KT CONNECT SPECIAL REPORT|DECEMBER 18, 2016

Promising future

Thenationiswell-positionedto embarkonanew eraofsustainable economic growth

CYPRUS SPECiAl REPORT DECEMbER 18, 2016 Gatewaytothe West

Editor Vaman VassudevKamat Supplements Editor SuchitraStevenSamuel Assistant Editor ishtiaqAli Mehkri Reporter farhana Chowdhury

Senior Designers Mohammad Ejaz Khan MAAroos Mohamed imaging VenugopalPrabhu Aurangzeb baloch FacilitatinG Senior Adverisement Manager CONTENTS Mamta Pillai trade Assistant AdvertisementManager (Supplements) 4 theCyprus turn-around dP World and the bilal Saeed Cyprus is well-positioned to embark on Government of the Senior Account Group Manager anew eraofsustainable economic growth DebashishShome republic ofcyprus 6 Cyprus in your heart recentlysignedtwo Circulation Manager Theislandisthe perfect holiday destination separate concession Constance louis Moraes in anyseason andfor adiversity of tastes agreements forthe andinterests commercialisation of Systems Manager activities within the Mohan Kumar Shetty 8 Pride with perfection limassol Port in cyprus Cyprus hasadynamicfutureinterms of dubai headOffiCe tradeand commerce with theuAE andthe DPWorld Limassol has been awarded P.O. box11243,Tel: +971 43383535, regionbeyond fax: +971 43383345/46, an exclusive25-year concession to E-mail: [email protected], operatethe multipurpose terminal at Website: www.khaleejtimes.com 11 stabilising the region’s which operations include break-bulk, abu dhabi telecommunication needs general cargo, roll-on/roll-off (ro-ro) P.O. box3082, Tel: +971 26337666, Cytaglobalimplements state-of-the-art and passenger terminal operations. fax: +971 26351122E-mail: [email protected] networks to link Cyprus andneighbouring Simultaneously,P&O Maritime bahrain countries to theworld Cyprus (a wholly-owned subsidiary universal Enterprises, of DPWorld Limited) received a P.O. box1062Manama, 15-year concession to provide an Tel: +973-17290303fax:+973-17293818 14 digital portfolio to improve student employabilityrate exclusiverange of portmarine Oman-musCat services including tugs and pilotage DigitalPortfolio Portal addressesthe needs united Media Services SAOC,P.O. box3305 at the portofLimassol.Both Ruwi, Postal Code 112,Tel: +968 24700896 of youngjob seekersvia an online concessions will be awarded to a fax: +968 24706512, developmentprocess E-mail: [email protected] jointventurebetween DPWorld and G.A.P.Vassilopoulos Public Limited,a india 16 enhanced coursesfor entry Mediascope Publicitas,51Doli, logistics and services company, listed Chamber,Colaba, Mumbai 400005, into top universities on the Cyprus Stock Exchange. Tel: +9122613 77400 Ministry-approvedvolunteer teachers to Commenting on the venture, fax: +912222875718, offer lessons forfuturesuccess Sultan Ahmed bin Sulayem, Group E-mail: [email protected] Chairman and CEO of DPWorld, Pakistan 20 awalk down historylane said:“Webelieveinthe long-term Millennium Media, Karachi, prospects of Cyprus and the potential Tel: +92-21-35480795 fax: +92-21-35870242, Exploringthe cultureofancient Cyprus was forDPWorld as afacilitatoroftrade E-mail: [email protected] likegoing back in atimemachine to maximise the potential of Limassol enGland Port.These new concessions will 47,Great Cumberland Place, 22 major ship londonW1H7 lH, Tel: +442077235083 demonstrate DPWorld’s abilityto fax: +442077064157 management centre offer arange of portand maritime Cyprus,with itslongmaritime tradition, services,complementing our vision to APubliCATiON Of enjoys aleadingrole in theinternational be global leaders in world trade.” Galadari PrintinG&PublishinGllC shipping scene

