operation ations will enable greater awareness of the Com Commission’s work. We recently carried out so some market research to determine the level of public awareness regarding our work. The survey found that 56% of those questioned knew of the Commission, and of those, 57% said its work was important; 53% said that it aided the correct functioning of the financial sector; 56% believed it protected investors’ interests and 50% believed it contributed to the development of the economy. These results are encouraging, pushing the CySEC to continuously improve methods and tools which will ultimately enhance the overall perception of regulatory transparency in Cyprus.
www.goldnews.com.cy | GOLD | 13
QUOTES OF THE MONTH
They Said What? Some of the more memorable remarks made by well-known Cypriots over of the past month.
â&#x20AC;&#x153;WHEN AN ELECTION WAS AROUND THE CORNER, THE NUMBER OF STAFF ALWAYS INCREASED.â&#x20AC;? EDEK CHAIRMAN MARIOS SIZOPOULOS
â&#x20AC;&#x153;A BIZONAL, BICOMMUNAL FEDERATION PROMOTES SEGREGATION ALONG ETHNIC AND COMMUNITY LINES; IT IS UNDEMOCRATIC AS IT EQUATES THE MAJORITY WITH THE MINORITY, VIOLATES CITIZENSâ&#x20AC;&#x2122; POLITICAL AND HUMAN RIGHTS... AND INTRODUCES RESTRICTIONS ON THE FREEDOM OF ESTABLISHMENT AND THE RIGHT TO PROPERTY.â&#x20AC;?
Kikis Lazarides, Cyprus Airways Chairman (1989-1993 and 2004-2010) explains how politics has traditionally ZRUNHG LQ &\SUXV
KIKIS LAZARIDES
â&#x20AC;&#x153;THE WAY TO PROTECT SMALL TO MEDIUM SIZE BUSINESSES IS NOT THROUGH LEGISLATION. THIS IS AN ANTIQUATED NOTION. IF THAT IS THE CASE, WHY STOP AT SHOPS? WHY NOT REGULATE RESTAURANTS TOO? WHY NOT PASS LEGISLATION STIPULATING FOR EXAMPLE THAT LARGE RESTAURANTS MUST BE CLOSED ON SUNDAY SO THAT SMALLER RESTAURANTS CAN BENEFIT?â&#x20AC;? Zeta Emilianidou, Minister of Labour, shows that she is much more intelligent than our Members of Parliament, who probably wish they had thought DERXW WKH UHVWDXUDQW LGHD Ă&#x20AC;UVW ZETA EMILIANIDOU
EDEK Chairman Marios Sizopoulos shows that he has QHYHU KHDUG RI %HOJLXP
â&#x20AC;&#x153;THE DECISION TO RENOUNCE THE BIZONAL, BICOMMUNAL FEDERATION WAS CERTAINLY WRONG.â&#x20AC;? House Speaker and former EDEK Chairman Yiannakis Omirou reveals that he is better-read WKDQ KLV VXFFHVVRU YIANNAKIS OMIROU
14 | GOLD | The Business Magazine of Cyprus
DEMETRIS SYLLOURIS
â&#x20AC;&#x153;A WALK DOESNâ&#x20AC;&#x2122;T DO ANY GOOD OR ANY HARM. LOTS OF WALKS, LOTS OF WANDERING AROUND WITH NO RESULT CAN DO A LOT OF HARM TO CYPRUS.â&#x20AC;?
Demetris Syllouris, Chairman of the European Party, gets all philosophical after Nicos Anastasiades and Mustafa Akinci walk together in WKH ROG FLW\ RI 1LFRVLD
ALECOS TRYFONIDES
â&#x20AC;&#x153;SELLING IS NOT INVESTING. I REPEAT THIS SO THAT THE PEOPLE OF CYPRUS UNDERSTAND THAT SELLING YOUR PROPERTY IS NOT MAKING AN INVESTMENT. AN INVESTMENT IS WHAT HAPPENS WHEN A FOREIGNER COMES AND SETS UP HIS OWN TELECOMMUNICATIONS COMPANY TO COMPETE WITH CYTA.â&#x20AC;? Alecos Tryfonides, General Secretary of the Cyta trade XQLRQ 3$6( VKRZV KRZ WKRVH GLFWLRQDULHV RI Ă&#x20AC;QDQFLDO WHUPV KDYH JRW LW DOO ZURQJ
SPECIAL PROMOTIONAL FEATURE
EUROFAST
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urofast is a regional business advisory organisation employing over 200 people in South East Europe and the East Mediterranean. Eurofast started its operations in 1987 as Eurofast Services operating within Euroglobal SEE Audit Limited (formerly known as BKR Damianou and Partners). In 2002, Eurofast assumed the tax and consulting divisions of BKR Damianou and, via a spin-off, became fully independent from the audit firm. Since 2006, Eurofast has undertaken the representation of Taxand Cyprus.
Our Network & People We operate through fully fledged offices in Nicosia, Athens, Thessaloniki, Sofia, Bucharest, Belgrade, Podgorica, Tirana, Skopje, Zagreb, Pristina, Banja Luca,
Sarajevo, Cairo, Alexandria, Tbilisi, Kiev, Moscow, Erbil and Beirut. All of our offices are interconnected via state-of-the-art technology and computer systems. Telephony and video conferencing facilities are also centralised; server and intranet systems ensure that otherwise remote locations adhere to even the smallest detail in our client service and philosophy; thus making us truly local experts with global knowledge. Every Eurofast office in the Region consist of teams ranging from 15-60 professionals with diverse backgrounds and experience including tax, legal, M&A, payroll, accounting, audit and consulting. We recruit professionals from various industries including law firms, financial services providers, listed companies and the public sector which enables us to offer our clients leading-edge solutions.
Our Services Over our 25-year history Eurofast has worked for, and continues to work with, many global brands and leading institutions operating in the manufacturing, retail, airline and professional services sectors offering a number of services including: s 0HUJHUV $FTXLVLWLRQV and Transactional Advisory s ,QWHUQDWLRQDO 7D[ s 7UDQVIHU 3ULFLQJ s $FFRXQWLQJ s 2XWVRXUFHG 3D\UROO DQG Employment solutions s +5 DGPLQLVWUDWLRQ s &LWL]HQVKLS ,PPLJUDtion Services s &RUSRUDWH 6HUYLFHV s %XVLQHVV 5HVWUXFWXULQJ
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Our Competitive advantage s $ELOLW\ WR DGGUHVV DOO FOLHQW QHHGV LQ all the countries of the Region in one single meeting, using one single language for all the countries involved. s $ PXOWLFXOWXUDO WHDP RI SURIHVVLRQDOV including Russian, Bulgarian, Romanian, Serbian, Georgian, German and French-speaking team members s 8QLIRUP UHJLRQ ZLGH PDQDJHPHQW policy with the same client focused approach and partner-led personal service. s :RUOGZLGH PDUNHW UHFRJQLWLRQ IRU LWV exceptional advice, capabilities and innovation in the area of M&A and international tax planning. s 8S WR GDWH ZLWK WKH ODWHVW GHYHORSPHQWV in the Region in tax, accounting and legal.
Contact Information: Cypress Centre 5, Chytron Str P.O Box 24707 1302 Nicosia, Cyprus Tel: +357 22 699 222 Fax: +357 22 699 004 info@eurofast.eu www.eurofast.eu.
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| PENSIONS |
Putting Provident Funds on the Map 16 | GOLD | The Business Magazine of Cyprus
(65 /,>0;; 0: ;/, >693+Âť: 3,(+05. 05+,7,5+,5; 796=0+,9 6- ),5, -0;: (+4050:;9(;065 :,9=0*,: (+4050:;,905. ),5,-0;: -69 469, ;/(5 4033065 7,673, (5+ ;/, 3(9.,:; .36)(3 9,;09,4,5; 05=,:;4,5; *65:<3;05. -094 >0;/ ;9033065 (::,;: <5+,9 (+=0:,4,5; -6336>05. 0;: 9,*,5; (556<5*,4,5; 6- ;/, 3(<5*/ 6- 0;: M<3;0 ,4736@,9 A65 /, >0;; P96=0+,5; -<5+ 4(7 -69 *@79<: .63+ :762, ;6 7/030776: 4(55(9 0: 7(9;5,9 05 (65 /,>0;;Âť: 9,;09,4,5; 05=,:;4,5; 79(*;0*, ()6<; ;/, ;/05205. ),/05+ ;/, 5,> -<5+ (5+ >/@ /, ),30,=,: ;/(; ,4736@,9: 65 ;/, 0:3(5+ >033 :,0A, ;/, 67769;<50;@ ;6 7(9;0*07(;, 05 0; )@ 16/5 =0*2,9: Gold: Why has Aon Hewitt decided to create the MAP Fund? Philippos Mannaris: Provident Fund management presents companies and their employees with real issues: How can employers help their people save more and make better decisions? How can employers be sure theyâ&#x20AC;&#x2122;re making the smartest decisions and lowering their risk level while increasing plan transparency, efficiency and opportunities? Our new MAP solution combines best-inclass administration with an unsurpassed investment approach delivered by Aon Hewitt, the worldâ&#x20AC;&#x2122;s leading independent provider of benefits administration services administering benefits for more than 22 million people and the largest global retirement investment consulting firm with $4.6 trillion assets under advisement. For decades, weâ&#x20AC;&#x2122;ve been at the leading edge of human resources benefits administration and become a leading force in Defined Contribution Provident Funds, with 5.5 million participants globally including 3,000 participants in Cyprus under administration. The dynamics of the market, your risks and employeesâ&#x20AC;&#x2122; needs are constantly changing. We understand the real barriers to successful retirement planning. Weâ&#x20AC;&#x2122;ve worked with leading companies in many industries and we know the strategic, investment, operational and behavioural issues theyâ&#x20AC;&#x2122;ve faced in implementing a retirement plan that requires both employers and employees to shift their perspectives and their behaviour. Now weâ&#x20AC;&#x2122;re channeling all that expertise into a simple, yet sophisticated Provident Fund solution. Our clients want zero bias, better diversified portfolios, more effective risk management, operational excellence and features that help employees make better decisions. So, thatâ&#x20AC;&#x2122;s exactly what we have designed. Gold: Why would an employer prefer to contribute to the MAP Fund rather than operate its own Provident Fund? P.M.: As regulations and legislation in-
crease, managing a Provident Fund becomes more complex. Keeping up with all this takes time away from the strategic thinking that can lead to more robust retirement outcomes. Meanwhile, the more attention employers expend on these issues, the less they are able to focus on their core business priorities. One answer is delegation. MAP enables employers to delegate governance and management responsibility and administrative services to the experts, allowing companies to re-focus their attention to what matters most to them. Achieving the best possible member outcomes is always the fundamental aim of a Provident Fund, whichever structure it adopts. But the nature of Defined Contribution schemes is that a memberâ&#x20AC;&#x2122;s individual pension pot at retirement is directly influenced by both the investment approach adopted and market movements at any one time. That brings the need for adopting the most efficient approach very clearly into focus. By taking the delegated approach, members enjoy improved governance and execution of longer-term strategies, while giving themselves the chance of achieving the best outcomes. Gold: Does that mean that you are targeting small and medium size firms rather than large ones? P.M.: MAP is set up to accommodate large corporates as well as small and medium size firms. Retirement income adequacy has become a hot topic for most employers and their employees. Employers realize they face serious workforce issues if employees fail to
adequately prepare for retirement. Employees increasingly concede their responsibility in preparing for retirement, yet often do not take the steps needed to adequately prepare. Government officials see the dramatic changes in the retirement system and question whether employees will accumulate enough resources to retire. The key question remains, â&#x20AC;&#x153;Will employees have enough money to retire, and to what standard of living?â&#x20AC;? Aon Hewittâ&#x20AC;&#x2122;s MAP solution keeps employers and their employees ahead of the current issues in retirement strategy and planning. Gold: Can a self-employed person join the Fund? P.M.: No. MAP is primarily designed for 2nd pillar retirement provision addressed to corporates that have a minimum headcount. Individuals wishing to enhance their retirement security can seek solutions within the 3rd pillar system primarily served by the Insurance industry. Gold: You state that â&#x20AC;&#x153;one of the biggest issues in provident fund administration is ensuring that participants are making smart choices and investing enough for their futureâ&#x20AC;?. How are they expected to make such â&#x20AC;&#x2DC;smart choicesâ&#x20AC;&#x2122;? P.M.: Our intuitive, highly accessible administration allows employees to stay informed and up-to-date. Our MAP is also flexible enough to meet the diverse needs of our clientsâ&#x20AC;&#x2122; employees through a simple, streamlined experience that helps them navigate complex decisions and provides
When it comes to helping employees make better decisions, sophisticated yet simple choices HYL TVZ[ LÉ&#x2C6;LJ[P]L www.goldnews.com.cy | GOLD | 17
| PENSIONS |
probability of losing nominal value of assets in the long term. Gold: By offering these three investment options, doesn’t this mean that participants need to have a certain amount of investment knowledge, which many people don’t? P.M.: The MAP Fund helps deliver a streamlined menu of investment strategy choices that contain sophisticated invest-
Retirement income adequacy has become a hot topic for most employers and their employees
the help they need along the way. Our multi-channel platform gives employees the ability to choose the communication and transaction channel they’re most comfortable with, but delivers an experience across channels that drives consistent behaviour. The primary investment objective for all options is to invest prudently so that the reasonable expectations of members can be met at the level of risk chosen by the member. The objectives set relate to the real value of the members benefits and thus risk and return objectives are linked to inflation.
Gold: Tell us about the three options. P.M.: The Defensive Option is designed to provide a high probability that the return on your fund will be at least equal to the inflation over time, plus a small margin in order to reduce as far as possible the risk to you. This would usually be suitable for people with shorter-term horizons or those who do not want to have annual fluctuations in their report. The Moderate Option is designed to provide a higher long-term return in a balanced way, aiming to provide moderate fluctuation in values but offer good growth potential, They are usually suitable for people looking for medium- to long-term horizons. The Growth Option is designed to provide higher long-term return but minimize the
18 | GOLD | The Business Magazine of Cyprus
ment opportunities. We believe that when it comes to helping employees make better decisions, sophisticated yet simple choices are most effective. Success isn’t about having more choices. It’s about having smart choices and being smarter about them. The choice of investment options is one of the most important that employees will have to make as members of MAP. The MAP Fund will provide some general guidance on what is risk and return and how to balance this, based on each one’s preferences, but individuals may also wish to take independent personal financial advice. When an employer joins the MAP Fund, its employees can choose one investment option or a mix of options. If a member does not want to choose a strategy, they will automatically be enrolled in the default strategy. Gold: How much will an employee and his/her employer pay into the Fund? P.M.: Employers and their employees maintain full flexibility in designing their benefit section i.e. the definition of the eligibility criteria and the contribution schedule applicable remains at the discretion of each employer, enabling thus alignment with each company’s benefit philosophy. Gold: What happens if an employee leaves the company and is employed by another one which has its own or no Provident Fund? P.M.: Upon resignation from a Participating Employer, the member is entitled, un-
der the Law, to receive his/her Provident Fund benefits. The Administrative Committee may accept a request from that Member or group of Members transfer the cash equivalent of the Member’s accrued benefits in the Fund (“Transfer-out Payment”) to another approved Registered Provident Fund in Cyprus or abroad. Gold: What kind of feedback have you had at this early stage from potential members, both employers and employees? P.M.: Recent global Aon Hewitt research shows that more than three-quarters of employers have made efforts to reduce fund or plan expenses in their Defined Contribution plans over the past two years. The MAP Fund gives employees and employers the benefit of a more cost-effective institutional solution, with reduced investment costs and an all-inclusive fee for administration. Importantly, this is all delivered with complete fee transparency. Our clients in Cyprus have welcomed the new solution which provides them with a new alternative for their Provident Fund management strategy. Gold: Will you and your own employees join the Fund? P.M.: Yes. Aon Hewitt Cyprus and all of our Cyprus-based colleagues participate in the MAP Fund. We have also started the relevant cross-border notification procedure stipulated by the relevant regulatory authorities in the EEA to accept Aon Hewitt Greece and our Greek colleagues into the Fund. Creating better Provident Funds has been a key aim for us for some time. That means delivering a more effective investment approach, capable of greater speed of action, using best in class fund managers and better diversification – all with the ultimate aim of Better Member Outcomes. For more information about the MAP Fund, visit http:// map.fund/
Opinion
CTRL+ALT+DELETE A RECESSION IS THE PERFECT TIME TO RE-IMAGINE, RE-INVENT AND RESTRUCTURE YOUR COMPANY. By Andrey Dashin
R
trends and decisive enough to ecession. A take appropriate action at the word with so appropriate time. You do not many negative need to cut budgets, and especonnotations – cially the most common victim unemployment, of such actions – the marketing bankruptcy, budget. You simply need to be closure, loss. Over the past few more selective and more aware years, the public has been subject of your options. Be wise and to horrifying discussions, assumpstrategic with your spending, tions and predictions regarding its according to the expected ROI. future. As a result, fear, uncertainty After all, reducing your comA and stress have taken over our munication with your clients/ everyday lives. During a recession, customers and minimizing people find themselves desperate your presence in the market for good news, positive developwill only make your brand less w ments and hope that things will get vvisible, which consequently better tomorrow. We end up living harms your public image. If in a negative environment, which you want people to find you, inevitably leads to an even further you need to let them know deterioration of the situation. that you are – still – available What’s important to realize is that to them. we cannot expect positive things A recession is the perfect to happen if we don’t change our time to re-imagine, re-invent and restructure attitude towards everything around us. MainInfo: Andrey Dashin is the your company. It is a great opportunity to evaluate taining a negative attitude towards any situation founder of ForexTime Ltd (FXTM), your current position and rethink your approach. only makes things worse as new obstacles apChairman of the Board of Directors and a shareholder of the Alpari Adaptability to change and evolution are vital for pear in the way, making it even more difficult brand. The content of this article any business but we tend to forget and underestito move forward. comprises personal opinions and ideas and should not be taken or mate their significance. Audiences change, trends Instead of over-thinking and over-analyzing misunderstood as investment advice. change, perceptions change. If you don’t manage everything bad that has happened, why not start to follow and be part of the change, you will be lost planning how to make good things happen? Why not seize the opportunities that arise and use the previous in market space. Therefore, embrace the opportunities for change given to you by the recession and re-establish your business. situation as a learning reference? And don’t ever lie to yourself It is often said that when a door closes, a window opens. During that there aren’t any opportunities for you; that just means that a recession, this translates to the multiple opportunities that can you choose not to see them. It is all about perspective. In the only be identified by an open mind and a positive attitude. It is up midst of a crisis, you can choose to reset the system and start to the optimist, the fast-thinker, the mentally strong, the one who from scratch. Go back to basics with the knowledge you have cannot bear to lose – the great leader drawn from your recent tortur– to look for ways to get out of the big ous experience. Use the strength IN THE MIDST black hole and head up a bright, shiny you have gained to pull yourself staircase. up and start taking baby steps OF A CRISIS, At the end of the day, always rememagain. YOU CAN CHOOSE TO ber that it only takes one courageous To be successful in busiRESET THE SYSTEM AND person to step up and then others will ness, you need to be insightful START FROM SCRATCH follow. enough to foresee upcoming www.goldnews.com.cy | GOLD | 19
| ACCOUNTING |
By John Vickers
IS THERE A DY ALREA ORK FW LOT O ON GOING HE DT BEHIN S SCENE
20 | GOLD | The Business Magazine of Cyprus
PHILIPPA KELLY, MANAGER, FINANCIAL SERVICES ASSURANCE IN THE FINANCIAL SERVICES FACULTY AT ICAEW (INSTITUTE OF CHARTERED ACCOUNTANTS OF ENGLAND AND WALES), WAS IN CYPRUS LAST MONTH FOR A TWO-DAY MEETING WITH MEMBERS OF THE INSTITUTE IN NICOSIA AND LIMASSOL. SHE SPOKE TO GOLD ABOUT THE PURPOSE OF HER VISIT AND THE CHANGES THAT THE FORTHCOMING INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS 9) WILL BRING TO THE AUDIT PROFESSION AND, IN PARTICULAR, TO BANKS AROUND THE WORLD.
P
hilippa Kelly is a qualified chartered accountant, who joined ICAEW in 2012 following five years with PwC in the assurance practice, working in both the UK and Australia. She studied law at university but, as she recalled when we met in Nicosia, “I decided that I was more interested in pursuing a career in business, so I applied to PwC and did my training there. During that time I developed a greater interest in the broader policies, developments and scope of the accounting profession, and that’s how I ended up with ICAEW.” In the wake of the LIBOR scandal (a series of fraudulent actions connected to the London Interbank Offered Rate which were uncovered in 2012 when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades), Philippa Kelly was involved in the development of the faculty’s Guidance Assurance Reports on Benchmarks and Indices. “The response to that project has been really positive, she said. “The first regulatory settlements and judgments following the scandal included an audit requirement but the banks and their auditors didn’t know precisely what was meant by it. So we decided that we needed to think pragmatically and proactively about this new area in which auditors were going to have to be involved and to which their clients would be subject.”
ICAEW concluded that it would be helpful to develop a consistent framework that could be used by auditors who would be aware of what was viewed as best practice across the industry. “This also helps manage the expectations of people within the banks and other organisations who have auditors looking at areas they may never have looked at before,” said Kelly, explaining that it will also help them understand how they need to formalise processes that may well be in place but haven’t previously been examined in the same way as financial reporting processes. Both she and ICAEW hope that Financial Services Assurance is something that will increase public confidence in the banking sector. “Where complex organisations are concerned, anything that can shed more light and transparency on how information is being produced and the processes around it can help,” she said. One of the reasons behind Kelly’s recent visit to Cyprus was to talk about the new International Financial Reporting Standard and, as she explained, “to share our latest thinking on IFRS9 and how banks are preparing for it with our sizable contingent of members on the island.” Knowing that Cypriots are not known for preparing for anything well in advance, I asked whether the people she
had been addressing were not of the view that the date on which IFRS9 becomes effective (1 January, 2018) is rather a long time into the future. “They are, though not only in Cyprus!” she acknowledged, while going on to explain that “All these things take time. Banks in particular may have to change or build new systems, adjust the way they look at risk, get various parts of the organisation talking to one another when they may not have had to do so before. “Two and a half years may seem a long way away but this is a massive project. In some ways, 2018 is just around the corner. Although we may not see its impact on the market for a while, there is already a lot of work going on behind the scenes.” The main point of IFRS9, Philippa Kelly explained, is to present a clearer picture of the risks that banks face on the balance sheet, to facilitate the capture of more information than they would previously have done and to use it subsequently in their results. “Ultimately it is a project that was driven by the financial crisis and it applies to all companies,” she said, adding that “It will hopefully help them present more relevant and reliable information to their investors.” Although IFRS9 will apply to all companies, the new accounting standard will be particularly important to the banks which, Kelly said, will face the biggest
THE NEW ACCOUNTING STANDARD WILL BE PARTICULARLY IMPORTANT TO THE BANKS, WHICH WILL FACE THE BIGGEST CHALLENGE IN IMPLEMENTING IT
challenge in implementing it. “The main difference is the move from the incurred loss impairment model to the expected loss model. Put simply, this means that where previously we would have had backwardlooking indicators and an event would have to happen before a bank would be required to make a provision against a loan, the bank will now have to make a forward-looking assessment of how they expect borrowers to be able to repay it or where there may be difficulties. That is going to require a lot more information, experience and judgment. Basically everyone wants to see a more accurate reflection of the risks on the banks’ loan book.” This is reminiscent of what the ECB Stress Tests are all about and Philippa Kelly agreed that various authorities in Europe and elsewhere are trying to make banks pay greater attention to the risks involved with loans. Similarly, the stricter requirements governing Tier 1 capital ratios are part of the same trend. The purpose of any change to financial reporting standards is to improve them and efforts are being made to ensure that financial institutions around the world are functioning in the same way. ICAEW members work all over the world and, Philippa Kelly said, “It’s good to realise that, wherever in the world we are, we are all dealing with similar issues. But that means that we all need to prepare for a major change such as IFRS9. That naturally includes banks, companies and auditors in Cyprus and I am very happy with the interest shown by our members here.”
www.goldnews.com.cy | GOLD | 21
Opinion
MATCHMAKING FOR BUSINESS HIRING A BUSINESS INTERMEDIARY IS LIKE ASKING YOUR MOTHER TO FIND THE PERFECT BRIDE!
D
By Marios Chiromerides
your business or investment opoes the perfect portunity may age and diminish bride exist? in value, due to micro- or macSome might say ro-economic factors. yes though the And if you decide to do it experienced mayourself, what will the rest of jority will most the “family and friends” – your probably say the opposite! But just clients, your partners, your as your mother knows you inside employees – think while you out and wants the best for you, so are running around in search of does a qualified and knowledgeable the perfect bride? On the other business intermediary, when he has hand, your mother would be spent enough time listening and very discreet when talking about understanding your business. Once you, as a business intermediary you open your books and explain the would. Confidentiality is very value of your business, he will know important; you definitely don’t how to promote your qualities and want to spread the word that you you can be guaranteed a mother’s are looking to partner for a perattention! centage of your business! Business intermediaries are well And what about your raconnected. Through their affiliatios and financials? Have you tions, their network and their attendthought about calculating them ance of conferences and industry or do you think your perfect forums, they know who is out there bride would never ask? These need to be well-prelooking at your business, in the same way that Info: Marios Chiromerides is sented and verified, since past performance is most your mother networks during her tea parties and Managing Director of Connecor Investments in Cyprus, a business probably of the essence regarding your future chats with her lady friends about their mature, transfer agency providing expert promises! How about your existing business? Are qualified, single offspring, who also happens to transaction management to private businesses and companies, during you going to risk losing transactions in order to have an excellent “upside potential”! the transition period when the roadshow a capital-finding exercise? You would do Your mother is definitely going to paint a rosy ownership of a business or company changes hands. www.connecor.com much better to focus on running your business, picture when it comes to communicating your maintaining profitability, solving problems and profile and she knows your SWOTs very well. keeping an eye on your competition, while allowShe will find ways of persuading a prospective ing a “guardian angel” to find the perfect partner instead. partner that some of your bad habits can be overlooked and how, Finally, you may be disappointed if the first few “dates” turn with a few twists here and there, those weaknesses can be turned out badly, but neither your mother nor your business intermediary into strengths. A business intermediary can do the same. will be disappointed if good prospects Is it better to do it yourself or don’t materialize immediately. They should you hire a business interboth have the right incentives to ensure mediary to match your business YOU HAVE GREATER that this matchmaking exercise succeeds! with an equity partner or to sell CHANCES OF So take advantage of it and hire a your business altogether? Well, SUCCEEDING IN FINDING business intermediary today. You have perhaps you can do it yourself though it may take you a few AN EQUITY PARTNER OR greater chances of succeeding in finding years and, in some cases, it may SELLING YOUR BUSINESS an equity partner or selling your business through a business intermediary. If never materialize. Are you willing THROUGH A BUSINESS you have any doubts, you can still ask to wait? Probably not, as time is INTERMEDIARY your mother! of essence. If you wait too long,
22 | GOLD | The Business Magazine of Cyprus
presents the 11th CFO
T
he 11th CFO Management Forum, presented by EY and organised by IMH on 26 June at the Hilton Park Hotel in Nicosia, will address one of the most important issues (possibly THE issue) affecting the Cyprus business world today: corporate restructuring. Extremely high leverage and debt levels, in conjunction with years of poor management and inefficiency, have resulted in an urgent need for corporate restructuring. The Forum will also examine what exactly the new insolvency and foreclosure legislation entails and how it will affect banks’ non-performing loans. For Cypriot companies, the economic environment in recent years has brought growth and expansion to a halt. The crisis has turned the spotlight on CFOs and raised their profile and their importance within organisations. After years of consolidation, cost-cutting and rationalisation, they now need to reset their companies’ ambitions from survival to becoming sustainable. Cyprus’ recent legislation governing insolvency and
Corporate turnarounds Management and debt restructuring Forum, presented for Cypriot companies by EY, organised by
IMH 26 June, Hilton Park Hotel, Nicosia
foreclosures aims to pave the way to debt restructuring and to increase the liquidity and sustainability of Cypriot firms and banks. These new developments also mean that Cyprus is on track with the bailout agreement; however, there are grey areas in the new legislation that creates ambiguity regarding what exactly general managers and CFOs must understand in these new laws in order to help their business move forward. Nowadays, the CFO has the most important role to play in turning around a troubled corporation. There is probably no other time when the role of the CFO is more critical, more demanding and, at the same time, more professionally rewarding than in a turnaround situation. The 11th CFO Management Forum aims to help companies resolve urgent situations and implement change so that they can return to solvency. Financial distress has been lingering over Cypriot companies for some time, and it is time for them to reset their ambitions from survival to success. The Summit programme includes the following topics and speakers: • ;OL *OPLM -PUHUJPHS 6ɉcer as a catalyst for positive results in the operations of enterprises and organisations, presented by Athanasios Mavros, Partner,
Advisory Services, Performance Improvement/SCO South Cluster Head, EY Greece, and Charalambos T. Constantinou, Director, Leader of Advisory Services, EY Cyprus • Identifying the Problem within Corporations – The Need for Turnaround, presented by Melina Spyrou, CFO, TFI Markets, Cyprus • Restructuring & Turnaround in the Current Market, presented by Maggie Mills, Partner, Corporate Finance, EY UK • Corporate Turnaround Case Study: The Mythos & Olympic Brewery Merger: Changing the Beer Map in Greece, presented by Sokratis Palaiokrassas, Finance & Exports Director, Olympic Brewery, Greece • Insurance as part of a risk management strategy, presented by Evros Kyriakides, Underwriting Manager, General Insurance of Cyprus, Cyprus • Working capital as a driver of value, presented by Jon Morris, Partner, Corporate Finance, EY UK • The New Legal Framework for Foreclosures and Insolvencies, presented by George N. Mountis, Partner, Dr. K. Chrysostomides & Co LLC, Cyprus • The Need to Restructure Debt and Support Viable Businesses: A Balancing Act, presented by Panicos Nicolaou, Manager, Corporate Management, Bank of Cyprus, Cyprus
Organisation: ʢʥʠ Main Sponsor: EY Sponsors: TFI Markets, 3VNPJVT :VS\[PVUZ . ( 7 Vassilopoulos Group, Cablenet and Bank of Cyprus Supporter: General Insurance of Cyprus Communication Sponsors: IN Business Magazine and GOLD Magazine For further information contact IMH: Tel: 22505555, Fax: 22679820, website: ww^PTOI\ZPULZZ JVT HUK email: events@imhbusiULZZ JVT
• CFO Insights, presented by Louis Eliades, Director, Business Solutions & Services, Logicom Solutions, Cyprus • Debt Restructuring in Cypriot Corporations, presented by Phivos Stasopoulos, Freelance Financial Advisor • How to Raise New Capital: Private Equity Investors, presented by Prof. Eli Talmor, Founder, Coller Institute of Private Equity, London Business School • 0TWYV]PUN JHZOÅV^ through Factoring Services, presented by Yiannos Nicolaides, Manager Factoring Services, Bank of Cyprus, Cyprus The Forum is addressed to CFOs, Managing Directors, Board Members CEOs and other senior managers from Cypriot corporations from all sectors of the economy. www.goldnews.com.cy | GOLD | 23
| SPECIAL PROMOTIONAL FEATURE |
DIGITAL
IS INEVITABLE IN OUR EVER-EVOLVING BUSINESS ENVIRONMENT, ONE THING REMAINS CONSTANT: THE SURE SHIFT TOWARDS CONTINUOUS CHANGE. ON MAY 26 AND 27 THE LANITIS CAROB MILL IN LIMASSOL AND THE HILTON PARK HOTEL IN NICOSIA WERE THE RESPECTIVE LOCATIONS FOR THE INTEGRATION OF TELECOMS WITH IT: ENABLING AND INSPIRING GROWTH CONFERENCE, PRESENTED BY MTN BUSINESS, DURING WHICH ENTREPRENEURS, EXECUTIVES AND IT PROFESSIONALS WERE OFFERED THE OPPORTUNITY TO LEARN MORE ABOUT THE NEW AGE OF DIGITAL BUSINESS AND WHAT THIS MAY MEAN FOR THE DEVELOPMENT OF FIRMS IN ALL SECTORS OF THE ECONOMY.
“T T
he age of Digital business is upon us and its dominance in the local and international markets is inevitable,” began Ian Cox, the internationally acclaimed operational restructuring guru, whose address comprised the event’s keynote presentation. Explaining that local firms may enhance their products and services, strengthen their relationships with clients and ultimately increase both revenue and profit, the question – Cox stressed – is not whether a 24 | GOLD | The Business Magazine of Cyprus
business should embrace the Digital era, but rather, “when?” “It doesn’t matter where you are or what industry you operate in; you will definitely be impacted by digital,” he said. For this reason, he explained, those who make the move towards full telecommunications and IT integration will benefit from an elevated market share and prominence, essentially gaining an advantage over competitors who have yet to develop this aspect of their business. There are many ways in which this shift may aid companies’ development, Cox said: firms may use digital to enhance their existing products and services, create new products and services, change how their business works and even invent an entirely new business model, should they wish to do so. The beauty of these processes lies in the fact that they may be applied to all traditional businesses and are in no way limited to tech start-ups, Cox affirmed. Though the benefits of IT and telecom integration are clear, the question remains: what precisely is digital? “I’m not sure I can help you there,” mused Cox, explaining that the term may be used to describe a range of techniques. These include a business’ social integration, access through mobile devices, communication processes, technology facilities and real-time information exchange. Far from being a disadvantage, this vague definition of digital actually encompasses its
most valuable quality: “Each business may decide just what digital means for them, and design solutions to address their unique needs.” In fact, a precise definition of digital is not necessary, he said. Businesses must merely identify their consumers’ needs and imagine a suitable solution and use specialized partners to handle all technological requirements involved, thus allowing both parties to do what they do best. In addition to Ian Cox’s keynote presentation, attendees heard from Andreas Neocleous, Director of MTN Business, who referred to the intensity of professional competition within the Cyprus economy, citing participation in the technological revolution as the most effective method of enhancing their standing within their sector or industry. Indeed, he continued, MTN Business’ unique solutions and support may facilitate this process, essentially aiding its clients’ business growth. The final conference presentations were delivered by George Agathangelou and Avgoustinos Constantinides, Professional Services Director and Solutions Director of IBS, respectively. Stressing the benefits of using one provider for all technological infrastructure requirements, they presented and explained IBS’ exclusive range of solutions.
