EUROPE IN CRISIS: Dynamics and Implications for the Cyprus Economy

Dynamic and visionary policy maker with ten years of experience (2013 – 2023) in three of the most important Ministerial posts at the Government of Cyprus. Adept in making key policy decisions, crisis management and negotiation, had a key role as a coordinator during the Troika institutions negotiations with Cyprus. At the forefront of pushing through important structural reforms and improving business environment, which according to IMF and the EU, enhanced the growth prospects of the economy. Active participant and contributor to Eurogroup, ECOFIN, EU Council for Home and Justice Affairs, IMF and World Bank Summits.

Deputy Minister of Tourism

Savvas Perdios was born in 1981 in Lefkosia. He has been the deputy minister of tourism of the Republic of Cyprus since January 2019. He studied accounting and finance at Warwick University (2002-2004) and international hospitality management (BA, 2004-2008) at the École Hôteliere de Lausanne. His career in hospitality began at the age of 15 when he undertook summer jobs in hotel departments such as kitchen, maintenance, service, banqueting, housekeeping, and guest relations. Between 2008 and 2010, after completing his studies, he worked for internationally known companies including Design Hotels in Mykonos and Kempinski Hotels in Switzerland. From January 2010 until January 2018 he worked at Louis Hotels as a quality and brand manager. This involved responsibility for creating, implementing, and maintaining operating standards across the portfolio of 25 hotels and several restaurants, as well as branding and reputation management. After eight years in this position, he was promoted to chief operating officer, a position which he held until his appointment at the Cyprus Ministry of Tourism. He is fluent in English, French, and German.

Minister of the Interior, Republic of Cyprus

Nikos Nouris has been Cyprus Minister of Interior since December 2019. From 2013 to 2019, he was a member of the House of Representatives in Cyprus for the Democratic Rally. He served as Deputy Chairman of the Parliamentary Committee on Trade and coordinator of the Democratic Rally Parliamentary Group in the Labor and Social Security and Home Affairs Committees. He was Vice President of the Democratic Rally and a member of the Political and the Executive Office of the party. He also served as Municipal Councilor of Nicosia, Deputy Mayor of Nicosia, and Chairman of the Urban Planning Committee of the Municipality. Additionally, he dealt with issues of the development of the urban center of the capital, issues of culture, education, and entrepreneurship. For a number of years, he was President of the Cyprus Pharmaceutical Association.

Co-Founder & Board Member, Palta / Founder, XBT Holding / Board Member, Techisland

Alexey established Palta in 2016 together with Yuri Gursky. As Founding Partner, Alexey handles financial, business, and investment issues. He was previously CEO of the XBT Holding group of companies where he managed acquisitions and retained customers from Fortune 100 companies to drive sales growth. He has also founded a leading hosting company Servers.com

Valentinos Polykarpou studied Political Science at the University of Cyprus and went on to complete a Master’s in Political Science at the French National School of Political Sciences (Sciences Po Paris). Building on his academic background, Valentinos began his career in political communication and electoral analysis before transitioning into the business world. In 2014, he joined Wargaming, an awardwinning online game developer and publisher, as Communication and HR Manager. Over the years, he advanced within the company, most recently serving as Executive Director Global HR Ops and Services, where he oversaw human resources operations on a global scale. Since 2018, Valentinos has been serving as General Manager for Wargaming’s Headquarters and Operations in Cyprus. In addition to this ongoing role, Valentinos has recently taken on new responsibilities as Locations Platforms Director at Wargaming Group. Furthermore, since March 2023, Valentinos has been serving as Chairman of the Board of Directors of TechIsland, a non-profit tech association dedicated to transforming Cyprus into a hub for technology and innovation.

COO, TheSoul Publishing / Board Member, Techisland

Arthur Mamedov is the Chief Operating Officer of TheSoul Publishing, one of the world’s largest and most popular online media companies. Arthur runs global operations of TheSoul, including strategy, partnerships, finance, legal, sales, and communications. Since joining the company in 2016, Arthur has played a crucial role in fostering strong, trusted relationships with the world’s largest social media companies, cementing a growing list of global distribution partners including Facebook and YouTube. The company's continued expansion among additional social leaders, Snap, TikTok, and Instagram, is a result of Arthur's ongoing close collaboration with TheSoul Publishing's platform partnership team. Within the dynamic fast-paced environment of TheSoul Publishing, Arthur is surrounded by a skilled international team of 3000 people across 70 countries that successfully adapts to the always-evolving social media landscape.