KhaleejTimes |Special RepoRt DeceMBeR 18,2016 3 CYPRUS The Cyprus turn-around

Cyprus is well- international tender, DP World positioned to and Cyprus are partnering together in order to utilise their embark on a new respective competitive era of sustainable advantages for their mutual benefit. In view of the official economic growth assumption of this project by DP World in early 2017, the Minister of Transport of Cyprus The year 2016 has been of par- paid a working visit to Dubai ticular significance for Cyprus. last October, during which he Back in early spring, Cyprus suc- met with the leadership and cessfully completed the ESM- senior management of DP World IMF Economic Adjustment Pro- and utilised his presence in gramme. Having done that one Dubai to also meet the CEO and year ahead of schedule, Cyprus senior management of DIFC. proved, once again, that the In a number of separate and overarching decision on the part distinct occasions, several other of all internal and external important trade visits took place interlocutors to apply the right during 2016, within the context combination of fiscal discipline of the various commercial fairs and institutional and political that take place in Dubai and Abu maturity had a catalytic effect on Dhabi that showcased the strong the management of the financial interest and the potential that crisis that had such dire conse- exists in the areas of commerce, quences on the lives of people. tourism, construction, finance Currently, Cyprus is projected Vasilis Polemitis, Ambassador of the Republic of Cyprus to the UAE and investment. This constantly to grow by 2.9 to 3 per cent, and increasing activity, along with with its public finances in excel- implement the necessary insti- Moreover, working hand-in- the decades-old presence of lent condition, Cyprus is well- tutional reforms that will allow hand, the two respective several important Cypriot positioned to embark on a new Cyprus not only to engage with governments held, back in May companies in the UAE and the era of sustainable economic the international economic sys- 2016, the first round of bilateral active and highly–skilled Cypriot growth. It suffices to say, though, tem, but to do so competitively political consultations in Nicosia professional community living that challenges remain, particu- and successfully. at the level of Deputy Ministers. and working in the Emirates, larly in respect to unemploy- Domestic economic successes The meeting provided a encourages both governments ment and the overall condition aside, 2016 witnessed an wonderful opportunity for the to continue working together in of the private debt. As a result, impressive activity in the two countries to renew their a spirit of mutual respect and to and while the government and relationship between Cyprus strong institutional cooperation, further develop the friendly people of Cyprus have every and the UAE that culminated and to share with each other relations between the two right to accept the much with the visit of the Minister of their plans for the future. At the countries. deserved praise of the interna- Foreign Affairs of the UAE, cultural front, the Embassy of The Embassy of Cyprus in tional community for their Shaikh Abdullah bin Zayed Al Cyprus in Abu Dhabi hosted, for Abu Dhabi and the Cyprus Trade ability to overcome adversity, Nahyan to Cyprus and the the first time, a two–week long Centre in Dubai have launched they remain vigilant, and con- official inauguration ceremony pictorial essay exhibition at the several other initiatives, tinue to work hard in order to of the UAE Embassy in Nicosia. campus of Paris Sorbonne Abu especially following the recent Dhabi in order to introduce the admission of Cyprus to the academic community and the European Fund Industry public with the rich multifaceted Association, that open up a cultural heritage of Cyprus. new and very promising In addition to these important professional field of cooperation developments, another pivotal between Cyprus and the UAE, event that underlines not only especially considering the the solid foundations on which UAE’s instrumental role in the our relationship is founded, but wider region. also indicates the rich promise All in all, 2016 has been a very of the future, has been the active and very productive year assumption of the management that not only constituted the of general services/general cargo completion of the turn-around and passenger terminals of the of the Cyprus economy, but also port of Limassol by DP World and ushered in a new promising era its subsidiaries and partners in for the relations between Cyprus Cyprus. Following a successful and the UAE.

4 DECEMBER 18, 2016 Khaleej Times | Special Report

CYPRUS

Cyprus in your heart The island is the perfect holiday destination in any season and for a diversity of tastes and interests

yprus, the southern-most island in the Eastern Mediter- ranean, offers year-round sunshine. The island has region can be found in the established itself as a quality destination with constant country. Visitors can expect a investment in tourism, welcoming 2.66 million in 2015. high level of quality and service CThis year has been another year of top results for Cyprus with most offering great Tourism. Overall, arrivals are expected to surpass the 3 million facilities such as indoor mark. Cyprus is an island of contrasts with a history dating back swimming pools, spas, health 10,000 years. The island offers a variety of attractive landscapes, and beauty treatments and including golden sandy beaches, pine-forested mountains and entertainment programmes. picturesque villages still carrying on ancient traditions. The island Visitors can choose from a is the perfect holiday in any season for a diversity of tastes and variety of activities, such as interests. These can range from pure rest and relaxation to walking walking, cycling and skiing. in the mountains, exploring the many cultural attractions, playing The unique advantage of golf, diving or bird watching. Cyprus is its compact size, which offers a variety of Spring is an ideal time to visit experiences within easy reach. Cyprus if you like to play golf or perfect for exploring the island There is a wide range of special take a walk in the Troodos by car and visiting some of the interest activities to cater to Mountains in the centre of the interesting historical and every taste, and the friendliness island, or explore the Akamas cultural sites, with a backdrop and hospitality of the Cypriots Peninsula in the west or Cape of the beautiful changing enhances the holiday experi- Greco to the east. It is also a colours of autumn. Visitors can ence of visitors. time for watching the migration enjoy a jeep safari to see places of flamingos from Africa to off the beaten track or try their New developmeNts: The Europe and to see the unique hand at sub-aqua activities. Cyprus tourism industry has flora and fauna of Cyprus — Winter is the season for those become more competitive and a there are more than 1,700 who enjoy tranquillity and want number of infrastructure flower species. to take things at their own pace. projects in tourism resorts have Summer provides the As Cyprus is located in the improved the overall look and opportunity for families to experience the delights of southern-most part of the feel. Major projects are on the make the most of the beautiful eating out al fresco at one of the Mediterranean, temperatures pipeline such as the Agia Napa beaches and warm sea. There is many delightful restaurants. drop no lower than 15 degree Marina and the Paphos Marina. a wide range of water sports on Autumn in Cyprus is still Celsius in December and In addition, a theme style offer as well as theme water warm enough to enjoy a late January. Hotels in Cyprus casino resort will be developed parks for all to enjoy. During the summer holiday as the sea is maintain high standards; in fact, in the next three years in the warm summer evenings you can still warm. The climate is also some of the best hotels in the west of Limassol.

