EUROPE IN CRISIS: Dynamics and Implications for the Cyprus Economy

Constantinos Petrides assumed office as Minister of Finance of the Republic of Cyprus on the 3rd of December 2019. Prior to his appointment, he served as Minister of Interior (1 May 2017 - 3 December 2019) and Deputy Minister to the President of the Republic of Cyprus (1st March 2013 – 30 April 2017). From September 2011 to February 2013 was the Director of the Office of the President of the Democratic Rally. In 2006 he was hired at the European Commission in Brussels where he worked as an economist at the Directorate-General for Agriculture and the Directorate General for Competition until September 2011. During his stay at the European Commission, he served as a negotiator of trade liberalization agreements between the EU and third countries and also worked on issues of public aid in the field of transportation. From 2000 until 2006 he served as Senior Officer at the Association of Cyprus Banks and as representative of the Association to the European Banking Federation and the National Euro Changeover Committee. During the negotiations for Cyprus’ accession to the EU in 2000, he worked on issues of harmonization at the Directorate for EU-Cyprus relations of the Planning Bureau. He studied Economics at the University of Nottingham and then acquired an MSc in Political Economy of Transition in Europe from the London School of Economics and Political Sciences.

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

Executive Director, Global HR Operations & Services, General Manager Cyprus, Wargaming / Board Member, Techisland

Valentinos Polykarpou studied Political Science at The University of Cyprus and then went on to com­plete a Master’s in political science at the French National School of Political Sciences (Sciences Po Paris). Building on his studies he started his career in political communication and electoral analysis and then made the transition to the business world. He joined Wargaming as Communication and HR Manager in 2014. Today he is Executive Director Global HR Ops and Services and since 2018 the General Manager for the company’s Headquarters and Operations in Cyprus. Wargaming is an award-winning online game developer and publisher. It is one of the leaders in the gaming industry with 5000+ employ­ees and offices all over the world. Over 200 million players enjoy Wargaming’s titles across all major gaming platforms.

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.

Managing Director, St Raphael Resort & Marina

Farah Shammas is the Managing Director of the five star St Raphael Resort and Marina where she oversees the whole resort which stands in 43,000 sqm of landscaped gardens on a beautiful Blue Flag beach. The Resort includes a 237 berth private port of entry marina, many conference facilities, an award-winning spa, and 7 restaurants including Cyprus’ first vegan hotel and beach restaurant. The Resort also has a luxury residential Tower with exclusive facilities. A University of Birmingham (BA Hons) in Classical Literature and Civilization) and University of Surrey (MSc in Tourism Marketing) graduate, she also obtained a certification in Plant-based Nutrition from eCornell and T. Colin Campbell Center for Nutrition Studies. She has also been a speaker in many international conferences talking about women empowerment, tourism and veganism among other subjects. A wife and mother of three, Farah is also an active vegan and has the platform ‘Cook Vegan’ (Facebook, Instagram, and YouTube) where she aims to encourage a healthier and more sustainable way of living for all.

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.

Panicos Nicolaou is the Chief Executive Officer and Executive Member of the Board of Directors of Bank of Cyprus since September 1, 2019. He joined the Bank in January 2001 and started his career serving mainly in the Corporate and Credit Risk departments. He was the Manager in the Restructuring and Recoveries Division until June 2016. From June 2016 he served as Director of Corporate Banking Division. He holds a diploma in Mechanical Engineering from the National Technical University of Athens in Greece, and an MSc in Mechanical & Industrial Engineering from the University of Illinois in the USA. He also holds a BSc in Financial Services from the School of Management, UMIST in the UK.

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% 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.

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. Its foundation goes back to the mid-1930s. Today the vast majority of all hotel establishments all over Cyprus, are members of CHA. Its most important aims are the protection and promotion of the hoteliers’ interests as employers and professionals, of the interests of Cyprus, and in particular of Cyprus tourism.

GOLD was first published in 2011 as the first monthly English-language magazine in Cyprus. Today, it not only consistently promotes good business practices but has a unique and valuable readership, comprising High Net Worth Individ¬uals, executives of international companies, and English-speaking Cypriot and non-Cypriot busi¬nessmen and women. http://www.golnews.com.cy

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