Cyprus meets all the necessary requirements to become a global business and investment hub, according to the Cyprus Association of Major Developments , which represents 15 members overseeing some of the largest projects on the island, with a combined portfolio in excess of €8 billion.
In a statement, the association noted that these projects, including the City of Dreams Mediterranean, one of Cyprus’s most significant development endeavours with a total investment exceeding €600 million, underscore the enormous contribution of major developments to the country.
They noted that the construction sector employs over 40,000 workers, confirming its significant role in both the country’s GDP and job creation.
“The sustained growth of Cyprus’s economy has historically been closely tied to the construction industry,” the association said.
Moreover, the association explained that aside from the City of Dreams Mediterranean, other projects such as the Limassol and Ayia Napa Marinas, which are already open to the public, and the Neapolis Smart Eco City, are major multi-purpose developments set to create hundreds of new jobs.
The association also expects these developments to attract foreign companies to establish themselves in the business park and draw a substantial number of students, significantly contributing to the economy of Paphos and Cyprus as a whole.
Additionally, the association highlights the Limassol Hills Golf Resort project, which, among other features, will include water treatment stations, a photovoltaic park, and public green spaces.
The construction phase is expected to employ approximately 2,700 individuals, with an additional 750 jobs during the resort’s operation.
Meanwhile, the Eagle Pine Golf Resort in the Limassol district, with a cost exceeding €200 million, is also expected to provide substantial benefits to the state.
This investment, totalling around €500 million, is estimated to employ 300 people in construction and on-site jobs over the next ten years, with an additional 200 employees for the resort’s leisure sections, including a golf course, clubhouse, hotel, and shopping centre.
Likewise, the Limassol Greens project, with a total investment of €400 million, is set to bring considerable revenue to state coffers. This project expects to create 350 direct and 800 indirect jobs.
What is more, the Minthis Resort in the Paphos district, covering an area of 5 million square metres and costing approximately €500 million, is regarded as a pioneering and complex development project.
It has already generated 500 permanent job positions and employed approximately 800 people during the construction phase.
In conclusion, the Cyprus Association of Major Developments emphasises the substantial contributions of these development projects to the state and regional economies, demonstrating Cyprus’s potential to become a global business centre.
These investments, the association said, are expected to boost employment, tourism, and overall economic growth in Cyprus.