www.pwc.com.cy
Expertise Solutions Value
Gold ISSUE 57 december 20, 2015 PRICE €3.00
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
Gold ISSUE 57 | DECEMBER 20,
LYSANDROS IOANNOU PHIDIAS PILIDES PRESIDENT CCCI (Organiser)
CHAIRMAN & CEO PHC FRANCHISED RESTAURANTS PUBLIC LTD
EXCLUSIVE Wilbur L. Ross Jr. on Leadership
�6
pages kebe business leader awards
the recipients the event
CHRYSOSTOMOS PAPAVASSILIOU
ARTEMIS ANTONIADOU
MANAGING DIRECTOR ISLAND OIL (HOLDINGS) LIMITED
MANAGING DIRECTOR VOICI LA MODE GROUP ΟF COMPANIES
STAVROS PANTZARIS
[
[
BOOKSHELF Ten of the best books of 2015
MANAGING DIRECTOR EY CYPRUS (Main Sponsor)
2015 |the leadership issue
MICHALIS LOUIS CEO EUROBANK CYPRUS
COSTAS ZORBAS EXECUTIVE CHAIRMAN AND CEO A. ZORBAS & SONS LTD
We support you to create the value you are looking for by providing specialised solutions based on quality. Together we build relationships based on trust and we say things as they are, to assist you to deal with issues that tomorrow will prove important. We adapt our expertise and the power of our global network to your specific needs helping you make the difference.
VARNAVAS IRINARCHOS
THE LEADERSHIP CONSTANTINOS SHIACOLAS BOARD MEMBER J&P OVERSEAS
ISSUE +
MANAGING DIRECTOR LOGICOM PUBLIC LIMITED
OPINION Kyriakos Iordanou
Olga Kandinskaia Kyriakos Parpounas Savvas Savouri
Joseph F. X. Zahra
The 2nd KEBE Business Leader Awards
© 2015 PricewaterhouseCoopers Ltd. All rights reserved
• The Top 10 Global Leadership Gurus • 20 Essential Books on Leadership
✪
Time to Step on the Gas Lenas Mylonas
✪
Financial Crime Fighters Angela Salter
✪
Working for the Greater Good George Ioulianos
EXCLUSIVE Wilbur L. Ross Jr. on Leadership Í
Í
16
PAGES KEBE BUSINESS LEADER AWARDS
THE RECIPIENTS THE EVENT
CHRYSOSTOMOS PAPAVASSILIOU
ARTEMIS ANTONIADOU
MANAGING DIRECTOR ISLAND OIL (HOLDINGS) LIMITED
MANAGING DIRECTOR VOICI LA MODE GROUP ʨ- *647(50,:
BOOKSHELF Ten of the best books of 2015
MICHALIS LOUIS CEO EUROBANK CYPRUS
VARNAVAS IRINARCHOS MANAGING DIRECTOR LOGICOM PUBLIC LIMITED
OPINION Kyriakos Iordanou
Olga Kandinskaia Kyriakos Parpounas Savvas Savouri
1VZLWO - ? Zahra
-
TIME TO STEP ON THE GAS Lenas Mylonas
-
FINANCIAL CRIME FIGHTERS Angela Salter
-
WORKING FOR THE GREATER GOOD George Ioulianos
ROTONDE DE CARTIER
cartier.com
L A R G E D AT E , R E T R O G R A D E S E C O N D T I M E Z O N E , A N D D AY/ N I G H T I N D I C AT O R 1 9 0 4 - F U M C THIS ROTONDE DE CARTIER WATCH COMBINES THREE WATCHMAKING COMPLICATIONS INTO THE MANUFACTURE MOVEMENT 1904-FU MC FOR A BOLD AESTHETIC WITH CLEAN LINES AND REFINED DETAILS. ESTABLISHED IN 1847, CARTIER CREATES EXCEPTIONAL WATCHES THAT COMBINE DARING DESIGN AND WATCHMAKING SAVOIR-FAIRE.