6 DECEMBER 18, 2016 Khaleej Times | SpECial REpoRt CYPRUS

Nature: The environment has unique desserts of carob and lent itself to the creation of a grape, the Cypriot cuisine is an number of nature trails and exotic blend of Greek and cycling routes. Seven beverage Middle Eastern cultures, routes have been developed in sprinkled with remnants of partnership with the EU to ancient civilisations such as promote the island’s long indigenous Roman root tradition of beverage produc- vegetables or old Phoenician tion. In addition, the Cyprus delicacies. And it is no secret Sustainable Tourism Initiative, that the ‘Mediterranean diet’ is set up in conjunction with the considered to be one of the Travel Foundation, has healthiest, thanks to its organised a series of six village abundance of heart-healthy routes to encourage visitors to olive oil, pulses, lean meat, ‘Discover the real Cyprus’ and local herbs and freshly grown promote the protection of the fruits and vegetables. Add to environment so that future this the favourable climate — holidaymakers can continue to that gives the fresh produce its enjoy the island. intense flavour — and a celebration around every DiviNg: Enthusiasts can enjoy corner, complete with special spectacular sea caves and treats, and you will find that a tunnels, a dazzling array of big gastronomic adventure marine life, and the Zenobia, awaits on this tiny island. one of the top 10 wreck sites in the world. Five new marine sports: There is no better parks have been recently incentive than practising and created to add to existing 200 preparing for a sport you love and attractive fees, Cyprus is its wonderful climate, beautiful sites that offer more choice for on an island where pleasant fast becoming a favoured option scenery and myriad options for divers to explore its marine life climate combines with for medical and wellness venues, ceremonies and and wrecks. beautiful Mediterranean tourism. With relaxing celebrations. From sacred surroundings and first-rate surroundings that are condu- ceremonies to newlywed golf: The island boasts four amenities. The most attractive cive to healing, it is no wonder adventures, Aphrodite’s island first-class, 18-hole golf courses reasons for choosing the island that an increasing number of is love personified. in the Pafos region. The island’s is indeed its almost-guaranteed people choose the island for mild year-round climate makes daily sunshine, mild winter treatments and relaxation. The pafos 2017: Another major it an ideal golf destination, even temperatures and minimal island is home to luxury spa happening will be taking place during the winter months. rainfall, and this is further resorts and rural retreats, where next year, which is a testament enhanced and complemented comfort and nature harmoni- to the dynamic and diverse CoNfereNCes: Cyprus has by a host of other benefits; ously intertwine with health. nature of Cyprus as a competi- gained a reputation as a first- state-of-the-art training Pampering, holistic therapies, tive tourist destination. The class meetings destination. facilities, sports medicine, beauty treatments and a general town of Paphos will be hosting Hotels are constantly being accommodation for all budgets, sense of well-being are all the title of European Capital of upgraded to maintain high professional support, easy invoked, along with the feeling Culture for 2017. Pafos 2017 standards. The Filoxenia access, a reliable communica- of escaping and focusing solely has developed a strong Conference Centre in Nicosia tions and telecommunications on oneself, without the stresses programme of cultural events has been refurbished with a network, and an enviable or distractions of daily life. based on the concept of the capacity for 800 delegates, and standard of living. Open Air Factory and the motto boasts a modern media centre. WeDDiNgs: Cyprus is one of Linking Continents, Bridging Professional destination WellNess: Combining the Europe’s leading destinations Cultures. You are invited to join management companies allure of a sunshine island with for weddings, blessings and in this great celebration of (DMCs) are on hand to assist first-rate healthcare facilities honeymoons, and is famed for creativity, culture and heritage. with every aspect of an organisation's needs — from meetings to events. gastroNomy: The ritual of sharing good, fresh local cuisine is an important part of the island’s culture, and is intrinsically linked with every social event, from family gatherings and special occasions, each marked with its own distinct delicacies and recipes. From hearty meat dishes and speciality cheeses to

KhaleejTimes |Special RepoRt DeceMBeR 18, 2016 7 CYPRUS PRIdE WITH PERFEcTION Cyprus is the new emerging destination for businesses and investment at the crossroads of Asia, Europe and Africa.The country’s industrial format and innovations in the fields of science and technology act as a magnet for big-ticket projects.This is why Cyprus-based entrepreneurs and industrialists are quite popular for their products, and have made a mark in an ever-competitive market. In a short span of time, Cyprus has won laurels for all kinds of produce from food and beverages to cement, iron ore, light and heavy-duty industrial products. Its innovations in the chemical, electrical and non-organic sectors are second to none. Ishtiaq Ali Mehkri spoke to some of them at the Big 5 Exhibition in Dubai, and found that Cyprus has a dynamic future in terms of trade and commerce with the UAE and the region beyond.

EMPOWERING GROWTH FOR A NEW ERA

Mitas Generators Ltd [ Electromechanical services ] www.mitasgenerators.com

Dr andreas Chr. mitas, Managing Director “I like to see our business expand in the UAE and beyond…”

We deal in water pumps and generators. With a presence in Europe, North Africa and the Middle East, Mitas enjoys a strong reputation among clients, and is known for reliability of Shihab its products and personal attention in terms of after-sales support. by There are various types of generators specifically suited for os customer-needs: KT phot • The petrol-fuelled generating sets range from 3KVA to 8KVA, ellada mita, secretary, Dr andreas Chr. mitas, managing Director, and powered by Kohler engines. Lightweight, powerful, compact, Pavlos Christoforou, Director electrical, mitas Generators ltd silent and easy to transport. • Silenced diesel, air–cooled 2 pole generating sets ranging from 3KVA to 10KVA. Strong and compact, used for continuous with brush less alternators with AVR, able to give a precision of service or as a mobile unit. ±1 per cent. Suitable for heavy-duty operations. • Diesel, 4 pole generating sets ranging from 4.3KVA to 30KVA. Characterised by high reliability and low noise, they are suitable Mitas believes that it manufactures and supplies quality products, for heavy-duty operation. and there is no compromise in it, which is why, Andreas says, Mitas • Generating sets ranging from 30KVA to 2000KVA, equipped has more than 250 successful running units in Dubai.

NOT JUST THE dOOR PANE

Stereotis [ Wooden doors and works ] www.neastereotis.com

michael honoruclus, Exhibition Manager “We are looking for a local expertise partner to further our experience and exposure in the region…”

Stereotis specialises in wooden doors. It has all kinds of doors, including interior wooden works for different tastes. The Cyprus initiative is relatively new in the UAE, but it sees a great potential in business. Michael says its products can be delivered and installed on a three-day notice period, and are produced as per clients’ requirements. The doors are light in weight and are a customised product. Stereotis can also help make interior wooden decorations, including kitchen cabinets and wardrobes. The diversity in colours and wooden specifications make it a loveable offering michael Karanicolas, Operating Director, maria michael, Chief Designer and Charis and a great attraction. michael, Commercial Director, stereotis