IT DOESN’T MATTER WHERE YOU ARE OR WHAT INDUSTRY YOU OPERATE IN; YOU WILL DEFINITELY BE IMPACTED BY DIGITAL
www.goldnews.com.cy | GOLD | 25
| SPECIAL PROMOTIONAL FEATURE |
INTEGRATION OF TELECOMS WITH IT: ENABLING AND INSPIRING GROWTH AMONG THE SPEAKERS AT LAST MONTH’S CONFERENCE, PRESENTED BY MTN BUSINESS AND ENTITLED INTEGRATION OF TELECOMS WITH IT: ENABLING AND INSPIRING GROWTH, WERE ANDREAS NEOCLEOUS, DIRECTOR, MTN BUSINESS, GEORGE AGATHANGELOU, PROFESSIONAL SERVICES DIRECTOR, IBS AND AVGOUSTINOS CONSTANTINIDES, SOLUTIONS DIRECTOR, IBS. FOLLOWING THEIR PRESENTATIONS, ALL THREE SPOKE TO GOLD.
M
Andreas Neocleous, Director, MTN Business
TN has made a strategic move to expand its offering from telecommunications alone to IT solutions for business clients too. What was the thinking behind this? Andreas Neocleous: For the telecom-
26 | GOLD | The Business Magazine of Cyprus
munications industry, growth is based on investment in capital-intensive equipment and infrastructure and also convergence with information technology. Next generation telecommunications is radically changing the communications ecosystem, because it allows the integration of traditional products with content, broadband, data and business. MTN Business, the branch of MTN exclusively serving corporate clients, is currently working on this transforma-
tion, as we are always at the forefront of the telecoms evolution in the country. We keep on investing in new areas and evolving using new technologies, showing our appreciation to our customers and our confidence in the country’s prospects. Has this change also meant a major expansion of the company’s structure and personnel? The acquisition of IBS is a strategic investment, instrumental towards our company’s development; it required essential changes and proved our capability to adapt. The integration of a leading IT technology company means that we can utilize both the spectrum of its services and its specialised staff. Leveraging the people of IBS and their deep technical understanding allows MTN Business to enhance its portfolio, adding products tailored to the IT infrastructure. How would you describe MTN Business’s new identity? ΜΤΝ Business is now the first proposition for the provision of telecommunications and IT solutions dedicated to the corporate market. We aspire to be a lifetime partner for our customers, leading and inspiring their growth. Give us some examples of the services that you are offering. Through the acquisition of IBS, MTN Business has enhanced its portfolio to meet its strategic needs in a comprehensive manner: From now on, we are offering not only the usual telecommunications solutions (mobile and fixed telephony, data services, and Internet connectivity services) but also ICT solutions, i.e. a wide range of hardware, software and integration services, a complete suite of cloud services (IaaS, SaaS, PaaS), as well as consultation and technology audit services. Are these services unique to the Cyprus market or are you simply competing with other companies/organisations for a share of a lucrative new market? Certainly the Cypriot market includes several notable
In the contemporary business environment, XLI -8 GETEGMXMIW SJ GSQTERMIW HIĂ RI XLIMV JYXYVI companies offering parts of the spectrum of ICT services, but we are the first and only ones who can provide the whole IT and Telecommunications package under one roof, literally one-stopsolutions to the business community of Cyprus. How significant to this new focus is the introduction of MTNâ&#x20AC;&#x2122;s 4G network? The convergence of telecommunications with IT would be incomplete and unfeasible without the existence of a reliable high-speed network such as 4G, which enables full business mobility, ensuring high quality communication without physical constraints. What has the reaction from clients been so far? The feedback so far has been extremely positive. At a time of recession, companies are interested in
H
saving money and time. Our proposal offers an opportunity to unify all the cost centres of technology, thus creating economies of scale. What was the main focus of your recent presentation in Limassol and Nicosia? Our aim was to explain to our interlocutors, executives of both large and smaller enterprises, local and multinational, that the use of combined telecommunications and IT solutions saves on costs, creates additional profit and changes the terms of market competition. In the contemporary business environment, the IT capacities of companies define their future. Therefore all companies are in search of the right move and during our presentations at the conferences, we tried to explain why integrated ICT services represent the right step for the future of every contemporary business.
George Agathangelou, Professional Services Director, IBS
ow important is it for IBS to be a part of MTN, with its telecommunications network, expertise and infrastructure? George Agathangelou: By joining forces with a telecommunications leader, we have reinforced our market position while broadening our prospects.
Today, conditions are ideal to take the huge step ahead As a result of our common course, IBS has enriched its portfolio with a wide range of MTN Business telecommunications products and services. Although IBS was the first Cypriot company to offer Cloud computing services, back in 2007, would
you say that it is only now that local companies have begun to understand the advantages of this technology? Indeed, we were one of the first companies in Cyprus to foresee that technology could assist business development. Since then a lot has happened: tele-
communications products have improved, the structural cost has decreased, digital
technology has become a way of life, and economic stagnation has led companies to think
www.goldnews.com.cy | GOLD | 27
| SPECIAL PROMOTIONAL FEATURE |
in a non-conventional way. Today, conditions are ideal to take the huge step ahead. What can MTN Business offer companies that others can’t? The growth dynamic
which has been created by this merger allows the provision of comprehensive IT and telecommunications solutions under one roof, which multiplies our clients’ growth possibilities in the midst of sharp competition.
How significant is the fact that companies no longer need to have their own dedicated IT specialists and can leave ICT issues to you? This is the result of technological development;
nowadays technology is so diverse that no-one is capable of knowing everything. IT professionals, just like doctors, have to be specialised in their field. Since companies cannot have dedicated IT specialists
for everything, this is where IBS comes in. With its team of specialised IT consultants, IBS can consult and deliver reliably on any type, size and complexity solution, while serving the client’s best interests.
Avgoustinos Constantinides, Solutions Director, IBS it offers the flexibility so as to be addressed to all.
C
utting-edge technology and reduced costs is clearly a win-win situation for any company. Are your clients easily convinced of the benefits of what MTN Business can offer them or do they still need persuading?
Avgoustinos Constantinides: Our clients only have more to gain from the economics of scale created by the inclusion of telecommunications in a comprehensive solutions package. Our merger with MTN Business will not affect the company’s daily routine nor its support team. Both the management and the
As Cloud services become more widely accepted and adopted, what do you see as the next technological developments that MTN Business will be promoting?
ner for any company, large or small, Cypriot or multinational, aiming to stand out in this competitive market and to offer lower costs by taking advantage of modern technology. In this new era, MTN Business will contribute to the re-shaping of the industry and reinforce the role of Cyprus as a regional services hub. What was the main focus of your recent presentation in Limassol and Nicosia? Our aim was to propose ways in
-'8 GSQTVILIRWMZI WSPYXMSRW GER FIRIÁX every single small or large enterprise that is concerned about its future manpower of IBS will continue to stand by their side and support our clients. Do you provide tailor-made solutions or do you offer a suite of facilities from which companies choose what best suits their needs? We provide both. On the basis of a selected ICT solution package, we are in a position to specialise each service in such a way that it fits the profile and the needs of every company. This is the magic of ICT, in that
28 | GOLD | The Business Magazine of Cyprus
In general, the unification of telecommunications with IT has rapidly changed the scene. The high speed of the new 4G network promotes the development of new functions, applications and services without any time or space constraints. A series of innovative solutions based on digital technology will be at the disposal of both individuals and companies. At MTN Business, the plan over the next year is to reinforce our position in the market. We plan to become the preferred technology part-
which companies can reduce their operational costs and acquire an advantage over the competition by utilizing modern IT and telecommunications solutions. A company has limited resources, both human and financial. It therefore needs to prioritize them properly, with the main focus on increasing its clientele and producing wealth. ICT comprehensive solutions can benefit every single small or large enterprise that is concerned about its future.
150+ PRESENTS
LEADING
COMPANIES
L
IN LIMASSOL
imassol, the second largest city in Cyprus, has long been considered the engine of the Cypriot economy as the island’s leading centre of shipping, commerce, indus[Y` [V\YPZT WYVMLZZPVUHS HUK ÄUHUJPHS services. Limassol is where Cyprus’ industrial development started several decades ago with the advent of the wines and spirits industry, the develVWTLU[ VM [OL ÄYZ[ PUK\Z[YPHS LZ[H[L and more. As times have changed, so too has Limassol, and today it enjoys a worldwide reputation as a leading international business centre. Many renowned international companies, operate in or from Limassol, including trading companies, marketPUN HUK JVUZ\S[HUJ` ÄYTZ IHURZ HUK
V[OLY ÄUHUJPHS PUZ[P[\[PVUZ HUK UV[ least, shipping and ship management companies. In parallel with the international companies, the domestic services sector, comprising banks, H\KP[PUN HUK SH^ ÄYTZ ZOPWWPUN PUsurance and consultancy enterprises, has experienced its own boom and nowadays represents a very dynamic part of the local economy. When it comes to tourism, the city plays host to a large proportion of the island’s two million foreign visitors. In December 2013, we presented V\Y ÄYZ[ SPZ[PUN VM TVYL [OHU Z\Jcessful companies based in Limassol. On the following pages we present our updated and expanded list of more than 150 companies, which vary in size, turnover, employee numbers and ownership but are all
THRPUN H ZPNUPÄJHU[ JVU[YPI\[PVU [V the economy not only of their home base but of the whole country. The SPZ[ PUJS\KLZ H U\TILY VM SHYNL ÄYTZ whose headquarters are elsewhere but whose presence in Limassol PZ JVUZPKLYLK ZPNUPÄJHU[ >L OH]L THKL L]LY` LɈVY[ [V VI[HPU [OL TVZ[ up-to-date and reliable information HIV\[ HSS [OL ÄYTZ VU [OL SPZ[ HUK ^L contacted them to ensure that it was correct. In a number of cases, the companies refused or were unable to provide certain details. In such cases the information was correct in 2014. 0U H U\TILY VM PUZ[HUJLZ ÄYTZ ^LYL unwilling to provide the number of Limassol employees, and the number in the list may refer to the islandwide workforce and, in some cases, it is a NSVIHS ÄN\YL
www.goldnews.com.cy | GOLD | 29
cover story
150
+
LEADING COMPANIES IN LIMASSOL
A
L S LIMSO CALLING!
D
eftly combining and contrasting old and new – the mediaeval castle is only metres away from the groundbreaking Limassol Marina – Limassol is home to many major international companies that have chosen it as the location for their branches or even regional headquarters. Moreover, Limassol has long been a popular holiday destination, thanks to its being home to several of the country’s most luxurious hotels, while its position as the location of Cyprus’ highly significant shipping industry and its busiest port confirms Limassol’s popular reputation as being the dynamo of the economy. Gold spoke to Costas Galatariotis, Chairman of the Limassol Chamber of Commerce & Industry, on the Chamber’s historical role in
LIMASSOL MAY BE THE SECONDLARGEST CITY IN CYPRUS, WITH A POPULATION OF AROUND 180,000, BUT FOR A VARIETY OF REASONS IT CAN JUSTIFIABLY CLAIM TO BE THE ISLAND’S BUSINESS, TOURISM AND SHIPPING CAPITAL AS WELL AS ITS MOST COSMOPOLITAN CITY.
promoting and shaping the city’s identity.
Gold: The LCCI has traditionally played an active role in the development of Limassol since its establishment shortly after Cyprus gained independence. How is it continuing to promote the city, especially since the events of 2013? Costas Galatariotis: You are quite right about the LCCI’s role in the development of Limassol, as indicated by major projects that we have promoted over the years, including the industrial areas, the new port of Limassol, the Kourris dam and, more recently, Limassol Marina, not to mention the Wine Festival which was an initiative of our Chamber. Since the events of 2013 and the squeeze on state finances, the challenge now, more than ever before, is to facilitate the realisation of projects that do not require state expendi-
30 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
ture. In other words, a BOT model is needed, in addition to making optimum use of EU funding opportunities and otherwise providing alternatives tο state financing. In the case of the Pentakomo Techno Park, for instance, the initial idea was for the state to expropriate privately owned land – an
expensive venture, indeed prohibitive under current circumstances. The Limassol Chamber proposed that instead of that, private land needed for the park could be exchanged for state land elsewhere. This was accepted, thus paving the way for the realisation of the project.
Gold: What have been your priorities in the nine months since you became President? C.G.: My priorities, just like those of all my predecessors, have been to offer best quality service to our members and promote the development needs of the district of Limassol.
We have been active on both fronts, meeting with members and providing solutions and actively lobbying for development projects in our district, whether the Pentakomo Techno Park or the expansion and upgrading of Limassol Port. I should also mention initiatives in support of the Cyprus University of Technology, in addition to the launch of Entrepreneurial Limassol, our monthly newsletter with information about Limassol business activity. Gold: How would you describe the main objectives of the LCCI? C.G.: The main objectives of the LCCI are clearly stated in our Memo & Articles of Association: to assist our members, promote entrepreneurship, and cater to the development needs of Limassol. Gold: We often hear about the many international companies based in Limassol and there is no doubt about the value they add to the town and the local economy. Does the LCCI make specific efforts to attract more companies to the town? C.G.: Yes, international companies certainly add value to the local – and national – economy and one cannot fail to notice, for instance,
that Limassol is one of the world’s leading ship management centres. We are always keen on having more international companies coming here and I think this is best achieved by retaining our good reputation, bearing in mind that the international companies that are already here are our best ambassadors abroad. This objective is also being promoted through our international connections and cooperation agreements with Chambers from other countries, as well as the commercial departments of foreign embassies in Cyprus, with which we have excellent cooperation. Also, indicative of our appreciation for foreign entrepreneurship is the fact that our Chamber has recently introduced the ‘Embrace’ institution, under which we shall be awarding honorary distinctions to outstanding Limassol-based foreign businesspeople. One such distinction will be awarded annually, beginning this year. Gold: Do you consider that Limassol is, in some way, in competition with the other towns on the island? C.G.: There should be no competition between towns in Cyprus; ours is a small island and we should all benefit from what the country has
to offer. We naturally do our utmost for our area of jurisdiction – the district of Limassol – but we have always been in favour of decentralisation, with each district getting its fair share and all experiencing balanced economic development. Of course, where we see injustice being done against Limassol, we are up in arms in defence of our district! That happened when the idea arose of moving the Techno Park to the University of Cyprus in Nicosia and, more recently, with the proposed bill on shop opening hours which discriminated against Limassol and over which we did not at all hesitate to strongly criticize our own Limassol MPs. Gold: Are there new projects in the pipeline – either from the private or public sector – that will continue to improve Limassol for its residents and for the country in general? C.G.: As I have already said, the Techno Park is expected to be a major contributor to research
& development and innovation. So is the expansion of the land area of Limassol Port, which will significantly add to its cargo handling capacity and, should the need arise, cater to the needs of companies supporting the hydrocarbons industry. The Limassol branding project is also progressing well under the umbrella of our Chamber. And then, of course, there is the casino-resort which Limassol is well suited to host, should that be the choice of the investor who will carry out the project. Also on our agenda is the issue of accessibility, that is, making Limassol friendly to disabled people, a project we are pursuing in cooperation with the municipal authorities and are seeking to place in the context of a European Programme. Gold: What, in your opinion, are the special qualities that Limassol has, which have made it a successful business centre and “the engine of the Cyprus economy”? C.G.: I think it’s a
combination of factors that account for this, including the location of Limassol, its historical development (being essentially the birthplace of Cypriot industry), in addition to the development of infrastructures that have made this place an attractive location not just to work in but also to live in. And certainly the positive attitude of the local people has also played a role, especially in terms of making Limassol attractive to foreign entrepreneurs and their families who really feel at home. Gold: On a more personal level, what is it about Limassol that makes you happy to live and work in the town? C.G.: Limassol really is a buzzing, cosmopolitan, multicultural city, where there is always something new to experience. I also like the fact that the people of Limassol are ‘patriotic’, so to speak, about their city, and join ranks behind any effort in support of a better Limassol.
LIMASSOL REALLY IS A BUZZING, COSMOPOLITAN, MULTICULTURAL CITY, WHERE THERE IS ALWAYS SOMETHING NEW TO EXPERIENCE
THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
Gold 31
cover story
150
+
LEADING COMPANIES IN LIMASSOL
NAME
DESCRIPTION
1
30 SOUTH MARITIME LTD
A Private Maritime Security Company registered in Cyprus, it was established by the late Capt. Tim McClure.
Operations Director Frans Davidtz
A. ATHANASIOU GROUP
A multifaceted group of Developments, Construction, Lifestyle and Entertainment based in Limassol, it is one of the largest and most successful privately-owned construction companies on the island. It also VÉ&#x2C6;LYZ WYVWLY[` THUHNLTLU[ HUK rental services.
Chairman Thanasis Athanasiou
A. EPIPHANIOU INDUSTRIES LTD.
Founded in Famagusta in 1972 as a welding consumables factory, the Group of seven companies now trades under the Interweld brand. It currently exports manufactured goods to over 15 countries.
General Manager Andreas Epiphaniou
ABB
ABB is a global leader in power and automation technologies with a presence in Cyprus through its Limassol operations. Based in Zurich, Switzerland, the company employs 145,000 people and operates in approximately 100 countries.
CEO Philippos Ioulianou
-
/LHK 6É&#x2030;JL! 1, Alexandrias St, Agios Sylas Industrial. Zone, 4180 Limassol | Tel: (+357) 25343428 | Fax: (+357) 25343429 | e-mail: contact.center@in.abb.com | Website: www. abb.com
5
AFX CAPITAL LTD.
Headquartered in Limassol, AFX Capital is a leading regulated broker with an international presence. Consisting of a group of specialised JVTWHUPLZ (-? VÉ&#x2C6;LYZ YL[HPS MVYL_ and metals trading, institutional partnerships and portfolio management.
CEO Manuella Mazaco
-
/LHK 6É&#x2030;JL! 116, Gladstone St. Kyprianou /V\ZL Z[ Ă&#x2026;VVY 3PTHZZVS c ;LS! 25262710 | e-mail:info@afxcapital.com | Website: www.afxcapital.com
6
A.G.PAPHITIS & CO. LLC
It is one of the fastest growing, full-service, and multi-awarded International Law Firms, Business Consultants and Corporate Service Providers in Cyprus.
Head of Firm Angelos G. Paphitis
21
/LHK 6É&#x2030;JL! AGP CHAMBERS 84, Spyrou Kyprianou Ave., 4004 Limassol | Tel: (+357) 25731000 | Fax: (+357) 25761004 | e-mail:agp@ agplaw.com | Website:www.agplaw.com
7
AKIS CHARALAMBOUS ARCHITECTS LTD.
,Z[HISPZOLK PU [OL Ă&#x201E;YT IYPUNZ together architects and civil engineers with extensive international experience to provide a comprehensive range of services and professional expertise.
-
AMDOCS DEVELOPMENT LTD.
The Amdocs development centre in Cyprus was established in 1997 and currently employs some 750 programTLYZ Ă&#x201E;UHUJL HUK VWLYH[PVUZ Z[HÉ&#x2C6; PU support of additional Amdocs locations in Central and Eastern Europe.
CEO Yiannis Tinnis
ANDREAS NEOCLEOUS & CO LLC
6UL VM [OL SHYNLZ[ SH^ Ă&#x201E;YTZ PU ZV\[O east Europe and the Middle East, and the biggest in Cyprus, it has SVJHS IYHUJO VÉ&#x2030;JLZ PU 5PJVZPH HUK 7HWOVZ WS\Z PU[LYUH[PVUHS VÉ&#x2030;JLZ PU Moscow, Budapest, Kiev, Sevastopol, Prague and Brussels.
Head of Firm Andreas Neocleous
ANDREAS MYLONAS & CO LLC | AMG LAW FIRM
It is an independent boutique busiULZZ SH^ Ă&#x201E;YT WYV]PKPUN JSPLU[Z ^P[O legal representation in the areas of Commercial and Corporate, Renewable Energy, Trust and Asset Protection, Tax Planning, and Commercial Litigation.
2
3
4
8
9
10
32 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
POSITION
NUMBER OF EMPLOYEES
No
Head of Firm Andreas Mylonas
-
CONTACT /LHK 6É&#x2030;JL! Chrysses Demetriades St, Neapoli, 601 Coralli Court 1, 3106 Limassol | Tel: (+357) 25323326 | Fax: (+357) 25583051 | e-mail: 30south@30southmaritime.com | Website:www.30southmaritime.com
98
/LHK 6É&#x2030;JL! 125, George I Avenue, Messogios Project, Shop 6, 4048 Yermasoyia, Limassol | Tel: 80008383 | Fax: (+357) 25315331 | e-mail:sales@cyprus-home.com | Website:www.athanasiouprojects.com
45
/LHK 6É&#x2030;JL! 42, Iapetou Street, Agios Athanasios Industrial Area, Limassol | Tel: (+357) 25811144 | Fax: (+357) 25-720021 | e-mail: info@epiphaniou-group.com | Website: www.epiphaniou-group.com
-
/LHK 6É&#x2030;JL! Shoukri & Olympion Corner, Themis Tower, Floor 7, 3729 Limassol | Tel: (+357) 25 820996 | Fax: (+357) 25 373064 | e-mail: info@akisarchitects.com.cy | Website: www.akisarchitects.com.cy
750
/LHK 6É&#x2030;JL! The Maritime Center, 141, Omonia Ave., 3045 Limassol | Tel: (+357) 25886000 | Fax: (+357) 25886822 | e-mail: info@amdocs. com | Website: www.amdocs.com
200
/LHK 6É&#x2030;JL! Neocleous House, 195 Makarios III Avenue, 3030 Limassol | Tel: (+357) 25110000 | Fax: (+357) 25110001 | e-mail: info@neocleous.com | Website: www.neocleous.com
4
/LHK 6É&#x2030;JL! 63, Agias Filaxeos St., *OHYHSHTIV\Z )\PSKPUN Z[ Ă&#x2026;VVY Limassol | Tel: (+357) 25101080 | Fax: (+357) c L THPS! PUMV'T`SVUHZSH^Ă&#x201E;T JVT c >LIZP[L! ^^^ T`SVUHZSH^Ă&#x201E;YT JVT
No
11
12
13
14
15
16
NAME
DESCRIPTION
ANDREOTTI
Trading in Cyprus for more than 50 years, it has built a top notch reputation based on quality for truly distinctive furniture with excellent customer service and is one of the largest furniture companies on the island. The environmentally conscious JVTWHU` ^HZ [OL ÄYZ[ PU *`WY\Z [V create and implement its own Waste Management System.
CEO Christina Soteriou
AP KYPROS SATELLITES LTD.
Kypros Satellites was incorporated in October 2006, with a vision to build, launch and operate a global constellation of satellites. It is licensed to use orbital slots registered through the Cyprus administration and has been granted priority rights to over twenty orbital slots by the International Telecommunications Union.
CEO Angelos Pieri
ARETI CHARIDEMOU & ASSOCIATES LLC LAW FIRM
Established in Limassol more than `LHYZ HNV [OPZ SH^ ÄYT VɈLYZ legal expertise in property, trust and company law, mergers and acquisitions, tax and shipping law to clients in Cyprus, Russia, the CIS, Europe and the US.
Managing Director Socrates Ellinas
ASBIS
The Group is one of the leading distributors of Information Technology products in Europe, Middle East and Africa Emerging Markets. It deals in IT components as well as A-branded ÄUPZOLK WYVK\J[Z SPRL KLZR[VW 7*Z laptops and servers. ASBIS owns the Canyon and Prestigio brands, which include a large variety of consumer electronic products including smartphones and tablets.
CEO Serhei Kostevitch
ASG PUBLIC LTD. (ANDY SPYROU GROUP)
As one of the most dynamic, public organisations in the island, ASG operates in a wide range of activi[PLZ PU [OL ÄLSKZ VM [V\YPZT PUJS\KPUN car rental, travel agency services, outbound tour operating, incoming tourism handling, and conference handling.
Managing Director Spyros Spyrou
ASKANIS GROUP
A dynamic team founded in 1989, it is primarily involved in construction HUK WYVWLY[` KL]LSVWTLU[ VɈLYPUN services such as the construction, refurbishment, renovation and development of commercial and residential properties, hotels, public projects, churches and academic institutions.
Managing Director Antonis Askanis
DESPINA PANAYIOTOU THEODOSIOU
President, WISTA Cyprus
‘‘L
POSITION
NUMBER OF EMPLOYEES
CONTACT
55
/LHK 6ɉJL! Agios Athanasios Industrial Estate, 3723 Limassol | Tel: (+357) 25 721128 | Fax: (+357) 25 720626 | e-mail:andreotticyprus@gmail.com | Website: www.andreotti-furniture.com
-
/LHK 6ɉJL! AP Kypros Satellites Ltd., Iris House, 6th Floor, John Kennedy St., 3106 Limassol | Tel: (+357) 25878488 | Fax: (+357) 25378488 | e-mail: info@kyprosat.com | Website: www.kyprosat.com
45
/LHK 6ɉJL! 21, Vassilis Michaelides Street, 3026 Limassol | Tel: (+357) 25508000 | Fax: (+357) 25508032 | e-mail:info@aretilaw.com | Website:www.aretilawyers.com
106
/LHK 6ɉJL! 43, Kolonakiou St., Diamond Court, 4103, Agios Athanasios, Limassol | Tel: (+ 357) 25857101 | Fax: (+ 357) 25857288 | e-mail: info@asbis.com.cy | Website: www. asbis.com.cy
-
/LHK 6ɉJL! 38, Omonia Ave., 3507 Limassol | Tel: (+357) 25880102 Fax: (+357) 25571664 | e-mail: events@ honeywellincentives.com.cy Website: www.honeywellincentives.com.cy
65
/LHK 6ɉJL! 8, Loizou Askani Street, 3501 Limassol | Tel: (+357) 25336171 | Fax: (+357) 25335122 | e-mail:info@askanis.com | Website:www.askanis.com
“Limassol has, in the last few years, stepped up to the challenge of being a successful business centre. Many companies, international and local, have their head offices here and certain industries of the Cypriot economy, like shipping, are mainly based in Limassol. It has also developed on many fronts; it is a beautiful city to live in, with plenty of opportunities for social and professional interaction, it is safe and all this with the Mediterranean Sea as the backdrop. Moreover, Limassol is diverse and people from all over the world chose to live and work here. There is a sense of great pride in the city, the community, a general positive behaviour and open-mindedness by its people. In Limassol we understand that being a successful business centre is not all about economic activity – it is also about the high quality of living. It is about the bigger picture.”
THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
Gold 33
cover story
150 No
+
LEADING COMPANIES IN LIMASSOL
NAME
DESCRIPTION
17
ATLASCAPITAL FINANCIAL SERVICES LTD
AtlasCapital, incorporated in October 2007, is a member of AtlasGroup, one of the most renowned business conglomerates in southeast Europe. It has twenty years of experience in investments and commercial banking, as well as real estate investments.
CEO Dufko Knezevic
18
ATLANTICA HOTELS & RESORTS
Owning over 30 hotels and resorts internationally, 8 of which are in CyWY\Z [OL .YV\W VÉ&#x2C6;LYZ ]HYPV\Z OVSPKH` HUK VÉ&#x2C6; ZLHZVU WHJRHNLZ [V IV[O tourists and locals.
CEOs Vasilis Nicolaides, Demetris Nicolaides
ATLAS PANTOU
Founded in 1937, the company has grown to become one of the largest local contracting companies, having expanded its operations to include building, civil, electrical and mechanical engineering, as well as real estate development.
Managing Director Tonis Toumazis
AVANTI HYLAS 2 CYPRUS LIMITED
AH2CL is a Cypriot registered, wholly-owned subsidiary of Avanti Communications Group plc, Europeâ&#x20AC;&#x2122;s only entrepreneurial satellite start-up JVTWHU` (]HU[P Z Ă&#x201E;YZ[ ZH[LSSP[L /@LAS 1, launched in November 2010 HUK ^HZ [OL Ă&#x201E;YZ[ Z\WLYMHZ[ 2H IHUK satellite launched in Europe. Its second, HYLAS 2, was launched in August 2012.
Managing Director Trevor Barker
BANKMED SAL
Headquartered in Beirut, Bankmed is VUL VM [OL [VW Ă&#x201E;]L IHURZ PU 3LIHUVU Originally established in 1944, its operates more than 60 branches in Lebanon and abroad, including a location PU 3PTHZZVS HSS VÉ&#x2C6;LYPUN H ^PKL YHUNL of novel products and quality services to both individuals and corporations.
Chairman Mohammed Hariri
BANK OF BEIRUT SA
Founded in 1963, the Bank of Beirut OHZ L_WHUKLK ZPNUPĂ&#x201E;JHU[S` V]LYZLHZ HÉ&#x2030;YTPUN P[Z ZSVNHU Âş)HURPUN )L`VUK Borders.â&#x20AC;&#x2122; Its Limassol branch was established in 2002.
Branch Manager Walid Gholmieh
BANQUE SBA
Founded in 1978, it is a major player in the banking sector in the Middle East, particularly in the areas of trade Ă&#x201E;UHUJL HUK HZZL[ THUHNLTLU[ 0[Z branches are based in Paris, Limassol and Geneva.
Director Adnan Nuwayhed
BERNHARD SCHULTE SHIPMANAGEMENT (CYPRUS) LTD.
0[ ^HZ [OL Ă&#x201E;YZ[ VÉ&#x2C6;ZOVYL HUK ZOPWTHUagement company on the island, founded in 1972. With over 30 locations worldwide, today it manages H Ă&#x2026;LL[ VM TVYL [OHU ZOPWZ HUK over 20,000 employees onboard and ashore. The company employs more than 180 people in Cyprus.
Managing Director Arthur McWhinnie
BLOM BANK
,Z[HISPZOLK PU HZ HU VÉ&#x2C6;ZOVYL unit, the Limassol branch became an onshore branch in 2006. The bankâ&#x20AC;&#x2122;s strategy in Cyprus focuses on providing personalized commercial and corporate banking services to small and medium size local enterprises as well as to Lebanese and Arab customers interested in Cyprus.
Managing Director Ziad El Morr
19
20
21
22
23
24
25
POSITION
NUMBER OF EMPLOYEES
CONTACT
-
/LHK 6É&#x2030;JL! 19, Promachon Eleftherias, Agios Athanasios, 4103, Limassol | Tel: (+357) 25501000 | Fax: (+357) 25501050 | e-mail: support@acfx.com | Website:www.acfx.com
985
/LHK 6É&#x2030;JL! Potamos Yermasoyias, 4060 Limassol | Tel: (+357) 25883500 | Fax: (+357) 25883555 | e-mail: info@atlanticahotels.com | Website:www.atlanticahotels.com
450+
/LHK 6É&#x2030;JL! 8, Yiangou Tornariti Street, Limassol | Tel: (+357) 25828500 | Fax: (+357) c L THPS!OLHKVÉ&#x2030;JL'H[SHZWHU[V\ com | Website: www.atlaspantou.com
-
/LHK 6É&#x2030;JL! Lophitis Business Centre II, 237, 28th October St., 3035 Limassol | Tel: (+357) 25891600 | Website: www.avantiplc.com
-
/LHK 6É&#x2030;JL! 9, Constantinou Paparigopoulou St., Frema House, 3106 Limassol | Tel:(+357) 25817152 | Fax: (+357) 25372711 | e-mail: abbcy@cylink.com.cy | Website: www.bankmed.com.lb
-
/LHK 6É&#x2030;JL! Maximos Plaza, Grivas Dighenis (]L )SVJR , YK -SVVY 6É&#x2030;JL 5V Limassol | Tel: (+357) 25814202 | Fax: (+357) 25 814209 | e-mail: info@bankofbeirut.com | Website: www.bankofbeirut.com
-
/LHK 6É&#x2030;JL! Kanika Enaerios Complex, Block 1, Iris House, 8C, John Kennedy St., 3724 Limassol | Tel: (+357) 25270000 | Fax: (+357) 25581643 | e-mail:sba.cyprus@eblf-sbacyprus. com | Website: www.banque-sba.com
180+
/LHK 6É&#x2030;JL! Hanseatic House, 111, Spyrou Araouzou St., 3036 Limassol | Tel: (+357) 25846400 | Fax: (+357) 25745245 | e-mail: cy-sdc-man@bs-shipmanagement.com | Website:www.bs-shipmanagement.com
-
/LHK 6É&#x2030;JL! 205Z, Archbishop Makarios III Ave., Victory House, 3030 Limassol | Tel: (+357) 25376433/4/5 | Fax: (+375) 25376292 | e-mail:blom@blom.com.cy | Website:www.blombank.com
SSOL LIMA CT FA
CYPRUS IS THE LARGEST THIRD PARTY SHIP MANAGEMENT CENTRE IN EUROPE, WITH MOST OF T THE COMPANIES BASED IN LIMASSOL No
26
27
v 28
29
30
31
32
33
POSITION
NUMBER OF EMPLOYEES
NAME
DESCRIPTION
BREEZE GROUP
Breeze Group consists of Breeze Summer Club – which celebrates its 10th year – VIPRoom, Ola Ellinika, Nippon Japanese Lounge Limassol, Crystal Restaurant Lounge Bar and its new venue, Bedroom Dayn’Night.
CEO Andreas Georgiou
BYBLOS BANK
Originally established in 1984, the Limassol branch became an onshore branch in early 2006 under new regulations related to Cyprus' entry into the European Union and the adoption of the euro. The branch's activities focus on corporate, commercial and correspondent banking services.
Branch Manager Henri Awad
-
/LHK 6ɉJL! 1, Archbishop Kyprianou St., Loucaides Building, 3602 Limassol | Tel: (+357) 25341433/4/5 | Fax: (+357) 25367139 | e-mail:byblosbankcyprus@byblosbank.com.lb | Website:www.byblosbank.com/Cyprus
C & A TOUMAZIS GROUP
6ɈLYPUN JSPLU[Z KP]LYZL ZLY]PJLZ PU the construction sector including contracting, property development and property investment, the Group has over 50 years of experience in the industry, both in Cyprus and overseas.
-
-
/LHK 6ɉJL! 61, Ayiou Athanasiou Ave., 3508 Limassol | Tel: (+357) 25828210 | Fax: (+357) 25325035 | e-mail:info@catoumazis.com | Website:www.catoumazis.com
CARDPAY INC.
,Z[HISPZOLK PU *HYK7H` VɈLYZ convenient solutions to clients experiencing all forms of problems related [V IHUR JHYK WYVJLZZPUN >P[O VɉJLZ in Asia and Russia, the Limassol VɉJL ZLY]LZ HZ OLHKX\HY[LYZ MVY P[Z European sector.
Cyprus Project Manager Christiana Elia
-
CARREFOUR CYPRUS
Marinopoulos S.A is the exclusive MYHUJOPZLL VM *HYYLMV\Y PU Ä]L JV\Utries Greece, Cyprus, Bulgaria, Albania and FYROM with over 1080 stores. Carrefour Cyprus has a major presence with 18 stores on the island.
