The transformation of Nicosia’s old municipal market into a research and innovation centre, which now hosts the headquarters of the Cyens excellence centre, has been chosen as one of Europe’s top 25 social cohesion projects for 2026.

The finance ministry said on Monday that the project, implemented through the Thalia 2021-2027 programme, co-funded by the EU, Cyprus and the Nicosia municipality, had qualified for the final phase of the Regiostars Awards 2026.

Cyens Hub Nicosia was among 274 candidates from across Europe and is competing in the A Competitive and Smart Europe category.

The finalists will present their projects before the panel of judges in Brussels on October 13 in the context of the European week of regions and cities. The winners of the five categories and the project chosen by the public will be announced on October 14.

“This distinction is an important European acknowledgement for a project that combines preserving architectural heritage with urban revitalisation, research, innovation and entrepreneurship,” development director Anthi Philippidou said.

The project was implemented with an investment of €7.8 million, turning the historical building within the walled old town of Nicosia into a modern ecosystem, preserving the historical character of the emblematic building and at the same time incorporating modern architectural and operational specifications to meet the needs of an international research and innovation centre.

It also opened up new possibilities for cooperation between researchers, universities, businesses, creators and society, while creating new jobs and promoting collaboration with other projects, the ministry said.

The buildings house research facilities, seminar halls, multimedia studios, exhibition areas and specialised infrastructure to support research, technological development and innovative businesses.

The project is part of the urban Nicosia development strategy and displays how EU social cohesion investments can connect protecting cultural heritage to innovation, economic growth and sustainable revitalisation.

Cyens lies at the centre of the Nicosia municipality’s Creative Business Neighbourhood initiative that “contributes to revitalising the walled city and highlighting the capital as a regional centre for creativity, technological advancement and entrepreneurship”, the ministry said.

The centre of excellence is the product of cooperation between the University of Cyprus, Tepak, the Open University, University College London and the Max Planck institute.

It specialises in interactive media, smart systems and emerging technologies, and is active in cutting-edge sectors, such as artificial intelligence, cultural technology and user experience, operating as a meeting point for research, business and the society.