8 DECEMBER 18, 2016 Khaleej Times | SpECial REpoRt CYPRUS COLOURING WITH CONVICTION

Peta Co. Ltd [ Member of Peta Group of Companies ] (Leading Paint Brush and Roller Manufacturer) www.peta.com.cy

Carolos Petrou, Sales Director “We are very happy with the exhibition this year. We are also grateful to the Cyprus government for its patronage…”

VasosDemetriades,CeO, andGeorges.Khasho,BusinessDevelopmentmanager, Demetriades Group MANNING THE MARINE OUTLOOK

The Demetriades Group of Companies www.demetriadesgroup.com

Vasos Demetriades, CEO "We look after the shores and the maritime needs"

CombiJet and Dememarine are two of the major concerns of the group. Carolos Petrou, sales Director, Peta Co. ltd CombiJet is a manufacturer and supplier of a wide range of industrial cleaning and high-pressure water blaster equipment, whereas, Dememarine provides ship parts, services and repairs. The group is well versed in engineering The Peta brand has come a long way. It is now a name solutions and offers a wide range of appliances and products for onshore and for quality and assurance not only in Cyprus but also in offshore purposes. It covers a wide range of heavy-duty products like vacuum the Middle East, Africa and Europe. It has three cleaners, hot and cold pressure washers and high-pressure water blasting manufacturing plants in Cyprus and Jordan, and is held equipment up to 2,500 bars. in high esteem for high-quality decorating tools. Petrou CEO Vasos Demetriades says that the company can meet any design says the success story owes itself to investments in specifications for bespoke or tailor-made solutions. This is where it enjoys relationships, which is why he says the volume of an edge in water blasting engineering. business is on the rise. To make a point, he says that Likewise, Dememarine delivers on-site equipment, spare parts and millions of pieces are traded in the region on a weekly components with a particular specialisation in hydraulics, as well as world- basis, and Peta products are good for reuse. Its brushes class services and integrated solutions of the highest standards to the and paint rollers can be retained and reused. It is not a marine industry. one-time product. The company claims that what gives Dememarine Services a competitive At the Big 5 exhibition in Dubai, Petrou said his target edge is the ability to provide fast-delivery integrated solutions at cost- is to focus on clients from Africa, and subsequently effective prices. expand in the GCC region and Iran. Peta’s speciality is The company takes pride in its after-sales services. It says its services can that its products are vertically produced in-house using be easily sourced through the interactive online computer network. latest technology, which is why its prices are very The company has a diverse portfolio including hydraulics, handling, rentals competitive. and Demetriades services and parts.

CHARTERING THE WATER COURSE

ELYSEE [ Plastic Pipes and Fittings ] [Manufacturing of plastic piping systems for irrigation and water supply] www.elysee.com.cy

Tarek essam, Sales Area Manager, MENA “The future is in Dubai…and Dubai is the route for trade and businesses.”

“Wehaveourbusinessinmorethan65countriesaroundtheworld.Wespecialise in water supply and irrigation projects. Though the UAE is not an agrarian society, still we are handful of businesses in the emirates. The interest is in landscaping. For the last 10 years we have been doing business with the UAE, and it is a great and profitable experience. From Dubai, we operate throughout the GCC region and Iran. For us competition is a buzzword. We are in a race, but what gives us an edge is that our products and services are as per European Union standards. We provide good quality at a competitive price.” Tarek essam, sales area manager meNa, elysee

KhaleejTimes |Special RepoRt DeceMBeR 18, 2016 9 CYPRUS

Karsten ehlert and Kypros efstathiou, Chemical haniRousta,Designandmanufacturingengineerand Celia engineers, a. Zenonos, Operations manager, P Z steel Trading ltd Nicolaides and Kountouris metal ISLAND’S STEEL UNIQUENESS Company ltd P Z Steel Trading Ltd Importers of concrete reinforcing steel bars RECYCLING FOR A CAUSE www.pz-scaffolding.com

Nicolaides and Kountouris Metal Company Ltd Celia Zenonos, Operations Manager Metal Works Manufacturers “We are interested in opening a branch office in the www.nkmetal.com.cy UAE because we are expanding and we think that the Emirates offers the best platform to ensure Kypros efstathiou, Chemical Engineer rapid mobility.” “We hope for better jobs, and we are here to stay…” PZ Steel Trading has some unique ideas for the UAE’s N&K has solutions for industrial buildings, showrooms, farm shelters booming construction businesses. It believes the domestic and fuel stations. Its products are polyurethane insulated panels construction phenomenon can have better and and boards. Moreover, it deals in trapezoidal metal sheets, metal tiles, and weightless construction material. This is where thermal insulating mortars. scaffolding comes in. PZ Steel introduces a new range Efstathiou says their product was borne out of necessity for reusing waste of aluminium construction-supplementing slabs, walls for thermal insulating mortar production. It has solutions to thermal and and columns. Celia says they are weightless compared sound insulating lightweight mortars based on granulated polyurethane to iron and steel fixtures, and can be easily lifted and and polystyrene waste, especially for floor and roof applications. transported. Three metres into one metre is the N&K proudly says that development and success of the company continues maximum size of an aluminium scaffold and weighs due to creativity and innovation, which is why N&K’s objective is reduce, not more than 62 kgs. She says two men can easily carry recycle, recover and reuse of polyurethane and polystyrene waste. these pre-fabricated fixtures. PZ Steel Trading offers a It sees great potential in the UAE market, and the emirate and the region wide range of access scaffolding and accessories. It can absorb its technology in a better way. N&K is known for roof and wall specialises in H-Frame, Cup-Lock or Ring Lock together claddings, and its main features are suitable for double skin construction, with staircases, tier systems, material access platforms and are manufactured from pre-painted galvanised steel in a number of and safety fences. PZ has the knowledge, experience colour offerings. and expertise to create almost any custom-made Karsten Ehlert, Chemical Engineer, says that their products are climate- formwork. This is where PZ enjoys an edge over other friendly for the UAE. As far as pricing and competitiveness is concerned, competitorsinaluminiumframeworks.It'senvironment- he said, "What you pay, you get in return.” But he says it is a viable friendly at the same time. environmental solution.

