www.pwc.com.cy
Capturing the Social Media use in the Cyprus Hotel Industry
ISSUE 67 OCTOBER 16, 2016 PRICE €2.00
Gold ISSUE 67 | OCTOBER 16, 2016 | SEEKING FDI IN NYC
The report aims to map the use of social media in the Cyprus hotel industry and to offer insights into how hotels can benefit from social media tools in
The Cyprus Economic & Investment Summit, New York
implementing their business strategies. Find the report at: www.pwc.com.cy/social-media-cyprus-hotels
© 2016 PricewaterhouseCoopers Ltd. All rights reserved
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INTERVIEWS
Irena Georgiadou Alexis Kyprianou Christos Michael
AYIA NAPA
Marina project ceremony & launch party
PAFILIA PRESENTS Large-Scale Real Estate projects in Cyprus
PLUS
Business Briefing, Business Books, What’s On & More
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ISSUE 67 OCTOBER 16, 2016
T H E
B U S I N E S S
M A G A Z I N E
O F
C Y P R U S
CONTENTS 6 | (',725,$/ 8 | %86,1(66 %5,(),1*
Economic & Business Highlights of the past month.
12 | 0< :$<
COVER
STORY
28 | 6((.,1* )', ,1 1<& Photos and key points from the 1st Cyprus Economic & Investment Summit, which took place in New York last month, featuring seven speakers, who sought to present the current state and future prospects of the countryâ&#x20AC;&#x2122;s economy and, in particular, attractive investment opportunities.
Marios Tannousisâ&#x20AC;&#x2122; management style.
14 | ),9( 0,187(6 :,7+ÂŞ Kyriacos Yiannouka
16 | 7+(< 6$,' :+$7"
Some of the more notable statements made about Cyprus and the Cypriots over the past month.
FEATURES 18 | $<,$ 1$3$ 0$5,1$
Photos from the Foundation Stone Laying Ceremony and the glamorous launch party for Ayia Napaâ&#x20AC;&#x2122;s biggest-ever investment project.
22 | %8,/',1* $ %(77(5 &211(&7(' :25/' James Li, Managing Director of Huawei Cyprus, talks about the company and its latest collaboration with MTN Business. 24 | 7+( 0$1 :+2 :527( 7+( %,%/( Interview with the acclaimed Paris-based expert in negotiation, Alexis Kyprianou.
24
44
44 | :,1'6 2) &+$1*( Petros Livanios, Managing Director of Trident Trust Company (Cyprus) Limited, believes [OH[ H UL^ K`UHTPJ Ă&#x201E;K\JPHY` ZLJ[VY OHZ [OL potential to put Cyprus on the global map for investment funds.
SPECIAL PROMOTIONAL FEATURE 69 | Large-Scale Real Estate Projects in Cyprus
Detailed presentations of some of the most impressive major real estate projects under development across the country.
48 | *&& &20387(56 $1' $.$0$, )2580 Photos from last monthâ&#x20AC;&#x2122;s event.
50 | -2,1,1* )25&(6
52
LoĂŻc Wallaert of the Mazars Group on his collaboration with Nacouzi & Co and why he considers Cyprus as a key Ă&#x201E;UH Ă&#x201E;UHUJPHS JLU[YL PU ,\YVWL
100 52 | ),;,1* $1' %8,/',1* Hellenic Bank Chairwoman Irena Georgiadou tells Gold that the Bank PZ UV^ MVJ\ZPUN Ă&#x201E;YTS` VU P[Z NYV^[O strategy.
