Projects worth €8 billion key to Cyprus’ economic growth, association says

The Association of Large Investment Projects on Wednesday released a statement saying that large-scale projects, with a total value exceeding €8 billion, will take centre stage in Cyprus’ economic development journey in the coming year.

According to the statement, the number and type of projects implemented or set in motion in 2023 “constitute the profile of a modern state”, one that “invests in its domestic product, creates new job opportunities, enhances the quality of life for residents and visitors alike, and contributes to Cyprus’ transition to a green era”.

Furthermore, the association emphasised that this course “continues in a dynamic way in 2024”.

“The portfolio of our members includes, among other things, hotels, medical and diagnostic centres, university buildings, golf courses, schools, as well as commercial and residential buildings,” the association said.

“These major developments are expected to bring multiple benefits to our country, with their total value exceeding €8 billion,” the announcement added.

Among these ambitious projects, the association continued, is the Limassol Hills Golf Resort, which features a state-of-the-art water treatment station, a photovoltaic park, and public green spaces.

The project is expected to employ over 2,700 workers during construction and create jobs for more than 750 individuals upon opening.

What is more, the association said that the Eagle Pine Golf Resort, valued at over €500 million, is “another equally significant investment, both for the Limassol district and the entire country”.

The association estimates that this project will contribute €200 million to the state’s coffers and employ 300 people during its implementation.

Furthermore, the Limassol Greens project, with a budget of €400 million, is expected to create 350 direct and 800 indirect job positions.

In addition, the association mentioned the Minithis Resort project in the Paphos district, with a total cost of €500 million, which is expected to employ 800 people for construction, while 500 members of staff will be needed for its operation.

The association said that the planning and implementation of these projects are based on environmental studies, aiming to reduce negative impacts on the climate.

These projects, the association noted, align with practices within the framework of the green sustainable transition and development, “substantially contributing to the achievement of the country’s SDGs and ESG criteria”.

“Once again, it is evident that major developments will be the protagonists in Cyprus’ development journey, as they undoubtedly constitute a crucial investment in the future of our country,” the association said.

In addition to attracting investments, the association said that these developments “significantly contribute to the Gross Domestic Product (GDP) by more than 15 per cent, creating thousands of job positions for people, and facilitating the growth of the Cypriot economy”.