FILTERING THROUGH ENVIRONMENT

K. Pelekanos Air Filter Ltd www.kpaf-filtration.com

Nectarios Pelekanos, Managing Director “We believe in quality and do it on our own. This is where we have an edge…”

K.P.A.F. Filtration is a leading name in filter manufacturing, bag houses, air slide belt, cargo slings, bulk loading telescopic bellows, and HVAC filters, and similar by-products. In collaboration with several European countries, K.P.A.F. offers a wide variety of products for use in any dust collector. Its after-sales service makes it quite popular among clients, and is highly valued. The Cyprus-based company takes care of environmental concerns and comes up with solutions, accordingly. Pelekanos claims the company has a versatile range of bagfilters. Each fitter employs state-of-the-art technology and is well thought out and finished down to the smallest detail. Its needled and woven fabrics are meant for active optimum performance from filtration equipment. Pelekanos says that while environmental protection is an element of industrial life, it has a range of solutions to offer. K.P.A.F. products are used in power stations, incinerators, metal smelting, cement and other areas of dust collection. Pelekanos says his company has an important task, which is to help improve the atmosphere and the environment of planet Earth. Nectarios Pelekanos, managing Director

10 DECEMBER 18, 2016 Khaleej Times | SpECial REpoRt CYPRUS Stabilising the region’s telecommunication needs

Cytaglobal implements Telecom Italia Sparkle announced a new KIMONAS subsea cable subsystem that state-of-the-art networks to links Cyprus and . KIMONAS is Cyta’s link Cyprus and neighbouring first wholly-owned optical fibre cable subsystemthatconnectsCyprusandGreece. countries to the world The subsystem, which connects Cyta’s cable station in with MedNautilus Cyta,aleadingtelecommunicationsoperator Cable Station in Chania, complements in Cyprus, provides the full spectrum of alternative Cyta’s segments on the advanced telecommunication products and MedNautilus subsea cable network, and in services, covering fixed and mobile voice particular, the and ATHENA and data communications, Internet, IPTV, rings that connect Cyprus with Sicily, and broadband and value added services. Athens with Crete, respectively. Cytaglobal, a strategic business unit ExtendingtoAthensthroughtheATHENA under Cyta's National and International ringandbeyondtoBulgariaviaThessaloniki, Wholesale Market Division, manages an extensive undersea fibre optic cable by utilising fibre infrastructure of wholly- relatedactivitiesandspecialisesinproviding network that connects Cyprus with owned subsidiary Cyta Hellas in , global electronic communication products neighbouring countries including Greece, KIMONAS will facilitate the creation of a and services. , Syria, Lebanon, Egypt, and thereafter new telecommunications corridor, The organisation operates an extensive with the rest of the world. connecting the Balkans and Central Europe satellite network with three teleport sites, This cable network uses state-of-the-art with Egypt and other Middle East and more than 30 major satellite antennas, technology, full restoration and diversity, destinations, via Cyprus. At the same time, providing connectivity with major satellite and includes several submarine fibre optic it will allow interconnection to in systems. The services offered range from cable systems that land in Cyprus at three the East and Italy and other European satellite television on a permanent and separate Cytaglobal cable landing stations, destinations in the West, through Telecom occasional basis to international telephony, namely Ayia Napa, Pentaskhinos and Italia Sparkle’s network. The new KIMONAS monitoring services, data and Internet Yeroskipos. cable subsystem provides synergies for the connectivity. The teleports also offer VSAT Two high capacity coastal links — Cyta Group via a common Cyprus — Greece services, hosting services to third parties, TEFKROS and KINYRAS — interconnect all front, creating a major telecommunications and serve as a video head-end for Cyta’s landing points in Cyprus (Ayia Napa, bridge between East and West. IPTV offering in the Cyprus market. Pentaskhinos and Yeroskipos), thereby Through its global network, Cytaglobal Cytaglobal is particularly active in the securing all-wet routes for regional and provides a wide range of international area of international undersea fibre optic international traffic. telecommunications products, services and cables, providing wholesale products and Cytaglobal is continuously evaluating the total solutions, making Cyprus a major services on a global basis. Taking advantage connection of Cyprus to other planned fibre telecommunications hub in the eastern of the island’s strategic geographical optic networks the world over. Mediterraneanandanexcellentinternational position, the organisation has developed In November 2015, Cytaglobal and electronic communications centre. this cable network uses state-of-the- art technology, full restoration and diversity, and includes several submarine fibre optic cable systems that land in cyprus at three separate cytaglobal cable landing stations, namely ayia Napa, pentaskhinos and Yeroskipos.