84 | $ /($'(56+,3 *858 )25 7+( 62&,$/ 1(7:25. *(1(5$7,21 80 | )$0,/< 0$77(56 Renowned leadership expert The four Odysseos siblings reveal how they manage to maintain a work- Emmanuel Gobillot is the keynote life balance and what they see as the speaker at next monthâ&#x20AC;&#x2122;s 15th Leadership & Human Resource secret of their success. Management Conference. 82 | 6+$5(' 9$/8(6 67521* 86 | %86,1(66 3$571(56+,3 683(5+(52(6 Peter John, Vice-Chancellor of the Training Managers and University of West London, on the Team Leaders is vital to your relationship between the University companyâ&#x20AC;&#x2122;s success, writes and CIM and the likely impact of Marios Siathas. Brexit. 4 | GOLD | The Business Magazine of Cyprus
88 | ,&(%(5*6 $+($'
Strategy, coordination and action are just some of the things urgently needed in the Administrative Services sector, says CFA President Christos Michael.
90 | ,1 *22' &203$1<
95 | %22.6+(/) Five of the six shortlisted titles for the 2016 Financial Times and McKinsey Business Book of the Year Award. 96| 7,0( 2))
Stelios Anastasiades, Managing Director of Telia & Pavla BBDOâ&#x20AC;Śand blues guitarist.
100 | /81&+ :,7+ *2/' Chris Koufaris, CIBA
How First Names Group encourages talent development in the workplace
104 | :+$7Âś6 21 Goldâ&#x20AC;&#x2122;s guide to the best cultural events of the coming month.
94 | %86,1(66 &/$66
106| $ '$< ,1 7+( /,)( Constantinos Constantinides
George Mountis
| EDITORIAL |
Start Spreadin’ the News...
PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
L
ast month, IMH (publisher of Gold) organised the first Cyprus Economic & Investment Summit in New York. Sponsored by Hellenic Bank and endorsed by the Cyprus Investment Promotion Agency (CIPA), the Cyprus Investment Funds Association (CIFA), the Cyprus Securities & Exchange Commission (CySEC) and the Cyprus Embassy Trade Center, New York, it attracted a considerable number of US-based institutional investors and representatives of private equity firms, hedge funds, asset management firms and others. It was an especially interesting experience for me (I had the honour of chairing the summit), after spending much of the last six years writing about, among other things, the efforts made by both private companies and public sector organisations to attract Foreign Direct Investment to Cyprus. At last, I had the opportunity to see things from the inside and, I have to say, I was quite impressed by the amount of interest shown in what Finance Minister Harris Georgiades and his fellow speakers had to say about the present state and future prospects of the economy. I was also pleasantly surprised that his balanced but generally upbeat assessment was echoed by the IMF’s Resident Representative in Cyprus, Vincenzo Guzzo, and by the Managing Director of Third Point LLC, David W. Bonanno, whose company is currently the largest shareholder in Hellenic Bank. Having invested in Cyprus early, he encouraged others to follow his example. Whether they will do so remains to be seen. What cannot be doubted, however, is the fact that some of the island’s key players are going out there and making a strong pitch to potential investors. And as Old Blue Eyes might have said of New York, if they can make it there, they’ll make it anywhere… In addition to full coverage of what was said at the Summit (it coincided with the United Nations General Assembly but, to his credit, this fact did not prevent President Nicos Anastasiades from attending, straight after delivering his UN address), this issue of Gold is packed with exclusive interviews, including one with Hellenic Bank Chairwoman Irena Georgiadou (page 52), two concerning the Administrative Services sector (with Petros Livanios, Managing Director of Trident Trust Company (Cyprus) Ltd (page 44) and Christos Michael, President of the Cyprus Fiduciary Association (page 88), one with Paris-based negotiation expert Alexis Kyprianou (page 24) and another with the Vice-Chancellor of the University of West London, Prof. Peter John (page 82). In addition, we talk to a family of young accountants (page 80) and the guitar-playing founder of one of the country’s leading John Vickers, advertising agencies (page 96) and, of course, you’ll find all the Chief Editor usual features too, providing an exciting mixed bag of reading john@imhbusiness.com material for another month. 6 | GOLD | The Business Magazine of Cyprus
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Elena Leontiou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE
Marios Siathas ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
ASSISTANT DESIGNER
Stephanie Andreou, George Yiamiadakis PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides, Christos Tsekouras MARKETING EXECUTIVE
Kevi Chishios
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Irene Georgiou
SALES EXECUTIVE
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OPERATIONS MANAGER
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BUSINESS BRIEFING
REAL ESTATE
Five New Ambassadors
IN THE NEWS
On Monday, October 3, President Nicos Anastasiades received the credentials of the new Ambassadors of Sweden, Finland, the Netherlands, Kuwait and Qatar in a series of ceremonies at the presidential palace. He gave the new ambassadors a brief update on the state of the ongoing negotiations to resolve the Cyprus problem as well as economic developments and bilateral relations with the countries in question. The ambassadors, all of whom expressed their countries’ support for a Cyprus solution and spoke of potential areas for economic and other types of cooperation, are the following.Timo Heino, Ambassador of Finland (centre), Anna Olsson Vrang, Ambassador of Sweden (r), Nathalie Jaarsma, Ambassador of the Netherlands (l), Ahmad Salem Ahmad Alwehaib, Ambassador of Kuwait, Sultan Ibrahim Youssef Ibrahim Al-Mahmoud, Ambassador of Qatar.
