BrainRocket expected to stay in Cyprus after president intervenes

Israeli-owned BrainRocket will not be leaving Cyprus after all, following direct intervention by President Nikos Christodoulides, who met company officials to clarify the matter, according to Philenews.

Reports earlier this week had suggested the Limassol-based group was planning to relocate its operations to Spain, causing concern in government and business circles.

However, officials confirmed that only part of its workforce will be transferred abroad, while an equal number of new staff will be hired locally to maintain overall employment levels.

BrainRocket, which has operated in Cyprus for about a decade, employs around 1,500 people and is regarded as one of the island’s largest foreign-owned firms.

The group, with mainly Israeli interests, provides support services for the online gambling sector, including payments, software and game development.

It has been noted that the company’s presence in Cyprus contributes significantly to the economy through jobs, office rentals and tax revenues.

Consequently, business leaders had expressed concern when the relocation rumours first surfaced.

Employers and Industrialists Federation (Oev) director general Michalis Antoniou told state radio that while Cyprus continues to attract foreign-owned companies at a healthy pace, authorities also need to ensure proper “after-sales service”, meaning consistent support and solutions once firms are established on the island.

The Cyprus Chamber of Commerce and Industry (Keve) this week warned that speculation over the possible departure of what it described as a ‘major company’ from the island risks damaging the country’s business climate.

In a statement last night, the chamber said that public debate on such sensitive issues “without full and documented knowledge of the real reasons that lead a company to relocate, not only does not help, but carries the risk of creating unnecessary impressions and harming the business environment of our country.”

It stressed that “particular caution is needed in public comments, especially when they concern investments of strategic importance and companies with a significant role in the economy and employment”.

According to the chamber, “fragmentary information and premature interpretations can generate more problems than they attempt to highlight”.

Keve underlined that “a responsible approach requires first gathering accurate data and consulting with the stakeholders directly involved before making public statements”.

Otherwise, it said, an issue is created “without any real basis, essentially harming our country and its credibility.”