General Manager Thierry Noyer
CHARALAMBIDES CHRISTIS LTD.
Producing a full range of dairy products, from fresh pasteurized milk and yogurt to cheese and cream, it is the largest dairy in Cyprus. It is an innovative food company, following international quality and expertise standards and providing consumers with products of high nutritional value.
CHASTON TRADING LTD
Chaston Trading Ltd is a part of an international company holding which is engaged in import and export, energy resources transactions, investments in oil and gas production, usage of renewable energy resources and forwarding services.
Senior Manager Marina Dorfeeva
CHR. ATHANASIOU CONSTRUCTIONS & DEVELOPMENTS
Founded in 1975, Chr. Athanasiou VɈLYZ ZLY]PJLZ PUJS\KPUN I\PSKPUN contractor, property development, property management and rental services as well as after- sales care. 0[ OHZ H ZPZ[LY VɉJL PU 4VZJV^ HUK also caters to Chinese clients.
Chairman Christakis Athanasiou
Chairman Alexis Charalambides Managing Director Marios Kampanelas
100+
1170
600
-
150+
CONTACT /LHK 6ɉJL! 6, Kolonakiou St., 4103 Agios Athanasios, Limassol | Tel: (+357) 25320141 | Fax: (+357) 25320580 | e-mail:info@breeze. com.cy | Website:www.breeze.com.cy
/LHK 6ɉJL! ;OLVKVYV\ 7V[HTPHUV\ :[ Kato Polemidhia, 4155 Limassol | Tel: (+357) 25388600 | e-mail:sales@cardpay. com | Website:www.cardpay.com
/LHK 6ɉJL! :W`YV\ 2`WYPHUV\ Germasogia, 4043 Limassol | Tel: (+357) 25319931 | Fax: (+357) 25313429 | e-mail: carrefour_cyprus@carrefour.com | Website: www.carrefour.com.cy
Limassol Factory: Agios Athanasios Industrial Zone, 3502 Limassol | Tel: (+357)7006455 | Fax: (+357) 22443045 | e-mail: info@ charalambideschristis.com | Website:www.charalambideschristis.com.cy
/LHK 6ɉJL! ( 6TPYV\ HUK 2PTVUVZ :[ Anthias-Maria Court, 3rd Floor, 3095 Limassol | Tel: (+357) 25372515 | Fax: (+357) 25372545 | e-mail: chaston@cytanet.com.cy | Website: www.chaston.com.cy
/LHK 6ɉJL! 52, Amathus Avenue, 4532 Agios Tychonas, Limassol | Tel: (+357) 25828200 | Fax: (+357) 25319980 | e-mail: info@athanasiou.com | Website: www.athanasiou.com
cover story
150 No
+
LEADING COMPANIES IN LIMASSOL
NAME
DESCRIPTION
34
CHRYSSES DEMETRIADES ADVOCATES/LEGAL CONSULTANTS
Providing a comprehensive range of legal services to local and international clients, it is widely acknowledged as VUL VM [OL SLHKPUN SH^ ÄYTZ PU *`WY\Z in all key areas of corporate activity. It recently celebrated its 65th anniversary.
Head of Firm Chris Georgiades
35
CLERIDES, ANASTASSIOU, NEOPHYTOU LLC
Specialising in all aspects of corpoYH[L JVTTLYJPHS HUK [H_ SH^ [OL ÄYT holds a leading position in the Cyprus legal sector, serving clients in Cyprus and other European jurisdictions.
Heads of Firm Stavros Clerides, ,ɉL (UHZ[HZPV\
COLUMBIA SHIPMANAGEMENT LTD.
Columbia Shipmanagement was established in 1978 and provides ship & crew management including technical and commercial management, new building supervision, consulting and cruise vessel services. Ship 4HUHNLTLU[ 6ɉJLZ HYL SVJH[LK PU Cyprus, Germany, Greece, Singapore HUK *OPUH THUHNPUN H ÅLL[ VM HWproximately 380 vessels.
Managing Directors Andreas Hadjipetrou, Maurice Baker
CORINA SNACKS LTD.
Distributing and retailing many popular products such as Lays and Cheetos crisps as well as many ownbrand products, it is a member of the PepsiCo International group, employing around 160 personnel in Cyprus.
CEO Lisa Pissarides
COSTAS TSIRIDES & CO. LLC
,Z[HISPZOLK PU [OL ÄYT has grown to be one of the most YLW\[HISL HUK YLZWLJ[LK SH^ ÄYTZ in Cyprus. Its main areas of practice include Commercial and Corporate; Litigation and Arbitration; Property; Trust and Probate; Family; Administrative; and Intellectual Property.
Head of Firm Alexandros Tsirides
CREDIT LIBANAIS SAL
( NSVIHS WYV]PKLY [OL IHUR VɈLYZ H full range of banking products and services through an extensive network of 69 branches Lebanon as well HZ M\SS ÅLKNLK IYHUJOLZ PU 3PTHZZVS Cyprus; Manama, Bahrain, Irbil and Baghdad, Iraq, and a Representative 6ɉJL PU 4VU[YLHS *HUHKH HUK H subsidiary in Senegal.
Country Manager Hayat Harfouche
CSC CHRISTODOULOU LTD
A dynamic and rapidly expanding ÄYT VM *OHY[LYLK *LY[PÄLK (JJV\U[HU[Z *:* *OYPZ[VKV\SV\»Z VɉJLZ are based in Limassol. From its year of establishment, back in 2004, the ÄYT OHZ LHYULK H ZLYPLZ VM WYVMLZsional awards and honors, including a world-wide recognition from ACCA and its director has served through honorary appointments contributing to the accounting profession and to the Cyprus economy.
Managing Director Christos S.Christodoulou
DA NOI
With a varied range of kitchen products as well as door and window Ä[[PUNZ P[ PZ VUL VM [OL SLHKPUN M\YUPture stores in Cyprus, headquartered in Limassol.
36
37
38
39
40
41
POSITION
-
NUMBER OF EMPLOYEES
160
CONTACT
/LHK 6ɉJL! 13, Karaiskakis St., 3032 Limassol | Tel: (+357) 25800000 | Fax: (+357) 25588055 | e-mail:info@demetriades.com | Website:www.demetriades.com
30
/LHK 6ɉJL! 6, Kolokotroni St., 3032 Limassol | Tel: (+357) 25274050 | Fax: (+357) 25370704 | e-mail:info@cyplaw.com | Website:www. cyplaw.com
14,500
/LHK 6ɉJL! Columbia House, 21, Spyrou Kyprianou Ave., 4042 Limassol | Tel: (+357) 25843100 | Fax: (+357) 25310086 | e-mail:marketing@csmcy.com | Website:www. columbia-shipmanagement.com
178
/LHK 6ɉJL! Limassol Industrial Estate, Corner Delou & Newton St., 3056 Limassol | Tel: (+357) 25391639 | Fax: (+357) 25391521 | e-mail:lisa.pissarides@pepsico.com | Website: www.pepsico.com
20
-
11
-
/LHK 6ɉJL! Grivas Dighenis Ave, 7HUH`PKLZ )SKN UK ÅVVY 3PTHZZVS | Tel: (+357) 25820810 | Fax: (+357) 25359772 | e-mail:alexandros@tsirides.com | Website:www.tsirides.com
/LHK 6ɉJL! 206, Archbishop Makarios III Ave., Limassol | Tel: (+357) 25376444 | Fax: (+357) 25376807 | e-mail:clibhh@cytanet.com. cy | Website:www.creditlibanais.com.lb
/LHK 6ɉJL! 24, Spyros Kyprianou Ave., CSC House, 3070 Limassol | Tel: (+357) 25738938 | Fax: (+357) 25738688 | e-mail: info@cschristodoulou.com | Website: www. cschristodoulou.com
/LHK 6ɉJL! Iakovou Tompazi Street, Vashiotis Business Center, 3107 Limassol | Tel: (+357) 25814545 | Fax: (+357) 25814711 | e-mail:danoi@vashiotis.com.cy | Website: www.danoi.com.cy
No
42
43
44
45
46
47
NAME
DESCRIPTION
DELOITTE
With more than 55 years of successful operation in Cyprus, Deloitte is one of the largest professional ZLY]PJLZ Ă&#x201E;YTZ WYV]PKPUN H\KP[ [H_ JVUZ\S[PUN Ă&#x201E;UHUJPHS HK]PZVY` ^LHS[O advisory and an integrated services VÉ&#x2C6;LYPUN [OYV\NO V]LY WLVWSL PU Nicosia, Limassol and Larnaca. It is part of the Deloitte global network, with more than 210,000 people in over 150 countries.
DEMETRIADES GROUP
Providing a wide range of services to various industries, the Demetriades Group consists of several companies, including Handling (warehouse & logistics equipment), Service & Parts (forklift spare parts & service), Rentals, Combijet (ultra high pressure water blasting equipment), Hydraulics (spare parts, components & ser]PJLZ MVY VUZOVYL HUK VÉ&#x2C6;ZOVYL \ZL globally).
CEO Vasos Demetriades
D. NICOLAOU & SONS LTD.
Established in 1968, it has grown into one of the largest and most modern trading companies in Cyprus, supplying steel, welded mesh and a wide range of products from construction TH[LYPHSZ [V ZHUP[HY` ^HYL Ă&#x2026;VVYings, appliances, tools, furniture, decorative items and more. It recently opened a large supermarket in Zakaki, Limassol, catering to the needs of local households.
Managing Director Phedias Nicolaou
D. ZAVOS GROUP
D. Zavos Group, among the leading property developers in Cyprus, was established in 1980 and has grown from developing residential and commercial properties on the island to VWLYH[PUN PU[LYUH[PVUHSS` ^P[O VÉ&#x2030;JLZ in China, Egypt, London and Beirut. It also owns a management company and is in charge of short- and longterm rentals and the provision of full maintenance support. D. Zavos also owns 15 business centers.
CEO Michalis D. Zavos
EASY-FOREX TRADING
Since 2003, it has been revolutionizing currency trading in over 150 countries. A pioneer in developing Forex as a consumer product, EasyForex continues to lead with customized technology and personal service tailored to all levels of traders.
CEO Nicos Antoniades
EDT OFFSHORE
,+; 6É&#x2C6;ZOVYL ILNHU VWLYH[PVUZ PU Limassol in 1980 as ship managers and operators. After more than thirty years of work dedicated to achieving world-class standards, EDT has become a highly successful and well respected organisation supplying OPNO ZWLJPĂ&#x201E;JH[PVU VÉ&#x2C6;ZOVYL Z\WWVY[ vessels to the oil and gas industry worldwide.
CEO Eas Tchacos
SSOL LIMA CT FA
POSITION
NUMBER OF EMPLOYEES
CEO Christis M. Christoforou Financial Advisory Services Leader & Partner in Charge VM 3PTHZZVS 6É&#x2030;JL Nicos S. Kyriakides
550+
130
50
60
100
81
CONTACT
3PTHZZVS 6É&#x2030;JL! Maximos Plaza, Tower 1, 3rd Ă&#x2026;VVY (YJOIPZOVW 4HRHYPVZ 000 (]L Limassol | Tel: (+357) 25868686 | Fax: (+357) 25868600 | e-mail:infolimassol@deloitte.com | Website: www.deloitte.com/cy
/LHK 6É&#x2030;JL! Linopetra Industrial Area, P.O Box 59617, 4011 Limassol | Tel: (+357) 25755866 | Fax: (+357) 25725940 | e-mail: info@demetriadesgroup.com | Website: www.demetriadesgroup.com
/LHK 6É&#x2030;JL! Franklin Roosevelt Avenue, Zakaki, D. Nicolaou Building, 3507 Limassol | Tel: (+357) 25395000 | Fax: (+357) 25390839 | e-mail:dnicolaou@cytanet.com.cy | Website: www.dnicolaou.info
/LHK 6É&#x2030;JL! 1, Grivas Dighenis Ave., Zavos Kriel Court, 3035 Limassol | Tel: (+357) 25818555 | Fax: (+357) 25818550 | e-mail:sales@zavos.com | Website: www. zavos.com
/LHK 6É&#x2030;JL! Floor 5, Kriel Court, 1, Grivas Dighenis Avenue, 3317 Limassol | Tel: (+357) 25828899 | Fax: (+357) 25817183 | e-mail: info@easy-forex.com | Website: www.easy-forex.com
/LHK 6É&#x2030;JL! PO Box 54548, Yermasoyia, 3725 Limassol | Tel: (+357) 25899000 | Fax: c L THPS!PUMV'LK[VÉ&#x2C6;ZOVYL JVT c >LIZP[L!^^^ LK[VÉ&#x2C6;ZOVYL JVT
THE POPULATION OF LIMASSOL IS AROUND 180,000 (CITY) AND 235,000 (DISTRICT)
cover story
150
+
GEORGE SAVVIDES
President, Cyprus Fiduciary Association
No
48
49
50
51
52
53
54
NAME
LEADING COMPANIES IN LIMASSOL
â&#x20AC;&#x2DC;â&#x20AC;&#x2DC;L
â&#x20AC;&#x153;Limassol is without any doubt the place to be in Cyprus, either as an entrepreneur, an investor or a service provider. Testament to this is the fact that the city hosts the vast majority of foreign banks, fiduciary firms, Forex traders and a wealth of other businesses engaged in international business in Cyprus. Whether this has to do with the business-friendly approach by the local authorities, the good quality of public infrastructure, the cosmopolitan atmosphere which has always been attractive to foreign business people, or whether it all comes down to the famous Limassolian mentality, one thing is for sure: Limassol today provides an unparalleled combination of business and living excellence.â&#x20AC;?
DESCRIPTION
POSITION
NUMBER OF EMPLOYEES
CONTACT
ANDREAS. E. ELLINAS & SON
;OL Ă&#x201E;YT Z[HY[LK [YHKPUN PU 3PTHZZVS in 1998, pioneering the dawn of a UL^ WOPSVZVWO` PU Âş+V 0[ @V\YZLSMÂť marketing in the city, and it continues to improve the services it provides to the amateur craftsman.
CEO Giannakis Ellinas
65
/LHK 6É&#x2030;JL! 148 E. Kannaouros Street, Ipsonas, 4180 Limassol | Tel: (+357) 25834000 | e-mail:admin@ellinasdiy.com | Website:www.ellinasdiy.com
ETKO LTD
One of the largest wineries on the island, ETKO was founded over 170 years ago. Now a public company, with three wineriesâ&#x20AC;&#x201C; two in Cyprus and one in Greece â&#x20AC;&#x201C; it is still a leader in the islandâ&#x20AC;&#x2122;s wine industry.
CEO Antonis Haggipavlu
24
/LHK 6É&#x2030;JL! ;ZPĂ&#x2026;PRV\KPVU :[ Limassol | Tel: (+357) 25573391 | e-mail:sales@ etkowines.com | Website:www.etkowines.com
EUREKA GROUP
Established in 1959, the Group specialises in consumer products, manufacturing home and personal care goods, including its own label cleaning products, as well as food items.
CEO Nicos Sarris
73
/LHK 6É&#x2030;JL! 234, Agias Fylaxeos St., 3083 Limassol | Tel: (+357) 25831000 | Fax: (+357) 25831020 | e-mail: eureka@eureka.com.cy | Website:www.eureka.com.cy
EXPOBANK CYPRUS
One of the oldest banks in the Republic of Latvia, established in 1991, the bankâ&#x20AC;&#x2122;s Cyprus branch was launched in 2010 in Limassol. Its main objective is to better serve J\Z[VTLYZÂť Ă&#x201E;UHUJPHS HUK THYRL[PUN operations in the European Union and other world regions.
10
/LHK 6É&#x2030;JL! Interlink Hermes Plaza, 1st Ă&#x2026;VVY 6É&#x2030;JL ) (NPV\ ([OHUHZPV\ :[ Limassol | Tel: (+357) 25870740 | Fax: (+357) 25870746 | e-mail: infocyprus@expobank.eu | Website: www.ltbcyprus.com
EY
The rebranded Ernst & Young is a global leader in assurance, tax, transactions and advisory services. With two locations in Cyprus, it uses its international standards of excellence to serve and grow the local market.
230
3PTHZZVS 6É&#x2030;JL! 27-29, Spyros Kyprianou Avenue, Mesa Geitonia, 4003 Limassol | Tel: (+357) 25209999 | Fax: (+357) 25209998 | e-mail:ey.cyprus@cy.ey.com | Website: www.ey.com/CY
FIDUCENTER
Fiducenter is an independent provider of corporate, trust and investment fund services with Luxembourg origins and presence in four of the most PTWVY[HU[ I\ZPULZZ HUK Ă&#x201E;UHUJPHS centres in the world, Luxembourg, Cyprus, Singapore and Malta.
Managing Director/ Partner George Savvides
20
FIREPRO SYSTEMS LIMITED
Headquartered in Limassol, FirePro Systems manufactures, markets and distributes its environmental-friendly FirePro Condensed Aerosol Fire Extinguishing Systems worldwide. Over the last 20 years, the company has built a global distribution network extending to more than 75 countries in all continents.
Managing Director Dr. Avgoustinos P. Avgousti
-
38 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
CEO Glafkos Mavros
Head of Firm Andreas Demetriou Partner in Charge of [OL 3PTHZZVS 6É&#x2030;JL Philippos Raptopoulos, Partner, Tax Leader
/LHK 6É&#x2030;JL! 1, Iakovou Tompazi Street, =HZOPV[PZ )\ZPULZZ *LU[LY 6É&#x2030;JL Limassol | Tel: (+357) 25504000 | Fax: (+357) c L THPS! Ă&#x201E;K\JLU[LY'Ă&#x201E;K\JLU[LY JVT J` c >LIZP[L! ^^^ Ă&#x201E;K\JLU[LY JVT J`
/LHK 6É&#x2030;JL! 6 Koumandarias & Spyrou Araouzou, Str. Tonia Court, Limassol | Tel: (+357) 25379999 | Fax: (+357) 25354432 | L THPS!THPS'Ă&#x201E;YLWYV PUMV c >LIZP[L!^^^ Ă&#x201E;YLWYV PUMV
No
NAME
DESCRIPTION
FAIRWAYS
One of the leading car dealerships in Cyprus, it trades Renault, Dacia and Mitsubishi Motors. With 8 showrooms in all towns, Fairways has had a major presence in Cyprus for over 35 years.
FALCON BROKERS LTD.
This award-winning online broker headquartered in Limassol empowLYZ [YHKLYZ I` VÉ&#x2C6;LYPUN HK]HUJLK software with new levels of control over their transactions amid volatile market conditions.
FOREXTIME (FXTM)
International forex broker ForexTime -?;4 VÉ&#x2C6;LYZ JSPLU[Z HJYVZZ [OL world access to the global currency market, enabling them to trade forex, precious metals, Share CFDs, ETF CFDs and CFDs on Commodity Futures. Trading support and services are provided based on each clientâ&#x20AC;&#x2122;s needs and ambitions.
CEO Olga Rybalkina
FXPRO FINANCIAL SERVICES LTD.
0[ PZ H -VYL_ PUK\Z[Y` SLHKLY VÉ&#x2C6;LYing multilingual customer support ZLY]PJLZ 6[OLY [OHU P[Z VÉ&#x2030;JL Z[HÉ&#x2C6; PU Cyprus, FxPro also currently employs around 130 people in Europe and Australia.
CEO Charalambos Psimolophitis
GAN DIRECT INSURANCE LTD
It began operations in the Cyprus Insurance Industry in May 1994. Direct Insurance basically cuts out the middleman involved in the process of issuing an Insurance Policy. With no middlemen, commission or credit costs, savings are passed directly to the Customer. Gan operates mainly online and via telephone.
CEO George A. Nicolaides
G.A.P. VASSILOPOULOS GROUP
Established in 1964, the G.A.P. VasZPSVWV\SVZ .YV\W VÉ&#x2C6;LYZ JSPLU[Z H one-stop shop through its provision of an extensive range of services. The Group, now among the 25 largest companies on the island, operates ]PH H UL[^VYR VM V]LY VÉ&#x2030;JLZ and associates throughout Cyprus, the United Kingdom, the Netherlands, Luxembourg and Israel.
Executive Chairmen George Vassilopoulos Aris Vassilopoulos Petros Vassilopoulos
GEORGE ANASTASI & SONS LTD.
One of the leading construction companies in Cyprus with major operations both locally and overseas, the Group was founded in 1957. It specialises in construction, civil engineering, asbestos recovery and property development.
-
62
GPB FINANCIAL SERVICES LIMITED
Established in 2009, it is a wholly owned subsidiary of Gazprombank 1:* 0U *`WY\Z [OL Ă&#x201E;YT VÉ&#x2C6;LYZ H vast range of direct investment services and well as a variety of ancillary Ă&#x201E;UHUJPHS ZLY]PJLZ
General ManagerExecutive Director Evanthia Kania
63
GRANDRESORT
;OL .YHUK9LZVY[ PZ HTVUN [OL Ă&#x201E;ULZ[ Ă&#x201E;]L Z[HY OV[LSZ PU *`WY\Z VÉ&#x2C6;LYPUN an impressive range of customer services.
Director Haris Theocharous
55
56
57
58
59
60
61
POSITION
CEO Savvas Poetarides
-
NUMBER OF EMPLOYEES
CONTACT
80
/LHK 6É&#x2030;JL! 100, Archbishop Makarios III Ave., 3021 Limassol | Tel: (+357) 25880880 | Fax: (+357) 25880995 | e-mail: info@fairways. com.cy | Website: www.fairways.com.cy
-
/LHK 6É&#x2030;JL! 41, Nouris Building, Kolonakiou Ave., 4103 Limassol | Tel: (+357) 25891717 | Fax: (+357) 25891999 | e-mail: info@ falconbrokers.com | Website: www. falconbrokers.com
127
/LHK 6É&#x2030;JL! FXTM Tower, 35, Lambros Konstantaras St., Kato Polemidia, 4156, Limassol | Tel: (+357) 25558777 | Fax: (+357) 25558778 | e-mail: info@forextime.com | Website: www.forextime.com
130+
/LHK 6É&#x2030;JL! 1, Karyatidon St., Ypsonas 4180, Limassol | Tel: (+357) 25969200 | Fax: (+357) 25969269 | e-mail: info@fxpro.com | Website:www.fxpro.com
-
/LHK 6É&#x2030;JL! GAN House, 220, Archbishop Makarios lll Ave., Limassol | Tel: (+357) 25885885 | Fax: (+357) 25822668 | e-mail: info@gandirect.com I Website: www.GanDirect.com
1,000
/LHK 6É&#x2030;JL! 109H, Franklin Roosevelt Ave., 3011 Limassol | Tel: (+357) 25877737 | Fax: (+357) 25565982 | e-mail:info@gapgroup.com | Website:www.gapgroup.com
-
/LHK 6É&#x2030;JL!Pallas House, Aristophanes St., 3314 Limassol | Tel: (+357) 25361213 | Fax: (+357) 25365322 | e-mail:info@anastasi.com. cy | Website:www.anastasi.com.cy
-
/LHK 6É&#x2030;JL! Interlink Hermes Plaza, 1stFloor, 46, Agios Athanasios Ave., 4102 Limassol | Tel: (+357) 25055100 | Fax: (+357) 25055101 | e-mail: MAsalieva@gpbfs.com.cy | Website: www.gpbfs.com.cy
180
/LHK 6É&#x2030;JL! Grand Resort, Amathus Area, 3724 Limassol | Tel: (+357) 25634333 | Fax: (+357) 25634588 | e-mail:grand@grandresort. com.cy | Website: www.grandresort.com.cy
THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
Gold 39
cover story
150
+
No
64
65
66
67
68
69
70
71
72
LEADING COMPANIES IN LIMASSOL POSITION
NUMBER OF EMPLOYEES
NAME
DESCRIPTION
GRIGORIOU B.E. LTD.
Founded in 1976, it owns the biggest meat processing factory in Cyprus, delivering a broad range of processed and cooked meats to the local and foreign market.
CEOS Costas Grigoriou Spyros Grigoriou Gregoris Grigoriou
-
/LHK 6É&#x2030;JL! ,SSHKVZ :[ ʢWZVUHZ Limassol | Tel: (+357) 25393238 | Fax: (+357) 25392208 | e-mail: info@grigoriou.com.cy | Website:www.grigoriou.com.cy
HADJIANTONAS WINERY LTD
Established in the early 1900s, it ^HZ VUL VM [OL ]LY` Ă&#x201E;YZ[ JVTTLYJPHS wineries in Cyprus. Its wine production has since expanded and the company's output now includes seven labels of red, white, rosĂŠ and sparkling wines.
Owner Doros Hadjiantonas
-
/LHK 6É&#x2030;JL! Parekklisia, 4520 Limassol | Tel: (+357) 25991199 | Fax: (+357) 25991075 | e-mail: info@hadjiantonas.com.cy | Website: www.hadjiantonas.com.cy
HARNEYS CYPRUS
;OPZ *`WY\Z SH^ Ă&#x201E;YT ZWLJPHSPaLZ PU all aspects of Cyprus commercial, banking, corporate, tax and trust law. 0[ KPZ[PUN\PZOLZ P[ZLSM MYVT V[OLY Ă&#x201E;YTZ by focusing solely on the business side of the law and does not undertake activities such as litigation and dispute resolution.
Managing Partner, *`WY\Z 6É&#x2030;JL Demetris Loizides
IBL BANK
In addition to its 19 branches in Lebanon, it also operates a branch in Limassol since January 2009. The local IYHUJO VÉ&#x2C6;LYZ HSS [YHKP[PVUHS IHURPUN services such as credit facilities, trade Ă&#x201E;UHUJL HUK HJJLW[HUJL VM KLWVZP[Z in all major currencies.
Chairman-General Manager Salim Habib
IBSCY LIMITED
It is one of the top IT companies in *`WY\Z VÉ&#x2C6;LYPUN ZVS\[PVUZ [OH[ LUHISL companies to focus on their business and enhance productivity, while achieving a higher Return of Investment. In April 2015, IBS was acquired by MTN Cyprus.
General Manager Andreas Neocleous
IMPERIO PROPERTIES
Specialising in property management and interior design, it has won several Cypriot and European awards for development and design. Headquartered PU 3PTHZZVS P[ OHZ VÉ&#x2030;JLZ PU 3VUKVU Manchester, Beirut, Dubai, Cairo, Moscow, St. Petersburg and elsewhere.
Directors Yiannis & Antonis Misirlis
INFOSCREEN
A leading software development JVTWHU` ^P[O VÉ&#x2030;JLZ PU *`WY\Z /VUN 2VUN HUK :LYIPH P[Z Ă&#x2026;HNZOPW product, Quorum, is an entity management and company secretarial software solution used by major auKP[ SLNHS HUK Ă&#x201E;K\JPHY` VYNHUPZH[PVUZ in 24 countries.
Managing Director Tony Ellinas
INTERLINK CONSTRUCTION & DEVELOPMENT
It is a full service, design & build Construction Company with experience of over 25 years in the development sector. Its operations cover residential & commercial developments in some of the most prime locations in Limassol.
INTERORIENT MARINE SERVICES LTD.
A fast-growing global provider of marine and shipmanagement services headquartered in Limassol, it has VÉ&#x2030;JLZ PU /HTI\YN 4HUPSH 9PNH HUK St. Petersburg and employs over 300 shore-based employees and over 3,000 well-trained and experienced seafarers.
CEO Christos D. Nicolaou
CEO Themis Papadopoulos
35
CONTACT
/LHK 6É&#x2030;JL! 313, 28th October Ave., 2nd& YK Ă&#x2026;VVY 3PTHZZVS c ;LS! | Fax: (+357) 25820021 | e-mail: cyprus@ harneys.com | Website:www.harneys.com
4
/LHK 6É&#x2030;JL! Ideal Building, 1stFloor, 214 Archbishop Makarios III Ave., 3030 Limassol | Tel: (+357) 25504444 | Fax: (+357) 25504450 | e-mail: ibl.limassol@ibl.com.lb | Website: www.ibl.com.lb
8
/LHK 6É&#x2030;JL! Corner Gladstone& Mesologiou :[ UK-SVVY 6É&#x2030;JL 3PTHZZVS | Tel: 70088022 | Fax: (+357) 25254555 | e-mail:info@ibs.com.cy | Website: www.ibs.com.cy
13
/LHK 6É&#x2030;JL! 131, Gladstone Street, 3031 Limassol | Tel: (+357) 25581005 | Fax: (+357) 25580205 | e-mail:sales@imperioproperties. com | Website:www.imperioproperties.com
30
/LHK 6É&#x2030;JL! 166, Agias Fylaxeos St., 3rdFloor, 3083, Limassol | Tel: (+357) 25820789 | Fax: (+357)25820790 | e-mail:sales@quorumcentral.com | Website:www.quorumcentral.com
-
300
/LHK 6É&#x2030;JL! Interlink Hermes Plaza 46, Agiou Athanasiou Ave. 4102, Agios Athanasios, Limassol |Tel: 25507000 | Fax: 25507100 | e-mail: info@interlinkdevelopers.com | Website: http://www.interlinkdevelopers.com
/LHK 6É&#x2030;JL! 142, Franklin Roosevelt Ave., 3504 Limassol | Tel: (+357) 25840300 | Fax: (+357) 25575895 | e-mail:management@imsshipmanagement.com | Website:www.imsshipmanagement.com
No
NAME
DESCRIPTION
73
INTERSHIP NAVIGATION COMPANY LTD.
-V\UKLK PU P[ THUHNLZ H Ă&#x2026;LL[ of more than 80 vessels. Principally a ship-owning company, Intership has also expanded into third party management for a small number of European, American and Asian owners.
74
JFD BROKERS
Headquartered in Cyprus, it operates as an absolute electronic trading environment for retail investors and institutional partners, delivering trading functionality, market reach, depths of liquidity, speed of execution and robust IT scalability at competitive trading costs.
75
JIFFIX MARKETS (JFX) LTD.
1-? [OL [YHKPUN IYHUK VM 1PÉ&#x2030;_ 4HYRL[Z is a fully licensed and regulated investTLU[ Ă&#x201E;YT ^P[O V]LY `LHYZ VM -VYL_ experience. Based in Limassol, its clients are located all around the world.
-
76
JORDAN AHLI BANK PLC.
The Limassol branch has been operH[PUN PU *`WY\Z ZPUJL VÉ&#x2C6;LYPUN H wide range of Personal and Commercial Banking services to its clients all over the world
Deputy Regional Manager/Branch Coordinator Eleni Katartzi
77
JOTUN CYPRUS LTD.
A subsidiary of Jotun A/S in Norway, it provides marine coatings to its ship owners and ship management customers in Cyprus. It also has a registered branch in UAE, serving the export markets of the Middle East and North Africa regions.
President & CEO Morten Fon
78
K. KYTHREOTIS HOLDING PUBLIC LTD.
Engaged in the production and supply of sand and gravel for use in the construction industry, the company distributes ready-mix concrete and asphalt for road construction, and is also involved in land development.
KANIKA GROUP
Founded in 1962, it is dedicated to the development of hotels, resorts, commercial and residential real LZ[H[L HZ ^LSS HZ VÉ&#x2C6;LYPUN WYVWLY[` management.
KANNAVA, KITROMILIDOU & CO LLC
0[ PZ H *`WY\Z SH^ Ă&#x201E;YT VÉ&#x2C6;LYPUN H JVTprehensive and wide range of legal services to international and local clientele. Located in Limassol, its main areas of practice include Banking and Finance, Corporate Law, Financial Services Regulation.
Head of Firm Maria Kitromilidou
KAMANTERENA WINERY (SODAP)
One of the most complete and modern wineries in the world, Kamanterena Winery (SODAP) is equipped with high-tech machinery and the latest technology in Winemaking, enabling it to produce wines of the highest quality which have earned an array of awards in wine and spirit competitions.
CEO Andreas Nicolaides
KARDEX SYSTEMS LTD.
It is a global acting industry partner for intra-logistic solutions and a leading Z\WWSPLY VM H\[VTH[LK Ă&#x201E;SPUN Z[VYage solutions and material handling systems. The regional Kardex Group VÉ&#x2030;JL VWLYH[LZ MYVT 3PTHZZVS
Regional Sales Director, Middle East, Africa and Central Asia Demetris Kouloundis
79
80
81
82
POSITION
CEO Dieter Rohdenburg
-
-
Chairman Spyros Th. Karaolis Group Managing Director Dora Onoufriou
NUMBER OF EMPLOYEES
150
CONTACT /LHK 6É&#x2030;JL! Hartmann House, 32, Miltonos St., 3050 Limassol | Tel: (+357) 25584000 | Fax: (+357) 25585756 | e-mail: mail@intership-cyprus. com | Website:www.intership-cyprus.com
-
/LHK 6É&#x2030;JL! Kakos Premier Tower, 70, Kyrillou Loukareos St., 4156 Limassol | Tel: (+357) 25878530 | Fax: (+357) 25763540 | e-mail:info@jfdbrokers.com | Website: www.jfdbrokers.com
-
/LHK 6É&#x2030;JL! 55, Agias Fylaxeos St. & Spyros 2`WYPHUV\ (]L ,SZP *V\Y[ 6É&#x2030;JL Limassol | Tel: (+357) 25385501 | Fax: (+357) 25336086 | e-mail:info@jfx.com | Website: www.jfx.com
-
/LHK 6É&#x2030;JL! 1, Anexartisias St., Pecora Tower, 2ndFloor, 3303 Limassol | Tel: (+357) 25356669 | Fax: (+357) 25356673 | e-mail: info@ahlibank.com.cy | Website: ahli.com/Cyprus
8
/LHK 6É&#x2030;JL! 56, Theodorou Potamianou St., Aphrodite Court, 1stFloor, 4155, Kato Polemidia, Limassol | Tel: (+357) 25374455 | Fax: (+357) 25374400 | e-mail: jotun.cyprus@ jotun.com | Website: www.jotun.com/eu
-
/LHK 6É&#x2030;JL! 38, Grivas Dighenis Ave., Saint Nicholas, 3309 Limassol | Tel: (+357) 25581235 | Fax: (+357) 25585828 | e-mail: info@kythreotis.com.cy | Website: www.kythreotis.com.cy
800+
/LHK 6É&#x2030;JL! 28th October &Archbishop Makarios III Ave., Kanika Enaerios Complex, Block A, 3300 Limassol | Tel: (+357) 25814266 | Fax: (+357) 25582124 | e-mail:info@ kanikadevelopments.com | Website:www.kanika-group.com
31
/LHK 6É&#x2030;JL! 3, Markou Botsari St., 2nd& 3rd Ă&#x2026;VVYZ 3PTHZZVS c ;LS! c Fax: (+357) 25585582 | e-mail:m.kitromilidou@ kpklegal.com | Website:www.kpklegal.com
53
/LHK 6É&#x2030;JL! 1, Kamanterena St., 8550, Kato Stroumbi, Paphos | Tel: (+357) 26633000 | Fax: (+357) 26633503 | e-mail:sodap@sodap. com.cy | Website: www.sodap.com.cy
20
4,( /LHK 6É&#x2030;JL! 8, John Kennedy St., Iris House, 8thFloor, 3300 Limassol | Tel: (+357) 25875 600 | Fax: (+357) 25590 091 | e-mail:info.remstar.cy@kardex.com | Website:www.kardex.com
cover story
150
+
No
83
84
85
86
87
88
89
LEADING COMPANIES IN LIMASSOL
NAME
DESCRIPTION
KARAOLIS GROUP
Synonymous with high-standard property development in the Limassol district, the Karaolis Group has been powering the townâ&#x20AC;&#x2122;s continuous growth since 1960, with innumerable residential and commercial projects to its name.