Nicosia - Limassol - Tel. 22 897 361
ISSUE 57 DECEMBER 20, 2015
T H E
B U S I N E S S
M A G A Z I N E
THE LEADERSHIP ISSUE
W
SUHVHQWV
2nd KEBE
BUSINESS LEADER AWARDS
hat makes a great leader? This is a question that has been a subject of debate and analysis throughout history, and certainly from as early as the 6th century BC (“A leader is best when people barely know he exists. ;LIR LMW [SVO MW HSRI LMW EMQ JYPÁPPIH XLI] [MPP say: we did it ourselves.” – Lao Tzu) to modern times (µ+VIEX PIEHIVW EVI EPQSWX EP[E]W KVIEX WMQTPMÁIVW who can cut through argument, debate, and doubt to offer a solution everybody can understand.” – Colin Powell). As in politics, war and religion, it may appear that the business world, too, is unequally divided into PIEHIVW ERH JSPPS[IVW ,S[IZIV WYGL E WMQTPMWXMG HIÁnition is likely to be challenged today and it can be convincingly argued that to be a great leader you must also be a great follower. What is certain is that there are plenty of good – and bad – leaders around and there also exists a comparatively small number of people who are recognised for their greatness. Last year, the Cyprus Chamber of Commerce & Industry inaugurated its annual Business Leader Awards, in recognition of leadership excellence in various sectors of the economy and as an acknowledgement of the fact that talented individuals have the ability to inspire and, thus, to make their companies and organisations successful. Last month, the CCCI’s 2nd Business Leader Awards were presented at a glittering ceremony in Limassol and on the following pages you can see photos from the event and read brief interviews with the seven winners. It is interesting that every one of them, though singled out for their individual and personal achieve-
ISSUE THE LEADERSHIP By John Vickers
Business Leader portraits by Jo Michaelides
“The greatest leader is not necessarily the one who does the greatest things. He is the one that gets the people to do the greatest things.” Ronald Reagan
GOLD
COVER
STORY
C Y P R U S
CONTENTS
ments, makes the point that success is actually a matter of teamwork. This would suggest that one of the key aspects of great leadership is, in fact, the ability to create a team and inspire its members to do what one person cannot possible manage alone. This is the essence of the selected quotation (left) by the late US President Ronald Reagan. Having team-building skills and encouraging teamwork are, not surprisingly, also part of the business philosophy of US billionaire Wilbur L. Ross, whose €400 million injection of new capital into Bank of Cyprus last year provided a boost not only to the bank but to the island’s broader banking sector and the economy. His ideas on leadership are provided in the exclusive Gold interview that follows, together with concise insights into his own achievements. Success stories can undoubtedly inspire and encourage the rest of us to work hard for great achievements and to persevere until we attain them. They are powerful motivators. So for those who believe that one way of learning how to become a good and even a great leader is to discover the secrets of people who are broadly recognised to have proved their worth in XLIMV GLSWIR ÁIPH [I LEZI GSQTMPIH E PMWX SJ IWWIRXMEP reading spanning more than 2,500 years and topics as diverse as 5th century BC military strategy and Premier League football management. This alone indicates the breadth of the leadership question and each of the 20 books has a great deal to teach about XLI WYFNIGX =SY [MPP EPWS ÁRH ER MRXVSHYGXMSR XS SJ the best-known and widely acclaimed gurus teaching the art of leadership. Most people believe that great leaders are not born but made. Indeed, as US General Douglas MacArthur memorably said, µ% XVYI PIEHIV LEW XLI GSRÁHIRGI to stand alone, the courage to make tough decisions, and the compassion to listen to the needs of others. He does not set out to be a leader, but becomes one by the equality of his actions and the integrity of his intent.” ;MXL NYWX EVSYRH XLI GSVRIV ERH EW [I are frequently being told, the stars aligning for a settlement of the longstanding Cyprus Problem, the leadership qualities of many people on the island will undoubtedly be brought into focus. Will they prove to LEZI KVIEXRIWW# ;I WLEPP WSSR ÁRH SYX
ld
O F
8| BUSINESS BRIEFING
Economic & Business Highlights of the past month.
16 | MY WAY
Marios Kilitou’s management style.
18 | FIVE MINUTES WITH… Asma Al Rahma.
20 | THEY SAID WHAT?
| GOLD `
A selection of memorable recent quotes from Cyprus.
32 | The Leadership Issue
What makes a great leader? We talk to the seven winners of the CCCI’s 2nd Business Leader Awards and to US billionaire investor Wilbur L. Ross, while proposing our choice of the 20 best books on leadership, introducing the Top 10 Leadership gurus.