Irene Georgalla is a Board Member of Invest Cyprus and the Head of the Economic Diplomacy Department of the Ministry of Foreign Affairs. She previously served for 10 years in the Directorate-General for Growth of the Ministry of Finance, dealing with matters of European economic and regional policy, as well as research and innovation. In the context of these responsibilities, she was seconded for a period of 4 years to the Permanent Representation of Cyprus to the EU in Brussels. She was the Chairperson of the Trade Policy Committee for Services & Investment during the Cyprus Presidency of the EU Council in 2012. Earlier in her career, she worked for PricewaterhouseCoopers Cyprus. Irene holds an MSc in Business Analysis and Finance from the University of Leicester and a BSc in Economics from the University of Cyprus.

Haris Loizides is the President of the Cyprus Hotel Association. He was elected as President of the Board of Directors in 2003, a position he holds until today. For the period 1999-2003 he was the President of the Board of Directors of Cyprus Airways. Additionally, Mr Loizides is currently the Deputy President of the Cyprus Football Association. Mr Loizides is a graduate of the University of Manchester in Economics and specialized in Accounting and Business Finance. He is the Managing Director of Hotel and Construction Companies.

CEO, Quality Group

Mr. Savvas Kakos has over 30 years of experience in the management of and advisory over the real estate industry in Cyprus in senior management and CEO roles. He is an active member of various associations including but not limited to the Cyprus Federation of Associations of Building Contractors and the Cyprus Land and Building Developers Association. From 1996 to the present he serves as the CEO of the Quality Group, which is one of the leading property development, hospitality, and medical organizations in Cyprus and the Mediterranean. The Quality Group owns a diversified portfolio of over 100 completed projects and 50 projects under design and construction in strategic project locations.

Michalis Persianis has been Corporate Affairs Director at Bank of Cyprus since 2015. He worked as a correspondent for the Wall Street Journal/Dow Jones from 2011 to 2014, and as Head Editor for Economy and Finance at Kathimerini newspaper (Cyprus edition) from 2009 to 2014. From 2005 to 2009 he was Head of Research (Presidential campaign) and Parliamentary staffer (European Parliament) for Mr Ioannis Kasoulides. He earned his BA in Political Science from Rutgers University, New Jersey, USA in 2002, and went on to earn an MA in International Economics and European Studies from John Hopkins SAIS Washington DC, USA in 2005.

Farah Shammas is a dynamic leader and advocate for sustainable living, with a unique background that bridges the worlds of luxury hospitality, education, and veganism. Of Lebanese-British descent and residing in Limassol, Cyprus, she is the Managing Director of the prestigious St Raphael Resort and Marina. She holds a BA in Classical Literature and an MSc in Tourism Marketing. A plant-based nutrition coach and active vegan, she founded 'Farah’s Club' to promote healthy, holistic living. Farah is also a sought-after speaker on women’s empowerment and sustainability. A wife and mother of three, she balances her professional achievements with her personal passions.

Dr George Theocharides is the Chairman of the Cyprus Securities and Exchange Commission (CySEC). He is also the Chairman of the Committee for Economic and Markets Analysis (CEMA). The committee is part of the European Securities and Markets Authority (ESMA), the EU's securities markets regulator. He served as CySEC’s Vice Chairman from July 2020 to September 2021 and was previously a CySEC Board member. He has extensive experience working in the wider financial sector. From September 2010 until July 2020, he held the position of Associate Finance Professor at the Cyprus International Institute of Management (CIIM) and Director of the MSc in Financial Service Programme. Prior to joining CIIM, he worked as an Assistant Professor of Finance at the Sungkyunkwan University of South Korea from 2006 to 2010. In 2006, he also worked as an International Faculty Fellow at the Sloan School of Management of the Massachusetts Institute of Technology (MIT). In the past, he served as a member of the Interim Board of Bank of Cyprus, Chairman of the Board of the Cyprus Blockchain Technologies Ltd, as well as a member of the Board of Directors of the Cyprus-Kuwait Business Association. He also served as a member of the Training/HR Committee of the Cyprus Investment Funds Association (CIFA) Chairman of the Board of Management of The English School, as well as a non-executive member of the Board of Directors for a number of organisations and companies in the financial services sector. He is also an Associate Member of the Chartered Institute for Securities & Investment (CISI) and a Research Associate at the UCL Centre for Blockchain Technologies (UCL CBT). Dr. Theocharides holds a degree of BΕng (Hons) in Electrical Engineering & Electronics from the University of Manchester (U.M.I.S.T.), an MBA from the University of San Diego and a PhD in Finance from the University of Arizona.