NEW TUOS CYPR
iStorm ;OL T\JO HU[PJPWH[LK ÄYZ[ (WWSL 7YLTP\T
Reseller Store opened in Nicosia this month, bringing the full range of Apple products to the Cypriot market. The new Apple Premium Reseller Store meets the international standards set by Apple for the resellers of its products, thus creating an impressive and innovative shopping experience. iStorm’s objective is to become a benchmark for all Apple fans in Cyprus.
Hard Rock Café Hard Rock Café Ayia Napa organized
a free concert to mark its grand opening last month. It featured Minus One & 48 Ores, DJ Kypros Karaviotis and MC Marshall. Hard Rock Café Ayia Napa’s collection of memorabilia includes H Z\LKL V\[Ä[ ^VYU I` ,S]PZ 7YLZSL` Prince’s vest, a hat of Mick Jones (The Clash), Eric Clapton’s tour jacket and a Jimi Hendrix vest.
34,007
THE NUMBER OF REGISTERED UNEMPLOYED PERSONS IN CYPRUS ON SEPTEMBER 30, 2016. IT REPRESENTS A SLIGHT REDUCTION OVER THE AUGUST FIGURE AND IS 11.4% LOWER THAN THE CORRESPONDING NUMBER FOR 2015. THE FALL WAS MAINLY OBSERVED IN THE CONSTRUCTION SECTOR (1,219), MANUFACTURING ( 672), TRADE (540), PUBLIC ADMINISTRATION (457), ACCOMMODATION AND FOOD SERVICE ACTIVITIES (456), TRANSPORT (438) AND NEWCOMERS TO THE LABOUR MARKET (536).
AWA AWARDS W RDS FOR ARISTO DEVELOPERS
Aristo Developers was recently named “Best Residential Property Developer 2016” by International Finance Magazine for its Rose Manor estate at the Venus Rock Golf Resort. It was also named as one of the most innovative, exceptional and ambitious projects of 2016 in the European Property Awards 2016-2017. “We are thrilled by our success. Since Aristo Developers was founded 37 years ago, we have always tried to make sure that our service level and marketing offer is ahead of the game and comparable with the best real estate companies worldwide,” said Theodoros Aristodemou, CEO and Chairman of Aristo Developers Group of Companies. “Our success is a testament to the commitment and hard work of our dynamic team throughout Cyprus and abroad.”
VISITORS
UK ARMED FORCES MINISTER VISITS CYPRUS
M
ike Penning MP, the UK’s newly appointed Minister of State for the Armed Forces, met with the Cyprus Defence Minister, Christoforos Fokaides, on October 5. The two men discussed issues of mutual defence and security interest, ongoing bilateral cooperation and matters of regional stability. In particular, Penning welcomed the Republic of Cyprus’ commitment and support to efforts to fight terrorism. The visit, his first to Cyprus, follows Secretary of State for Defence Michael Fallon’s bilateral meeting in August.