OPINION 54 | IS HISTORY REPEATING ITSELF? By Joseph F. X. Zahra
62 | MUCH MORE THAN CHARITY By Kyriakos Parpounas
72 | STAYING FOCUSED By Kyriakos Iordanou
76 | TOY STORY
By Dr. Olga Kandinskaia
78 | MIND THE GAP, GEORGE By Dr. Savvas Savouri
22
FEATURES 22 | WORKING FOR THE
GREATER GOOD CFA General Manager George Ioulianos Z[YLZZLZ [OL ULLK [V \UPÄ` [OL PU[LYUH[PVUHS business sector.
26
26 | TIME TO STEP ON THE GAS
3LUHZ 4`SVUHZ VU [OL L]LU[\HS ILULÄ[Z [V Cyprus from current and future natural gas discoveries.
56 | FXTM: A
TRUE INNOVATOR Interview with Olga Rybalkina, CEO of ForexTime.
56
84
60 | FINANCIAL CRIME
FIGHTERS Angela Salter, ACAMS Head of Europe, on anti-money laundering education.
64 | WORKING THE CROWD
Crowdfunding needs regulating, says Amalia Hadjipapa.
66 | THE 2ND CYPRUS
FIDUCIARY ASSOCIATION FORUM Photos from last month’s conference.
68 | ORACLE DIGITAL
TRANSFORMATION FORUM Pictures from the event.
70 | RIGHTS ISSUE
Cyprus can become a regional hub for Intellectual Property ÄYTZ
74 | TAXATION OF OFFSHORE ACTIVITIES UNDER CYPRUS DTAS By Olga Chervinskaya.
80 | BOOKSHELF
Ten of the best books of 2015.
6 | GOLD | The Business Magazine of Cyprus
82 | IN GOOD COMPANY
88 | WHAT’S ON
84 | LUNCH WITH GOLD
90 | A DAY IN THE LIFE
Exploring cdbbank’s core asset: its personnel. Andreas Hadjikyriacos, Managing Director of Gnora Communication Consultants.
87 | BUSINESS CLASS
Philippos Mannaris, CEO, Aon Hewitt Cyprus.
Gold’s guide to the best cultural events of the coming month.
Christiana Diola.
Can greater insights be found by understanding the complexity behind the obvious? Using market-leading analytics tools, EY auditors look beyond the obvious, delving deeper into underlying patterns and trends to deliver powerful business insights and a high quality, risk-focused audit. ey.com/theartofaudit #BetterQuestions
Š 2015 EYGM Limited. All Rights Reserved. ED0616
In Primavera, Botticelli used the Fibonacci sequence to unite each mythological element in a perfect composition of line and form.
| EDITORIAL |
What’s Another Year?
GOLD ISSUE 57 DECEMBER 20, 2015 PRICE €3.00
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
LYSANDROS IOANNOU
PHIDIAS PILIDES
PRESIDENT CCCI (Organiser)
CHAIRMAN & CEO 7/* -9(5*/0:,+ RESTAURANTS PUBLIC LTD
STAVROS PANTZARIS
MANAGING DIRECTOR EY CYPRUS (Main Sponsor)
COSTAS ZORBAS EXECUTIVE CHAIRMAN AND CEO A. ZORBAS & SONS LTD
THE LEADERSHIP CONSTANTINOS SHIACOLAS BOARD MEMBER J&P OVERSEAS
ISSUE +
THE 2nd KEBE BUSINESS LEADER AWARDS The Top 10 Global Leadership Gurus 20 Essential Books on Leadership
PUBLISHED BY IMH ISSN 1986 - 3543
T
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
welve months ago, I noted in my final editorial of the year that “while 2014 is unlikely to be remembered as anyone’s favourite year, things have developed better than even the most optimistic forecasters expected.” Today I would be happy and, I believe, perfectly justified to repeat those words and simply change the date. 2015 has undoubtedly been a year of economic progress, once again surpassing expectations and defying the Government’s critics. As we saw in 2014, the island’s politicians again did their reputations few favours, particularly those in opposition who, for months on end, pointlessly delayed approving key legislation that would enable the banks to take action on the major problem of non-performing loans. In the end, the Troika of international lenders got what they wanted, Cyprus received another tranche of bailout cash and almost half of the country’s MPs were able to feel that they had shown heroic, patriotic defiance towards the nasty foreigners. That said, the developments that may give 2015 a special place in the history books did not concern the economy but the island’s longstanding division. The victory of Mustafa