Chairman Christodoulos Karaolis
With a global network of representatives throughout Europe, the Americas, Asia, Australasia, Africa and the Middle East, the company provides a large range of services that cover anything from basic transportation to major logistics projects.
Managing Directors Andreas Kazoulis & Andreas Ioannou
KEAN SOFT DRINKS LTD.
Founded in 1949, KEAN remains one of the largest and most popular beverage suppliers on the island and an established exporter to 46 countries. It extracts fresh citrus juice, manufactures juices, nectars, still drinks and soft drinks. The KEAN Group imports and distributes a variety of chilled, frozen and ambient foods for the retail and food service trade.
General Manager Marios Kassapis
KEO PLC
Producer and importer of beer, wine, spirits, juices, mineral water, soft drinks and canned food. One of the largest beverage supplier on the island. Established in 1927, it is now a household name for both locals and millions of tourists.
KORPUS PRAVA
Korpus Prava (Cyprus) was established in 2006. Together with its VÉ&#x2030;JLZ PU 9\ZZPH /VUN 2VUN 4HS[H <RYHPUL HUK 3H[]PH [OL Ă&#x201E;YT VÉ&#x2C6;LYZ clients a truly international service in Law, Tax, Corporate Services, M&A and Corporate Finance.
KPMG
KPMG is a global network of profesZPVUHS Ă&#x201E;YTZ WYV]PKPUN (\KP[ ;H_ HUK Advisory services employing more than 162,000 professionals in 155 countries worldwide. It continuously takes important steps to ensure that KPMG delivers market-leading, world-class professional services that are aligned with the changing needs of its clients and global markets.
KRYPTO SECURITY
Established in 1995, it provides a complete range of electronic security solutions. Serving residential and commercial properties of all sizes, it has become one of the leading JVTWHUPLZ PU [OL Ă&#x201E;LSK VM ZLJ\YP[` 0[Z clientele includes large governmental and private organisations across the island, such as banks, embassies and others
KAZOULIS GLOBAL LOGISTICS
POSITION
Executive Chairman Costas Koutsos Managing Director Charalambos Panayiotou
Managing Partner Artem Paleev
NUMBER OF EMPLOYEES
CONTACT
-
/LHK 6É&#x2030;JL! 1, Anastasiou Sioukri St., Themis Tower 5th Floor, 3300 Limassol | Tel: (+357) 25 871871 | Fax: (+357) 25 342186 | e-mail:sales@karaolisgroup.com | Website: www.karaolisgroup.com
-
/LHK 6É&#x2030;JL! 2, Odysseas Androutsou St., Kato Polemidia, 4150 Limassol | Tel: 25278278 | Fax: 25754477 | e-mail: kazoulis@kazoulis.com | Website: http://www.kazoulis.com
180
/LHK 6É&#x2030;JL! Agios Athanasios, 4103 Limassol | Tel: (+357) 25883100 | Fax: (+357) 25324289 | e-mail:kean@keanltd.com.cy | Website: www.kean.com.cy
377
/LHK 6É&#x2030;JL! 1, Franklin Roosevelt Ave., 3602 Limassol | Tel: (+357) 25853100 | Fax: (+357) 25573429 | e-mail:keo@keogroup.com | Website: www.keogroup.com
13
/LHK 6É&#x2030;JL! .YP]HZ +PNOLUPZ(]L 6É&#x2030;JL 102, 3101 Limassol | Tel: (+357) 25582848 | Fax: (+357) 25582868 | e-mail: cyprus@korpusprava.com | Website: www.korpusprava.com
Chairman Angelos Gregoriades Managing Director (UKYLHZ *OYPZ[VĂ&#x201E;KLZ Partner in Charge VM 3PTHZZVS VÉ&#x2030;JL Panicos Loizou, Head of Audit Services
CEO George Georgiou
770
33
3PTHZZVS 6É&#x2030;JL! 11, 16th June 1943 St., 3022 Limassol | Tel: (+357) 25869000 | Fax: (+357) 25363842 | e-mail:limassol@kpmg.com.cy | Website:www.kpmg.com.cy
/LHK 6É&#x2030;JL! 71, Michael Zavou St., Agios Athanasios, 4107Limassol | Tel: (+357) 25736846 | Fax: (+357) 25 736845 | e-mail:info@krypto.com.cy | Website:www.krypto-security.com
THE CYPRUS UNIVERSITY OF TECHNOLOGY OPENED IN LIMASSOL IN SEPTEMBER 2007
LIMA SS FACT OL
No
DESCRIPTION
KYRIAKIDES, SAVVIDES & ASSOCIATES
This dynamic, fast-growing accoun[HUJ` ÄYT ZWLJPHSPZLZ PU [H_ I\ZPness consultancy and international I\ZPULZZ THUHNLTLU[ 0[ HSZV VɈLYZ company formation and administration and trust formation services to JSPLU[Z PU *`WY\Z HUK V[OLY VɈZOVYL jurisdictions.
Head of Firm Elias Kyriakides
18
/LHK 6ɉJL! 5, Spatharikou St., 4004 Mesa Geitonia, Limassol | Tel: (+357) 25343477 | Fax: (+357) 25343484 | e-mail:ksa.pre@ksa. com.cy | Website:www.ksapre.com
LANITIS GROUP
The Lanitis Group was established towards the end of the 19th century and is currently under the leadership of the fourth generation of the Lanitis family. The Group is active in a diverZPÄLK ZL[ VM I\ZPULZZ ÄLSKZ Z\JO HZ construction, property development, tourism and travel, hotels, transport, leisure and entertainment, restaurants, golf, marinas, energy, trading and commodities.
Chairman Platon E. Lanitis
800
/LHK 6ɉJL! 21, Archbishop Kyprianou St., 3036 Limassol | Tel: (+357) 25820920 | Fax: (+357) 25820935 | e-mail: info@lanitis. com | Website: www.lanitis.com
LAVAR SHIPPING
Celebrating its 50thanniversary in 3H]HY :OPWWPUN PZ [OL ÅHNZOPW company of the RPT Group. It is is currently one of the top three shipping agencies in Cyprus, providing services that include Port Agency, Forwarding, Husbandry, and Technical Support. Lavar Shipping also plays an important role in ship-toZOPW VWLYH[PVUZ WLYMVYTLK VɈ 3PTHZsol Port limits and at designated points of anchorage.
CEO Reginos Tsanos
60+
/LHK 6ɉJL! 109, Omonoia Ave., Suite 301, Flamingo Building, 3048 Limassol | Tel: (+357) 25818600 | Fax: (+357) 25818601 | e-mail:info@lavarshipping.com | Website:www.lavarshipping.com
LEMISSOLER NAVIGATION CO. LTD
Headquartered in Limassol,Lemissoler Navigation Co. Ltd (Lemissoler, Group) is a diversiÄLK ZOPWWPUN NYV\W LZ[HISPZOLK PU 1996 with many years of expertise in liner shipping, ship management services and ship owning activities. The Group specializes in the formation and management of investment funds that invest in various sectors of the shipping industry. It is repreZLU[LK I` H NSVIHS UL[^VYR VM VɉJLZ employing over 50 shore-based employees and over 700 seafarers.
CEO Philippos Philis
43
/LHK 6ɉJL! 17-21B Ayias Zonis Str., Eleni Court, CY-3027 Limassol | Tel: (+357) 25 818 830 | Fax:(+357) 25 746 926 | e-mail:info@ lemissoler.com | Website:www.lemissoler.com
94
LIMASSOL MARINA LTD
The Shareholder Companies behind the groundbreaking project and new landmark destination, are Joannou & Paraskevaides Ltd, J & P – Avax S.A, Athena S.A., Cybarco, Francoudi & Stephanou Ltd, CADS Holdings Ltd and LMDC Services Ltd.
CEO Andreas Christodoulides
500+
95
LORDOS UNITED PLASTICS PUBLIC LTD
A leading supplier of plastics with a wide range of products such as WPWLZ Ä[[PUNZ ÄSTZ IHNZ IV[[SLZ and other containers, it has become one of the largest suppliers in its industry in Cyprus.
General Manager Alekos Kantartzis
LOUNIC LTD
Lounic Ltd is a leading importer/ producer of Fast Moving Consumer Goods. It markets and distributes high-quality and innovative brandsall over Cyprus through its own distribution network.
Managing Directors & Owners Loucas Christodoulou, Maria Christodoulou, Erato Christodoulou
90
91
92
93
96
POSITION
NUMBER OF EMPLOYEES
NAME
220
60
CONTACT
/LHK 6ɉJL! Limassol Marina Ltd, 3601 Limassol | Tel: (+357) 25 020 020 | e-mail:info@limassolmarina.com | Website:www.limassolmarina.com
/LHK 6ɉJL! Ypsonas Industrial Area, Epimitheos St., 3056 Limassol | Tel: (+357) 25885555 | Fax: (+357) 25885588 | e-mail:lordos@lordosplastics.com | Website:www.lordosplastics.com
/LHK 6ɉJL! 6, Troodous St., Agios Athanasios, Limassol | Tel: (+357) 25728588 | Fax: (+357) 25728875 | e-mail: lounic@ spidernet.com.cy | Website: www.lounic.com.cy
cover story
150
+
LEADING COMPANIES IN LIMASSOL
No
NAME
DESCRIPTION
97
LOUTSIOS GROUP
Sole distributors of Isuzu, KIA, Cadillac and Hummer vehicles in Cyprus, it is one of the most successful and popular car dealerships on the island.
General Manager Yiannis Loutsios
M. LOUCAIDES LTD
M. Loucaides Ltd is one of the fastest-growing accounting and business HK]PZVY` Ă&#x201E;YTZ PU *`WY\Z WYV]PKPUN high standard professional accountPUN ZLY]PJLZ PUJS\KPUN H\KP[PUN Ă&#x201E;UHUcial management and consultancy.
Managing Director Marios Loucaides
MARLOW NAVIGATION
Providing comprehensive third party ship & crew management services, the company is backed by a world^PKL UL[^VYR VM VÉ&#x2030;JLZ THUUPUN agencies and new generation training centres.
100
MASTERMIND SHIPMANAGEMENT LTD.
Principally a ship-owning company, it has expanded into shipmanagement, while holding a substantial ownership in the Cypriot investment company Navinvest Holdings Ltd., which specialises in ship-owning.
Managing Director Capt. Eugen H. Adami
101
MEDITERRANEAN HOSPITAL OF LIMASSOL
One of the largest private hospitals in Cyprus, it was established in 2004. >P[O M\SS` LX\PWWLK HUK Z[HÉ&#x2C6;LK VWerating rooms, it employs more than 120 doctors of varied specialties.
CEO Notis Zannetos
MEDOCHEMIE LTD.
Established in 1976, it develops, licenses, manufactures, markets and distributes branded generic and super-generic pharmaceutical products as well as its own patented brands. ;OL Ă&#x201E;YT OHZ LSL]LU THU\MHJ[\YPUN plants and facilities and employs 1,300 people in its manufacturing WSHU[Z HUK VÉ&#x2030;JLZ ^VYSK^PKL
MERITGROUP
Founded in 1970, MeritGroup specialises in tax structures, portfolio management, company administration and accounting among other [Y\Z[ HUK Ă&#x201E;K\JPHY` ZLY]PJLZ
MICHAEL KYPRIANOU & CO. LLC
/H]PUN Ă&#x201E;YTS` LZ[HISPZOLK HU LU]PHISL reputation as a broad based legal WYHJ[PJL [OL Ă&#x201E;YT OHZ NYV^U [V ILJVTL VUL VM [OL SHYNLZ[ SH^ Ă&#x201E;YTZ PU *`WY\Z ^P[O VÉ&#x2030;JLZ PU 5PJVZPH 3PTHZsol and Paphos, while its international presence has expanded with fully Ă&#x2026;LKNLK VÉ&#x2030;JLZ PU .YLLJL PU ([OLUZ and Thessaloniki, and in Malta, in Birkirkara.
98
99
102
103
104
THEMIS PAPADOPOULOS
President, Cyprus Shipping Chamber
â&#x20AC;&#x2DC;â&#x20AC;&#x2DC;T
POSITION
NUMBER OF EMPLOYEES
35
/LHK 6É&#x2030;JL! 90, Omonia Ave., Limassol | Tel: (+357) 25576576 | Fax: (+357) 24641436 | e-mail: info@loutsiosgroup.com | Website:www.loutsiosgroup.com
11
/LHK 6É&#x2030;JL! 11, Grigoris Afxentiou St., *LU[YV 0TWLYPV UKĂ&#x2026;VVY 4LZH .LP[VUPH Limassol | Tel: (+357) 25583253 | Fax: (+357) 25584514 | e-mail: info@mpl-loucaides.com | Website: www.mpl-loucaides.com
Chairman Hermann Eden Joint Managing Directors Andreas Neophytou & Jan Meyering
Executive Chairman Dr. Andreas Pittas Chief Operating 6É&#x2030;JLY Andrew Van Breugel
CEO Demetris Ioannides
Managing Partner Menelaos Kyprianou Head of Operations in Limassol Tonia Antoniou
CONTACT
330
23
/LHK 6É&#x2030;JL! 13, Alexandrias St., 3720 Limassol | Tel: (+357) 25882588 | Fax: (+357) 25882599 | e-mail: marlow@marlow.com.cy | Website: www.marlownavigation.com.cy
/LHK 6É&#x2030;JL! MSM House, 63, Christaki Kranou St., 4042 Limassol | Tel: (+357) 25256000 | Fax: (+357) 25256007 | e-mail:mail@mastermind-cyprus.com | Website:www.mastermind-cyprus.com
118
/LHK 6É&#x2030;JL! 9, Stigos St., 3117 Limassol | Tel: (+357) 25200000 | Fax: (+357) 25200001 | e-mail:info@medihospital.com.cy | Website:www.medihospital.com.cy
639
/LHK 6É&#x2030;JL! 1-10, Constantinoupoleos St., 3011 Limassol | Tel: (+357) 25867600 | Fax: c L THPS!VÉ&#x2030;JL'TLKVJOLTPL com | Website:www.medochemie.com
100
/LHK 6É&#x2030;JL! Eftapaton Court, 256, Archbishop Makarios III Avenue, 3301 Limassol | Tel: (+357) 25857700 | Fax: (+357) 25356010 | e-mail: info@groupmerit.com | Website: www.groupmerit.com
59
3PTHZZVS 6É&#x2030;JL! Michael Kyprianou House, 116, Gladstone Street, 3032 Limassol | Tel: (+357) 25363685 | Fax: (+357) 25363698 | e-mail: limassol@kyprianou.com.cy | Website:www.kyprianou.com.cy
â&#x20AC;&#x153;The steady and continuous growth of Limassolâ&#x20AC;&#x2122;s shipping cluster has coincided with an impressive period of growth for Limassol as a city. Today it combines a vibrant business community, led by the shipping industry, with an increasingly attractive tourist destination. Limassol has, in my opinion, the highest quality tourism product available in Cyprus and is probably the countryâ&#x20AC;&#x2122;s leading commercial centre thanks to its geographical location including, obviously, the islandâ&#x20AC;&#x2122;s main port and container terminal. I believe that it has all the attributes to continue its strong growth and dynamic contribution to the Cyprus economy at large in the coming years.â&#x20AC;?
No
105
106
107
108
109
110
111
NAME
DESCRIPTION
POSITION
MILTOS P. PAPADOPOULOS & ASSOCIATES
-V\UKLK PU [OL Ă&#x201E;YT PZ H WYP]H[L architectural services association. It provides architectural services from concept development through to complete detailed design in key areas, such as commercial and industrial developments, private housing and restoration works.
-
MTN BUSINESS
MTN Business delivers a wide range of Telecommunications and IT services that adjust to the needs of every business, as well as infrastructure hardware that supports them. With over 6,500 multinational and local business customers in Cyprus, P[ VÉ&#x2C6;LYZ H OPNO Z[HUKHYK ¸I\ZPULZZ customer experienceâ&#x20AC;? and draws expertise from the MTN Group, which operates in 22 countries and serves the needs of 223 million subscribers.
Director Andreas Neocleous
MUSKITA HOLDINGS LTD.
Muskita Holdings is active in a range of sectors including the aluminium industry, through its operations in Cyprus and the United Kingdom; the hotel industry, through its hospitality institutions in Cyprus and Greece; and the real estate market, with assets in several locations across the island.
Chairman Christos Mouskis
L.NEMITSAS LTD
It is an integrated company active in the manufacturing and engineering industries and the exclusive manufacturer of Nemitsas pumps,which are exported worldwide through an established network of agents and distributors. The company is also a leading agent, supplier and service centre of a variety of engineering products.
Managing Director Louisa NemitsaPetevi
NEST INVESTMENTS (HOLDINGS) LTD.
It is the shareholding company of all the business assets of the Nest Group, with assets of more than USD 5 billion including investments in Direct Insurance, Re-insurance, Licensed Operations such as World Trade Center, Reinsurance Brokering, Real Estate Development, Banking, Lloyds Insurance of London, and manufacturing in 23 countries.
NEW YORK SWEETS
From its origins as a small pastry store in Limassol in 1986, New York Sweets has grown into an organisation with a network of seven stores across Cyprus, specializing in the art of creating sweets with exceptional quality and design.
General Manager (U[VUPZ *OYPZ[VĂ&#x201E;
OELSM
Headquartered in Limassol, OELSM (Ă&#x2013;sterreichischer Lloyd Seereederei Cyprus Ltd) is an ambitious shipping company, with the force of traditional values combined with technical know-how and high quality standards within the shipping sector and has a continuously expanding V^ULK Ă&#x2026;LL[ [OYV\NO [OL KLSP]LY` VM newly constructed vessels - modern containers and multipurpose vessels to meet todayâ&#x20AC;&#x2122;s requirements and market potential.
CEO Capt. Eberhard Koch
NUMBER OF EMPLOYEES
-
/LHK 6É&#x2030;JL! Corner Anastasi Sioukri St. & Olympion St., Themis Tower, 1stFloor, 3501 Limassol | Tel: (+357) 25350600 | Fax: (+357) 25376576 | e-mail: info@mparchitects.com.cy | Website:www.mparchitects.com.cy
50
3PTHZZVS 6É&#x2030;JL! 196, Archbishop Makarios III (]L 6É&#x2030;JL 3PTHZZVS c ;LS! )\ZPULZZ Support Line) 131 | e-mail: mtnbusiness@mtn. com.cy | Website:www.mtnbusiness.com.cy/ en/business
1,000
/LHK 6É&#x2030;JL! 9, Acharon Street, 3603 Limassol | Tel: (+357) 25844444 | Fax: (+357) 25393671 | e-mail: info@muskita.com.cy | Website:www. muskitagroup.com
12
/LHK 6É&#x2030;JL! 11, Spyros Kyprianou Ave., Industrial Area C, 4163 Ipsonas, Limassol | Tel: (+357) 25569225 | Fax: (+357) 25396955 | e-mail:info@nemitsas.eu | Website:www. nemitsas.eu
1,500
/LHK 6É&#x2030;JL! Ariadne House, 2nd Floor, 333, 28th October St., 3106 Limassol Tel: (+357) 25588811 | Fax: (+357) 25587300 e-mail:nest@nestco.org Website:www.nestco.org
70
/LHK 6É&#x2030;JL! 7, Michail Herakleous St., 4101 Agios Athanasios Industrial Area, Limassol | Tel: (+357) 25558800 | Fax: (+357) 25565302 | e-mail: info@newyorksweets.com.cy | Website:www.newyorksweets.com.cy
Chairman G. Abu Nahl Group Finance & Corporate Services Director Mehran Eftekhar
CONTACT
12
/LHK 6É&#x2030;JL! 3rd Floor, 67, Franklin Roosevelt Ave., 3011 Limassol | Tel: (+357) 25662555 | Fax: (+357) 25662666 | e-mail: oel@cy.oelsm. com | Website:www.oelsm.com
cover story
150 No
+
LEADING COMPANIES IN LIMASSOL
NAME
DESCRIPTION
OLYMPIC RESIDENCE
( QVPU[ ]LU[\YL VM 4HYĂ&#x201E;LSKZ ,U[LYWYPZLZ and Daniel BV, Olympic Residence, located on Limassolâ&#x20AC;&#x2122;s beachfront, JVUZPZ[Z VM [^V Ă&#x2026;VVY [V^LYZ ^P[O breathtaking views. This exclusive residential complex features swimming pools, a country club, a tennis court, a restaurant, designers shopping piazza and a spa with a roman bath.
ORANGEFIELD (CYPRUS)
0[ PZ WHY[ VM 6YHUNLĂ&#x201E;LSK .YV\W HU independent global service provider with a wide range of services including fund administration, management, corporate and trust services. The Group currently has around US$55billion in assets under administration.
Managing Director Constantinos Economides
114
OSM MARITIME GROUP
Founded in 1989, OSM provides full ZLY]PJL ZVS\[PVUZ [V [OL 6É&#x2C6;ZOVYL HUK 4HYP[PTL 0UK\Z[Y` VÉ&#x2C6;LYPUN VUL WVPU[ of contact and a one-stop shop for ZOPW JYL^ VÉ&#x2C6;ZOVYL HUK UL^ I\PSK management. With over 25 years of experience in the Maritime Industry, approximately 10,000 employees ^VYSK^PKL VÉ&#x2030;JL SVJH[PVUZ vessels under management, OSM is headquartered in Limassol.
General Manager Lia Papaiacovou
115
P. PAPADOPOULOS CONSULTING ENGINEERS
Specialising in civil, environmental, structural and foundation engineering, the company has been responsible for the design and site inspection of a wide variety projects all over the island.
-
P. YIATROS GROUP
One of the largest developers and JVUZ[Y\J[PVU Ă&#x201E;YTZ PU 3PTHZZVS [OL .YV\W VÉ&#x2C6;LYZ JSPLU[Z HSS THUULY VM property development services. Obtaining European ISO quality cer[PĂ&#x201E;JH[PVU PU P[ WYPKLZ P[ZLSM VU P[Z excellent after-sales service.
Chairman Panicos Yiatros
PARADISIOTIS
One of the biggest companies in poultry and meat production in Cyprus, it distributes fresh and frozen products all over the island.
CEO Pavlos Paradisiotis
PATRIKIOS PAVLOU & ASSOCIATES LLC
Founded in 1963 in Limassol, Patrikios Pavlou & Associates LLC is a top [PLY T\S[P H^HYK ^PUUPUN SH^ Ă&#x201E;YT ^P[O considerable international expertise. As a member of various professional organisations globally and maintaining strong links with local and foreign associates, its highly skilled lawyers can provide clients with specialized comprehensive solutions on national and international legal matters.
Senior & Managing Partner Stavros Pavlou
119
PERATIKOS
Cyprusâ&#x20AC;&#x2122; largest and oldest paint distributor has been selling and distributing construction chemicals and paints for over 100 years.
Director Kyriacos Peratikos
120
PETOUSSIS BROS LTD.
The company is active in all forms of I\PSKPUN HUK Z[Y\J[\YHS ^VYR VÉ&#x2C6;LYPUN contracting services as well as construction supplies and products.
General Manager Nicos Petoussis
112
113
116
117
118
POSITION
-
NUMBER OF EMPLOYEES
-
CONTACT
/LHK 6É&#x2030;JL! 353, 28th October St., 3107 Limassol, Cyprus | Tel: +357 25247000 | Fax: +357 25247100 | e-mail: sales@ olympicresidence.com | Website: http://olympicresidence.com
25
/LHK 6É&#x2030;JL! 20)* [O -SVVY 7YVĂ&#x201E;[P ,SPH :[ Germasogeia, 4046 Limassol | Tel: (+357) 25272727 | Fax: (+357) 25272728 c L THPS! PUMV J`'VYHUNLĂ&#x201E;LSK JVT c >LIZP[L!^^^ VYHUNLĂ&#x201E;LSK JVT
25
/LHK 6É&#x2030;JL! 319,28th October St., Kanika )\ZPULZZ *LU[YL 6É&#x2030;JL ( 3PTHZZVS | Tel: (+357) 25335501 | Fax: (+357) 25335536 | e-mail: helpdesk@osm.biz | Website: www. osm.no
-
/LHK 6É&#x2030;JL! 21, Serifou St., 3046 Limassol | Tel: (+357) 25826890 | Fax: (+357) 25359521 | e-mail: ocer@cytanet.com.cy | Website:www. ppaengineers.com
-
/LHK 6É&#x2030;JL! 28, Christaki Kranou St., Potamos Yermasoyias, Limassol | Tel: (+357) 25879700 | Fax: (+357) 25879707 | e-mail:info@pyiatros.com | Website:www. pyiatros.com
188
/LHK 6É&#x2030;JL! 2, Spyros Kyprianou St, C' Industrial Area,Ypsonas, 4193 Limassol | Tel: (+357) 25554000 | Fax: (+357) 25723708 | e-mail: paradisiotis@paradisiotis.com | Website:www.paradisiotis.com
60
/LHK 6É&#x2030;JL! Patrician Chambers, 332, Agiou Andreou St., 3035 Limassol | Tel: (+357) 25871599 | Fax: (+357) 25344548 | e-mail: info@pavlaw.com | Website:www.pavlaw.com
-
/LHK 6É&#x2030;JL! 190, Agias Filaxeos St., Limassol | Tel: (+357) 25736983 | Fax: (+357) 25736982 | e-mail:nic333@peratikos.com.cy | Website: www.peratikos.com.cy
-
/LHK 6É&#x2030;JL! 25, Paphos St., 3052 Limassol | Tel: (+357) 25200300 | Fax: (+357) 25200409 | e-mail: info@petoussis.com | Website:www. petoussis.com
No
NAME
DESCRIPTION
P.G.ECONOMIDES & CO LIMITED
,Z[HISPZOLK PU [OL ÄYT ZWLcialises in auditing and accounting services, international tax planning and VAT. The team is headed by Ä]L T\S[P KPZJPWSPULK KPYLJ[VYZ ^OV between them share over 100 years of experience in Cyprus and the UK. ;OL ÄYT HSZV THPU[HPUZ P[Z V^U M\SS` ÅLKNLK VɉJL PU )\JOHYLZ[ 9VTHUPH
Managing Director Petros Economides
PHIL. ANDREOU GROUP
Specialising in the manufacturing, exporting and trading of display stands, supermarket and warehouse shelvPUN Z[VYL LX\PWTLU[ ZOVW Ä[[PUN HUK promotional items. It operates the So Easy Stores chain of convenience stores across Cyprus and owns Phil. Andreou Digital Printing Services Ltd., Phil-O-Media Ltd., RightSpace Construction Ltd., 50% of Smart Track Ltd and 51% of Right Track Ltd.
CEO Philokypros Andreou
123
PIERIDES HOLDINGS PLC.
Comprising Pierides in Light and Pierides Electrical, it distributes wholesale electrical supplies and lighting equipment, supplying products from brands such as Clipsal, Fermax, Siemens, Masiero and Italamp.
Chairman Georgios A. Pierides
124
PIPERARIS
Founded in 1993, it designs, sells, installs and maintains electronic security systems. Headquartered in Limassol, it serves clients all over Cyprus.
CEO Marios Tryfonos
PKF SAVVIDES & CO LTD.
Established in 1979, it is one of the major accounting and consulting organisations in Cyprus. A member of PKF International, its clients range from public companies and multinationals to small businesses and start-ups.
Managing Partner Christos Antoniou
POSTCY DATA CENTER LIMITED
Founded in early 2010 and headquartered in Limassol, Cyprus, PostCy Data Center Limited is a hosting JVTWHU` ^P[O H ZPNUPÄJHU[ NSVIHS footprint and presence in numerous strategic locations the world over. ;OL ÄYT VɈLYZ H JVTWYLOLUZP]L range of IT infrastructure solutions and caters to the needs of many companies around the world, from a wide range of industries.
CEO Vakis Demetriou
PRIMETEL
PrimeTel is one of the leading providLYZ VM TTVIPSL IYVHKIHUK Ä_LK telephony, and television services in Cyprus. Founded in 2003, the company has invested in an advanced network that remains one of its most competitive assets. In 2014, PrimeTel secured the licence for a 3rd Mobile Network in Cyprus evolving from Mobile Virtual Network operator (MVNO) to Mobile Network Operator (MNO) and currently operates its own private 4G mobile Network.
Managing Director Hermes N. Stephanou
121
122
125
126
127
POSITION
NUMBER OF EMPLOYEES
CONTACT
70
/LHK 6ɉJL! 30, Gr. Xenopoulou St., 3106 Limassol | Tel: (+357) 25559000 | Fax: (+357) 25559001 | e-mail: audit@pgeconomides.eu | Website:www.pgeconomides.eu
132
/LHK 6ɉJL! Agios Athanasios Industrial Estate, CY 4100, Agios Athanasios, Limassol | Tel: (+357) 25865000 | Fax: (+357) 25811111 | e-mail: info@phil-andreou.com | Website:www.phil-andreou.com
-
/LHK 6ɉJL! 38, Andrea Kariolou St., 4102 Agios Athanasios, Limassol | Tel: (+357) 25811133 | Fax: (+357) 25725615 | e-mail: info@pierideselectrical.com.cy | Website:www.pierideselectrical.com.cy
40
/LHK 6ɉJL! 105A, Archbishop Makarios III Ave., 3021 Limassol | Tel: (+357) 77772288 | Fax: (+357) 77772289 | e-mail:info@piperaris. com | Website:www.piperaris.com
62
/LHK 6ɉJL! Meliza Court, 229, Archbishop Makarios III Ave., 3105 Limassol | Tel: (+357) 25868000 | Fax: (+357) 25590229 | e-mail: info@pkf.com.cy | Website:www.pkf.com.cy
30
/LHK 6ɉJL! 1 Faleas Street, Agios Athanasios Industrial Area, 4101 Limassol | Tel: (+357) 25022900 | Fax: (+357) 25022901 | E-mail: info@postcy.com | Website: www.postcy.com
300+
/LHK 6ɉJL! The Maritime Center, 141, Omonia Ave., 3045 Limassol | Tel: (+357) c L THPS!WYLZZVɉJL'WYPTL [LS JVT c Website:www.primetel.com.cy
ALMOST 100 REGISTERED INVESTMENT FIRMS LIMFAACSSOL T HAVE THEIR HEADQUARTERS IN LIMASSOL
cover story
150
+
No
128
129
130
131
132
133
134
135
LEADING COMPANIES IN LIMASSOL POSITION
NUMBER OF EMPLOYEES
NAME
DESCRIPTION
CONTACT
PROMSVYAZBANK PJSC
It is one of the Russia's leading privately owned banks, ranked 11thamong the largest Russian banks in terms of assets. The branch in Cyprus was launched in 2002, holding a full-scale banking licence.
CEO Maxim Chadin
60
/LHK 6ɉJL PU *`WY\Z! 35, Grigoriou Afxentiou St., Mesa Geitonia, 4003 Limassol | Tel: (+357) 25272000 | Fax: (+357) 25820378 | e-mail: cyprus@psbank.ru | Website: www.psbank.ru
PWC
PwC Cyprus focuses on Assurance & Advisory and Tax & Legal Services, adapting the expertise of more than 900 professionals in Cyprus and the power of the PwC network of 195,000 experts in 157 countries to P[Z JSPLU[Z» ZWLJPÄJ ULLKZ OLSWPUN [OLT THRL [OL KPɈLYLUJL
CEO Evgenios C Evgeniou
900+
3PTHZZVS 6ɉJL! City House, 6, Karaiskakis St., 3032 Limassol | Tel: (+357) 25555000 | Fax: (+357) 25555001 | e-mail: via the website | Website:www.pwc.com.cy
PYXEL STUDIOS
A unique multi-disciplined design agency that creates compelling design experiences for a range of highWYVÄSL JSPLU[Z PU ]HYPV\Z I\ZPULZZ sectors covering branding, advertising, CGI, packaging, retail design, interior design, architectural design & product design.
Managing Director Marios Georgiou
5
/LHK 6ɉJL! 0TWLYPHS /V\ZL 6ɉJL 4, Kalitheas St., l 3086 Limassol | Tel: (+357) 25870487 | Fax: (+357) 25733505 | e-mail:pyxel@pyxelstudios.com | Website: www.pyxelstudios.com
RCB BANK
RCB Bank Ltd is a leading Cypriot bank with 20 years of history. The bank serves Cypriot and international JSPLU[Z VɈLYPUN KLKPJH[LK SLUKPUN solutions for Cypriot corporate borYV^LYZ HUK H IYVHK YHUNL VM Ä_LK term deposit products. The bank operates branches in Nicosia, Limassol and Luxembourg.
CEO Dr. Kirill Zimarin
200+
/LHK 6ɉJL! 2, Amathuntos Street, 3310 Limassol | Tel: (+357) 25837300 | Fax: (+357) 25342192 | e-mail:rcb@rcbcy.com | Website:www.rcbcy.com
REEDEREI NORD LTD.
Established in 1964, it has built a reputation for quality third-party ship management. Its focus is on operational excellence against a fair remuneration rather than on the size of [OL THUHNLK ÅLL[ 0[Z THUHNLTLU[ services cover a variety of areas.
General Manager Keith Obeysekera
REMEDICA LTD.
It is a leading pharmaceutical company dedicated to the development, production and sale of high-quality generic pharmaceutical products. Remedica’s products circulate in more than one hundred countries worldwide through a selective network of representatives.
Group CEO Charalambos Pattichis
REVERSE INVEST CYPRUS LTD
Incorporated in Cyprus in 1998, the ÄYT PZ H ^OVSS` V^ULK Z\IZPKPHY` of Reserve Invest Holding (Cyprus) Limited. RIC serves both domestic HUK PU[LYUH[PVUHS JSPLU[Z HUK VɈLYZ H full range of products and services to JSPLU[Z PU [OL ÄUHUJPHS ZLY]PJLZ ZLJ[VY
CEO Willian Dahmer
SALAMIS ORGANISATION
Comprising Salamis Lines, Salamis Shipping, Salamis Tours and Salamis Cruise Lines, the Salamis Organisation has built an empire of companies based upon its strong network of diverse shipping services.