KhaleejTimes |Special RepoRt DeceMBeR 18, 2016 11 Invest in Cyprus

Strategic Location system that ensures transparency and reliability in business Compliance and Transparency Cyprus has been implementing the US-based FATCA on the With its ideal geographical position at the crossroads of practices. Offering foreign businesses a familiar and reliable Cyprus combines ease of doing business with a fully automatic exchange of financial information since January three continents - Europe, Africa and Asia, Cyprus plays a key framework within which to operate, Cyprus’ legal system is also transparent and stable regulatory framework. 2016. It has exchange of information agreements on tax role in the region of the Eastern Mediterranean. As a safe, fully compliant with the EU, the Financial Action Task Force rulings with 96 countries and of course it fully adopts all EU transparent, modern business centre, the island is an ideal on Money Laundering (FATF), OECD, FATCA, the Financial Among the many tools used to ensure a high level AML directives. investment gateway to the European Union, as well as a portal Stability Forum laws and regulations and EU AML directives. of compliance and transparency are the following: for investment outside the EU, particularly into the Middle • The Law Regulating Companies Providing Administrative All new double tax treaties are concluded according to OECD East, India and China. Human Talent & Level of Services Services and Related Matters, including a public register standards and include exchange of information clauses. Human talent, complemented by a broad range of high quality of licensed practitioners, a mandatory register for trusts Tax System professional services, is one of Cyprus’ most compelling and licensing requirements for all administrative service Cyprus offers an attractive and transparent tax regime, advantages. Cyprus offers an abundance of highly educated, providers (ASPs), such as fiduciary agents fully compliant with EU, OECD and international laws and multilingual individuals, ready to meet the needs of any • For auditors, the competent authority for all measures regulations. Its main features are: business. Cyprus ranks amongst the top countries in Europe to prevent money-laundering and terrorist financing is the About Invest Cyprus • One of the lowest corporate income tax rates in the EU for tertiary education per capita. Institute of Certified Public Accountants of Cyprus (ICPAC). Businesses and individuals considering investment into Cyprus at 12.5% For lawyers it is the Cyprus Bar Association, for banks and have a partner on the ground at all stages of the investment • Dividend participation exemption Advanced Infrastructure credit institutions it is the Central Bank of Cyprus, while cycle. Invest Cyprus is a non-profit national body and the • Exemption on disposal of securities (e.g. shares, bonds, Cyprus offers advanced and modern infrastructure, as well for other providers it is the recently expanded Cyprus government’s dedicated partner responsible for the facilitation debentures) as an extensive telecommunications network, ideally suited Securities and Exchange Commission (CySEC). All of investments into Cyprus. In close collaboration with all • No succession taxes for business people with demanding schedules. Thanks to its the authorities meet a number of times a year to share government authorities, public institutions as well as the • No withholding taxes sophisticated road system, bustling port facilities (in Limassol observations and best practices private sector and international experts, Invest Cyprus is the • Attractive IP regime and Larnaca) and two international airports (in Larnaca and • Central to the new legal framework is the “risk-based investor’s single point of contact. • Tonnage tax system for shipping companies Paphos), travel and transport in and beyond Cyprus is fast, approach”, with rigorous know your client (KYC) and due • Notional interest deduction for new investments efficient and cost effective. diligence procedures, effective record-keeping and robust Invest Cyprus takes the lead in attracting and facilitating • Personal tax exemptions for new residents and channels for reporting suspicious activities. The competent Foreign Direct Investment in key economic sectors, working non-domiciles High Quality of Life authorities monitor, review and conduct onsite visits to with the investor, for the investor. Dedicated to continuously Cyprus offers an enviable lifestyle in a safe, clean and healthy ensure that the procedures are effective improving the business and regulatory environment, Invest EU Member State and Member environment with high living standards and a warm, sunny Cyprus advocates reform while providing continuous investor of the European Monetary Union climate all year round. Low crime levels, centuries of art and International Standards support and aftercare services. As a member of the European Union since 2004 and the culture, and excellent gastronomy all contribute to a high From January 2017 Cyprus will be one of the “early adopters” European Monetary Union since 2008, Cyprus is committed quality of life. Safety is amongst the biggest advantages of of the Common Reporting Standard (CRS)—the first group of Invest Cyprus is a member of the World Association Cyprus, which has been ranked the safest small country in countries to implement the standard on automatic exchange of Investment Promotion Agencies (WAIPA) and the quality, efficiency and transparency in transactions. Its EU th membership ensures safety and stability for investors, also Value Penguin’s Safest Countries in the world (2015) and 5 of financial information. Mediterranean Investment Network, ANIMA. offering them market access to more than 500 million EU worldwide. citizens. The Value of Quality Legal and Regulatory Framework In Cyprus, laws and regulations, systems and infrastructures, Cyprus Investment Promotion Agency Based on English Common Law principles, Cyprus’ are all continuously enhanced to ensure we keep one step comprehensive and robust legal and regulatory framework, ahead. Cyprus is committed to offering a high-quality service T +357 22 441133, F +357 22 441134 is widely recognised as a business-friendly and effective that is duly regulated in order to ensure the best possible E [email protected] experience for investors and business people worldwide. www.investcyprus.org.cy CYPRUS Digital portfolio to improve student employabilityrate

DigitalPortfolio Portal addresses the needs of young Project outPuts job seekers via an online • AnalysisReport for the Digital Portfolio Portal developmentprocess • The Digital Portfolio Portal (DPP) • Digital Portfolio Database • Digital Portfolio User Guidebook ❖ Dr GregorisA.Makrides • EDIPUS Training Course for University Students he EDIPUS project is an European Union-funded project under the Project Partners T ERASMUS+ programme KA2 — StrategicPartnershipswithcode2015-CY01- • European AssociationofERASMUS KA203-011856, ERASMUS+ KA2. Coordinators (Coordinating EDIPUS is anew created powerfultool, Organisation) namely theDigital Portfolio Portal(DPP), Dr gregoris a. Makrides • Instituto Superior deEngenharia do which will be addressing the employability Porto (Portugal) needs of university students and young job • Enoros Consulting (Cyprus) seekers throughane-Portfolio development Objectives: Thecore objective of the EDIPUS • University of Piraeus(Greece) process. The DPP provides students with a project is to enhance the chancesof • UNIMED Mediterranean Universities digital area, where they can create their own employability amongstudents and young job Union (Italy) portfolio of experiences and qualifications seekers in Europe and beyond. Another • ERASMUS Student Network (Belgium) in acreative and professional way. The DPP majorobjective is the creation of afriendly • University of Vienna (Austria) aims to replacethe traditional CV,by database or digital portfolio with asmart • Eurocrea Merchant (Italy) offering asmarter tool to students to present search engine so as to successfully engage • Fundacion Universidad Empresa their competences includingknowledge, employers in utilising this tool to select Murcia (Spain) skills and experience. potentialemployees. The DPPallowsstudents to record their stay connected studies, practices and experiences and target grOups: The main project target Website: www.edipus.me presentthemselves to employersprior to an group consists of universitystudents and Facebook: edipusPortfolio interview. Thisprovides aholisticview of young graduates from any background and their profile in aquick and easyformat, which anydisciplinewhowishtodevelopapersonal consequently leads to agood first online digital portfolio. Thesecondarytarget impression. group includes career officers and In future jobs where people may be counsellors. position in the labour market.The project employed to work from adistance, aface-to- aims to have an impact on the way employers face interview or live presentationmay no the visiOn:The European Association of view profiles of prospective job candidates longerberequired. Therefore,the EDIPUS ERASMUS Coordinators(EAEC) andEDIPUS and make this process easier and more DPP could facilitate this trend in the future partners hope to make an impact on efficientfor everyone involved. as well. employability in Europe by improving their Finally, the project aims to improvethe the qualityofservices used by thestudents’ university services, as well as career consultantsfor guiding young graduates in the long-term.