Akinci in the Turkish Cypriot community’s elections in April was arguably the most significant event in Cyprus for decades and it was one that President Nicos Anastasiades seized upon with uncharacteristic boldness. Since then, considerable progress has been made in talks between the two leaders and people are talking seriously about a settlement in 2016. For the first time, the optimistic voices are coming from inside Cyprus as well as from the international community. The recent visits to the island by the Philip Hammond, Sergey Lavrov and John Kerry, as well as an earlier one by Jean-Claude Juncker, are not chance events. We will have to wait and see whether a final agreement is reached, and there are plenty of loud voices – particularly Greek-Cypriot ones – calling for a ‘no’ to reunification under any circumstances but we may be about to witness and, indeed, be part of a truly historic moment. As far as Gold is concerned, 2015 was the year in which we reached our landmark 50th issue and marked the anniversary by bringing in a few modifications to the content and design of the magazine, all of them received positively by you, our readers. The most recent change took place last month when we dropped the cover price and introduced a new publishing arrangement with Reporter, the new weekly newspaper published by our owners IMH, by which Gold comes out as part of a special package and then as a standalone title. For the fifth time, I want to end my December editorial by thanking you for your consistent support and wishing you a great ChristJohn Vickers, mas and a Happy New Year. In the words of John Lennon, Let’s Chief Editor hope it’s a good one without any fear. john@imhbusiness.com
8 | GOLD | The Business Magazine of Cyprus
Elena Leontiou
EDITOR-IN-CHIEF
John Vickers
JOURNALISTS
Effy Pafitis, Artemis Constantinidou CONTRIBUTORS TO THIS ISSUE
Mariana Antonescu, Olga Chervinskaya, Amalia Hadjipapa, Kyriakos Iordanou, Olga Kandinskaia, Chloe Panayides, Kyriakos Parpounas, Savvas Savouri, Joseph F. X. Zahra PHOTOGRAPHY
Jo Michaelides, Andreas Loucaides ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
PHOTOGRAPHY
Jo Michaelides, Harris Kyprianou MARKETING EXECUTIVE
Kevi Chishios
SALES MANAGER
Irene Georgiou
SALES EXECUTIVE
Stavros Epifaniou
OPERATIONS MANAGER
Voulla Nicolaou
SUBSCRIPTIONS
Myria Neophytou PRINTERS
Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com
BUSINESS BRIEFING
TOURISM IN THE NEWS
VIP VISITORS The British Foreign Secretary,
Philip Hammond, the US ate for Foreign Secretary of State LYY` 9\ZZPHU (ɈHPYZ 1VOU 2LYY` 9\ZZPHU Foreign Ministerr Sergey nch President Lavrov and French de were all in François Hollande [OL ÄYZ[ [OYLL *`WY\Z YLJLU[S` [OL ÄYZ[ [OYLL e leaders to encourage the munities in of the two communities ks to resolve the ongoing talks g Cyprus the longstanding Problem. President Hollande made a brief stopover in Larnaca where he thanked Cyprus for its assistance to French military action against IS in Syria.
John Kerry
Philip Hammond
Sergey Lavrov
GOLF COURSES ATTRACT THOUSANDS
Cyprus’ professional grade golf courses attracted 25,000 visitors to the island last year, representing 1% of tourist arrivals in 2014, in what was one of the best years for the island’s golf tourism sector. The Cyprus Tourism Organisation expressed its satisfaction, noting that there is room for a further increase, particularly during the winter months.
François Hollande
ING SHIPP
AMATHUS BEACH HOTEL WINS GREEN HOTEL OF THE YEAR AWARD
The 5-star Amathus Beach Hotel in Limassol was named “Green Hotel of the Year 2015” at last month’s European Hospitality Awards in London. Reference was made during the ceremony to the hotel’s numerous green initiatives, launched to make it an environmentally aware resort and a leader in sustainability projects.