Chairman Vassos Hadjitheodosiou
-
/LHK 6ɉJL! 23, Olympion St., 3306 Limassol | Tel: (+357) 25841400 | Fax: (+357) 25345077 | e-mail: mail@rnkeo.com.cy | Website: www. reederei-nord.com
600
/LHK 6ɉJL! Aharnon St., Limassol Industrial Estate, 3056 Limassol | Tel: (+357) 25553000 | Fax: (+357) 25390192 | e-mail:info@remedica. com.cy | Website:www.remedica.eu
9
/LHK 6ɉJL! Maximos Plaza, 6, Grivas +PNOLUPZ (]L )SVJR YK-SVVY 6ɉJL 3035 Limassol | Tel: (+357) 25200600 | Fax: (+357) 25200601 | e-mail: reserve@reservecy. com | Website:www.reserve-invest.com
349
/LHK 6ɉJL! 1, G. Katsounotos St., 3607 Limassol | Tel: (+357) 25860600 | Fax: (+357) 25342600 | e-mail:salamislines@salamis-lines. com | Website:www.salamisinternational.com
‘‘L
ST.JOHN COOMBES
Chairman, Cyprus International Financial Services Association (CIFSA)
No
NAME
DESCRIPTION
“Limassol is a vibrant modern port city, a natural commercial hub in the eastern Mediterranean. As well as playing host to many of the island’s top hotels and some of the world’s largest shipping companies, it is no coincidence that Limassol is home to many insurance intermediaries, independent financial advisers, corporate services companies, fiduciary companies, banks and financial institutions. These firms, together with Limassol’s modern cosmopolitan retail sector, provide both the means and the opportunity for the city to be considered the engine of the Cyprus economy. As Cyprus emerges from its worst financial crisis in living memory, it is the entrepreneurship and dedication of the people behind the companies that will re-ignite the economy, bringing renewed prosperity to the city, its inhabitants and the country. The Cyprus International Financial Services Association (CIFSA) believes that Limassol provides an excellent location for international financial services, by bringing together so many of the ingredients necessary for companies and individuals to flourish.” POSITION
SAXO BANK A/S
Established in Cyprus in 2012, it works with clients in Central Eastern Europe, Balkan countries, Cyprus as well as in the MENA region and employing a team of approximately 45 professionals, speaking over 21 languages in total.
Executive Director Emmanouil Lemonakis
SCF UNICOM MANAGEMENT SERVICES (CYPRUS) LIMITED
Established in 1991, it provides a variety of ship management services, as well as other organisational servicLZ MVY [OL ZHML VWLYH[PVU VM P[Z ÅLL[ Unicom is specialized in various vessel types such as ice-class tankers, arctic shuttle tankers, chemical carriers, LNGs, LPGs, ice breaking supply vessels and bulk carriers. It currently VWLYH[LZ H ÅLL[ VM ]LZZLSZ
Managing Director Sergey Popravko
SCHOELLER HOLDINGS LTD.
Schoeller Holdings Ltd is a private investment company with investments in 50 trading vessels, Columbia Shipmanagement Ltd and other shipmanagement companies, liner operation companies such as AAL and Bengal Tiger Line. It also owns and operates hotels in Cyprus and Germany and restaurants in Cyprus.
Managing Director Heinrich Schoeller
139
SIGMA BAKERIES
Famed for its use of natural, ingreKPLU[Z :PNTH )HRLYPLZ VɈLYZ H M\SS range of fresh delicious pies and pastries, fresh sandwiches, meals and confectionary items to complement its vast range of natural breads.
CEO Giorgos Georgiou
140
SMT SHIPMANAGEMENT & TRANSPORT LTD.
This private company’s fully integrated range of services includes commercial, technical, quality and safety systems, crewing, purchasing, operations, accounting, and insurance management.
Manager Finance & Accounts Panayiota Grigoriou
136
137
138
141
SOTERIS PITTAS & CO LLC
( IV\[PX\L SH^ ÄYT P[ MVJ\ZLZ VU HSS areas of law related to business activity, including negotiation, mediation, arbitration, and litigation. The Firm has close links and strong associa[PVUZ ^P[O YLW\[HISL ÄYTZ PU *`WY\Z Russia and the former CIS countries.
Managing Director Soteris Pittas
NUMBER OF EMPLOYEES
45
156
15,800
-
-
-
CONTACT
/LHK 6ɉJL! 1, Agias Fylaxeos Street, Floor 1, 3025 Limassol | Tel: (+357) 25021121 | Fax: (+453) 9774200 | e-mail:CyprusDesk@ saxobank.com | Website: www.saxobank.com
/LHK 6ɉJL! Unicom Tower, Maximos Plaza, 18, Maximos Michaelides St., 3106 Neapolis, Limassol | Tel: (+357) 25890000 | Fax: (+357) 25890089 | e-mail:unicom@scf-group.com | Website: www.unicom-cy.com
/LHK 6ɉJLZ! Columbia House, Dodekanison St., 4043 Limassol | Tel: (+357) 25843100 | Fax: (+357) 25311196 | e-mail:marketing@ csmcy.com | Website:www.schoeller-holdings. com
/LHK 6ɉJL! Sigma Bakeries Ltd., 3308 Limassol | Tel: (+357) 25878678 | Fax: (+357) 25346131 | e-mail: info@sigmabakeries.com | Website: www.sigmabakeries.com /LHK 6ɉJL! Nicolaou Pentadromos Centre, 702A, Thessalonikis St., 3025 Limassol | Tel: (+357) 25820000 | Fax: (+357) 25749080 | e-mail: smtcy@smt.com.cy | Website: www.smtshipping.com /LHK 6ɉJL! 10, Chrysanthou Mylona St., Magnum House, 3030 Limassol | Tel: 25028460 | Fax: 25028461 | e-mail: info@ pittaslegal.com | Website: http://pittaslegal. com
cover story
150
LEADING COMPANIES IN LIMASSOL
+
No
NAME
DESCRIPTION
142
SPECTEC GROUP HOLDINGS LTD.
The Group specializes in asset management software and services, with VÉ&#x2030;JLZ ^VYSK^PKL 0[ VWLYH[LZ PU the markets of shipping, oil and gas, defence, energy production and distribution, and land-based industry.
CEO Giampiero Soncini
143
STADEMOS HOTELS PLC
Established in March 1989, the company owns and operates the Mediterranean Beach Hotel in Limassol and the Elysium Hotel in Paphos.
Managing Director Demos Demosthenous
ST. RAPHAEL RESORT
;OPZ Ă&#x201E;]L Z[HY YLZVY[ ^OPJO ^HZ VUJL the Sheraton, is located on one of the most renowned and largest Blue Flag accredited beaches in Limassol. It also operates the only privately owned marina on the island.
General Manager Andreas Gregoriou
SUNFRESH BAKERIES
,Z[HISPZOLK PU P[ VÉ&#x2C6;LYZ H M\SS range of baked products, confectionery, snacks and sweets. It also caters for special occasions including weddings, christenings and parties.
General Manager Christakis Pissides
SUPERNOVA CONSULTING
Supernova Consulting is a leading consulting, technology and outsourcPUN ZLY]PJLZ Ă&#x201E;YT ZLY]PUN JSPLU[Z PU more than 25 countries. It creates and delivers business and technolVN` ZVS\[PVUZ [OH[ Ă&#x201E;[ [OLPY ULLKZ and drive the results they want. For V]LY H KLJHKL [OL Ă&#x201E;YT OHZ ILLU helping clients accelerate business performance and realize their most important goals.
Managing Director Kyriacos Stylianides
SYMEOU & KONNARIS LLC LAW FIRM
Symeou & Konnaris LLC, trading as SK Law Firm, has developed a wide range of contacts in many jurisdictions and its main areas of practice include Corporate and Commercial, Tax Planning, Intellectual Property and Trademarks, Trusts, Acquisition of properties, Ship Registration and Litigation.
Heads of Firm Panikos Symeou & Christakis Konnaris
TIFFANY INVESTMENTS LTD./ MY MALL
The biggest shopping mall in Cyprus, My Mall opened its doors in 2009 and has since revolutionized the shopping experience. Incorporating shopping, dining and entertainment, My Mall has become one of the top destinations in the city.
Managing Director Andreas Hadjimitsi
144
145
146
147
148
FRIXOS SAVVIDES
President, Cyprus International Businesses Association (CIBA)
â&#x20AC;&#x2DC;â&#x20AC;&#x2DC;L
POSITION
NUMBER OF EMPLOYEES
CONTACT
-
/LHK 6É&#x2030;JL! 1, Agias Fylaxeos St., KPMG *LU[LY 6É&#x2030;JL -SVVY 3PTHZZVS c Tel: (+357) 25812181 | Fax: (+357) 25314240 | e-mail:Giampiero.soncini@spectec.net | Website: www.spectec.net
400
/LHK 6É&#x2030;JL! 60, Amathus Ave., 3310 Limassol | Tel: (+357) 25828333 | Fax: (+357) 25317555 | e-mail: info@stademos.com.cy | Website: www.stademos.com.cy
200+
/LHK 6É&#x2030;JL! Amathus Avenue, 3594 Limassol | Tel: (+357) 25834200 | Fax: (+357) 25636394 | e-mail: reservations@raphael.com.cy | Website: www.raphael.com.cy
-
/LHK 6É&#x2030;JL! 41, Mishiaouli & Kavazoglou St., Sun Fresh House, 3rd Floor, Agios Ioannis, 3012 Limassol | Tel: (+357) 25500000 | Fax: (+357) 25564888 | e-mail: info@ sunfreshbakery.com.cy | Website: www.sunfreshbakery.com.cy
30
/LHK 6É&#x2030;JL! 38A, Iapetou St., Agios Athanasios, 4101 Limassol | Tel: (+357) 25817880 | Fax: (+357) 25817881 | e-mail: info@supernova-consulting.com | Website:www.supernova-consulting.com
22
/LHK 6É&#x2030;JL! 61, Spyrou Kyprianou St., SK House, 4003, Limassol | Tel: (+357) 25818400 | -H_! c L THPS!PUMV'ZRSH^ Ă&#x201E;YT JVT c >LIZP[L!^^^ ZRSH^ Ă&#x201E;YT JVT
-
/LHK 6É&#x2030;JL! 285, Franklin Roosevelt Ave., 3150 Limassol | Tel: (+357) 25343777 | Fax: (+357) 25341777 | e-mail: info@mim.com.cy | Website: www.mymall.com.cy
â&#x20AC;&#x153;Limassol is the preferred location for foreign companies with a presence on the island for a number of reasons. The city has the reputation of combining a good business environment with a high quality social life, a very good quality family life, with good schooling, sports and leisure for children. The construction of luxury apartments and villas has attracted High Net Worth Individuals, either to live here with their families or to use them as holiday homes. The development of Limassol Marina and the seafront has put the city on the map as one of the leading upmarket holiday destinations in the Mediterranean. In addition to its business-friendly environment, Limassol is also the carnival city, home to the Wine Festival and it has more restaurants than the rest of the island put together. Why not choose Limassol?!â&#x20AC;?
SOL S A LIMFACT
No
149
150
151
152
153
154
155
CYPRUSâ&#x20AC;&#x2122; FIRST INDUSTRIAL ESTATE WAS SET UP IN LIMASSOL IN THE LATE 1960S
NAME
DESCRIPTION ESCRIPTION
POSITION
TOTALSERVE GROUP
Totalserve is an award-winning international service provider, specialising in international tax planning, corpoYH[L [Y\Z[Z HUK Ă&#x201E;K\JPHY` ZLY]PJLZ worldwide. Other services such as legal, accounting and audit are also VÉ&#x2C6;LYLK [OYV\NO HZZVJPH[LK Ă&#x201E;YTZ The Group maintains a presence in Luxembourg, London, Moscow and elsewhere.
Chairwoman Eleana Economides
TOTOTHEO GROUP
The Tototheo Group is a leader in PUUV]H[P]L LÉ&#x2030;JPLU[ HUK M\UJ[PVUHS ZVS\[PVUZ PU [OL Ă&#x201E;LSKZ VM THYP[PTL satellite and radio communication, automation, navigation systems and Ship repairs. Headquartered in CyWY\Z P[ HSZV THPU[HPUZ IYHUJO VÉ&#x2030;JLZ in Greece and Singapore.
Managing Director Socrates Theodossiou
TRADING POINT HOLDINGS (XM.COM)
With over 300,000 Real Accounts opened since it was founded in 2009, XM has grown to a large and well established international investment Ă&#x201E;YT HUK OHZ ILJVTL H [Y\L PUK\Ztry leader. XM is headquartered in 3PTHZZVS ^P[O YLWYLZLU[H[P]L VÉ&#x2030;JLZ operated in the strategic locations of Hungary and Greece.
CEO Constantinos Cleanthous
TRIDENT TRUST GROUP
A leading administrative services provider, it has served professional HK]PZVYZ Ă&#x201E;UHUJPHS PUZ[P[\[PVUZ JVYporations and high net worth families MVY V]LY `LHYZ ^P[O VÉ&#x2030;JLZ PU jurisdictions.
Managing Director Petros Livanios
TRIKKIS ENERGY
Part of the Trikkis Group, it was founded in 1961 and is involved in the production of energy with RES, through the design, import, distribution, installation, supervision and maintenance of photovoltaic systems.
UNITEAM MARINE LIMITED
Uniteam Marine Limited was founded in Cyprus in 1978 and is part of Uniteam Group of Companies, a T\S[PUH[PVUHS .YV\W ^P[O VÉ&#x2030;JLZ PU Cyprus, Germany, Myanmar, Singapore and Ukraine. The company is actively involved in all aspects of Ship Management. The services include Crew Management, Technical Management and full Operations.
VAKIS ASSOCIATES
One of Cyprusâ&#x20AC;&#x2122; leading architectural Ă&#x201E;YTZ MV\UKLK PU LUNHNPUN PU projects that range from residential and commercial buildings to hotels and resorts including Columbia Resort Pissouri, Apokryfo hotel Lofou, Columbia Plaza Limassol, Limanaki restaurant Amathus Hotel Limassol.
NUMBER OF EMPLOYEES
CONTACT
120
/LHK 6É&#x2030;JL! Totalserve House, 17, Gr. Xenopoulou St., 3106 Limassol | Tel: (+357) 25866000 | Fax: (+357) 25866401 | e-mail:services@totalserve.eu | Website:www. totalserve.eu
35
/LHK 6É&#x2030;JL! Tototheo House, 89, Omonia Ave., 3048 Limassol | Tel: (+357) 25569155 | Fax: (+357) 25567033 | e-mail: info@tototheo. com.cy | Website: www.tototheo.com.cy
150+
/LHK 6É&#x2030;JL! 12 Richard & Berenga St., Araouzos | Castle Court, 3rd Floor, 3042 Limassol |Tel: (+357) 25029933 | Fax: 25345225 | e-mail support@xm.com Website: w.xm.com
56
/LHK 6É&#x2030;JL! Trident Centre, 115, Grivas Dighenis Ave., 3731 Limassol | Tel: (+357) 25820650 | Fax: (+357) 25361857 | e-mail:cyprus@tridenttrust.com | Website: www.tridenttrust.com
CEO NikosTrikkis
46
/LHK 6É&#x2030;JL! 44, Galileo St., 3011 Limassol | Tel: (+357) 70003242 | Fax: (+ 357) 25565024 | e-mail:thesource@trikkisenergy.com | Website:www.trikkisenergy.com
Managing Director John Hadjiparaskevas
95
/LHK 6É&#x2030;JL! 284-286 Makarios Avenue, 3105 Limassol | Tel: (+357) 25846100 | Fax: (+357) 25581706 | e-mail: cyprus@uniteammarine. com | Website: www.uniteammarine.com
10
/LHK 6É&#x2030;JL! 207, Saint Andrewâ&#x20AC;&#x2122;s Street, 3509 Limassol | Tel: (+357) 25369765 | Fax: (+357) 25340178 | e-mail: vakisassociates@cytanet. com.cy | Website: www.vakisassociates.com
Partners Vakis Hadjikyriacou and Victor Hadjikyriacou
cover story
150
+
LEADING COMPANIES IN LIMASSOL LIMA S FACTSOL
LIMASSOL IS TWINNED WITH ELEVEN TOWNS IN OTHER COUNTRIES, INCLUDING MARSEILLE (FRANCE), NANJING (CHINA), ALEXANDRIA (EGYPT), NIEDERKASSEL (GERMANY), THESSALONIKI (GREECE) AND HAIFA (ISRAEL) No
156
157
158
159
160
161
162
POSITION
NUMBER OF EMPLOYEES
NAME
DESCRIPTION
VIRARDI ENTERPRISES LTD.
Specializing in catering equipment and tabletop supplies for hotels and restaurants, Virardi focuses on the design, supply, installation of its products plus top-quality after-sales service.
VTT VASILIKO LTD.
The â&#x201A;Ź300 million oil terminal at Vasilikos, outside Limassol, was the biggest single investment in Cyprus (operational Nov 2014), made by VTTI B.V. which is owned 50% by the international energy trading group Vitol and 50% by MISC Berhad of Malaysia.
WINDSOR BROKERS LTD.
Windsor Brokers Ltd. has been a SLHKPUN WYV]PKLY VM Ă&#x201E;UHUJPHS ZLY]PJLZ MVY V]LY `LHYZ VÉ&#x2C6;LYPUN -? *-+Z Futures OTC, GWAZY and Binary Options trading to retail and corporate investors from over 80 countries.
CEO Johny Abuaitah
YIALLOURIDES & PARTNERS LTD, CHARTERED ACCOUNTANTS
Since its establishment in 1999, the Ă&#x201E;YT OHZ L_WLYPLUJLK ZVSPK NYV^[O Working in association with a broad network of international accountPUN SLNHS HUK JVUZ\S[HUJ` Ă&#x201E;YTZ P[ provides professional assistance and consultation to companies and organisations in all key business locations worldwide.
Managing Director George Yiallourides
30
/LHK 6É&#x2030;JL! :V[PYP ;VĂ&#x201E;UP :[ (\KLO /LHK 8\HY[LYZ 6É&#x2030;JLZ 3PTHZZVS c Tel: (+357) 25443132 | Fax: (+357) 25878948 | e-mail:info@ayca.com.cy | Website: www. ayca.com.cy
YGIA POLYCLINIC
Established in 1983, it is the largest and one of the best equipped private hospitals in Cyprus. With 152 beds and 12 operating theatres, It is the only multiservice hospital in Cyprus accredited by the London-based international organisation, CHKS (ISO 9001:2008).
General Manager Anastasios A. Bokaris
474
/LHK 6É&#x2030;JL! 21, Nafpliou St., 3305 Limassol | Tel: (+357) 25884600 | Fax: (+357) 25353890 | e-mail:info@ygiapolyclinic.com | Website: www.ygiapolyclinic.com
Y. SKEMBEDJIS & SONS LTD
Y. Skembedjis & Sons Ltd was established in Famagusta in 1971, initially as aprovider of forklift hiring services. It has since expanded to Limassol and now sells, repairs and rents any kind of warehouse handling equipment, both used and new, in local and foreign markets.
Managing Director Costas Skembedjis
23
/LHK 6É&#x2030;JL! 1, Agoras St., Ypsonas Industrial Area, 3056 Limassol | Tel: (+357) 25712265 | Fax: (+357) 25710413 | e-mail: info@ skembedjis.com | Website: www.skembedjis.com
Z.G.H. WATCHES & JEWELLERS LTD.
With approximately 55% of the Limassol local jewellery market, it deals in luxury jewellery and watches with both Cypriot and International clients.
Managing Director Giovanni R. Virardi
CEO Rob Nijst (VTTI B.V.) Managing Director George Papanastasiou
Manager Charis Charilaou
30
38
120+
10
CONTACT /LHK 6É&#x2030;JL! 67 Ayias Zonis St., 3090 Limassol | Tel: (+357) 25371501 | Fax: (+357) 25748787 | e-mail:g.virardi@virardi.com | Website:www.virardi.com
/LHK 6É&#x2030;JL! VTT Vasiliko Ltd, Oil Storage Terminal 75, Mari, 7736 Larnaca | Tel: (+357) 24257500 | Fax: (+357) 24333299 | e-mail:xee@vttv.vtti.com | Website: www.vtti.com
/LHK 6É&#x2030;JL! Windsor Business Center, 53, Spyros Kyprianou Ave., 4004 Mesa Yitonia, Limassol | Tel: (+357) 25500500 | Fax: (+357) 25500555 | e-mail:sales@windsorbrokers.com | Website:www.windsorbrokers.com
/LHK 6É&#x2030;JL! 33, George I St., Pecora Beach House, 3723 Limassol | Tel: (+357) 25323168 | Fax: (+357) 25310336 | e-mail:zacharia@ spidernet.com.cy | Website:www.zachariascy. com
SPECIAL PROMOTIONAL FEATURE
LEADING COMPANIES IN LIMASSOL O
n the following pages, 21 of the companies in the list of the 150+ leading companies in Limassol present their products and services in detail.
54 | A. ATHANASIOU GROUP 56 | ASKANIS GROUP 58 | BREEZE GROUP 60 | BERNHARD SCHULTE SHIPMANAGEMENT 62 | CHRYSSES DEMETRIADES & CO LLC 64 | DEMETRIADES HANDLING 66 | EY CYPRUS 68 | FIREPRO SYSTEMS LTD 70 | GAP VASSILOPOULOS GROUP 72 | INTERSHIP NAVIGATION 74 | KARDEX GROUP 76 | KRYPTO SECURITY CYPRUS LTD 78 | LANITIS GROUP 80 | MICHAEL KYPRIANOU & CO LLC 82 | NEST INVESTMENT (HOLDINGS) LTD 84 | OELSR 86 | PRIMETEL 90 | PYXEL STUDIOS 92 | REMEDICA 94 | SUPERNOVA CONSULTING LTD 96 | YGIA POLYCLINIC PRIVATE HOSPITAL
54 | GOLD | The Business Magazine of Cyprus
www.goldnews.com.cy | GOLD | 55
special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
OMPANIES FC
A
A
NIS GROUP O A SK
Antonis Askanis, CEO
fter holding this position for several years, he entered into a partnership with a colleague and formed Askanis Kastanis Hellas LLC, which was involved in the development of apartment buildings in Athens. In 1983, Antonis moved back to Cyprus and started working as a project manager and technical director for a contractor in Limassol until 1989 when he finally formed his own company in Limassol known today as Antonis Askanis Ltd, followed by Askanis Developers Ltd and more recently Askanis Management Services Ltd.
HOTELS
Antonis Askanis Ltd has been contracted by several of Limassol’s most prestigious 5-star hotels to carry out extensive renovation and refurbishment work. Amongst them are Le Meridien Hotel and Spa, where the company took over the construction of the east wing extension of the hotel. Major extension work was executed also at the Four Seasons Hotel in Limassol where the west
wing, comprising suites, pools and common areas were built. Renovation work was also performed at the Amathus Beach Hotel in Limassol with the construction of the indoor pool and the reconstruction of the lobby area among other works. The company has also carried out work at the Curium Palace Hotel and the Alasia Hotel, both in Limassol.
PUBLIC PROJECTS
The company has undertaken the refurbishment and reconstruction of buildings of historical importance such as Paphos Harbour, the winery building at Zoopigi and the Platres Cultural Centre. Other important public projects include the Youth Information Centre, the Dialysis Depart-
56 | GOLD | The Business Magazine of Cyprus
CONTACT DETAILS
ASKANIS GROUP OF COMPANIES HEAD OFFICE: 8, LOIZOU ASKANI STREET, 3110 LIMASSOL TEL: (+357) 25336171 FAX: (+357) 25335122 E-MAIL: INFO@ASKANIS.COM WEBSITE: WWW.ASKANIS.COM
ANTONIS ASKANIS IS THE CEO AND FOUNDER OF ASKANIS GROUP. HE HOLDS A DEGREE IN CIVIL ENGINEERING FROM LONDON UNIVERSITY. HE BEGAN HIS CAREER IN THE CITY OF FAMAGUSTA IN 1972, WORKING AS A STRUCTURAL ENGINEER FOR A LOCAL DEVELOPER. AFTER THE WAR IN 1974, IN WHICH HE SERVED IN THE CORPS OF ENGINEERS, HE RELOCATED WITH HIS WIFE TO GREECE WHERE HE WORKED AS A PROJECT MANAGER FOR A DEVELOPER IN ATHENS.
ment at Limassol General Hospital and the construction of the Fasouri Watermania waterpark.
Agios Arsenios Church and the construction of Agios Charalambos church.
ACADEMIC INSTITUTONS
Antonis Askanis Ltd also undertakes the quality construction of luxury residences, custom-built to the most exacting specifications and individual requirements. The company has completed luxury villas in Aphrodite Hills, Yermasoyia, Armenochori, Amathunta, Platres, Agios Tychonas, Palodia, Moniatis and Polis Chrysochous.
The company restored the building which houses the library of the Cyprus University of Technology, which was one of the very first buildings acquired by the University. Limassol Grammar School and the Ayios Neophytos Secondary school are also projects carried out by Antonis Askanis Ltd for academic institutions.
COMMERCIAL BUILDINGS
The company has successfully completed projects for Alpha Bank, Hellenic Bank, Laiki Bank, Bank of Cyprus and Cyta. Other commercial buildings include Windsor Brokers' Headquarters, Nousis Centre and Collin Atkins Offices and shops.
CHURCHES
Antonis Askanis Ltd has undertaken the construction of various churches including Agia Anna, a striking church which stands proud with its Byzantine architecture. Other church work includes the renovation and extension of
RESIDENTIAL
PROPERTY DEVELOPMENT
In recent years, Askanis Group has moved into real estate development of its own through Askanis Developers Ltd. Since 2006, the company has completed projects in the centre of Limassol, at Palodia and Ayios Tychonas and has acquired the former King Richard hotel on the beachfront next to the Four Seasons Hotel which the company converted into the luxurious apartment building now known as Savoya. The company is currently developing its €95 million Opera development on the beach in Limassol. Opera is now in the final stages of completion and comprises apartments, penthouses, maisonettes and beach villas.
ASKANIS GROUP OF COMPANIES, a dynamic team
As a construction company, ANTONIS ASKANIS
founded in 1989 by Antonis Askanis, is primarily
LTD have achieved the highest status for building
involved in the construction field through its well
works (Category A) and maintain a strict code of
known company ANTONIS ASKANIS LTD, the property
operational conduct which fully adheres to the ISO
developing division through ASKANIS DEVELOPERS
9001 international standards of management and
LTD and the property management division through
have been awarded for their procedures regarding
ASKANIS MANAGEMENT SERVICES LTD.
safety at work.
CONSTRUCTION REFURBISHMENT RENOVATION PROPERTY DEVELOPMENT PROPERTY MANAGEMENT & MAINTENANCE Our outstanding and long-established reputation for excellence is an indication of the high quality of our work
CYS 1S0 9001:2008 R E G . C O M PA N Y
8, Loizou Askani St, P.O.Box 51072, CY - 3501 Limassol Tel. +357 25 336171 E-mail: info@askanis.com
www.askanis.com | GOLD | 57 www.goldnews.com.cy
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special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
Arthur McWhinnie, Managing Director
ith the availability of a well-educated and high skilled workforce, efficient communication systems and its strategic geographical location, the choice of Cyprus for a ship management Centre was a natural decision for BSM. BSM Cyprus currently employs more than 180 personnel and provides an array of ship management and technical management services to its clients. BSM Cyprus has been synonymous with quality since its establishment. Hence, attracting, retaining and developing competent seafarers has always been at the top of its agenda. To meet its own stringent requirements and that of the industry, the Hanseatic Marine Training School was established in Limassol in 1983. Today, renamed as the BSM Maritime Training Centre, the school trains over 3,000 cadets annually and offers a state-of-the-art training facility that replicates the sea-based environment to bet-
ter prepare seafarers for their roles. Apart from the centre in Cyprus, BSM has four other wholly-owned training centres located in the Philippines, China, India and Poland respectively. BSM Cyprus also has a branch office in Caracas, Venezuela, an important location which maintains a close liaison with Venezuela’s state oil company Petroleos de Venezuela, S.A. (PDVSA, Petroleum of Venezuela). The office handles crew management for PDVSA’s tanker and dry cargo vessels operating on both cabotage and worldwide trades. BSM Cyprus is a member of the Cyprus Shipping Cham-
CONTACT DETAILS HEAD OFFICE:
BERNHARD SCHULTE SHIPMANAGEMENT (CYPRUS) LTD.
HANSEATIC HOUSE, 111, SPYROU ARAOUZOU ST. 3036 LIMASSOL CYPRUS TEL: (+357) 25846400 FAX: (+357) 25745245 WEBSITE: WWW.BS-SHIPMANAGEMENT.COM
60 | GOLD | The Business Magazine of Cyprus
RU CYP S
W
BSM
ber and was the driving force behind the establishment of Intermanager, formerly known as ISMA (International Security Management Association). BSM Cyprus was the first company to be certified under ISMA, since the implementation of its quality management system in 1992. Bernhard Schulte Shipmanagement is a highly integrated maritime solutions leader which is part of the Schulte Group, a leading, family-owned, worldwide ship owning and ship management company. Overall, BSM employs over 20,000 people both onboard and onshore, owns over 100 vessels, manages a fleet of more than 600 ships across multiple sectors, including gas, tankers, offshore and bulk carriers, and provides comprehensive ship management solutions through an infrastructure of ship management, crew management and training centres in over 30 locations around the world. Our highly expe-
BERNHARD SCHULTE SHIPMANAGEMENT LTD. (BSM CYPRUS), FORMERLY KNOWN AS HANSEATIC SHIPPING CO. LTD., WAS FOUNDED ON THE ISLAND OF CYPRUS IN 1972. AS THE VERY FIRST OFFSHORE SHIP MANAGEMENT COMPANY TO HAVE AN OFFICE IN CYPRUS, IT IS NOTEWORTHY THAT BSM CYPRUS HAS BEEN INSTRUMENTAL IN HELPING SHAPE THE ISLAND AS A LEADING SHIP MANAGEMENT HUB, NOT ONLY REGIONALLY BUT ALSO GLOBALLY. rienced sea- and shore-based professionals are well equipped to fully meet owners’ and charterers’ requirements, regardless of the vessel type or size. Aligned with our mission to enable our business partners to achieve their objectives through applied knowledge and innovation, our commitment to every customer is: • Maximum vessel availability, safety, reliability and efficiency to achieve higher income at the lowest possible operating cost • Protection of customer reputation through integrity, full compliance and a top quartile safety and performance record • Full transparency and easy access to vessel information through BSM’s ‘Client Web Access’ For further information, contact Arthur McWhinnie, Managing Director of BSM Cyprus, at cy-sdc-man@ bs-shipmanagement.com
Maritime Solutions powered by people An ocean of expertise dedicated to safe, reliable and efficient ship management
www.goldnews.com.cy | GOLD | 61 www.bs-shipmanagement.com
special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
T
CHRYSSES D E
LLC
he three main areas in which the firm operates are Corporate & Banking, Litigation and Shipping, offering a full range of services to a large local and foreign clientele that includes banks, multinational and listed corporations, private concerns, shipping and management companies, and High Net Worth Individuals. The firm also advises the Cyprus Government on many specialized fields of law, and was recently was engaged to help draft the Insolvency and Examinership legislation, as well as the legal framework for casinos. It further advises many local public bodies and utilities on administrative and labour law matters. The firm has also been very active in the field of corporate re-organisation, and mergers and acquisitions; recent examples include the sale of a stake in the Cyprus Development Bank (the firm acted for the buyer), and the sale of a majority interest in the owning company of the Amathus Beach Hotel. In addition,
TRIADES & CO. ME
Chris Georgiades, Senior Partner
it has advised various stakeholders in reorganisation and restructuring of large shipping concerns. In the field of corporate finance, it has advised Cypriot companies and investment banks in relation to the offering of securities in the form of shares, depositary receipts and bonds in international markets such as the London Stock Exchange, Nasdaq, Oslo and Tel Aviv, and has acted as counsel to major banks in their capacity as lenders to Cypriot companies for major corporate debt re-organisation. The firm advises major financial institutions on their obligations under the Cypriot Securities
62 | GOLD | The Business Magazine of Cyprus
CONTACT DETAILS
CHRYSSES DEMETRIADES ADVOCATES/ LEGAL CONSULTANTS HEAD OFFICE: 13 KARAISKAKIS STREET, 3032 LIMASSOL TEL: (+357) 25800000 FAX: (+357) 25588055 E-MAIL: INFO@DEMETRIADES.COM WEBSITE: WWW.DEMETRIADES.COM
CHRYSSES DEMETRIADES & CO. LLC IS ONE OF THE LEADING LAW FIRMS IN CYPRUS. IT IS HIGHLY RESPECTED, BOTH LOCALLY AND INTERNATIONALLY, AND CLASSIFIED AS A TOP TIER FIRM BY VARIOUS INTERNATIONAL JOURNALS. WITH 14 LAWYERS AS PARTNERS TODAY, THE FIRM WAS FOUNDED IN 1948 BY THE LATE CHRYSSES DEMETRIADES AND, IN THE COURSE OF ITS HISTORY, INCORPORATED FIRMS SUCH AS M.M. HOURY & CO. AND P.L. CACOYIANNIS & CO. IT OPERATES FROM ITS HEADQUARTERS IN LIMASSOL AND A BRANCH IN NICOSIA. THE FIRM, WHICH EMPLOYS APPROXIMATELY 50 LAWYERS, IS INEVITABLY INVOLVED, IN ONE WAY OR ANOTHER, IN THE VAST MAJORITY OF MAJOR TRANSACTIONS TAKING PLACE IN CYPRUS.
Laws, Competition Law and Data Protection Law to name a few. Its clients include J.P. Morgan, Credit Suisse and UBS. The firm’s litigation department is regarded as one of the leading practices in Cyprus. It specializes in disputes involving corporations, banking, trusts, shipping, tax, personal injuries, administrative recourses, and high-value claims. Regarding the latter, it won one of the highest in value judgments ever awarded by a Cypriot Court. Moreover, it has substantial expertise in the field of environmental legislation, energy law and competition law. The firm has been highly active in shipping since 1963, and involved in the drafting and updating of all of Cyprus’ shipping laws since then. It is often called upon to advise the maritime authorities of foreign countries as well. Recently, it was instrumental in the drafting of the new Tonnage Tax Law, approved by the European Commission in 2010.
