Cyprus Business Now

Deloitte, a global professional services firm, has officially launched the nominations for the third cycle of its prestigious “Technology FAST 50” programme.

The initiative celebrates and awards fast-growing technology companies headquartered in the Middle East and Cyprus, offering them a platform to expand their reach and elevate their brand.

The announcement regarding the commencement of nominations was made during an awards ceremony that took place last week, honouring the exceptional companies that participated in the programme’s second edition.

The primary objective of the “Technology FAST 50” programme is to recognise and rank the 50 most rapidly expanding technology companies across all relevant sectors in the Middle East and Cyprus. This ranking is determined based on the companies’ percentage revenue growth over a four-year period.

In addition to the FAST 50 ranking, the programme also spotlights companies in several distinct categories:

“Rising Star”: This category is dedicated to companies displaying significant growth potential, even if they have been in operation for less than three years.

“Impact”: Companies with a strong environmental, social, and governance (ESG) component at the core of their mission are celebrated in this category.

“Companies to Watch”: This category acknowledges innovative companies that may not meet the FAST 50 criteria yet but are leading the way through groundbreaking ideas.

“Women in Leadership”: Introduced in 2023, this category is reserved for companies that meet the FAST 50 criteria and are either led by a female CEO or have a founding team comprised of at least 50 per cent women.

If you are part of a rapidly growing technology company headquartered in the Middle East or Cyprus, you can find more information about the FAST 50 programme at www2.deloitte.com/DMEFast50 and submit your application before the deadline on November 30, 2023.

The programme, which aims to “celebrate real stories of growth,” not only provides valuable recognition but also connects these burgeoning tech companies with potential investors, fostering both individual business growth and the development of the broader technology ecosystem.

The recent awards ceremony for the programme’s second edition took place on September 22, 2023, at the ARIS (A Really Inspiring Space) accelerator. The event was attended by public officials, Deloitte executives, investors, and other key figures from the entrepreneurial ecosystem.

Neophytos Papadopoulos, Permanent Secretary of the Deputy Ministry of Research, Innovation, and Digital Policy, Kyriacos Charalambides, Partner at Deloitte Cyprus and FAST 50 programme Leader, and Eliza Loucaidou, Director of the Innovation and Entrepreneurship Centre of Deloitte Cyprus and ARIS, addressed the audience and extended their warm welcome.

Kyriacos Charalambides, in his speech, emphasised the significance of the FAST 50 programme: “At Deloitte, we believe that the growth of our region’s technology ecosystem can play an important role in the future of its nations’ economies. As a leading professional services provider, we are developing innovative initiatives and practices, and the FAST 50 programme is one of them.”

Capital.com, a Cyprus-based company, claimed the top position among the FAST 50 companies in the region, underscoring Cyprus’ rapid economic progress in the tech sector.

The Cyprus Chamber of Commerce and Industry (Keve) has announced the establishment of the Cyprus-Malta Business Association, aimed at promoting, expanding, and encouraging entrepreneurial activities between the two nations.

According to a Keve statement, the association will operate under the auspices of the chamber and focus on promoting and encouraging economic and trade relations, as well as cross-border investments between Cyprus and Malta.

It also seeks to act as a leverage point for the governments of Cyprus and Malta to improve and expand trade relations between the two countries while facilitating communication among businesses in both nations, serving as a reference point for entrepreneurs.

The association comprises 14 founding members from various sectors of the economy. Ronald Attard, Managing Partner of EY Cyprus and Malta, was elected as the association’s President, while Kosmas Kosma, CEO of C. Kyradjis & Co Ltd, serves as the Vice President, and Kyriacos Treppides, Managing Director of C. T. Taxaudit & Advisory Ltd, is a Member of the Board of Directors.

Additionally, the Ambassador of Malta to Cyprus, based in Athens, holds an ex-officio role as a member of the board.

The establishment of this association marks a new chapter in the relations between Cyprus and Malta, offering opportunities for growth and collaboration in the business sector, as highlighted by Keve.

The Cyprus Stock Exchange (CSE) ended Wednesday, September 27 with losses.

The general Cyprus Stock Market Index was at 130.59 points at 13:18 during the day, reflecting a decrease of 1.41 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 79.16 points, representing a drop of 1.42 per cent.

The total value of transactions came up to €119,050.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes fell by 1.7 per cent, 1.19 per cent, 2.79 per cent, and 0.46 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-1.97 per cent), Salamis Tours (-6.67 per cent), Hellenic Bank (no change), Demetra (-2.9 per cent), and Vassiliko Cement Works Public Company (-1.9 per cent).