Chrysostomou Award
A
ndreas Chrysostomou, Director of the Department of Merchant Shipping, was named ‘International Personality of the Year’ at the 2015 Lloyd΄s List Greek Shipping Awards in Athens. The award recognizes his contribution to the Cyprus and international shipping industries.
Ship Management Revenues Rise
S
hip management revenues in Cyprus increased during the first half of 2015, to €464 million, the highest recorded since 2010. Ship management revenues now correspond to 5.4% of Cyprus’s GDP, according to the Central Bank. 10 | GOLD | The Business Magazine of Cyprus
42 GREEK SHIPPING COMPANIES REGISTER IN CYPRUS
Due to the crisis in Greece, 42 Greek shipping companies have registered PU *`WY\Z [OPZ `LHY ;OL ÄN\YL ^HZ revealed by the President of the Limassol Chamber of Commerce & Industry (LCCI), Costas Galatariotis.
THOMSON GOLD AWARD FOR KING JASON HOTEL
The King Jason Hotel in Paphos has won the Thomson 4T Overall Gold Award for 2015. This recognition, which The King Jason has now received for several consecutive years, YLÅLJ[Z [OL OV[LS»Z JVTTP[TLU[ [V L_cellent customer service. Visitors gave the hotel a satisfaction rating of 97.5% for 2015 – the highest to date.
ENERGY
BG GROUP ACQUIRES STAKE IN CYPRUS GAS FIELD
TOTAL’S EXPLORATION LICENCE EXTENDED
EAC PRIVATISATION NO LONGER ON THE TABLE
ritish multinational oil & gas company BG Group has agreed to acquire a 35% stake in the consortium with rights over Block 12 of Cyprus’ Exclusive Economic Zone from Noble Energy, for a cash consideration of some $165 million. Energy Minister Yiorgos Lakkotrypis described the move as “a very important development, which highlights the confidence and prospects in Cyprus’ exclusive economic zone, coming from a company with such a large international presence.” Block 12, the ‘Aphrodite’ gas field, was discovered in 2011 and is estimated to have gross mean natural gas resources of approximately four trillion cubic feet.
arlier this month the Council of Ministers approved the extension of energy giant Total’s exploration licence in Cyprus’ offshore Block 11 for two years. They also approved the size and shape of the new exploration area in Block 11. The company’s original licence was due to expire in February 2016 and it was ready to pull out of Cyprus, having failed to identify any likely targets in Block 10 but it was persuaded by the Government to keep its operations going. The discovery in September of the huge Zohr gas field just 6 km from Block 11 in Egypt’s Exclusive Economic Zone has made Total think again.
n an unexpected turn of events on December 7, Energy Minister Yiorgos Lakkotrypis announced that the Electricity Authority of Cyprus (EAC) would remain under state control but the planned disaggregation of the organisation into separate entities will go ahead. According to the original plan, the EAC will be split into two entities: the network on one hand and generation/supply on the other, with the state maintaining a majority stake and allowing private investors to acquire the rest. Such a move is also supported by international lenders, which has spoken in favour of a better business model for the EAC.
B IA MED
GREEK TV STATIONS COMING TO CYPRUS
T
he Chairman of the Cyprus Radio & Television Authority, Andreas Petrides, announced last month [OH[ Ä]L .YLLR ;= JOHUULSZ OH]L expressed their interest in setting \W PU *`WY\Z ;OL ÄYZ[ VM [OLT (SWOH *`WY\Z has already obtained its licence to operate. Following recent changes to the regulations governing the media in Greece, the TV stations are viewing Cyprus’ licence fee of €51,400 as a much better deal than the €300,000 fee that they will allegedly have to pay in order to operate at home. Mega and ANT-1 already have successful Cyprus operations.