The firm’s clientele comprises the world’s largest ship owning and ship management companies, which it advises on a wide range of issues. The firm currently represents ship owners who control approximately 60% of Cyprus’ merchant fleet. It also represents most of the world’s largest banks and other financial institutions, which are involved in the financing of Cyprus ships, advising them on the intricacies of finance transactions where Cypriot law or a Cyprus-flagged vessel is involved, usually in several jurisdictions. The firm also offers, through an affiliate licensed by the Cyprus Bar Association, administrative and corporate services, such as company formation, secretarial, book keeping and relevant services, as well as immigration and naturalization services. The services are offered to the highest standards of compliance with the relevant legislation and international transparency standards.
For over eighty years Chrysses Demetriades & Co LLC has been in the forefront of the Cyprus legal market and helping create the conditions that have led to Cyprus becoming an international financial centre. Combining innovation with established traditions, it has been a leader in the legal market and trusted by major players both in Cyprus and abroad. CDC prides itself in the expertise of its partners who are leaders in their field. The firm is rated as top tier in Banking and Finance, Corporate and M&A, Dispute Resolution, Maritime & Admiralty and Tax and is known for its high end expertise according to the Legal 500.
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64 | GOLD | The Business Magazine of Cyprus
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Corporate Turnarounds and Debt Restructuring
for Cypriot Corporations Thematology The Chief Financial Officer as a catalyst for positive results in the operations of enterprises and organisations
The New Legal Framework for Foreclosures and Insolvencies
Identifying the Problem within Corporations â&#x20AC;&#x201C; The Need for Turnaround
The Need to Restructure Debt and Support Viable Businesses: A Balancing Act
Restructuring & Turnaround in the Current Market
CFO Insights
Corporate Turnaround Case Study: Mythos & Olympic Brewery Merge: Changing the Beer Map in Greece
Debt Restructuring in Cypriot Corporations
Insurance as part of a risk management strategy
How to Raise new Capital: Private Equity Investors Improving cashflow through Factoring Services
Working capital as a driver of value
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special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
he vision was to serve the business community by providing many related services under one roof – a ‘one-stop-shop’. Rapid growth followed and, eventually, the vision was successfully implemented turning G.A.P. into a total service organisation. in 2001 G.A.P. was listed on the Cyprus Stock Exchange. In parallel to its Cyprus operations, the Group has directed its efforts towards other countries. Currently, G.A.P. operates via a network of 2,000 offices and associates throughout Cyprus, the United Kingdom, Israel, the Netherlands, Luxembourg and Belgium. Involved in providing an extensive range of services, G.A.P. represents renowned international organisations, leaders in their business field.
SERVICES • Shipping Agency G.A.P. is involved in Shipping Agency operations activities for renowned shipping lines and organisations, including K-Line, Hapag-Lloyd and Multiport. • Freight Forwarding G.A.P. is involved in Sea Freight, Air Freight and Land forwarding activities, representing DB Schenker, one of the largest forwarders in the world.
POULOS LO
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G.A.P. VASSI
• Warehousing and Distribution Logistics G.A.P. offers high quality 3PL Services to the trading community with a fleet of more than 150 vehicles covering all 850 Cyprus postal codes and with more than 18,000m² of warehousing facilities. • Merchandising G.A.P., in cooperation with Talandon, provides Third party Merchandising Services to reduce inventory, minimize out-of-stock products and increase sales, offer best representation at Points of Sale, etc. • Domestic Express Courier G.A.P. Akis Express is the largest domestic express courier company in Cyprus with over 25 years of experience and a network of 70 service points island wide, delivering throughout Cyprus. • International Express Courier G.A.P. is the Global Service Participant (GSP) of Federal Express International Inc. providing International Express Courier Services.
70 | GOLD | The Business Magazine of Cyprus
CONTACT DETAILS
G.A.P. VASSILOPOULOS HEAD OFFICE: 109H, FRANKLIN ROOSEVELT AVENUE, 3011 LIMASSOL TEL: (+357) 25877737 E-MAIL: INFO@GAPGROUP.COM WEBSITE: WWW.GAPGROUP.COM
THE G.A.P. VASSILOPOULOS NAME IS AN ACRONYM OF THE NAMES OF THE THREE BROTHERS GEORGE, ARIS AND PETROS VASSILOPOULOS. THE BROTHERS ENTERED THE CYPRUS BUSINESS ARENA VIA THE CREATION OF THEIR FIRST BUSINESS VENTURE – FREIGHT FORWARDING. • Insurance Services G.A.P. is a Lloyd’s Cover holder representing Lloyd’s Syndicates. A complete spectrum of insurance products – General, Marine, Medical and Credit Insurances – is offered, representing prestigious international insurance companies that enjoy ‘A’ (excellent) financial strength ratings from A.M. Best Company and Standard and Poor’s. • International Business Payments G.A.P. can help your company reduce its transaction costs with Business to Business cross-currency bank payments through Western Union Business Solutions, providing an excellent service, competitive exchange rates, zero same day transfer fees and zero correspondent changes fees. • International Money Transfers G.A.P. is the largest Master Agent of Western Union in Europe, with a presence in Cyprus, the United Kingdom, the Netherlands, Belgium, Luxembourg and Israel. • Airport Ground Handling Services G.A.P. provides airline ground handling at Larnaca and Paphos airports through a partnership with Swissport International. • Airlines Representation - GSA G.A.P. acts as a General Cargo Sales Agent (GSA) for Aeroflot, Transaero, Tarom – Romanian Air Transport, El Al Israel Airlines, Norwegian Air Shuttle, Jet2.com, Srilankan Airlines and Leisure Cargo Group of Airlines.
• Customs Clearing & Bonded Warehouse G.A.P. has been a Licensed Customs Broker and Bonded Warehouse Operator since 1988. Operations are carried out at Nicosia customs, Limassol and Larnaca port as well as Larnaca and Paphos airports. • Oil and Gas Logistics G.A.P. provides the Oil and Gas Industry comprehensive logistics solutions in collaboration with experienced partners. • Ships Provisions & Supplies Operations G.A.P. provides a full range of ship supplies to all kind of ships, either directly or via bonded warehouse. • Hotels The Classic Hotel is a member of ‘The Great Hotels of the World’ and is situated in the old Nicosia quarters. It has been awarded the ‘2015 Trip Advisor Certificate of Excellence’ for the fourth consecutive year recognised as a Top Performing Hotel. • Mobile Top-up Solutions G.A.P. provides mobile top-up services through more than 1,000 retail shops around Cyprus, partnering with Otero Ltd and trading under the MOBEE PAYMENTS trade mark. • Travel and Tours G.A.P. is an IATA member and provides complete travel solutions. QUALITY CERTIFICATIONS
Working with Western Working with Western UnionUnion Business Solutions, G.A.P. Business Solutions, G.A.P. Vassilopoulos can your help your Vassilopoulos GroupGroup can help company reduce its transaction company reduce its transaction enormously: costscosts enormously: y Competitive exchange y Competitive exchange rates rates No same day transfer y Noysame day transfer fees fees No correspondent changes y Noycorrespondent changes fees fees y Market comments to keep y Market comments to keep you you updated updated y Quick Responses to enquiries y Quick Responses to enquiries
G.A.P. Vassilopoulos and Western G.A.P. Vassilopoulos and Western Union Business Solutions are fully Union Business Solutions are fully committed to serving youtrust, with trust, committed to serving you with respect andhighest the highest respect and the ethicalethical standards. Our services standards. Our services and and quotations are designed specifically quotations are designed specifically with business your business in mind. with your in mind. Our client centric approach, Our client centric approach, dedicated specialist support system, dedicated specialist support system, and Western Business and Western UnionUnion Business Solutions' banking network Solutions' globalglobal banking network can you helptransfer you transfer can help fundsfunds easilyeasily across borders and zones, time zones, in across borders and time in thancurrencies. 130 currencies. more more than 130
us you helpcapitalize you capitalize on better Let usLet help on better exchange fees and exchange rates,rates, betterbetter fees and transparency executing transparency whilewhile executing your your payment instructions. payment instructions.
G.A.P. Vassilopoulos Group, Tel: +35722710471, Fax: +35722514081,
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info@gapgroup.com, www.gapgroup.com
special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
IN
Dieter Rohdenburg, CEO
he company currently has 82 ships under ownership or full management, the majority belonging to the Hartmann Group. Of these, 18 are tankers and the rest dry, mostly bulk carriers ranging from 5,700dwt all the way up to 180,000dwt cape-sizes, plus around 20 general cargo vessels. In addition, Intership partly manages an additional fleet of 104 ships on a crew management basis. The company also stands at the forefront of technical and commercial innovation. As well as designing its own ships, Intership has been able to partner leading suppliers and technical bodies in introducing new equipment and systems that improve efficiency and reduce environmental impact. One such innovative project will see the conversion of two pneumatic cement carriers to LNG propulsion. Intership has always strived to maintain close relations
with its clients, charterers and industrial partners. Not only meeting customers’ expectations, but consistently exceeding them has been the target. Today, Intership offers tailor-made solutions and enjoys long-term relations with its partners. In some cases, relations have grown beyond shipping, to the extent that Intership today manages a power plant in Jamaica for one of its shipping customers. Intership also continues to develop new buildings, always in close liaison with its industrial partners, so that new ships meet the customers’ needs.
CONTACT DETAILS
INTERSHIP NAVIGATION COMPANY LTD. HEAD OFFICE: HARTMANN HOUSE, 32 MILTONOS STREET, 3050 LIMASSOL TEL: (+357) 25584000 FAX: (+357) 25585756 E-MAIL: MAIL@INTERSHIP-CYPRUS.COM WEBSITE: WWW.INTERSHIP-CYPRUS.COM
ON ATI
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SHIP NAVIG R E T
STILL SETTING THE RIGHT COURSE
SINCE ITS FOUNDING IN 1988, CYPRUSBASED INTERSHIP NAVIGATION HAS GROWN FROM A SMALL OPERATION SET UP BY THE HARTMANN GROUP OF GERMANY INTO A MAJOR INTERNATIONAL SHIPOWNER AND MANAGER. Intership co-ordinates its global operations with a network of technical support offices in New Orleans, Montreal and Brisbane, as well as commercial and manning offices in Germany, Poland and the Philippines. In addition, Intership owns and runs its own authorised training school in the Philippines. Hartmann House, Intership’s new home since August 2013, comprises 5,700m2 of openplan office space which is fully automated and equipped with the latest technology, providing an ideal base for the next chapter in Intership’s unfolding success story. The new offices boast a large cafeteria (serving subsidized lunch), relaxation area, wellequipped gym and ‘games room’ to promote physical and mental well-being. Recently a Day Care Centre was constructed adjacent to the building exclusively for employees’ children. It comes as no sur-
prise that Intership maintains a remarkably high staff retention rate of 96%. For Intership, human capital is considered as its main asset. Intership Navigation was the first shipping company on the island to be certified for compliance with the “Investors in People” shore staff development programme. This programme is now well implemented in the company – offering a flexible work-hour scheme; on-the-job coaching for new employees; training for existing employees, as well as career planning tools. Indeed, the company’s contribution to the national economy was recognised when it was presented with a CIPA (Cyprus Investment Promotion Agency) International Investment Award at a special ceremony held at the Presidential Palace in early September 2013. With all this in its favour, CEO Dieter Rohdenburg justly believes that the company is well positioned to face the challenges of the future.
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special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
oreover, Kardex Remstar and Kardex Mlog also provide controls, software solutions and services. The Kardex Group boasts several branches and manufacturing units in Europe, America and Asia and employs approximately 2,200 people in more than 30 countries worldwide. Kardex AG has been listed on the Swiss SIX Stock Exchange since 1987.
HISTORY
Kardex’s story began in the 1880s when the “Card Index System” was first introduced in the USA. Throughout the years, the company and its product ranges have evolved significantly as the firm has gone from success to success. The organisation’s creative culture, however, lives on, and continues to build upon its long list of industry firsts, which include the typewriter, the calculator and the filing cabinet. Today Kardex manufactures computer-controlled automated storage and retrieval systems
ROUP XG
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KARD E
Demetris Kouloundis, Director of Sales
for a wide range of applications, including office, industry and retail, essentially providing increased efficiencies and productivity through innovation. The company offers a wide range of automated storage and retrieval solutions, each designed to increase productivity and maximize floor space, allowing its clients to become more competitive in their daily operations. Kardex has designed, manufactured and installed more than 140,000 solutions across a broad spectrum of industries, proof of its market dominance.
KARDEX OVERSEAS DIVISION Kardex owns a variety of worldwide locations, geo-
74 | GOLD | The Business Magazine of Cyprus
CONTACT DETAILS
KARDEX SYSTEMS LTD. MEA HEAD OFFICE: 8, JOHN KENNEDY STREET, IRIS HOUSE, FLOOR 8, 3300 LIMASSOL TEL: (+357) 25875 600 FAX: (+357) 25590 091 E-MAIL: info.remstar.cy@kardex.com WEBSITE: www.kardex.com
graphically grouped under the Northern Europe, Central Europe, Latin Europe, USA, Far East and Overseas Divisions. The Overseas Division has been based in Cyprus since 1980 and is responsible for sales as well as marketing, technical and software support services to the Kardex network of distributors to the Middle East and Gulf countries, Africa, the Balkans and Central Asia. Additionally, the Division is responsible for opening up new markets.
WHY CYPRUS?
The decision to locate the Overseas Kardex division in Cyprus was influenced by the island’s strategic geographical location, affirms Director of Sales, Demetris Kouloundis: “It has the ability to serve the company’s overseas markets and its friendly and efficient business environment is a great asset to the firm.” Other factors that influenced the Board’s decision were the legal and accounting framework in Cyprus which is based on the English system,
THE KARDEX GROUP IS A MANUFACTURER OF AUTOMATED STORAGE SOLUTIONS AND MATERIALS HANDLING SYSTEMS, CONSISTING OF THE KARDEX REMSTAR AND THE KARDEX MLOG DIVISIONS. KARDEX REMSTAR DEVELOPS, MANUFACTURES AND SELLS DYNAMIC STORAGE AND RETRIEVAL SYSTEMS, AS WELL AS KARDEX MLOG INTEGRATED MATERIALS HANDLING SYSTEMS AND HIGH-BAY WAREHOUSES. the availability of well-trained and versatile manpower, as well as the tax-effective regime.
SETTING UP AN OPERATION IN CYPRUS Setting up an operation in Cyprus is a straightforward process as the different government departments aim to provide all possible support to expedite the process and encourage new international business to the island.
“STRATEGICALLY KARDEX HAS MADE THE RIGHT DECISION TO UTILIZE CYPRUS AS ITS BASE FOR THE OVERSEAS DIVISION, BECAUSE WE HAVE PROXIMITY TO AFRICA, EUROPE AND ASIA AS WELL AS BEING ABLE TO OPERATE IN AN EFFICIENT BUSINESS CLIMATE WITH EXPERIENCED PROFESSIONALS AND AN ATTRACTIVE TAX FRAMEWORK. KARDEX WILL CONTINUE ITS OPERATIONS IN CYPRUS FOR MORE YEARS TO COME.” DEMETRIS KOULOUNDIS, REGIONAL DIRECTOR OF SALES – MEA, BALKANS & CENTRAL ASIA, KARDEX SYSTEMS LTD.
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76 | GOLD | The Business Magazine of Cyprus
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special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
OUP GR
I T N A L IS
he Group is active in a diversified set of business fields, such as construction, property development, tourism and travel, hotels, transport, leisure and entertainment, restaurants, golf, marinas, energy, trading and commodities. The vision of the Group is to make a positive contribution through time to the economy and society, based on development, innovation and quality, aiming to ensure a dynamic future perspective. This vision has been shared and followed by four generations within the Group, while continuously
moving forward and growing through contemporary methods and practices. The Group is also known for its humanitarian and social contribution to society, especially in the areas of culture, education and health. In 2002 the Evagoras & Kathleen Lanitis Foundation was established as a non-profit organisation based in Limassol, which organizes and sponsors cultural and educational events.
LANITIS E. C. HOLDINGS LTD
The Management of the Lan-
78 | GOLD | The Business Magazine of Cyprus
THE LANITIS GROUP, ONE OF THE LARGEST BUSINESS GROUPS IN CYPRUS, WAS ESTABLISHED TOWARDS THE END OF THE 19TH CENTURY AND IS CURRENTLY UNDER THE LEADERSHIP OF THE FOURTH GENERATION OF THE LANITIS FAMILY.. BASED ON ITS VALUES – RELIABILITY, INTEGRITY, QUALITY AND SOCIAL CONTRIBUTION – THE GROUP HAS PLAYED A PIONEERING AND INNOVATIVE ROLE THROUGH TIME IN THE INDUSTRIES THAT IT OPERATES IN. WHILE SECURING ITS FINANCIAL STANDARDS, THE GROUP AT THE SAME TIME PARTICIPATES IN, AND CONTRIBUTES ACTIVELY TO, THE ECONOMY AND SOCIAL LIFE OF THE COUNTRY. itis Group has its headquarters at the premises of the Limassol-based company Lanitis E.C Holdings Ltd, which currently acts as the Group’s holding
company. Lanitis E.C Holdings Ltd has a diversified portfolio of investments through its various subsidiaries and associate companies.
The role of Lanitis E.C Holdings Ltd includes the formulation of the Group’s investment strategy, the formulation of procedures and the coordination of the activities of the Group’s companies, particularly in the areas of Strategy, Finance, Communications and Internal Audit and Human Resources.
N. P. LANITIS LTD
Established in 1896, it formed the backbone of the Lanitis Group and is currently a diversified portfolio investment company. Through autonomous subsidiaries and/or associate companies, N. P. Lanitis offers a wide range of products and services in various sectors of the economy, such as energy, commodities, trading, restaurants and entertainment: • LANITIS ELECTRICS LTD maintains a strong presence in the market of electrical supplies, cables, wires, fire-detection systems and automation. • LANITIS ARISTOPHANOUS LTD operates in three main lines of business: timber and its by-products, specialised building materials; and sanitary ware, ceramic tiles and parquet floors. • CAROB MILL RESTAURANTS LTD manages a number of up-market restaurants, cafeterias, take-away food outlets, and business and social events venues (Artima, Stretto, Draught, Ryans, Karatello, Il Gusto, Kouzina, Richard & Berengaria, Evagoras Lanitis
Centre, Ktima Laniti), establishing itself as one of Cyprus’ largest and most successful companies in this sector. • L.C.A DOMIKI LTD is firmly established as one of the most competitive firms in the steel industry in Cyprus. • LANITIS GREEN ENERGY GROUP is a leading and dynamic player in the emerging energy market in Cyprus, through the offer of innovative and comprehensive products and services for energy and renewable sources. The Group consists of the following companies: Conercon Energy Solutions, Lanitis Gas & Gas Tech, LGEG Enercon Consulting and CY PV Energy.
CYBARCO
Established in 1945, Cybarco is Cyprus’ leading luxury property developer, responsible for bringing many of the island’s landmark projects to fruition, including the world-class Aphrodite Hills Golf Resort, Akamas Bay Villas, Amathusa Coastal Heights, Sea Gallery Villas, Limassol Marina, and “The Oval”. Cybarco is also one of the major contracting companies, not only on the
CONTACT DETAILS LANITIS GROUP
HEAD OFFICE: 21, ARCHBISHOP KYPRIANOU, 3036 LIMASSOL TEL: (+357) 25820920 FAX: (+357) 25820935 E-MAIL: INFO@LANITIS.COM WEBSITE: WWW.LANITIS.COM
island but also in the wider geographical region in which it has operations. Its portfolio includes large-scale projects including office building blocks, hotels, hospitals, schools, airports, motorways, dams, power stations, etc. • LIMASSOL MARINA LTD The Lanitis Group participates in the construction and development of Limassol Marina through Cybarco. Besides being a major shareholder, Cybarco is also the project manager and exclusive sales agent of the residential properties.
AMATHUS PUBLIC LTD
Established in 1943, the company has grown over the years into a multi-dimensional organisation, covering a wide spectrum of activities in the areas of travel, tourism and transport. It also participates in the ownership and/or management of luxury hotels. • AMATHUS CORPORATION LTD consolidates a diversified group of companies with operations in all aspects of travel & tourism. Also its subsidiary, Amathus Aegeas, provides a comprehensive range of cargo transportation and logistics services.
LANITIS FARM LTD
Located west of Limassol in the Fasouri area, it consists of 415 hectares of citrus plantations as well as 25 hectares of olive groves. It is one of the largest growers of top-quality citrus
produce and organic olive oil in Cyprus. It is also the major shareholder of Heaven’s Garden Waterpark Ltd and Lanitis Golf Public Co.Ltd: • HEAVEN’S GARDEN WATERPARK LTD is the owner of Fasouri Watermania Waterpark, which is a very large scale project, both in terms of size and number of attractions and facilities. • LANITIS GOLF PUBLIC CO. LTD has undertaken a special leisure and residential golf development project (Limassol Greens Golf Resort) on the site of its existing citrus plantations at Fasouri. Lanitis Golf Public Co. Ltd has been established in order to design and develop this new golf project. The company has recently been listed on the Alternative Market of the Cyprus Stock Exchange.
APHRODITE HILLS RESORT LTD
Owner of Aphrodite Hills Resort, the company is an associate (25%) of the Lanitis Group.
EVAGORAS & KATHLEEN LANITIS FOUNDATION
It is a non-profit organisation, based in Limassol, created in memory of the late Evagoras Lanitis which aims to continue his social contribution. The Foundation organises and sponsors cultural and educational events, which promote human achievements.
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special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
M
MICHAEL KYPR IA
and for being “responsive” with an “in-depth business understanding.” The 2015 edition of the directory describes the law firm as the “go-to firm for matters requiring Cyprus law expertise”. According to the directory, “the value for money is impressive”. The firm earned top tier status in the practice area of Banking
80 | GOLD | The Business Magazine of Cyprus
O. L U & C LC NO
ichael Kyprianou & Co. LLC is consistently recommended by reputable international directories for the quality of services and its international expertise. The firm has recently been praised by the reputable international legal directory “The Legal 500” for providing advice that is “practical and of a high standard”
MICHAEL KYPRIANOU & CO. LLC IS A LEADING LAW FIRM WITH A PROMINENT INTERNATIONAL PRESENCE IN CYPRUS, GREECE AND MALTA. THE CALIBRE OF THE FIRM’S LAWYERS AND THEIR DEDICATION TO PROVIDING CLIENTS WITH PRACTICAL AND COST-EFFECTIVE LEGAL ADVICE IS THE CORNERSTONE OF ITS SUCCESS. THESE ARE THE ATTRIBUTES WHICH HAVE MADE IT THE LAW FIRM OF CHOICE FOR A NUMBER OF LEADING INTERNATIONAL LAW FIRMS AND PREEMINENT CLIENTS.
and Finance. In the litigation field, Managing Partner Menelaos Kyprianou has been described as “an outstanding lawyer”. Be-
sides Banking and Finance, the firm also received high rankings in Dispute Resolution, Corporate and M&A, Maritime and Admiralty,
The Limassol team
LOCATIONS NICOSIA ADDRESS: 2, AGIAS ELENIS STREET, 6TH & 7TH FLOOR, 1060 NICOSIA, CYPRUS. TEL.: (+357) 22447777 FAX: (+357) 22767880 E-MAIL: INFO@KYPRIANOU.COM.CY
Intellectual Property, Tax, EU and Competition. Five lawyers from Michael Kyprianou & Co. LLC have recently achieved Notable Practitioner status in the newly-released 2015 Chambers and Partners Europe guide. Partners Michael Kyprianou, Menelaos Kyprianou, Tonia Antoniou, Lambros Soteriou, as well as Associate Lorena Charalambous, earned individual rankings. According to the directory, the firm’s lawyers are “prompt and flexible, and pay close attention to detail”.
THE FOUNDER
Michael Kyprianou, the Founder and Senior Partner of Michael Kyprianou & Co. LLC, is described as an “eminent practitioner” in the practice area of Dispute Resolution. Michael Kyprianou is regarded as an “excellent lawyer” in criminal matters and a “highly influential lawyer”. Until 1991, Michael Kyprianou held the post of Senior Counsel of the Re-
304(::63 ADDRESS: MICHAEL KYPRIANOU HOUSE, 116, GLADSTONE STREET, 3032 LIMASSOL, CYPRUS TEL.: (+357) 25363685 FAX: (+357) 25363698 E-MAIL: LIMASSOL@KYPRIANOU.COM.CY 7(7/6: ADDRESS: MICHAEL KYPRIANOU HOUSE, 19 KINYRAS STREET, 8011 PAPHOS, CYPRUS TEL.: (+357) 26930800 FAX: (+357) 26930808 E-MAIL: PAPHOS@KYPRIANOU.COM.CY (;/,5: ADDRESS: 5, ZALOKOSTA STREET, 3RD FLOOR, SYNTAGMA 10671, ATHENS, GREECE TEL.: (+30) 2103387060 FAX: (+30) 2117150149 E-MAIL: INFO@KYPRIANOU.GR THESSALONIKI ADDRESS: 44, TSIMISKI AVENUE & KAROLOU DIEHL STREET, THESSALONIKI 546 23, GREECE TEL.: (+30) 2310222267 FAX: (+30) 2310222269 E-MAIL: THESSALONIKI@KYPRIANOU.GR BIRKIRKARA ADDRESS: 115A, VALLEY ROAD, LEVEL 5, BIRKIRKARA, BKR 9024, MALTA TEL.: (+356) 21331810 FAX: (+356) 21331810 E-MAIL: INFO@KYPRIANOU.COM.MT WEBSITE: WWW.KYPRIANOU.COM.CY
Tonia Antoniou & Lambros Soteriou, ;OL 7HY[ULYZ VM [OL 3PTHZZVS VɉJL
public of Cyprus. During his Government service, he advised various ministries and departments on important legal issues, particularly the Ministry of Finance, the Ministry of Commerce and Industry, the Ministry of Interior and the Ministry of Communications and Works. He also regularly appeared in court, in litigation, representing the Government of Cyprus and its various ministries and departments. He concluded his career as Senior Counsel of the Republic with the landmark case of the Republic of Cyprus and the Autocephalous Greek Orthodox Church of Cyprus v Goldberg and Feldman Fine Arts Inc and Peg Goldberg before the Indiana Court and later before the US Court of Appeal. In 1991, he was elected to the Cyprus House of Representatives and chaired the House Commerce, Industry & Tourism Committee for five years.
THE TEAM
The firm is comprised of five partners and a total of 35 advocates. It employs a further 28 persons (paralegal and administrative staff). This makes Michael Kyprianou & Co. LLC one of the largest law firms in Cyprus in terms of size. The firm maintains six fully fledged offices: three in Cyprus (Nicosia, Limassol and Paphos), two in Greece (Athens and Thessaloniki) and one in Malta (Birkinhara).
AREAS OF PRACTICE
The firm has established an enviable reputation as a broadbased legal practice: • Dispute Resolution and Arbitration • Corporate and Commercial • Banking and Finance • Intellectual Property • Immigration Law • Investment • Real Estate and Construction Law • Maritime and Admiralty • European and Competition Law • Debt Collection • Taxation and International Tax Planning.
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8
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special promotional feature
150 LEADING+ COMPANIES
he family-owned Company has been a Full Member of the Cyprus Shipping Chamber (CSC) for almost two decades and its Chairman, CEO & Partner, Capt. E. Koch, was voted onto the Board of Directors of the Chamber in April 2015. Capt. Koch also holds the posts of Vice President of the Cyprus Shipowners Employers Association (CYSEA) and Chairman of the CSC Labour Affairs Committee and he is an active industry Member of the Cyprus Shipping Promotion Working Group. Several key members of the OELSR team happily actively participate in, and contribute to, various CSC sub-committees. OELSR owns and manages its small but still very strong and sturdy young fleet of 7 vessels (average age 7.5 yrs), all proudly flying the reputable Cyprus flag, from its premises close to Limassol Port. It is viewed as a quality, caring
OE
shipowner, navigating world markets. With an accumulated diverse knowledge and experience of all types of seagoing transport, the company is mainly focused and specialised on the MPP Segment. OELSR’s drive for excellence, service, communication and availability is implemented from the Chairman down, and it aims at excelling in the quality of its services to customers and investors alike. As a visionary European shipowner, additional private and institutional investors are welcome to participate by way of equity acquisition in a market-ori-
CONTACT DETAILS
OESTERREICHISCHER LLOYD SEEREEDEREI (CYPRUS) LTD HEAD OFFICE: 3RD FLOOR, 67, FRANKLIN ROOSEVELT AVENUE, 3011 LIMASSOL TEL: (+357) 25662555 FAX: (+357) 25662666 E-MAIL: OEL@CY.OELSM.COM WEBSITE: WWW.OELSM.COM
LSR
T
IN LIMASSOL
OESTERREICHISCHER LLOYD SEEREEDEREI (CYPRUS) LTD (OELSR), ORIGINALLY FOUNDED IN THE MEDITERRANEAN, HAS A HISTORY DATING AS FAR BACK AS 1836. entated, profitable shipping segment and we are delighted to open our doors to new cooperation! The Company is happy to cooperate with qualified, professional and proactive first class national and international associates, institutions and contacts.
CYPRUS - WHERE GREAT OPPORTUNITY PRESENTS ITSELF FOR TAKING POSITIVE STEPS FORWARD IN THE NUMBER ONE SHIPPING CENTRE IN EUROPE
The shipping infrastructure that Cyprus has created over the past decades has even further contributed to an efficient shipping environment and expertise that other EU countries may perhaps slightly envy and one which OELSR thoroughly enjoys
and endorses. The Cyprus Registry is certainly most attractive and encouraging for OELSR as is the beautiful island where expertise, knowledge and professionalism in shipping are to be found together with the opportunity to attain profitable operations. Cyprus’ voice is strongly heard in international Organisations such as the IMO and the ILO and OELSR believes that it will become even stronger and the country’s involvement in decision-making will be even more significant. OELSR would very happily register new additional tonnage to its present fleet under the Cyprus flag, and of course enjoy the special Tonnage Tax for shipping companies otherwise referred to as TTS. Third party management is also offered to shipowners with the same high quality demands and philosophy including in-house crewing.
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special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
TEL ME
PRI
PRIMETEL IS ONE OF THE LEADING PROVIDERS OF MOBILE, BROADBAND, FIXED TELEPHONY, AND TELEVISION SERVICES IN CYPRUS. FOUNDED IN 2003, THE COMPANY HAS INVESTED IN AN ADVANCED NETWORK THAT REMAINS TO THIS DAY ONE OF ITS MOST COMPETITIVE ASSETS. he company’s international network extends to Germany, Greece, Russia and the United Kingdom, underlining its active contribution to the area by making the most out of the geographical significance of Cyprus’ location. With its advanced and independent national broadband network, PrimeTel is able to offer both personal and business customers a variety of complete communication solutions, supported by competitive offers aiming to meet the market’s need for quality, reliability and
economy. In 2014, PrimeTel secured the licence for a 3rd Mobile Network in Cyprus, evolving from being a Mobile Virtual Network Operator (MVNO) to a Mobile Network Operator (MNO), and the company currently operates its own private 4G mobile Network.
BROADBAND NETWORK
PrimeTel’s access to the worldwide network is secured via the Hawk submarine fibre optic cable system
86 | GOLD | The Business Magazine of Cyprus
with a capacity of 2.7Tbps, part of the world’s biggest submarine fibre optic cable system network, owned and managed by Reliance Globalcom. The company continues to invest in the future of telecommunications and are proceeding with the creation of new infrastructure that plays a significant role in the development of Cyprus’ electronic communication services. PrimeTel is the first private telecommunications company to deploy an independent fibre optic
backbone network along the highways, interconnecting all the cities in the Republic of Cyprus. The advanced telecommunications network guarantees hassle-free, dependable and quality communications 24/7, ensuring at the same time the support of new technologies in the future. PrimeTel is a constant investor in developing Internet infrastructure, securing non-stop connection as well as constant network support even in the island’s remotest locations.
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special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
PRIMETEL CONTINUES TO INVEST IN THE FUTURE
4G MOBILE TELEPHONY NETWORK
Recognizing that the future of broadband is linked to mobile telephony, we have invested in designing and developing a 4G network, changing the rules in Cyprus. Having ensured the 3rd operating licence as a mobile telephony provider, our company was upgraded being a Mobile Virtual Network Operator (MVNO) to a Mobile Network Operator (MNO). This upgrade was a milestone that allowed PrimeTel to create the 4G network and offer services at even more appealing prices. The modernization of the network offers all clients an unprecedented service experience of 70Mbps for Mobile Internet.
INNOVATIVE COMMUNICATION SOLUTIONS FOR CONSUMERS
PrimeTel offers a variety of packages that include fixed telephony services, mobile, broadband, Wi-Fi and digital television services, offering customers all-inclusive, value-for-money solutions. Taking into account the needs of each household, PrimeTel offers: The most affordable and competitive Unlimited mo-
bile plans Fast and reliable broadband access through ADSL2 and VDSL services Competitive rates for both local and international telephone calls A variety of options in entertainment, including popular TV channels and movies Super-fast Mobile Internet speeds through its advanced 4G network Directory services that help customers find any number they need with a simple call to 11800
INNOVATIVE COMMUNICATION SOLUTIONS FOR BUSINESSES
PrimeTel’s innovative and independent network, delivering its high quality services all over Cyprus, provides a wide range of communication solutions for every business and every need in the private and public sector. The company’s complete and affordable telecommunica-
88 | GOLD | The Business Magazine of Cyprus
CONTACT DETAILS PRIMETEL
HEAD OFFICE: THE MARITIME CENTER, 141 OMONIA AVENUE,3045 LIMASSOL TEL: (+357) 25867000 E-MAIL: PRESSOFFICE@PRIME-TEL.COM WEBSITE: WWW.PRIMETEL.COM.CY
tions services for Voice, Video and Data are based on its premium and state-of-the-art infrastructure. With PrimeTel’s packages, every business can enjoy the following: Fast Internet via fibre optic cable Innovative and reliable telephony solutions Substantial savings on telephony charges The most affordable and competitive mobile plans 24-hour surveillance, support and supervision of the net through the Network Management Centre Low charges for national and international calls, as well as charges control and limit for personnel, including individual phone bills for each department.
DATA CENTRE
PrimeTel’s Data Centres combine security and autonomy with top technical support and guaranteed high bandwidth to satisfy the most demanding corporate requirements. The Paphos Landing Station and Data Centre has been accredited with the most rigorous and globally recognized Information Security Management System (ISMS) standard ISO/IEC 27001:2013, for the provision of trusted Data Centre services to its customers.
TELEVISION
Exclusive Sport Content and broadcasting rights for popular national teams Omonia Nicosia and Apollon Limassol, one of the top football championships in the world (Spain’s “La liga”) and the oldest football event in the world, the English FA Cup Cooperation with the greatest Hollywood studios 24hour movie collection through the Movie Club. Great selection of international channels such as FOX, National Geographic, ID Investigations Discovery, Food Network, Discovery Channel, Disney, Cartoon Network , Sky News and Eurosport. Video on Demand allows customers to select from a great variety of television programmes and watch what they want when and as many times as they like.
