16 September 2021
Cyprus has unveiled a bank of available projects to investors in a bid to attract more investments into its tourism and hospitality sector.
In line with the Government’s National Tourism Strategy 2030, which will implement a number of improvements, Invest Cyprus hosted The 1st Tourism & Hospitality Investment Summit, analysing local and international trends in the sector, presenting available investment projects and sharing insights and experiences by existing investors.
Speaking at the Summit, the Cyprus’ Deputy Minister of Tourism, Savvas Perdios, who recently revealed the Cyprus Tourism’s new logo and brand identity, which marked the beginning of a new era for the island said: “Our tourism strategy, which has a lifespan of 10 years and leads up to the end of 2030, is based on five key pillars to convert Cyprus into a year round high quality, digitally smart, climate friendly, and socially immersive destination”.
More than 600 million euros have been inserted into hotel development in 2019, including an additional nine large scale mixed use development plans to be completed in 2020.
Stephanie Panayi, Head of Strategic Projects at Invest Cyprus, unveiled the bank of projects for investors to more than 200 participants, including integrated golf resorts, sports resorts, assisted living and rehabilitation centres and amusement park.
“The purpose of our project bank is to connect investors with opportunities, while maintaining a constant communication with the public and private sector and investors, aiming to bring them together, in order to create successful investment projects for the country” she said.
Invest Cyprus has a dedicated unit, TourInvest Cyprus, focusing on investments in the tourism and hospitality sector, through which investors can access available projects in a number of thematic areas. The Project Bank matchmaking platform , will simplify the process for interested investors to identify available investment opportunities and projects.
“The whole procedure of this project bank runs through a registration for project owners and investors, followed by screening from Invest Cyprus, to examine that all details of the project are valid and identify and promote the existing investment opportunities”, Mrs Panayi added.
Existing investors also shared their experiences and insights from investing and doing business in Cyprus. “We are currently working to develop the largest real estate and infrastructure project ever done in Cyprus and we're here purely because we saw huge potential and a big opportunity”, said Panos Alexandrou, CEO of Kition Ocean Holdings representing an FDI project in Larnaca exceeding €1 billion.
NCH Capital has recently invested €150 million for at least three grand developments in coastal Larnaca. “Cyprus is moving away from the traditional family hotels, with more statutory investors coming to the country and more international branded hotels. The industry will continue to rise in Cyprus, probably much higher than other sectors, which is why we have decided to invest in it, as we also see great potential in Cyprus”, said Andreas Santis, Managing Director – Office Head for W.Balkans, Greece and Cyprus.
Despite the impact of the pandemic, Cyprus is home to a variety of large scale projects in the sector, such as the €1.2 billion investment for the redevelopment of Larnaka port and Marina, the €600 million integrated casino resort City of Dreams Mediterranean, the €300 million Ayia Napa Marina, , the new €110 million Paralimni Marina, and an additional 16 new hotels in 2020 and 2021.