E
I
BANKIN G
CIBA AWARD FOR RCB BANK 9*) )HUR OHZ ILLU H^HYKLK [OL *`WY\Z 0U[LYUH[PVUHS )\ZPULZZLZ (ZZVJPH[PVU»Z WYLZ[PNPV\Z )\ZPULZZ (^HYK MVY ,_JLSSLUJL 7YLZLU[PUN [OL H^HYK VU ILOHSM VM 7YLZPKLU[ (UHZ[HZPHKLZ K\YPUN the Association’s Annual General Meeting in Limassol, Transport Minister Marios Demetriades praised RCB Bank’s contribution to the Cyprus economy and the continuous development of its operations over the past 20 years. Receiving [OL H^HYK 9*) )HUR *,6 2PYPSS APTHYPU [OHURLK *0)( MVY [OL KPZ[PUJ[PVU ^OPJO OL ZHPK YLÅLJ[Z [OL )HUR»Z JVTTP[TLU[ [V L_cellence. RCB Bank operates 6 branches in *`WY\Z HUK VUL PU 3\_LTIV\YN
ā,Ćāā
THE NUMBER OF TAXPAYERS WHO SETTLED THEIR IMMOVABLE PROPERTY TAX (IPT) BILL BEFORE THE DEADLINE IN ORDER TO BENEFIT FROM A 20% DISCOUNT. BY THE END OF NOVEMBER, MORE THAN €55.5 MILLION HAD BEEN PAID. www.goldnews.com.cy | GOLD | 11
BUSINESS BRIEFING
PEOPLE
Hourican to Stay at BoC
Bank of Cyprus CEO John Hourican is to retain his position at the helm of the Group and will sign a new two-year contract, LɈLJ[P]L MYVT -LIY\HY` Hourican had announced his resignation in April this year “for personal reasons”, saying that he had his family intended to relocate to his home country, Ireland.
Angastiniotis Reappointed
Christodoulos Angastiniotis has been reappointed as Chairman of the Cyprus Investment Promotion Agency (CIPA) for a second fouryear term by President Nicos Anastasiades, who also renewed the tenure of the rest of the CIPA Board last month. The Agency is tasked with coordinating the LɈLJ[P]L WYVTV[PVU VM [OL PZSHUK»Z investment prospects abroad and attracting foreign investment.
N AVIATIO
Josephides Named IMO Maritime Ambassador
Alexandros Josephides, Deputy Director General of the Cyprus Shipping Chamber (CSC), has been appointed as IMO Maritime Ambassador for Cyprus. An International Maritime Organisation (IMO) Maritime Ambassador is a spokesperson or advocate for the maritime and seafaring professions, task s, whose w is to raise awareness, ss, particularly particu in young people starting out on further education n and a career.
Xenia Georgiou has been appointed as a member of the )VHYK VM [OL HJJV\U[PUN ÄYT Horwath DSP Ltd. She joined the company in October 2009 and has been responsible for [OL ÄYT»Z H\KP[ HUK HZZ\YHUJL assignments. Managing Director Ioannis Demetriades praised Georgiou’s excellent leadership skills, partner-level judgment and vvalued service to clients.
EASYJET FLIGHT TRACKING APP FEATURE
EasyJet has enhanced its award-winning mobile app with live aircraft tracking functionality. The airline is the first to collaborate with Flightradar24, enabling passengers to see the whereabouts of the aircraft they are due to fly on up to three hours before their flight. TUS RECEIVES Family and friends can also AIR TRANSPORT track any flight ahead LICENCE of its arrival. A new local carrier is set to launch after receiving a commercial air transport licence from the government. Larnaca-based MORE TUS Airways is backed by investors from ACCOLADES Europe and the United States. FOR EMIRATES The airline will begin scheduled November was a month of accolades for flights in January 2016 to regional Emirates, aas it clinched ‘Airline rline of the destinations including Beirut, Year’ at the Arabian Business ess AchieveTel Aviv, Haifa, Rhodes, ment Awards rline Premier Awards, ‘Favourite Airline Kos, Eilat and Samos. Cabin Midd Middle East’ at the Conde Nast Traveller Mi Middle East Readers’ ders’ Choice Awards, and ‘Best Business Class’ and ‘Best Airline Lounge’ - at the he inaugural Middle E East Ultimate Luxury Travel Related Awards Trave ards (ULTRAs).
12 | GOLD | The Business Magazine of Cyprus
/VY^H[O +:7 (WWVPU[Z 5L^ )VHYK 4LTILY
ETIHAD AIRWAYS NAMED AIRLINE OF THE YEAR 2016
Etihad Airways, the national airline of the United Arab Emirates, has been named Airline of the Year 2016 by the US US-based based aviation industry publication Air Transport World (ATW). It was chosen for the top honour in a highly contested competition, with entries from more than 100 airlines around the world.