HUMAN RESOURCES PrimeTel’s most powerful resource is its 300 employees, a number that makes PrimeTel one of the largest companies in Cyprus. PrimeTel’s employees’ professionalism and productivity has been recognized with international quality standards, focused on Human Resources, such as the “Investors In People” (IIP) accreditation gained by the Customer Service Department.
©2015 KPMG Limited, a Cyprus limited liability company and member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (”KPMG International”), a Swiss entity. All rights reserved.
Facing challenges in rapidlychanging markets? KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We have more than 162.000 outstanding professionals working together to deliver value in 155 countries worldwide. We have a clear vision of what we want to achieve as a network. We continuously take important steps to ensure that KPMG delivers marketleading, world-class professional services that are aligned with the changing needs of our clients and global markets.
Visit our website at:
kpmg.com.cy
www.goldnews.com.cy www w.go ..g go g olld dn d neews ew wss.c w ..co co co om.c m.ccy | G m GOLD GO GOL OL O LD | 8899
90 | GOLD | The Business Magazine of Cyprus
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Microsoft would like to thank its corporate partners for their support in making the
Microsoft Innovation Center, hosted at the European University Cyprus, a reality.
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special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
S
C
the way with SAP Cloud solutions, including Finance, Human Resources, Procurement, CRM, ERP, Analytics and Collaboration. With SAP Solutions implemented by Supernova Consulting, you can tap into the rapid innovation that the Cloud enables and adapt your processes quickly to ever-changing market dynamics and customer needs. Right now, you can manage your entire business – HR, finance, customers and procurement – in the Cloud with the most comprehensive Cloud Computing portfolio on the market.
NSULTING CO
ERNOVA P U
SUPERNOVA CONSULTING LTD IS A LEADING CONSULTING, TECHNOLOGY AND OUTSOURCING SERVICES FIRM. AS AN SAP GOLD CHANNEL PARTNER, SUPERNOVA CONSULTING OFFERS THE FULL RANGE OF SAP SOLUTIONS: APPLICATIONS, ANALYTICS, MOBILE, TECHNOLOGY & DATABASE AND CLOUD. WITH MORE THAN 130 SAP IMPLEMENTATIONS IN 25 COUNTRIES IT IS PROBABLY THE LARGEST SAP PARTNER IN CYPRUS.
ombining unparalleled industry experience with leading technology Supernova Consulting creates and delivers business and technology solutions that fit each individual clients needs and deliver the results they want. For over a decade, Supernova Consulting has built a firm to help its clients accelerate business performance and realise their most important goals. Basic Facts: • ISO Certified 9001: 2008 • +30 SAP Certified employees • +130 successful implementations including: ERP, CRM, HR, Payroll, Business Intelligence, Budgeting, Planning & Consolidation, Enterprise Content Management • +25 countries implemented • +16 industries expertise
WHY MOVE TO THE CLOUD?
Whether public or private Cloud, it will become the default model for technology offering. Why should organisations consider moving to the Cloud? • Faster implementations at lower costs • Automatic updates and reduced support (TCO) • Time to value • Security • Scalability
CONTACT DETAILS
SUPERNOVA CONSULTING LTD
THE CLOUD BUILT FOR BUSINESS
Supernova Consulting leads
94 | GOLD | The Business Magazine of Cyprus
TEL: 7777 1977 E-MAIL: info@supernova-consulting.com WEBSITE: www.supernova-consulting.com
GROWING DEMAND FOR SAP CLOUD HR & CRM SYSTEMS
While the Cloud is changing the way we do business and business applications are moving to the Cloud, the growing trend is led by Cloud HR and CRM Systems. SAP is the leading Cloud business applications vendor and Supernova Consulting can help you implement and take advantage of innovative Cloud solutions to give your business a competitive advantage and edge.
SUCCESSFACTORS HCM SUITE: “IMPROVING BUSINESS RESULTS THROUGH PEOPLE”
SAP SuccessFactors is the leading provider of cloudbased HCM software, which delivers business results through solutions that are complete, beautiful and flexible. Built on the SaaS (Software as a Service) model, SAP SuccessFactors empowers organisations to increase the efficiency of their employees and improve their performance, while offering a completely new and innovative approach towards the management of their human capital. The SuccessFactors HCM Suite includes a complete set of tightly integrated talent management solutions, robust workforce
analytics and planning, plus a next- generation core HR solution.
SAP CLOUD CRM “ENGAGE CUSTOMERS”
CRM Sales: Give your sales force the tools they need to find answers, engage customers in meaningful conversations, and close more deals faster. Enhance your sales process, improve performance, and empower reps wherever they are, on any device. CRM Marketing: Use real-time contextual marketing to deliver individual customer engagements at every stage of the buyer’s journey. Gain unprecedented customer insight from marketing analytics and leverage that intelligence to increase demand generation and brand loyalty through digital and content marketing, social media, e-commerce, and more. CRM Service: Provide consistent and engaging customer service across all channels – and wow digitally connected consumers – with SAP software. Give your call centre and help desk agents a complete view of customers, including social media activity, so that they can quickly solve problems and win loyalty. And empower field service technicians with the mobile tools and technology they need to excel.
consulting I technology I outsourcing
OUR INNOVATION. YOUR EDGE. With SAP® solutions implemented by Supernova Consulting WMSôA?LôMNCP?RCôKMPCôCǭAGCLRJW ôQCJJôKMPCôCǪCARGTCJW ?LBôPCQNMLBôKMPCôP?NGBJWôRMôK?PICRôQFGǯQ
ERP CRM HCM Payroll 2P?TCJô ô#VNCLQCô+?L?ECKCLR Procurement BI SBECRGLE ô.J?LLGLEô ô!MLQMJGB?RGML ECM Collaboration "?R?@?QCô ô2CAFLMJMEW Mobility Cloud Supernova Consulting is a leading consulting, technology and outsourcing services firm serving clients in more than 25 countries. Combining unparalleled industry experience with leading technology offering, together with its clients, Supernova Consulting creates and delivers business and technology solutions that fit their needs and drive the results they want. For over a decade, Supernova Consulting has built a firm to help its clients accelerate business performance and realize their most important goals.
Tel. 77771977, 38A, Iapetou Street, Agios Athanasios, 4101 Limassol, Cyprus info@supernova-consulting.com www.supernova-consulting.com ®2015 Supernova Consulting Ltd. All rights reserved. ®2015 SAP® Solutions and SAP logos are the trademarks or registered trademarks of SAP SE in Germany and in several other countries.
special promotional feature
150 LEADING+ COMPANIES IN LIMASSOL
Y
YGIA POLY
ranks among the finest international hospitals that implement quality programmes and operates within a framework of sound and safe procedures with a focus on patient care. Ygia Polyclinic is the only multiservice hospital in Cyprus that has been accredited for all its services. Moreover, Ygia Polyclinic has concluded a five-year contract with the British Ministry of Defence to provide healthcare services to the Sovereign Bases in Cyprus following the decision to close down the hospital in Akrotiri. This is a great honour for our hospital and an indication of the trust that the SBA Authorities have in a Cyprus hospital for the long term healthcare of their staff. Ygia Polyclinic also cooperates
96 | GOLD | The Business Magazine of Cyprus
INIC CL
gia Polyclinic now has 12 operating theatres and, since 2011, a state-of-the-art CardioVascular Catheterisations Centre has been established, offering the only 24-hour acute PCI service in Cyprus. Moreover, the hospital has a fleet of fully equipped ambulances working 24 hours a day in order to best respond to emergencies. Our Hospital currently cooperates with more than 200 doctors of different specialties. In addition, Ygia Polyclinic employs over 450 medical, nursing and administrative staff, making us one of Cyprus’ largest employers. The hospital’s top priority is the health and well-being of our patients, staff and associate physicians. Ygia Polyclinic
YGIA POLYCLINIC IS A 152-BED PRIVATE HOSPITAL, WHICH COMMENCED ITS OPERATIONS IN 1987. IT IS THE LARGEST AND ONE OF THE BESTEQUIPPED PRIVATE HOSPITALS, IN CYPRUS. with a number of local universities for the training of medical and nursing students, using the Hospital’s infrastructure. Our clinical team comprises of a wide spectrum of medical specialties, including Allergy, Bariatric Surgery, Cardiology, Dermatology, Diabetology, Ear Nose Throat Surgery (ENT), Gastroenterology, General Surgery, General/ Internal Medicine, Hand Surgery - Microsurgery Reconstruction, Nephrology, Neurology, Neurosurgery, Obstetrics / Gynaecology, Oncology (Chemotherapy), Ophthalmology, Oral and Maxillofacial Surgery, Orthopaedic Surgery, Paediatric Surgery, Paediatrics, Plastic and Reconstructive Surgery, Psychiatry, Rheumatology, Thoracic
Surgery, Urology and Vascular Surgery. All members of our staff are dedicated to providing compassionate and quality care for every Ygia Polyclinic Hospital patient and his or her family. In order to provide the best and most up-to-date treatments, Ygia Polyclinic continuously invests in new medical technologies and the constant training of staff in order to serve patients in the best possible way.
MRI – CT DEPARTMENT
Our hospital’s MRI and CT Scan Department is one of the most up-to-date and well-equipped in Cyprus. The Department has been fully renovated and equipped with the latest technology M.R.I and CT scan (CT 64 slices, MRI 1.5 Tesla excite tech-
OUR MISSION IS THE PROVISION OF HIGH-QUALITY HEALTHCARE SERVICES nology) capable of handling a full range of examinations based on international protocols. Head of the Department is Dr. Cleanthis Ioannides. Each year the department conducts more than 10,000 examinations. It offers the full spectrum of diagnostic and interventional examinations performed with the most recent CT and MRI international protocols for dose protection and accurate diagnosis including: • Neuro-spinal imaging • Body imaging (head and neck, chest, abdomen-pelvis, liver imaging, urogenital system, oncological imagingstaging) • Cardiac imaging (coronary angiography, cardiac MRI) • Imaging of the Musculoskeletal System with CT guided interventions (injections, arthrographies, bone tumour ablation, biopsies) • MR-CT angiographies (whole body, carotids, cranial angiography, peripheral angiography, pulmonary angiography) • Breast MRI and MR guided breast interventions (biopsies and lesion localization with clip or wire) • Interventional radiology (biopsies, injections, aspirations, drainages, tumour ablation) • Quantitative Magnetic Resonance Imaging • Spectroscopy
X-RAY DEPARTMENT
Ygia Polyclinic’s Radiology Department has been operating for 27 years and its staff is actively involved in the ongoing clinical research and training to ensure the best possible services are provided to all the patients who visit the department. Most of our x-ray rooms use the latest DR digital detectors providing superior quality images almost instantly, and are linked to an enterprise wide fully integrated RiS/PACS (Radiology Information System and Picture Archiving and Communication System). The department conducts the following examinations: • General X-ray, e.g. chest, abdominal, skeletal X-rays • Full field digital mammography or other breast imaging with the new 3D mammography system
CONTACT DETAILS YGIA POLYCLINIC
ADDRESS: 21, NAFPLIOU STREET, 3305 LIMASSOL TEL: (+357) 25884600 FAX: (+357) 25353890 E-MAIL: INFO@YGIAPOLYCLINIC.COM WEBSITE: WWW.YGIAPOLYCLINIC.COM
• Fluoroscopy, e.g. barium meal, enema .HSG ,IVP • Ultrasound examinations,.e.g. organs, triplex, soft tissue and biopsies • Panoramic & Cephalometric • Bone Density The head of the department is Dr. Annie Philippou Papoutsou
CLINICAL LABORATORY
Ygia Polyclinic’s Clinical Laboratory plays a key role in the effective operation of the hospital. Our goal is to provide high-quality service and reliability. The Laboratory has a full range of modern equipment, highly trained technicians, and computer systems that allow the continuous monitoring and management of the execution of the tests. Head of the department is Dr. Ersi Pieri. Each year the Laboratory conducts 150,000 tests. Ygia Polyclinic’s Clinical Laboratory operates 24/7, including weekends and public holidays, in order to provide the best service. Our Clinical Laboratory offers the following tests: • Haematological Tests • Biochemical Tests • Immunological Tests • Hormonal Tests • Microbiological Tests
CARDIAC CATHETERIZATIONS CENTRE (CATH LAB)
The Cardiac Catheterizations
Centre operates 24 hours a day to deal with scheduled as well as emergency cases. Dr Majid Kalani is in charge of the department. The Cath Lab has been equipped with state-ofthe-art equipment and trained personnel ready to deal with a wide range of cardiac diseases including acute myocardial infarction (heart attack). The Centre offers diagnostic and therapeutic services including: • Coronary Angiography and coronary Angioplasty, including 24/7 primary PCI service for patients with acute heart attack. • Insertion of pacemaker for conditions such as bradycardia and heart failure, and defibrillator for patients at risk of life-threatening arrhythmia. • Electrophysiology studies and treatment (ablation) of arrhythmia such as atrial fibrillation and flutter, supraventricular and ventricular arrhythmia. These services are provided in collaboration with Arrhythmia Centre in Stockholm, Sweden. • Diagnosis of structural heart disease, including diseases of the heart valves, by right heart catheterisation, trans-thoracic and trans-esophageal echocardiography (ultrasound). • Pericardiocentesis, aspiration of fluid from the pericardium (the sac enveloping the heart).
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| ARCHITECTURE |
ONE LIMASSOL MARINA:
YEAR
ON 98 | GOLD | The Business Magazine of Cyprus
N
ow over a year in operation, Limassol Marina continues to create waves in the Eastern Mediterranean and has become a main attraction for all visitors to the island. A milestone project MVY *`WY\Z HUK P[Z ÄYZ[ Z\WLY`HJO[ marina, it has already established itself as one of the most enticing and unique projects across Europe.
A new thriving hub on the south coast, it offers 650 berths for yachts up to 110m, 162 luxury apartments and 74 exclusive villas, with private berths or direct access to the beach. It also benefits from dining and shopping establishments, spa and fitness facilities, and a listed building which houses a marine training school and a cultural centre for events throughout the year. Located in the heart of a vibrant city, it is surrounded by a rich history and a diverse, international community. With all phases being completed according to schedule, the first exclusive villas have just been delivered to their owners. The Peninsula Villas are the only homes of their kind in the Mediterranean. Surrounded by the sea, they offer private berths attached to their garden or direct access to the beach as part of an integrated marina development. Drive up to one door and sail away from another! Unique and highly anticipated, these elegant homes capture the essence of living on the sea just a stroll away from the city centre. With a total of 90% of the apartments and 25% of the villas now sold, property sales have surpassed €170 million and Limassol Marina is gaining a reputation as one of the most exciting new destinations in the region.
Beyond the luxury residences, the Marina itself has been attracting a string of distinguished superyachts, including the 97.2m M/Y Carinthia VII and the 88.5m M/Y Nirvana. It offers facilities and services of the highest standards, with the internationally renowned stamp of Camper & Nicholsons Marinas behind its management and operations. Every berth has access to fresh water, electricity, fibre to the boat, high-speed wireless Internet and telephone, fuel and waste removal. There are also haul-out and shoreside technical facilities, a 100 ton travel lift and a 40 ton trailer, slipway, fuel station, helipad and boatyard for light repairs and maintenance, combined with 24-hour security and concierge services. Visitors to Limassol Marina have an array of dining and shopping establishments at their disposal for a full day of leisure, facilitated by parking for 750 cars. The Carob Mill’s restaurant is the final one to join the successful mix of food and beverage units along the promenade. And taking all residents’ needs into account, a boutique supermarket is complemented by a pharmacy, yacht agents and brokers, a chandlery, car rentals and retail shops from designer brands to casual wear and accessories. Furthermore, Graff, the diamond company extraordinaire synonymous with the most fabulous jewels in the world, has just made its debut at the waterfront development. This has been accompanied by world-renowned Halcyon Gallery,
THIS SECOND SUMMER SEASON WILL BRING INCREASED ACTIVITY TO THE NEW HEART OF LIMASSOL Sunseeker and brands like Vilebrequin, Havaianas and Shiraz. These additions are just a handful of new arrivals enhancing the product mix at the exciting new destination. With a thriving Spa and Fitness Club, the recent opening of these new shops and residents settling in to enjoy their villas on the sea with a beautiful sandy beach, there is no doubt that this second summer season will bring increased activity to the new heart of Limassol. Exuding charm in an unrivalled environment, Limassol Marina offers the perfect blend of luxury and elegance, comfort and convenience, privacy and community. Unique, rare in its concept and a first for Cyprus! A modern resort at one with history and the natural beauty of the Mediterranean, with easy access to all that Limassol has to offer.
For more information, contact 25020020 or visit limassolmarina.com
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WE B
EV E TH AT IN
The Cooperative Central Bank is organising a conference in Limassol on 7 July entitled Coops for You: Bringing People Together, featuring speakers from Italy, Spain, Greece and Belgium as well as Cyprus. Gold spoke to Nicholas Hadjiyiannis, Chairman of the Cooperative Central Bank, about the upcoming conference and how the cooperative movement on the island has withstood the pressures of the financial crisis and emerged better and stronger. By John Vickers
I L E
T OVA IO N
EVERYTHING TO ER SW S THE AN NI
People Together
| CO-OPS |
Bringing
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G
old: For the July 7 conference taking place as part of the global celebrations marking the International Day of Co-Operatives (July 4), the Coop in Cyprus is a very different organization from it was in the past. Do the original principles and values remain? Nicholas Hadjiyiannis: Nowadays, the Coop is indeed a different organisation from what it was in the past. It had to be transformed into a new consolidated structure in order not only to survive but also to be able to respond urgently to the needs of its members and the demands of today’s society and economy. We went through a lot of shockingly radical changes in all aspects including our operations, modus operandi, governance, regulatory framework, shareholding, and structure. We set new solid foundations and we have managed to become stronger and profitable. Although we’ve been through all these changes, we’ve managed to rediscover and reintroduce the Cooperative principles and values and, most importantly, we’ve managed to keep the main characteristic of the Cooperative model, that is its people-focused character. Therefore, the Cyprus Cooperative remains the same entity that Cypriots have known for more than 100 years. Gold: Following the drastic reforms to the cooperative movement over the past two years, how optimistic are you about its future? N.H.: After the successful results of the stress tests that we recently underwent and the return to profits – albeit small – that we have announced, I strongly believe that we have the right to be more confident and look ahead. However, it wasn’t easy to get to this far. We’ve had to face many obstacles and difficulties and we still have a difficult way ahead. Many changes still need to be made but we strongly believe that we have laid the foundations allowing us to look forward to a brighter future. The terrain is still very rough and the non-performing loans on our books and in the system, as well as the oversized banking system itself remain sources of concern. Such globally unique and challenging conditions need to be addressed decisively with careful planning,
implementation and they need time, lots of time. The new regulatory regime that we joined last November and its rigidity (Single Supervisory Mechanism, European Central Bank) has brought us into uncharted territory vis-à-vis the unique conditions that we are facing in a small and distressed country like Cyprus. Gold: At next month’s conference, you have chosen to focus on three main themes. The first is Innovation. How important is this to Cyprus? N.H.: The Cyprus economy suffered a huge blow and the impact was almost lethal, affecting especially the business sector. We believe that innovation is the answer to everything. We need new and fresh ideas, products and methods in order to boost the economy, rebuild businesses and attract investors to the island. Through innovation we can regain trust and manage to slowly rebuild the business factor, converting Cyprus into a business centre and promoting a healthy banking sector.
accounts owned by young customers. One of our main goals and objectives is to reach out to Cypriot youth since we strongly believe that young people can form and build a better future. Gold: What concrete steps are you taking to invest in young people? N.H.: We are developing new products that are addressed to young people to facilitate them to build their own business and plan for their future. We also offer three student cards and we are also planning to start promoting a very attractive student package soon. Furthermore, we are devoting our corporate social responsibility to youth by financing youth organisations, events, sports, scholarships and other projects involving young people.
Gold: How can the Coop support and promote innovation in practical ways? N.H.: The Coop can support and promote innovation through the financing of newly established businesses involved in innovative projects, such as green projects, renewable energy and research, as well as promoting the cooperative business model, which we strongly believe to be the most suitable for Cypriot society, given the current economic and social challenges. At the conference, entrepreneurs and representatives of cooperatives bodies from Europe will share their experience with us and discuss how the cooperative model can help achieve a more sustainable economy.
Gold: The third theme of the conference is New Prospects for Cyprus, regarding the cooperative movement. Does this refer to the ‘new’ coop movement and its own efficiency and profitability, or to new steps that will be taken to gain new customers/members? N.H.: It actually refers to both since they are connected. With the drastic reforms that we have been forced to take, we have created new prospects for the Cyprus cooperative credit movement and are building a new, modern, European, solid and strong organisation. As a new organisation, our target is obviously not only to maintain links with our old members but also to attract new members. We believe that the cooperative movement still has a lot to offer the Cypriot economy and society and can play an important role in crafting a brighter future for our island.
Gold: The second theme is Investment in Young People. While we often hear and say that young people are the future, there is a widespread impression that the Coop’s main customers and members belong to an older generation? Is this true? N.H.: No, this impression is not correct since it is well-known that the Coop finances the majority of Cypriot households. That is, young married couples approach their local coop for a loan in order to build their first home. We also finance young entrepreneurs to establish their first business and we maintain a huge number of savings
Gold: Cyprus is not the only country in which the Coop has been going through difficult times and has undertaken radical reform. Is the coop model still viable in today’s world? N.H.: The coop concept will always be relevant and attractive because it has the strength and the ability to evolve, whilst safeguarding its strong principles and values. During the recent economic crisis, the cooperative movement was shaken but it has proved resilient and strong due to its inherent conservatism, prudent risk mechanisms and people-focused approach. There
is a growing need, especially in Europe, for viable organisations that balance their financial and social goals, thereby adding real long-term value to societies and economies. Gold: What kind of response have you had to your recent advertising campaigns aimed at persuading people to turn to the Coop for bank loans? N.H.: We have had a smaller response than
WE STRONGLY BELIEVE THAT WE HAVE LAID THE FOUNDATIONS ALLOWING US TO LOOK FORWARD TO A BRIGHTER FUTURE we had hoped for, to be honest. Although this is not pleasing, at the same time it may easily be understood. The Cyprus economy has only just started to stabilise and people are cautious about taking out a new loan, regardless of what is being offered in the market. The new, stricter regulatory framework doesn’t make things easier. We also need to cut bureaucracy, simplify our procedures, speed up the loan application process and offer better customer service. We need to train, support and utilize our personnel and the biggest local branch network better. We need to learn to promote transparent and simply designed and structured products and services that truly meet our customers’ real needs but are also affordable and suitable for them. In a nutshell, we will continue to offer new, attractive and innovative products at the best prices, with simple and easily understood characteristics, and we shall remain close to our members to protect their personal needs. The International Cooperative Conference takes place on Tuesday 7 July 2015 at the Evagoras Lanitis Centre, Limassol. It is organised by the Cooperative Central Bank and coordinated by IMH. Tel: 22505555 | e-mail: events@imhbusiness.com Website: www.imhbusiness.com www.goldnews.com.cy | GOLD | 101
10 years BySid
CARREFOUR CYPRUS:
FOR 10 YEARS NOW, CARREFOUR CYPRUS HAS “SHARED, CARED AND EVOLVED”, STANDING BY THE SIDE OF PEOPLE, SOCIETY, THE ECONOMY, THE ENVIRONMENT AND THE CULTURE. THE COMPANY’S COMMERCIAL DIRECTOR, MICHALIS PANAGIDES, TELLS GOLD HOW CARREFOUR CYPRUS HAS SUCCEEDED IN DISCOVERING NEW WAYS OF STANDING “BY OUR SIDE” ON A DAILY BASIS OVER THE PAST DECADE.
we offer. “By your side” says it perfectly and succinctly.
old: As Carrefour Cyprus celebrates a decade in the Cypriot retail market this year, what does your latest campaign slogan “By your side” mean to the company? Michalis Panagides: This specific phrase is the central message of Carrefour Cyprus’ campaign to mark its tenyear presence in Cyprus. We wanted to try and express everything that Carrefour Cyprus has achieved over the years in a single phrase. We are on the side of the consumer, society, the environment, our people, our partners and, of course, we always have the Cypriot family and its needs as the key reference point for the services
Gold: How has Carrefour Cyprus evolved since its establishment? M.P.: Carrefour started its business activity in Cyprus in 1990 in Limassol, under the trade name Chris Cash & Carry, which operated at total of six stores in Limassol, Nicosia and Paphos at the end of 2005. The following year, it changed its trade name to Carrefour and, in 2012, the company merged with Marinopoulos S.A., and today we operate 18 stores in Cyprus. With over 52 years in the market, Marinopoulos S.A. is the leader in the Greek retail sector, with a presence in five countries and 1,085 stores in Greece, Cyprus and the Balkans. Gold: What factors have contributed to Carrefour Cyprus becoming a leader in
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“ ur e” Yo
the Cypriot retail sector? M.P.: Carrefour Cyprus operates 18 stores across the country and is one of the most important and reliable employers, with more than 1,170 employees in its workforce. The company is the biggest in terms of sales as well as the biggest supermarket chain in Cyprus, thus contributing to the country’s economic growth. With its main priority being to embrace and meet the consumer’s needs, Carrefour Cyprus invests in strengthening its network and offering a
variety of innovative services for optimal customer service. At the same time, the company maintains a responsible stance by supporting local production and domestic suppliers, and by offering highquality products at competitive prices. Carrefour Cyprus’ main goal is for consumers to feel that the company is truly standing “by their side”, responding to their needs and wishes every time they visit one of its stores. Gold: You mentioned supporting local produce and Cypriot suppliers, which is
BY THE END OF 2015, CARREFOUR CYPRUS WILL HAVE PROVIDED BREAKFAST TO OVER 900,000 SCHOOLCHILDREN IN THREE TOWNS
WITH OVER 1,170 EMPLOYEES, CARREFOUR BOOSTS THE NATIONAL ECONOMY AS WELL AS THE LOCAL LABOUR MARKET a longstanding strategy of Carrefour Cyprus. How does this translate in terms of both turnover and image? M.P.: In Carrefour supermarkets, consumers can find a wide range of products that stand out because of the quality and safety guaranteed by their origin: 100% local meat and bakery products, fruit and vegetables exclusively from local suppliers and producers. In fact, 90% of food products on our supermarkets’ shelves come from Cypriot suppliers and producers. Carrefour Cyprus’ substantial and consistent support to local producers has received a warm response from consumers, who consistently trust us for their purchases. Gold: As one of the biggest employers in Cyprus, what policy do you follow as regards your staff? M.P.: With over 1,170 employees, Carrefour boosts the national economy as well as the local labour market. The continuous education and training of its employees in
a safe environment is among the company’s top priorities. Carrefour Cyprus provides its people with all the necessary tools to develop their skills and abilities, in an environment of meritocracy where excellent cooperation exists between employees and management. It is worth noting that people with special abilities have also joined the Carrefour Cyprus family and offer their services. Gold: Looking back over Carrefour’s 10 years in Cyprus, what highlights would you single out and why? M.P.: One of the most important highlights is the “Breakfast” Corporate Social Responsibility (CSR) programme. The need to provide substantial assistance to vulnerable groups was the main motive behind the planning and implementation of the specific programme, through which we have provided daily breakfast to 3,077 schoolchildren in 88 schools in Limassol, Paphos and Larnaca since February 2013. It is also
worth mentioning the opening of Carrefour supermarkets in The Mall of Cyprus and The Mall of Engomi in 2007, which strengthened the relationship of trust with our customers and established Carrefour stores as their first choice. Gold: How important is CSR to Carrefour Cyprus? M.P.: Following Marinopoulos S.A.’s policy, Carrefour Cyprus has implemented a variety of key CSR activities from the very start of its operations. I have already mentioned the “Breakfast” initiative and we estimate that, by the end of 2015, the specific programme will have provided breakfast to over 900,000 schoolchildren in three towns. Carrefour Cyprus is also sensitive towards environmental issues, adopting environmentally friendly practices and technologies. We act in a targeted way: reducing our carbon footprint, properly managing waste, recycling materials, implementing environmental responsibility criteria, and
using reusable and biodegradable bags. Gold: How will Carrefour Cyprus celebrate this notable anniversary? M.P.: Ten years in the Cypriot market is a major milestone for Carrefour Cyprus. It proves the consumer’s trust and validates our consistent efforts that have paid off and continue to bear fruit. Hence, we have every reason to celebrate and will do so with a series of in-store commercial and promotional activities. Our customers will enjoy great offers, prizes and surprises. In fact, Carrefour Cyprus will be running a particularly innovative competition over the course of 10 weeks but please allow me not to reveal further details about that for now! Gold: Finally, what would you like to wish Carrefour Cyprus on its 10th birthday? M.P.: To continue to “share, care and evolve”, having the consumer’s best interests at the centre of Carrefour’s activities and activities for many more decades to come. www.goldnews.com.cy | GOLD | 103
NORDIC COOPERATION
Northern
LIGHTS
D
espite recent data indicating a return to growth, most European countries are still struggling with the effects of the economic crisis. Most but not all. There is a group of
countries that has managed to weather the most recent storm without suffering a banking crisis, crippling debt or budget deficits. These are the Nordic countries – Sweden, Finland, Denmark, Norway and Iceland – traditionally known, on the one hand, for their high tax rates but, on the other, for their successful social welfare systems, high levels of satisfaction with life, and gender equality. In-
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HOW THE NORDIC COUNTRIES BECAME AN ECONOMIC AND SOCIAL MODEL By Kyriakos Demetriou | Photo by Jo Michaelides
deed, in the 2015 edition of the UN’s World Happiness Report, all five countries are
ranked in the top eight out of a total of 158 (Cyprus is 67th). The Nordic economic and
social model was the focus of a seminar partnerships in held at the Swedish Ambassador’s resithe world. dence in Nicosia on 12 May, organised In addition to by the Cyprus Nordic Countries Busia high level of ness Association, in collaboration with cooperation, they the Embassies of Sweden and Finland also have what and the Cyprus Chamber of Commerce they call “flexiand Industry. The seminar was addressed curity,” a liberal by the Ambassador of Sweden, Klas Gilabour system but erow, and the Ambassador of Finland, with the security Anu Saarela, who outlined what makes offered by the the Nordic model so unique. state and a high The region has not always been one of level of social solipeace and cooperation, and in the past darity. there have been land disputes and wars The region may among the region’s countries. It was stand out because only after the end of the Second World of its social model War – in 1952 – that the Nordic counbut the real suctries decided to cooperate on the basis of cess of this model their common values and principles of is the fact that it sustainable development, and established is not a static one. “We are always questhrough time a model tioning the way in which for cooperation. The we do things,” Saarela result, as Saarela said said. The Nordic econoTHE in her analysis of the mies have evolved to inREASON WE clude research and digital institutional framework of the Nordic countries, ARE DOING technology, innovating is that while they “conand diversifying along sider themselves as small the way and proving that countries, together they they are not static. TODAY IS form one of the 10 bigHowever, Saarela BECAUSE gest economies in the admitted that not everyworld.” thing is rosy. “The FinnThat does not mean ish economy is not doing LEARNED that the countries are well at the moment, so a homogenous people. our system and its ability OUR In fact there are eight to transform is being LESSONS different languages and challenged,” she said. FROM THE the countries have often She also noted that, due CRISES IN made different policy to an aging population, choices – some have the Nordic countries THE 1980S joined the EU, others need immigration to AND 1990S NATO, while only sustain the workforce. Finland has adopted “Sweden has received the euro. “But we althe most immigrants but ways cooperate to promote the northern Finland has been a bit ‘reserved’ about dimension in the organisations in which doing that,” she said. we participate,” Saarela added. For his part, the Swedish Ambassa“It is the institutional framework that dor started his analysis of the economic has helped make deep cooperation posframework by stressing individuality and sible, through free movement and a com- social solidarity as the building blocks of mon labour market, for example,” she the Nordic model, and asked whether went on, and explained that the region the model can be transposed to other now has cooperation in almost every sec- countries. As his colleague had noted tor and is one of the most comprehensive earlier, he repeated that “We are different
peoples and have followed different policies. However, there are shared traits.” The main ones, according to Klas Gierow, are individualism, a belief in open economies, an aversion to protectionism, the fact that the labour unions are receptive to change and to the use of technology, and that social benefits are generous but also encourage growth. “No system is perfect,” Gierow said. “We still have problems with unemployment. And one could say that the strong individualism of Nordic people has some sadness in it. After all, we have a high number of separations and single parent families.” But, he went on, if one looks at the relative successes of the Nordic countries, one sees that their people are by nature cooperative, there is social solidarity and there is a balance between socialism and capitalism (Gierow described this last point as (“a half-truth”). Perhaps one lesson that can be learned by anyone studying the Nordic economic model, Gierow said, is this: “We have had our fair share of crises. The reason we are doing well today is because we learned our lessons from the crises in the 1980s and 1990s, we reformed our systems and we became more flexible.” In relation to this, he also pointed to the economic policies that are implemented today as a result of the crises of the past, and he described them as “good”. For example, he explained, “Our governments are required to have a surplus during the good years, which they can use in times of crisis. And it is the people’s trust that the institutions are prudent which makes the high tax rates in the Nordic countries tolerable.” Both Ambassadors agreed that while the Nordic system will continue to be tested, the fact that it is not static means that it can respond to any changes that may arise.