Chairman, Cyprus Land, and Building Developers Association

Michalis Hadjipanayiotou is the CEO of Cybarco Development Ltd, a member of the Lanitis Group, the Chairman of The Cyprus Land and Building Developers Association, and a Board Member of The Cyprus Employers & Industrialists Federation (OEB). He is also a Board Member of Limassol Marina Ltd, the Executive Director of Trilogy Limassol Seafront Ltd, and a Member of other Boards of Directors. A Senior Executive, with over two decades of leadership experience across multiple industries, he has a strong history of achievement with year-on-year growth in revenue and profit. A board-level collaborator, with a track record of successfully balancing stakeholder interests, he has driven the sales, marketing, and business development for pioneering developments in Cyprus and multinational corporations like Pepsico International and Procter & Gamble. Michalis is a Fulbright Scholar with an MBA from The University of Texas at Austin and a First-Class Honours undergraduate in Finance and Econometrics from Manchester University.

Nicos S. Kyriakides is the Financial Advisory Services Leader of Deloitte Cyprus. He has extensive experience of more than 38 years in Audit, Corporate Finance, Insolvency, Business Consulting and International Tax planning. He has led a large number of Consultancy and Financial Advisory projects across different industries relating to Valuations, Mergers and Acquisitions and Due Diligence Reviews, Reorganisations of Groups of companies, Capital and Debt Restructurings, Evaluation of NPL portfolios, Forensic and Insolvency work, Fairness Opinion Reports and Public Offerings. Nicos has prepared studies for the financing of Renewable Energy projects, Marinas, Golf courses, Hotels and large Real Estate Development projects. Nicos is a Chartered Accountant, fellow of the Institute of Chartered Accountants in England & Wales (ICAEW), member of the Institute of Certified Public Accountants of Cyprus (ICPAC), and holds a B.Sc. in Economics (Accounting & Finance) from the London School of Economics and Political Science. He is also a licensed insolvency practitioner in Cyprus.

Through its representation of ten member banks, that hold more than 90% of market share and provide a full range of banking services, the Association of Cyprus Banks (ACB) is the voice of the Cyprus banking system. Its primary aim is to promote best practices for the interest of the banking sector and the local economy as a whole. The ACB is a non-profit organization through which common positions are formulated and promoted on banking and financial issues, when local legislative and governmental policies are determined. In communicating the industry’s views, the ACB cooperates closely with the Central Bank of Cyprus, the House of Representatives and various Ministries as well as other private and public bodies. The Association also has a close relationship with the European Banking Federation (of which it is a member), national banking associations and global organizations. This year, the ACB is celebrating its 50 years’ anniversary.

The Cyprus Land and Building Developers Association (LBDA) was founded in 1983 and is a member of the Cyprus Employers and Industrialists Federation (OEB) and of the International Real Estate Federation (FIABCI). Having as major concerns the preservation of the environment and the protection of the public, the goal is to create a central body in Cyprus where land and building developer businesses can be grouped together for better and more effective protection of their professional interests.

The Cyprus Hotel Association is the Hoteliers National Trade Union. The history of its foundation goes back in the mid-1930s. Today the vast majority of all hotel establishments and other licensed tourist accommodation units, all over Cyprus, are members of the Cyprus Hotel Association. The Association, in order to achieve its aims and goals, develops a wide range of activities and offers various services to its members. Representatives of the Association participate actively in many official committees set up by the government or by semi-governmental organizations, related to the various sectors of the hotel and tourist industry and to the economy of Cyprus in general. In order to protect and promote its members' interests, the Association takes the necessary steps and makes representations to the Government, to the House of Representatives, to various Official Organisations and to the Workers Unions on economic, industrial, commercial, labour, legislative, social and other subjects related directly or indirectly to the hotel and tourist industry of Cyprus. The Association is an active member of the Hotels, Restaurants & Cafés in Europe (HOTREC), maintains close cooperation with the International Hotel & Restaurant Association (IH&RA), and is affiliate member of the United Nations World Tourism Organisation (UNWTO), the Cyprus Chamber of Commerce & Industry (CCCI), the Cyprus Employers & Industrialist Federation (OEB) and the Association of Cyprus Travel Agents (ACTA).

The English-language business magazine GOLD was launched in 2011 as the first monthly publication of its kind in Cyprus. Today, it has established itself as a key medium promoting Cyprus as an international business hub. GOLD boasts a unique readership comprising high-net-worth individuals, executives of international companies, and English speaking entrepreneurs—both Cypriot and foreign, male and female.

As the flagship publication within IMH’s media brands, IN Business magazine, has a 16-year history, during which thousands of examples of good business practices by businesses and businesspeople, brands, commercial practices and developments have been showcased. The aim of IN Business was – and continues to be – the promotion of good Cypriot business. www.inbusinessnews.com