Dr Gregoris A. Makrides is the President of the European Association of ERASMUS Coordinators (EAEC), the President of the European Association of Career Guidance (EACG), the Executive Director of the European Office of Cyprus (EOC), President of the Mathematical Society of South-Eastern Europe (MASSEE), President of the Cyprus Mathematical Society (CMS) and President of the THALES Foundation of Cyprus. [email protected], [email protected]

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Social Educational Centre“Zenon" Enhanced courses for entry into top universities Ministry-approved volunteer teachers to offer lessons for future success StudentS Selection criteria with Scoring weightS I. Economic criteria: 50% II. Performance in school: 20% ❖ Dr Gregoris A. Makrides III. Social criteria: 20% IV. Social contribution and volunteering: 10% he Cyprus Mathematical Society and Thales Foundation, in collaboration Further analySiS T with the Bank of Cyprus, presents the institution of Social Educational Centre (SEC) I. Financial criteria (50% of the total score) "Zenon", as part of a social mission. The The rating of the financial status of the student takes into account the annual institution aims to help 12th grade students income of the family. With a percentage score for assessment, less income gets in public schools, who are facing financial higher rate in rankings. difficulties, participate in a number of enhanced lessons to effectively prepare and II. Performance at school (20% of total score) compete in the National Pancyprian The overall score in 11th grade ensures a proportionate percentage score Examinations for a successful position in the out of 20. National Universities of Cyprus and Greece. TheSocialEducationCentre(SEC)"Zenon" III. Social criteria and health status of the family and applicant (20% of total score): assists students in the fields of science Social criteria (10%) (mathematics, physics, chemistry and • Orphan from one or both parents biology) and Modern Greek. The lessons will • Applicant under the protection of the Social Welfare Department be delivered by volunteer teachers who have • Divorced parents been approved by the Ministry of Education • Refugee family with legal residence in Cyprus and knowledge of the Greek and Culture of Cyprus. language by the student ThecourseswillbeorganisedfromJanuary • Large families (three kids or more) to early June in 2017 and hosted in all cities daily from 3pm until 7pm at designated Health status (10%) schools. The maximum size of each group • Student applicant's health problem (description up to 30 words) will be 10 students. Students will be offered • Family Health Problem (description up to 30 words) two hours per week for each subject. SECwillalsosupportco-teachingapproach IV. Social Contribution — Volunteering (10% of total score) and methods (an experienced teacher co- • Social contribution, volunteering, etc. List up to three activities. teaching with a less experienced teacher) for each group of students so the initiative will SubjectS For which the Student needS Support provide value added support to students and teachers with less experience. Students (applicants) are asked to declare the subjects for which they request support.

• Modern Greek • Mathematics • Physics • Chemistry • Biology

The Institution is open to volunteers including organisations who want to partner and contribute. For more information, visit www.cms.org.cy, e-mail: [email protected], or call +357-22378101.

16 DECEMBER 18, 2016 Khaleej Times | SpECial REpoRt

CYPRUS A wAlk down history lAne Exploring the culture of ancient Cyprus was like going back in a time machine

❖ suchitra steven samuel

ravelling is always exciting — meeting new people and seeing new places. My visit to Cyprus T holds a treasure trove of memories and photos, made extra special because of AuntLouiseandUncleJimDavy,myparents’ friends (I consider them my family) who now live in Cyprus. In the limited time I was there (only three days), I got to explore Nicosia, the village of Maroni and Larnaca with them. Despite being in their late 70s, they had plenty of energy to walk, were interested in updating their knowledge, and to me were like walking encylopaedias. YeaR-ROUND DesTiNaTiON: Residents enjoy the weather in Nicosia Photos: Suchitra Steven Samuel With a flight that is just three hours and 45 minutes from Dubai, Cyprus is a hassle-free There is a delightful mix of shopping and days when we would go to the mail box to and safe destination for a short break. Though plenty of variety with small speciality shops postletterstomomanddadwholivedabroad small in size, it has plenty of variety — that sell interesting arts and crafts. The for some time. Meanwhile, Aunt Louise beautiful scenery and traditionally hospitable Shackolas Tower is the tallest building in pointed out the Papafilipou ice cream store, people. No wonder this island paradise is an Nicosia’s old city. The shopping area in the well known in Cyprus for its refreshing ice increasingly popular tourist destination. city boasts a number of big brand names cream made of fresh milk and ingredients. and fascinating souvenir shops that cater Nicosia to visitors. Walking in Maroni Being a sunny day, the aerial view of Today Nicosia, the capital of Cyprus, is the Nicosia from the Ledra Museum Observatory The next day we walked around the marina last divided city in the world with a Turkish was picturesque. We got to read about the at Zygi. It was quite sunny, but the walk was occupied area and the Republic side. Another history and historical areas in the city. The not tiring. The Davys live in an old renovated point to note is its unique pedestrian culture. weather was extremely pleasant as we Cypriot house in the village of Maroni that Cafeterias line Ledra Street, the main walked through narrow alleys, observing they bought when uncle worked as a shopping area of Nicosia, where residents taverns, handmade lace shops, and the red professor in the university there. They told and tourists socialise over food and drinks. mail box, which reminded me of my younger me that their living room was once a shed for donkeys, but today, it is a combination of ethnicity and modernity. The garden had colourful bougainvilleas in full bloom. The

maRiTime TRaDiTiON: marina at Zygi (left) and mimis Neocleous, Bank manager of the Cooperative Bank, formerly at the maroni branch