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BUSINESS BRIEFING MILESTONES
TOURISM
NEW ACCOLADE FOR PAPHOS
Paphos has been included in a list of the world’s Top 100 green and sustainable destinations. The Sustainable Destinations Top 100 was unveiled on World Tourism Day (September 27). Paphos also holds a Quality Coast gold medal for 2016-2017 and is a UNESCO World Heritage site. It will hold the prestigious Cultural Capital of Europe title throughout 2017.
CASINO RESORT PROPOSAL SUBMITTED
The multinational consortium consisting of the companies Melco International Development Limited, Seminole HR Holdings LLC and Cyprus Phasouri (Zakaki) Limited has submitted a detailed proposal for the creation of a single integrated casino resort in Cyprus. Following the withdrawal of two other bidders from the process, the Melco/ Hard Rock proposal looks certain to be accepted.
75$16$9,$·6 LARNACAMUNICH ROUTE IN 2017
Low-cost airline Transavia plans to offer twice-weekly KPYLJ[ ÅPNO[Z IL[^LLU Munich and Larnaca from April 12, 2017. Fares will start from €59 and can be booked via the website www.transavia.com. Paul de Raad, Vice President Marketing & E-commerce at Transavia said, “We strongly believe in this route which has much to offer to both business and leisure passengers.”
€79.8 million in Revenue ue for PwC Cyprus
PwC Cyprus achieved revenues of €79.8 million and contributed €28.5 million to the state coffers in 2015-2016. This was revealed during g the organisation’s Annual General Meeting in Limassol, which was attended by, among others, Finance Minister Harris Georgiades, and Bank of ACCOUNTING & AUDIT Cyprus CEO John Hourican. The CEO of PwC Cyprus, Evgenios EvNLUPV\ UV[LK [OL ZPNUPÄJHU[ Z\JJLZZLZ HJOPL]LK I` [OL VYNHUPZH[PVU and referred to the goals and strategic priorities set out for the next year, including the intention to invest in new technologies and services, as a response to the needs of the market.
UCY MAKES TOP 400 UNIVERSITIES LIST
T
he University of Cyprus is among the top 351-400 universities in the world, according to the latest Times Higher Education World University Rankings. In the category “influence on research (cita-
tions)“, the University of Cyprus is in the top third of the universities on the list, while in the category “international image and perspective (international outlook)”, it is in the top 25%. The Rector of the University of Cyprus, Con-
10 | GOLD | The Business Magazine of Cyprus
EDUCATIO N
stantinos Christofides, said, “The University of Cyprus has set specific targets and will continue its course to the top, to be one of the 200 best universities in the world by 2025.”
ConnectedSky Celebrates 5th Anniversary
C
onnectedSky Legal & Corporate Consultants Limited, an international legal and corporate services provider, recently celebrated its 5th Anniversary with a gala dinner at its premises for local and international VIP clients, associates and partners. In an address, ConnectedSky Founder & CEO Charalambos Samir said, “The future of the corporate services industry looks rather challenging and bright at the same time, as demand for tailor-made and high-quality professional services continues to increase, an and ConnectedSky is at the forefront de developing new services and improving existing ones in order to serve our ex existing and new clients, partners and as associates around the globe.”
FOREX
CYSEC GRANTS TWO NEW FOREX LICENCES
The Cyprus Securities & Exchange Commission (CySEC) has recently granted two more Forex Brokerage licenses to IFC Investments Cyprus and Jin Daocheng respectively. Both companies will be permitted to provide foreign exchange services where these are connected to the provision of investment services, as well as investment services such as reception and transmission of orders in relation [V VUL VY TVYL ÄUHUJPHS PUZ[Y\TLU[Z execution of orders on behalf of clients and investment advice, as well as ZHMLRLLWPUN HUK HKTPUPZ[YH[PVU VM ÄUHUJPHS instruments, including custodianship and related services.