Great interest in the Cypriot market are expressed by Greek companies. This is noted in an informative document of the Nicosia Economic and Commercial Affairs Office posted on the website of the General Secretariat of International Economic Relations and Extraversion of the Ministry of Foreign Affairs, and added that “the extroversion of Greek businesses is also confirmed by the data, as they are currently active in Cyprus. of 1,500 companies of Greek interests. “

In detail the relevant information document states as follows:

Of great interest in the Cypriot market are expressed by Greek companies, which are investing in various sectors of the economy with the aim of expanding their field of activity and to disperse their risk.

Cyprus is a particularly attractive passage for further openings in markets for Greek businesses, and especially in the Middle East and in countries, such as Egypt, Lebanon, Israel and Jordan.

The extroversion of Greek businesses is also confirmed by data, as they are currently active in Cyprus in addition to the 1,500 Greek interest companies, crediting its political and economic stability with increased private consumption and attractive tax and investment framework.

This is a positive development for Cypriot business, as it demonstrates the country’s high competitiveness in combination with the favorable investment environment, which provides compared to competitive destinations.

In addition, common historical links, common culture and language and the grid of excellent timeless and economic relations are another factor for which Greek companies decide to operate in the Cypriot market in recent years.

The most important Greek investments

The presence of Greek companies in Cyprus relates to the areas of food, catering, shipping, clothing and footwear, retail trade, general trade, petroleum companies and the financial and insurance sector.

Characteristics are listed companies Greek Petroleum, Olympus, Sfakianakis, Jumboof the Fourlis Group active through the IKEA trademarks, INTERSPORT and Leroy Merlyn, the stores Public of the German Group, the supermarkets Sklavenite and the coffee chains Mikel and Coffee Island.

Before the end of 2024 the bank deal in the bank and insurance sector, starring the Greek group Eurobank. Eurobank is now the most important shareholder of the Hellenic Bank, in addition to its subsidiary, Eurobank Cyprus. Banks are also present in Cyprus Alpha bank Cyprus and National Bank of Greece (Cyprus).

Business developments are also expanding in the field of insurance companies, as the Hellenic Bank announced the deal between the Bank and the CNP Assurance for the acquisition of CNP Cyprus Insurance Holdings. Upon completion of the transaction, the Hellenic Bank will take a leading position in the Cyprus Insurance Market.

The unification of Papantoniou supermarkets with the Sklavenite Cyprus network is creating a new momentum in the retail sector, with the Greek company now operating a total of 27 stores, after absorbing all 9 Papantoniou supermarkets. Sklavenitis, before the acquisition of Papantoniou supermarkets, had 18 stores in Cyprus after the absorption of the Marinopoulos supermarket, which was completed in 2017.

In addition, the investment of more than 70 million euros in Cyprus was completed by the Hellenic Dairy SA (known as “OLYMPOS”), entering the halloumi production industry, with the acquisition of 49% of the historic dairy industry. Kourousi Ltd, through its subsidiary in Cyprus Olympus Foods (Cyprus) Ltd. The new modern Halloumi production plant in Olympus in the Tseri Industrial Area is absorbing the 120 workers of Kourousi. In the first phase, the plant produces halloumi and anari (Cypriot version of the anthotyro), while the company’s intention is to export halloumi to the Romanian and Bulgarian markets, which is already accessed by the Greek company, as it exports feta feta and yogurt. The Greek Goody’s – Everest catering chain, a member of the Vivartia Group, returned to the Cypriot market in 2022 with opening stores in Limassol and Nicosia.

The Hellenic Sfakianakis Group through the Electroline Technology Company has also made a dynamic entrance to the Cypriot market, and is also focused on a new business in Cyprus in the electric car. Specifically, the Sfakianakis Group, which is the official distributor of the Chinese multinational company byd (Build your Dreams), known for the manufacture of electric vehicles, plans its activity in Cyprus.

Since 2021, Greek stores opened in Cyprus (after its acquisition by PPC by the British Curry’s) company Kotsovolous. It is recalled that in November 2023 PPC acquired Kotsovolos for 200m euros.

The Hellenic Jumbo Gaming Company is constantly increasing its activity in Cyprus, due to the positive financial results of the group. In October 2024, the second Jumbo store in Nicosia (the sixth on a Cyprus base), which is housed in the building of the former central offices of Stefanidis in Strovolos, opened its doors for consumers.

In May 2023 the Helleniq Energy It acquired two photovoltaic parks in operation, totaling 15 MW in Cyprus through its subsidiary Helleniq Renewables. In October 2023, it made the second investment in the Cypriot market, and in particular the acquisition of six photovoltaic parks of 26 MW, increasing the total power of the RES portfolio, which has over 40 MW in the country.

In addition, the expansion of her work in Cyprus was announced in April 2024 by Eko energyas a supplier of green electricity.

With the acquisition of an iconic mixed property, under the name Labs Tower, worth € 39 million entered the Cypriot market, the Trastor AEAPwith the prospect of further reinforcing its portfolio in Cyprus. For this extension, the Trastor recently established a subsidiary under the name of Trastor Holdings with an initial share capital of EUR 33 million.

The Greek company Hellenic Healthcare Groupwhich falls under the US interests of CVC Capital after the acquisition of the American Medical Center in Nicosia is also preparing a new American Medical Center in Limassol. The new private hospital, the cost of which is estimated at € 60m will offer a comprehensive range of medical services and specialties. In addition, CVC Capital and Hellenic Healthcare Group have in recent years been acquired by the Apollonian Hospital, Aretaios, the “Predictive” Diagnostic Center and the Radiology Center of Gialletto Ltd.

Finally, as stated, “In an investor of Greek descent, the well -known store chain seems to be passing Superhome Centre. According to a statement to the CSE, public company Ermes Department Stores Plc (ERMES), a subsidiary of the Public Company CYPRUS Trading Corporation PLC (CTC), plans to allocate its participation in the subsidiary Superhome Center DIY LTD to an international investor. According to journalistic information, the company/investor/buyer comes from Greece and has shown interest in making other investments in Cyprus. “