IT IS THE PEOPLE’S TRUST THAT THE INSTITUTIONS ARE PRUDENT WHICH MAKES THE HIGH TAX RATES IN THE NORDIC COUNTRIES TOLERABLE
WELL
WE
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n r u t
| CYPRUS - KUWAIT |
g
THE
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it Kuwa s with n io t s ela aelide rade r ving t by Jo Mich o r p oto ut im u | Ph ic abo timist s Demetrio p o is s riako Cypru By Ky
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C yprus recently turned a new page in its traditionally good trade relations with Kuwait,
inaugurating the Cyprus-Kuwait Business Association. The Association, like many other similar Associations operating under the auspices of the Cyprus Chamber of Commerce and Industry, aims to promote business relations and encourage trade and business relations between two business communities. Gold talked with Association President Demetris Tsingis, who has personal ties to the Kuwaiti
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business community: 40 years ago, his father was exporting
shoes from Cyprus to retailers in the Gulf country, about the As-
THERE IS A BIG INVESTMENT COMMUNITY IN KUWAIT, AND WE WANT TO CATER TO ITS NEEDS BY MAKING CYPRUS A PORTAL TO THE EU FOR KUWAITI BUSINESSES
Demetris Tsingis
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| CYPRUS - KUWAIT |
KUWAITI STUDENTS WANT TO HAVE A EUROPEAN/WESTERN EDUCATION, AND CYPRUS HAS THE ABILITY TO OFFER THIS OPTION sociation, its goals and the next steps forward, as well as the potential that the Kuwaiti market presents for Cyprus. The Association currently has 25 members, but aims to open up its scope in order to have as many members as possible. “Our primary aim is to offer members value for their €200 membership fee, which we treat as an investment,” Tsingis said, “and this is one of the goals we have set following our first meeting.” Cypriot companies have been active in Kuwait for many years. Construction companies in particular have been building and carrying out a great deal of infrastructure work. “In fact,” Tsingis noted, “an internationally recognized company recently sponsored an exhibition there on real estate investment in Cyprus.” As for Kuwaiti companies active in Cyprus, Tsingis acknowledged that they are limited to some investment funds, with very few companies operating in other sectors. “We had been discussing the idea of setting up an Association with various groups and officials for about eight months,” Tsingis recalled, “and the process was concluded during President Anastasiades’ visit to Kuwait in October 2014.” A lot of work has already been
done and a parallel KuwaitCyprus Business Association – necessary for improving trade relations – is also in the process of being set up. Members of the Kuwaiti business community with whom the Association wants to collaborate and hopes to see working with Cypriot businesses have already been identified and contacted. “In order to enhance cooperation, we plan to organise an annual trip to Kuwait that will coincide with a ministerial visit and give us the opportunity to meet with like-minded entrepreneurs and business people, to trade and promote business relations. It is not just a question of exchanging information and knowledge or networking but going a step further and achieving tangible business results” Tsingis said. He was keen to stress that “We do not want such a trip to be simply an opportunity for our members to wine and dine.” The Association President went on to say that the Honorary Consul of Cyprus in Kuwait , the Ambassador of Cyprus to Kuwait, Panicos Kyriakou, the Kuwait Chamber of Commerce and the Kuwaiti Embassy in Cyprus have been pivotal in opening channels of communication that will satisfy the needs of each Association member. Cyprus naturally wants to
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attract Kuwaiti investment into Europe through Cyprus. Tsingis cited the way certain Israeli companies have done this as a good example: “Using Cyprus as a conduit to Europe, they have set up their operations primarily in Limassol and I believe we can persuade Kuwaiti businesses to do the same,” he told Gold. He clarified that the Association is not looking for a major fund that will invest in Cyprus – at least not yet – but for “collaboration at the grass roots level, where it is easier to take decisions.” Trade volume between the two countries currently stands at €40-50 million per year. However, Tsingis and the Association believe that if Cyprus taps into the Kuwaiti tourism market – not the most important area of interest but one of the four identified by the Association as having potential – this figure could soar. “There are three direct flights from Kuwait every week and Cyprus could be a very safe and appealing destination for some of the 800,000 Kuwaitis seeking to escape the scorching summer heat and looking at destinations other than those traditionally preferred, such as Syria, Egypt and Lebanon. Attracting some of those tourists is one of our focus areas,” he stressed. Several local universities have joined the Association members because they are interested in attracting students from Kuwait and so they wish to gain accreditation from the Kuwaiti authorities. “Kuwaiti students want to have a European/Western education, and Cyprus has the ability to offer this option,” he explained.
A third area of potential cooperation is the services sector. “There is a big investment community in Kuwait, and we want to cater to its needs by making Cyprus a portal to the EU for Kuwaiti businesses,” Tsingis said, adding that this is the sector of greatest interest to the Association. “The Cyprus economy,” he clarified, “depends on the services sector – banking, legal services, accounting services – by about 50% to 60%” The fourth sector identified by the Association as having good potential is the real estate/ construction sector. “Given that the euro is so cheap to Kuwaitis right now (their currency is pegged to the US dollar), properties in Cyprus are an attractive investment option,” Tsingis stated, recalling what he described as a “traditional interest in Cypriot property” from the 1980s, when many Kuwaiti citizens purchased property, primarily in Larnaca, which they sold for a significant profit a decade later. “We are willing and able to assist with private investment interest in the sector,” he added. As for the Association’s next steps, on 20 May an exhibition is being held in Kuwait where Cypriot producers and business people will have an opportunity to present their products and services in sectors as diverse as agriculture, tourism and real estate. “We are optimistic that our efforts will be successful,” Tsingis said. “We need to understand certain differences in culture in order to be successful and to go through the process and effort required for making initial contacts but there is definitely scope for Cypriot and Kuwaiti businesses to work together.”
BOOK SHELF
BOOKS of the month 1
2
3
MISBEHAVWHEN TO ING: THE ROB A BANK: MAKING OF A ROGUE BEHAVIOURAL (&2120,67¡6 ECONOMICS *8,'( 72 7KH GHĂ&#x20AC;QLWLYH 7+( :25/' DFFRXQW RI WKLV 7KH EHVW RI QHZ DQG WKH EORJV LQ H[FLWLQJ Ă&#x20AC;HOG RQH YROXPH
1.
MISBEHAVING: THE MAKING OF BEHAVIOURAL ECONOMICS By Richard H. Thaler (Allen Lane, 2015) R.R.P. ÂŁ20.00 (ÂŁ15.00 FROM AMAZON.CO.UK)
Thaler has been at the centre of the most important revolution to happen in economics in the last thirty years. Here he lays out the evidence for behavioural economics, explains why there was so much resistance to it and gives the story behind some of his most important insights. He is also very funny and his talent is also on display in this very entertaining book.
2.
WHEN TO ROB A BANK: A ROGUE (&2120,67¡6 *8,'( 72 7+( :25/' By Steven D. Levitt & Stephen J. Dubner (Allen Lane, 2015) R.R.P. £14.99 (£10.49 FROM AMAZON.CO.UK)
Economics and empiricism shape the thinking behind most, though not all, of the articles here â&#x20AC;&#x201C; looking for data in unlikely places, the effect of the laws of supply and demand, etc. â&#x20AC;&#x201C; which represent the best of more than 8,000 blogs posted on Freakonomics.com over the last ten years â&#x20AC;&#x201C; starting when the bestselling Freakonomics book was published in 2004.
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HOW TO STYLE YOUR %5$1' (9(5<7+,1* <28 1((' 72 .12: 72 &5($7( $ ',67,1&7,9( %5$1' ,'(17,7< By Fiona Humberstone (Copper Beech Press, 2015) R.R.P. ÂŁ20.00 (ÂŁ17.34 FROM AMAZON.CO.UK)
Drawing on her experience of developing hundreds of brand identities for companies worldwide, Humberstone shows you to create a brand identity. With more than 60 examples of some of the best brand identities for small businesses worldwide, she explains the principles behind styling a brand. Once you understand them, you can create something extraordinary for your business.
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Thinking of buying a franchise or creating your own? Packed with real-life case studies and key insights from the owners and operators of successful franchise systems (including Dominoâ&#x20AC;&#x2122;s Pizza, Costa, SSP, Spar, Dunkin Donuts, Häagen Dazs, Snappy Snaps and many more) this book is the essential guide for aspiring franchisees or ambitious franchisors and a must for any future entrepreneur with a business acumen.
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FRANCHISING: HOW %27+ 6,'(6 &$1 WIN By Chris Edger & Andrew Emmerson (Libri Publishing, 2015) R.R.P. ÂŁ19.95 (ÂŁ19.95 FROM AMAZON.CO.UK)
+(52(6 $1' 9,/LAINS OF FINANCE By A. Baldwin (John Wiley & Sons, 2015) R.R.P. ÂŁ12.99 (ÂŁ10.39 FROM AMAZON.CO.UK)
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IN GOOD COMPANY
KEEPING PEOPLE
HAPPY
$8',7,1* 7+( /,)( 2) (03/2<((6 $7 %$7 &<3586 By Kyriakos Demetriou
%$7 &<3586 +$6 $/:$<6 0$'( ())2576 72 0$.( ,7 $1 $775$&7,9( &203$1< 72 :25. )25 )2&86,1* 21 352)(66,21$/ ('8&$7,21 $1' 3(5621$/ '(9(/230(17
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C
ompanies are often evaluated on the basis of their operations, their profit margins and their market share. It is not so often, though, that they are viewed in terms of employee satisfaction and the work environment they provide. And these are factors that can differentiate a merely good company from a great one – the commitment to the workforce, which is inevitably the main driver behind its success. British American Tobacco (BAT) is one such company in Cyprus. Despite its operations becoming somewhat controversial in recent years – due to the ‘tobacco’ component of its name in a changing society – it is one of the most recognizable firms on the
island, having started its operations here in 1951. Today it is the only international tobacco company with a presence in Cyprus, and in addition to its brands holding a market share exceeding 40%, BAT has made a significant contribution to the economy and society for 64 years. Having joined forces in 2012 with Photos Photiades Distributors Ltd, its operations today support around 2,700 families across the supply chain – despite its relatively small employee number of just 20 individuals – and provide investments in the Cyprus economy in excess of €15 million per year. Recognising that its people are the key to maintaining a competitive advantage and ensuring sustainable growth, BAT Cyprus has always made efforts to make it an attractive company to work for, focus-
ing on professional education and personal development. It utilizes tools that help employees drive their development objectives, such as on the job training and learning solutions such as ‘shadowing’ an expert colleague, coaching sessions and one-to-one communication and feedback sessions. In parallel, BAT employees have the opportunity to expand their knowledge through a pool of tailor made e-learning programmes – an indication of the company’s conviction that training never stops and employees keep learning throughout their career. BAT Cyprus’ personnel also have an opportunity to gain new skills through what the company calls ‘a cross-country experience’: The company supports operations in other markets such as Israel and Malta and employees have the opportunity to participate in projects in a cluster of countries. An employee satisfaction survey is conducted twice a year and the last one revealed a strong commitment to the company and a feeling of pride about their work on the part of the personnel. As part of the company’s global and local policies, BAT Cyprus employees also enjoy a number of monetary and non-monetary benefits, varying from life and medical insurance schemes for them and their immediate families, a Provident Fund, and an annual review of salaries and performance-related bonuses. Additionally, the company’s modern offices, located in the heart of Nicosia and offering vistas of the old town, offer a fully equipped canteen offering lunch to employees – not to mention the friendly and family-like environment we experienced during our visit there. And when the week comes to an end on Friday, employees can also take advantage of the company’s ‘early Friday’ practice and leave the office earlier that day. In an attempt to facilitate parenthood as well as studentship and education when combined with work, BAT Cyprus also implements a series of incentives such as the option to work from home, as well as maternity and study leave options for its employees. Ultimately, the bottom line is always a key indicator of a company’s success, but great companies recognize the importance of having a contented, loyal workforce and work hard to maintain the reasons behind this. BAT Cyprus is clearly one such company.
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MY
COLLECTION
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As THE PRESIDENT OF THE CYPRUS CHAMBER OF COMMERCE AND INDUSTRY AND FORMER PWC CYPRUS CEO TALKS TO GOLD ABOUT HIS COLLECTION OF – AND PASSION FOR – VINTAGE CARS. By Effy Pafitis | Photograph by Jo Michaelides
the Jaguar’s engine emits a deep roar, the original knobs of its immaculate dashboard gleam in the sun and the combined scents of petrol and fine leather upholstery fill the air, I become infected with the excitement of travelling in an impeccably restored antique car. It is this same thrill which inspired Phidias Pilides – sitting beside me in the driver’s seat – to collect a total of nine such vehicles. Pilides’ passion began as mere admiration when, as a university student in London, he would behold well-kept classic cars and envy those who drove them. Upon his return to Cyprus and in partnership with his brother, he was steered into the world of vintage cars, purchasing several, restoring them and selling them on – until he decided that this was not exactly what he wanted to do. “I determined that I had had enough of having a bit of fun with these cars and selling them; I wanted to become more serious about it and keep them for myself,” he tells me. Thus, in 1990, he changed gear and purchased the first car
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COLLECTION
1938 Austin 8: The collection’s oldest car
1973 MGB: Daughter Natasha’s 19th birthday present. uar 3.4: guar!” 1963 Jag be the Ja It has to ? te ri u y favo
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that is still in his collection. “This was a Jaguar 3.4 Mark 2, which was made in 1963. It was fully restored to its original condition with authentic parts in the garage of C.D. Hay & Sons which, at the time, was the sole distributor of Jaguar in Cyprus. In fact, the car had actually been purchased by Haig Assadourian (Director of Centaur Trust Services Cyprus), one of the owners of C.D. Hay, who wanted it for himself. After much persuasion, however, I convinced him to sell it to me!” That was the beginning of what was to become today’s collection of nine antique cars, produced between 1938 and 1983. They are all German or British vehicles, Pilides tells me. The German cars are all Mercedes; “As for the British cars, I love Jaguar, as well as small sports cars like MGBs and Austin-Healey Sprites because I used to enjoy seeing those in England. They are fun cars!”
Owning these cars is a great responsibility but we have collected them because we love them Indeed, one of these ‘fun’ cars – a beautiful 1973 MGB – was the gift that Phidias and his wife Despina chose to give their daughter Natasha on her 19th birthday. This alone is an indication that the family enjoys the car compilation collectively. “Everybody in this house has a healthy enthusiasm for antique cars,” Pilides happily confirms, clearly relishing the fact that his wife and two children share what has become a family-oriented hobby. “I must say, my family – especially Despina –
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has been very supportive. She could have very well said “that’s enough!” after car number three but the entire family enjoys driving our cars as much as I do.” Other than Natasha’s MGB – which she continues to use and vigilantly maintain – Despina’s 1983 Mercedes coupé was kept with the deliberate intention of aging enough to be deemed ‘classic,’ while son Achilleas’ 1983 Porsche 911 Targa (993) comprises the most recent addition to the collection, purchased in 2009 in England where he lives and works. Such a fine collection requires diligent maintenance and, I am told, the Pilides family doesn’t take this responsibility lightly. “If you restore a car and abandon it in a garage, it is almost a crime. These cars have to be kept alive all the time; they shouldn’t be in a coma!” Phidias Pilides exclaims. Using specialist mechanic Kimonas Zachariou, the family ensures that their cars
are well-kept. “You need to start them up, drive them around – not very often but just enough. You have to keep them clean and protected; you can’t just leave them in a yard in the sun and rain. I don’t even drive these cars when it is raining – I don’t expose them to such inappropriate weather conditions.” Upon meeting the Pilides family, it is immediately clear that they are private and down-to-earth – admirable and rare qualities in individuals fortunate to have achieved such professional and personal success. In keeping with this low-key attitude, they eschew the high-profile showmanship typically associated with such valuable collections. “We don’t participate in the competitive antique car rallies and races,” Pilides informs me, “but we do occasionally take part in charity rallies with friends and family,” adds Natasha. “Other than a fun way to see the countryside, we’re also able to raise money for worthy causes through these events.” So, as they show no signs of hitting the brakes on their passion, does the Pilides family have any plans to further extend their collection? “Well I think I’m done!” exclaims Phidias, much to the amusement of his wife and daughter, who immediately agree. “Owning these cars is a great responsibility but we have collected them because we love them. We wouldn’t want to have more than we could actually take care of,” reasons Natasha, proving that the family is truly united on all things classic cars.
A great cup of coffee.
1. Engomi 2. Strovolos (Aretaieio) 3. Strovolos (Athinon) 4. The Mall of Cyprus 5. Pallouriotissa (Kantaras) 6. Larnaca (Finikoudes) 7. Limassol (Makariou Aven.) 8. Ayia Napa (Makariou Aven.)
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Lunc Lunch with ALEXANDRA ATTALIDES
THE ACTING HEAD OF THE EUROPEAN PARLIAMENT OFFICE IN CYPRUS TALKS ABOUT EUROPE, HER WORK, HER PASSION FOR READING AND WHY SHE HAS NEVER BEEN TEMPTED TO GO INTO POLITICS.
Gold
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lexandra Attalides is already waiting for me when I arrive at Pinakothiki, the restaurant that belongs to the acclaimed A.G. Leventis Gallery in Nicosia. It is the first time that we have ever sat down and had a conversation but, over the course of our meal, I discover a woman whose eclectic mix of experiences and passionately-held opinions makes her an engaging, frequently spellbinding dining companion. She opts for sparkling water rather than an alcoholic drink, only half-jokingly explaining that she will be back at work in the afternoon and doesn’t need
By John Vickers
HIKI PINAKOT Street, s ti n e v A.G. Le Nicosia
G WATER SPARKLIN IKOPI IL M D BAKE ON LM A BAKED S KE A C E S E E CH TIRAMISU O ESPRESS FEE FILER COF TOTAL:
€2.80 €16.00 €12.00 €3.80 €4.00 Free Free €38.60
anything to make her sleepy. “I’ll probably be there until 8pm,” she says, adding that this is fairly normal. “It’s not that I’m a workaholic. I just love what I do and I want to make sure that I do it as well as I can.” She has worked at the European Parliament office in Cyprus since 2008, where she is now the Acting Head, and for three years before that she was Director of Communications of the University of
Nicosia. She had also spent ten years in Paris, Brussels and London when her husband was the Ambassador of Cyprus in all three capitals. I am not surprised to learn that, while in Brussels, Alexandra went back to university and obtained an MBA. I am very surprised, however, when she reveals, almost conspiratorially, that she was also once a licensed stockbroker. This may sound perfectly natural for someone whose children work for Morgan Stanley and Goldman Sachs respectively (and this is indeed the case) but it strikes me as somewhat incongruous for someone who, I know, is a lover of the arts and literature and would not logically be associated with the world of stocks and shares. She laughs at my reaction. “I can understand why you think that but, when I was in my last year in London and the stock market boom was losing its momentum in Cyprus I took the exams to become a licensed stockbroker without real knowledge of the work. A few months later, I mentioned this to a friend of mine whose reaction was similar to yours! But he decided that my combined experience could be useful in his financial services firm and offered me a job. I knew nothing about the work but I accepted and I started. It was awful! At first I was in a room full of over-excited males who spent their whole day asking, ‘What are we going to buy?’ while I was the lone voice asking,
‘What are we going to sell?’ One day, using my Technical Analysis skill, I told them that the Cyprus Stock Exchange index was going to fall to 84 – at the time it was around 500 – and they all responded (including the friend who had employed me) by stating in writing that my prediction was stupid. The whole team signed it and, of course, I still have it! As you will remember, the index eventually sank to 75 but, by that time, I had become so dis-
illusioned about the financial environment in Cyprus that I left. The same practices in other countries would have sent many behind bars but it was a time of collective madness. I was shocked! Much of what was happening was totally against my principles and even though I had passed the exams and become both a licensed stockbroker and a Technical analyst – in
fact I was one of the five people who had passed the exams with distinction – I opted to leave. I needed to get out of that environment.” Her current job came out of a book presentation she had arranged for Guy Verhofstadt, the former Belgian Prime Minister and current leader of the Alliance of Liberals and Democrats for Europe in the European Parliament, whom she describes as “a visionary, probably the best leader in Europe right now”. Tasos Georgiou, the Head of the European Parliament Office in Cyprus, suggested she apply to work for the European Parliament and the rest, as they say, is history. “One of the reasons why I applied for the job and I still love it is that I believe in Europe,” she says. Our first and main course has arrived. “Bon appétit!” says Alexandra, all smiles. We had both decided on a fish dish: for her, the oven-baked milikopi with herb sauce, wild rice and vegetables; for me, the oven-baked salmon with sesame, soya-ginger sauce and the same accompaniment. As a keen cook, she is demanding about what she eats but the food here has already earned her approval, hence the choice of meeting place.
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| LUNCH WITH GOLD |
The conversation turns to what she describes as “one of the loves of my life” – reading. Passionate about literature – she is fluent in Greek, English and French – she tells me that she always has a book in her bag and she interrupts her meal to confirm this, pulling out a copy of a “Le coeur d’une autre” by French writer Tatiana de Rosnay. Although she has a Kindle, which helps save space in a house that is already packed with books, she admits that she still buys ‘real’ books even though she can read them in electronic form. “I love physical books and there are some that I just want to have.” I ask her if she has thought about writing a book of her own. No reply! “So what are you writing, Alexandra?” I ask directly. “I’m writing lots of things,” she says, “but I haven’t decided exactly what I want to do with all the material. It’s for the future. The only thing I am sure of is that I am going to write a recipe book of sorts for my granddaughter.” In addition to reading, Alexandra Attalides is passionate about everything she decides to do. This is perhaps why she tells me that “the major thing I do in life is be an activist”. And she explains further that she is an activist for two main causes: the environment (she is a founder member of Friends of Akamas) and the Cyprus issue (among other things, she was involved in the “Women Walk Home” protest marches by Cypriot and other women to cross the dividing line in 1987 and 1989 following the original one in 1975). On the one hand, she sounds like a perfect candidate for a political role but, on the other, I suspect that her principles would not allow her to become involved in an area that may be as dark as that of the stockbroker world that so disappointed her 15 years ago. “I would be interested if I could a find a party that I’d be willing to be a member of!” she says, laughing. “But they would never let me be myself and express my
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own opinions. I am not the only one. There are so many talented people in Cyprus, active in so many areas – men and women – but they are unwilling to become involved in politics because of the way system has become. We have to change the game.” We decide to take a look at the tempting desserts and my guest agrees to order a cheesecake but only on condition that I eat half of it. We compromise on a 2-1 share of that and I choose the tiramisu. She orders an espresso while mine is a filter coffee.
the need for a solution,” she tells me. “The vibes I’m getting are increasingly positive.” “Let me say one more thing about this,” she says, weighing her words carefully. “A good solution outside the framework of the European Union would not make me comfortable, whereas a less good solution within the EU would give me much more confidence. In Europe, what we have learned is to compromise and this is a very important lesson. The resulting legislation or decision may not be the very best
IN EUROPE, WHAT WE HAVE LEARNED IS TO COMPROMISE AND THIS IS A VERY IMPORTANT LESSON We return to politics and what she perceives as the very low standard of discourse and awareness on the island, for which she holds the parties responsible due to their supporters’ attitude that ‘our party is perfect and the others are the devil’. “This is not politics,” she says. “And what about the concept of responsibility?” she adds, warming to her theme. “After the UK elections, three party leaders resigned. Can you imagine that happening here? They are all winners in Cyprus!” On the big issue of a settlement of the Cyprus Problem, Attalides is optimistic, in part because she has known Mustafa Akinci for many years and is convinced that he wants a solution, even though she recognises that it is unlikely to be one that is liked 100% by the Greek Cypriots. “I also believe that since 2004, many things have happened including the accession of Cyprus to the EU to change people’s minds about
that a particular group or country would have wanted but it’s better than nothing. Regarding Cyprus, we need to move on, which means being more human and more understanding of each other, more positive about solving problems and more inclusive.” Not all of these European attitudes are reflected in Cypriot society, she feels, and this is the only thing tempering her optimism. “If, as a society, we cannot accept people from abroad, from other cultures, LGBT people... how are we going to accept another community? This is what worries me a lot. We need visionary leaders who can inspire people and lead them in a positive way towards the future!’’ I pay the bill (coffee is on the house) and we get up to leave. It is only then that I realise that this has been such a long and extended lunch. Thanks to my dining companion’s enthusiastic attitude and fascinating conversation, it has been a very satisfying one.
BUSINESS CLASS How often do you travel,, either for business or pleasure?
A lot! On average I would say every ten days for business, though sometimes it is more often. Occasionally, however, I am lucky enough to stay at home for three weeks at a time. For pleasure, my husband and I try to get away two or three times a year, though we have very hectic schedules. We both enjoy travelling, and now take particular pleasure g on holiday in g going baby. with wi th our ba
What is the most exciting destination you have visited for work?
I have to say Mumbai! You are met with opportunities as soon as you Z[LW VɈ [OL WSHUL" P[»Z H O\NL KLveloping country and its enormous potential is almost tangible. 0 [YH]LSSLK [OLYL MVY [OL ÄYZ[ [PTL earlier this year for a series of meetings.
Despina Panayiotou Theodosiou 8LI 4VIWMHIRX SJ ;-78% ']TVYW ERH 'LMIJ *MRERGMEP 3TIVEXMRK 3JÁGIV 8 SJ XLI 8SXSXLIS +VSYT XEOIW XMQI FIX[IIR E ÂMKLX LSQI JVSQ XLI States and a trip to Asia to talk all things corporate travel. By Effy Pafitis And for pleasure?
I prefer city holidays so I would have to say New York! The city VɈLYZ L]LY`[OPUN [OLYL HYL unlimited things to do and UL^ L_WLYPLUJLZ [V IL had each day; it is ]LY` L_JP[PUN
What is your favourite airline and why?
Tell us about your best corporate travel experience.
On a business trip to Miami I had the opportunity to watch one of the stops of the =VS]V 6JLHU 9HJL [OL WYLTPLY VɈZOVYL race which sees contestants sail around the world for nine months. I also boarded a boat and saw one of their import races – that hat w was pretty cool!
It depends; if I’m travelling to Asia I love travelling with Emirates and believe that other airlines have far to go in order to match its high standard of customer service. For journeys within Europe or to America, however, I choose Austrian (PYSPULZ 0[ KVLZU»[ VɈLY [OL S\_\YPLZ that Emirates does but it’s very reliable. Moreover, the crew is always friendly and there is even a chef on board for SVUNLY ÅPNO[Z
What is your favourite international destination? ;OLYL HYL H ML^ MVY KPɈLYLU[ YLHZVUZ For pleasure, Greece is always a great destination as L]LY` PZSHUK PZ KPɈLYLU[ HUK HSSV^Z `V\ [V KPZJV]LY UL^ things each time you visit. I also particularly enjoy Copenhagen and Ireland, where I have friends and family. As I enjoy city holidays, I also love London and Singapore, where I try to combine both business and pleasure. In fact, I enjoy Singapore so much that I would even consider relocating to the city-state. I love that it is a beautiful city and yet there are so many business opportunities available there. It is fast-paced and very easy to get used to. I also like the fact that the country has very strict rules about everything HUK LUQV` [OL ILULÄ[Z VM [OH[
What is the most Wh impressive hotel you have ever stayed at?
I like many hotels around the world for KPɈLYLU[ YLHZVUZ ZVTL ILJH\ZL [OL` HYL grand and others because they are small and cosy. The most impressive overall would have to be the Intercontinental Hong Kong. It has the most fantastic ]PL^ VM =PJ[VYPH /HYIV\Y HUK VɈLYZ `V\ [OL ILZ[ ZLH[Z [V [OL L_[YHVYKPUHY` light show conducted every night.
If you could ld travel anywhere tomorrow, where would you go?
I would go to New Zealand. I’ve e previously looked into what the he JV\U[Y` OHZ [V VɈLY HUK OH]L ZLLU L ZLLU that the landscape is breathtaking. htaking. 00[»Z KPɈLYLU[ MYVT ^OH[ 0 HT \ZLK [V T \ZLK [V and rather far away, so itt is probably a a once-in-a-lifetime etime journey. www.goldnews.com.cy ld | GO GOLD OLD | 119
WHAT’S
ON
THINGS
to do Dance
T
Alkinoos Ioannidis
O
ver the past 20 ANCIENT years, CypCURIUM AMPHITHEATRE, riot singLIMASSOL, SATURDAY er-songwriter Alkinoos JUNE 20, 9PM. Ioannidis has released PATTICHION MUNICIPAL AMPHITHEATRE, LARNACA, eleven solo albums SUNDAY JUNE 21, 9PM. and performed almost SKALI AGLANDJIAS 2,000 concerts. His AMPHITHEATRE, NICOSIA, TUESDAY influences encompass JUNE 23 & WEDNESDAY traditional Cypriot, JUNE 24, 9PM. modern Greek, Byzantine, classical and rock music.
he 18th 8th Cyprus Contemporary Dance Festival continues at the Rialto Theatre, Limassol with performances by Art Of Spectra (Sweden) on Monday 15 June, T42dance Projects (Switzerland) on Saturday 27 June and 6th Dimension (France) on Tuesday 30 June. Meanwhile, the Moscow Fine Arts Ballet gives two performances at Ancient Curium on Wednesday 17 June (“Classical Masterpieces and Modern” with leading soloists from Moscow. St. Petersburg and Kiev) and Friday 19 June (“Black Swan” starring Julia Shoshina of the Bolshoi Ballet). All performances start at 8.30pm.
T
ANCIENT CURIUM, LIMASSOL, FRIDAY 26, SATURDAY 27, SUNDAY 28 JUNE, 8PM.
Shakespeare at Curium
A
Shakespeare play has been performed in the magical setting of the Ancient Curium amphitheatre every year since 1962. This year’s production is the comedy The Merry Wives of Windsor, directed by StJohn Coombes. Though performed mainly by amateurs, this annual event is invariably of a professional standard and is not to be missed.
Go Hardwell or Go Home Phinikoudes Beach, Larnaca, Thursday 2 July, 9pm.
120 | GOLD | The Business Magazine of Cyprus
he World Reigning No.1 DJ and six times IDMA winning DJ/Producer, Hardwell comes to Cyprus on Thursday 2 July, to perform on Phinikoudes Beach in Larnaca. Following last year’s I Am Hardwell World Tour, the 27-yearold DJ began 2015 by released his long-awaited debut album United We Are.
Caterina Cornaro Goes to the Opera
O
n the occasion of the recent renewal of its Caterina Cornaro Gallery, the Leventis Municipal Museum of Nicosia is holding an event entitled “Caterina Cornaro Goes to the Opera” on LEVENTIS Tuesday 16 and Wednesday 17 June. The main part of the MUNICIPAL programme will consist of arias from the opera by Franz Lachner, Die MUSEUM Königin von Zypern (The Queen of Cyprus), which premiered in Mu15-17, nich in 1841 (three years before Donizetti’s work of the same name. Professional musicians from Germany (soprano, tenor and pianist) HIPPOCRATES will perform arias from the 1841 score, a rare copy of which is on STREET, OLD display at the musuem. Caterina Cornaro, the last queen of Cyprus, CITY, reigned from 26 August 1474 to 26 February 1489.
NICOSIA
UNIVERSITY OF CYPRUS, NICOSIA, FRIDAY JUNE 19, 9PM. RIALTO THEATRE, LIMASSOL, SUNDAY JUNE 21, 8.30PM.
Remos, Vandi, Aslanidou, Stavento
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Eleni Tsaligopoulou
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Popular Greek singer Eleni Tsaligopoulou and the newly formed band Bogaz Musique blend sounds and emotions linking East and West in two performances.
28th FAMAGUSTA GATE MOAT, EDON NICOSIA, 7-9 JULY, Festival 8.30PM GSP Stadium, Nicosia, Friday, 10 July, 9pm
outed as the biggest musical event of the summer, this stadium show features the four judges of the Greek version of TV talent show The Voice, all of whom are extremely popular in their own right. Antonis Remos and Despina Vandi could probably sell out the venue alone, so their combined forces with Melina Aslanidou and Michalis (Stavento) are guaranteed to stop the traffic outside the capital. Presale arena tickets available at all McDonalds restaurants.
L
eft-leaning Greek artists perform at the annual three-day music festival organised by EDON (the AKEL-affiliated United Democratic Youth Organisation). This year’s artists are Lavrentis Machairitsas and Yiannis Kotsiras (7 July), Vasilis Papaconstantinou and Christos Thivaios (8 July) and Natassa Bofiliou (9 July). Tickets available from 26 June at all Zorbas bakeries
T koushisTakoushish Karapatakis iss Project
P
pianist Marios Takoushis and fretless bassist Gabriel Karapatakis, in collaboration with the virtuoso lyrist from Crete, Zacharias Spyridakis, marking the release of their new album Colours of Another Sky. Jazz improvisation inspired by the Mediterranean music tradition. Tickets available at www.pharosartsfoundation.org
THE SHOE FACTORY, SATURDAY, JUNE 20, 8.30PM.
Vakia Stavrou
F
ollowing her successful European tour last winter, the Cypriot-born singer- songwriter Vakia Stavrou performs songs from her latest album Anemoessa, as well as songs from Brazil, France, Spain, Portugal, Greece and Italy.
Rialto Theatre, Limassol, Wednesday June 17, 2015, 8.30pm.
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A DAY IN THE LIFE
Dinos Ioannides
“I am a light sleeper because I rarely go to bed before midnight and I get up before 5am every day, weekends included. I live in Nicosia with my wife and two children and I make breakfast for them every day before taking the children to school. I get to work at 7.50am and my regular morning routine starts with a walk around the office, making sure everything is as it’s supposed to be. After that, it depends. There’s a lot of in-country business and lots of network business to take care of. We say that DHL is the most international company in the world and because we are part of a huge network there is a lot
of liaising to do with higher management and with other countries. I speak to a lot of customers too. People can come straight to me when they need something. In a way, I got into this by accident. As I kid, I naturally wanted to be an astronaut! I ended up studying electrical engineering, then electronics and communications. When I came back to Cyprus there wasn’t much scope for design engineering so I worked for Apple for a while before gravitating towards sales and then management positions started coming along. I called my predecessor here one day to make a complaint about
The DHL Country Manager on how he got his job, why he loves it and how he relaxes when he manages to stop work.
how much I had been charged to have something shipped over and he ended up offering me a job as sales manager. That was 10 years ago and I have gradually worked my way up to the post of Country Manager. You have to be a certain type of person to work here. If you are stressed by deadlines, a heavy workload, or having to change what you do on a daily basis, you won’t last a week. Otherwise, you’ll invariably stay and it’s a great place to be. The work is very challenging because we start from the basic premise that anything that comes into our hands is urgent, no matter what it is. Then, for anything that goes wrong anywhere in the world – be it a volcano, a tsunami, a war, a strike, anything – we need to have a contingency plan. So it can be stressful but it’s extremely interesting and ultimately very fulfilling. I think the best thing about my job is the company culture and the people. I try to be home between 6pm and 7pm and I spend time with the kids until they go to bed. I like to watch TV, especially films but there’s not a great deal of time for that. And the only ones I see at the cinema these days are family films like Frozen!
I like to read whenever I can. The last good books I read were probably I enjoy Christ Recruci- classic literature fied by Nikos Kazantzakis and The Grapes of Wrath by John Steinbeck. Classic literature that I didn’t read when I was younger. I I love classic rock grew up with Isaac Asimov and other sci-fi writers and if I want something light today it might be I have to watch science fiction IDPLO\ ÀOPV or something by Terry Pratchett, who is actually very satirical. I ‘play with the guitar’ as opposed to ‘playing the guitar’! I listen to all kinds of music but especially classic rock by bands like Rainbow and The Eagles. I have no regrets about how my career has gone so far. I would never have imagined myself in this position 10 or 15 years ago and the fact that I am happy here is a good sign. I’m in a good place.”
I THINK THE BEST THING ABOUT MY JOB IS THE COMPANY CULTURE AND THE
PEOPLE
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presents
CIPA INTERNATIONAL INVESTMENT AWARDS July 2015 | Presidential Palace, Nicosia
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