20 DECEMBER 18, 2016 Khaleej Times | SpECial REpoRt CYPRUS

cyprus is a hassle-free and safe destination for a short break. though small in size, it has plenty of variety — beautiful scenery and traditionally hospitable people. No wonder this island paradise is an increasingly popular tourist destination.

toldthatwewerevisitingacastle—theLarnaka Medieval Castle and Museum — founded by the Byzantines in the 12th century. It hosts a medieval museum and a garden theatre. The Larnaka Fort is an Ottoman structure aerial view: Nicosia city from the ledra erected in 1625 AD, according to the museum Observatory inscription above its main entrance. The fort was built to guard and protect the southeast waY OF liFe: a horse-drawn carriage in larnaca seawasvisiblefromadistancewhilestanding part of the island and includes watchtowers. on the first floor balcony. We walked around Its economic significance during those days Maroni village, up to St George’s Square, the was the fact that it was used to export salt village school and the bank. and other goods from the port of Larnaka to Maroni Village is a fertile region on the east the western world. bank of the River Maroni. The area is rich in The fort is armed with cannons that were antiquities and has been quite densely fired to salute vessels passing by. It was also inhabited since prehistoric times. To its used as a prison and a police station until credit, the oldest olive press in Cyprus was the middle of the 20th century. A small room discovered in Maroni. The village still to the right of the entrance of the fort was preserves its traditional architecture with its used as an execution area during the British narrow streets and houses built of local colonial period. It is only in 1948 that the stone, typical archways and carved current structure came into being. doorframes. Maroni’s mild coastal climate is The first floor of the gatehouse is used as ideal for many modern crops that coexist a museum where artefacts of the Byzantine, with the traditional olive and carob trees. Medieval and Ottoman period are displayed. GOOD COmPaNY: louise and jim Davy, The courtyard of the fort is today used for residents of Cyprus Larnaca cultural events. Walking around felt just like reliving history. I got to visit the Church of St Lazarus, one of Soon it was time for the Davys to drop me beautiful country with my parents’ friends three churches from the Byzantine era in off at the airport. As I looked back, there was whom I adored as a child and who gave me Larnaca. Outside the church were different a tug at my heartstrings, wishing I could the first taste of steak and pies. types of tombstones and visitors paid silent spend more time with them. However, I was homage to them. I was all excited when I was ever grateful for the moments to explore this — [email protected]

sTeePeD iN hisTOrY: an exhibit of Gothic and renaissance architecture (left) and view from the top of the medieval Castle and museum

KhaleejTimes |Special RepoRt DeceMBeR 18, 2016 21 CYPRUS

Major ship management centre Cyprus, with its long maritime tradition, enjoys a leading role in the international shipping scene

Cyprus is today a fully-fledged maritime who register their vessels in the Cyprus reg- high-risk areas. centre, combining both a sovereign flag and istry such as: • An EU flag, classified in the White Lists a resident shipping industry, which is re- of the Paris and Tokyo MoUs on Post State nowned for its high-quality services and Quality and Service Control, resulting in fewer inspections of standards of safety. Cyprus is considered as the ships and less delays at the ports of one of the leading third-party ship manage- • Party to all International Maritime Con- both MoUs. ment centres in the world. A significant ventions on safety, security, pollution • Maritime Offices in London, Rotterdam, number of ship management companies prevention, maritime labour and health Piraeus, Brussels and Hamburg, offering have been established in the country and and safety, giving full and complete effect services to Cyprus ships at all times. manage a sizeable proportion of the local to their provisions. • Efficient provision of services by the De- merchant fleet as well as a large number of • Bilateral agreements on merchant ship- partment of Merchant Shipping 24/7. vessels under foreign flags. ping signed with 25 states, through Cyprus, with its long maritime tradition, which Cyprus ships receive either na- economic BenefitS enjoys a leading role in the international tional or most favoured nation treatment shipping scene, by holding third place in the ports of other states. • Favourable Tonnage Tax Scheme, within the European Union (EU) merchant • Comprehensive and pioneering legisla- approved by the European Commission. fleets and the 11th worldwide, while hav- tion for the protection of Cyprus ships • No tax on income derived from the ing a leading role as well as a major ship from piracy and other unlawful acts, in- operation of the ship(s). management centre. cluding a legal framework allowing and • No tax on dividends paid to shareholders The Cyprus flag is a high-quality flag, of- regulating the use of private armed secu- out of profits made from the operation fering numerous advantages to ship owners rity personnel onboard Cyprus vessels in or from the sale of the ship(s). • No tax on interest earned on working capital of the ship. • No tax on income, or profit made from the sale of the ship. • No tax on the salary or other benefits of the master, officers and crew members of the ship. • Competitive ship registration costs and fees. • No estate duty on the inheritance of shares in a ship-owning company. • Full protection for financiers and mortgagees. • No stamp duty on ship mortgage deeds or other security documents. • Treaties on the avoidance of double taxation with 50 countries. • Cyprus is a member of the Eurozone. • Low set up and operating costs for companies.

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Khaleej Times Special ReportD24 ecember 9, 2013