Large-scale Greek companies are showing great interest in the Cypriot market, and have invested in various sectors of the economy with the aim of expanding their scope of activity and spreading their risk.
Cyprus is a particularly attractive route for Greek businesses for further openings in other markets, especially in the Middle East, in countries such as Egypt, Lebanon, Israel, and Jordan. The extroversion of Greek businesses is also confirmed by the data, as more than 1,500 companies of Greek interests are currently operating in Cyprus, crediting its political and economic stability with increased private consumption and an attractive tax and investment framework. This fact constitutes a positive development for Cypriot business, as it demonstrates the high competitiveness of the country in combination with the favorable investment environment it provides compared to competing destinations.
In addition, the common historical ties, the common culture, and language, as well as the network of excellent relations over time at an institutional and economic level, constitute another factor for which Greek companies have decided to operate in the Cypriot market in recent years. The presence of Greek companies in Cyprus concerns the sectors of food, catering, shipping, clothing and footwear, retail trade, general trade, and petroleum companies, as well as the financial and insurance sectors.
Notable companies include Hellenic Petroleum, Olympus, Sfakianakis, Jumbo, the Fourlis group, which operates through the IKEA, Intersport, and Leroy Merlyn brands, the Germanos group’s Public stores, the Sklavenitis supermarkets, and the Mikel and Coffee Island coffee chains. A banking deal was signed before the end of 2024, starring the Greek group Eurobank. Eurobank is now the most important shareholder of Hellenic Bank, in addition to its subsidiary, Eurobank Cyprus.
The banks Alpha Bank Cyprus and National Bank of Greece (Cyprus) are also present in Cyprus. Business developments are also expanding into the insurance companies sector, as Hellenic Bank announced the deal between the bank and CNP Assurances for the acquisition of CNP Cyprus Insurance Holdings. Upon completion of the transaction, Hellenic Bank will gain a leading position in the insurance market in Cyprus.
The integration of Papantoniou supermarkets with the Sklavenitis Cyprus network creates new dynamics in the retail sector, with the Greek company now operating a total of 27 stores, after absorbing all 9 Papantoniou supermarkets. Before the acquisition of Papantoniou supermarkets, Sklavenitis operated a total of 18 stores in Cyprus, following the absorption of Marinopoulos supermarkets, which was completed in 2017. The Hellenic Dairies Group S.A. (better known as “Olympus”) completed an investment of over 70 million Euros in Cyprus, entering the halloumi production industry, with the acquisition of 49% of the historic dairy products industry N.Th. Kouroussiis Ltd, through its subsidiary in Cyprus Olympus Foods (Cyprus) Ltd. The new modern halloumi production plant of Olympus in the Tseri Industrial Area is operational, having absorbed the 120 employees of Kourousia.
In the first phase, the factory produces halloumi and anari (the Cypriot version of anthotyros), while the company’s intention is to export halloumi to the markets of Romania and Bulgaria, to which the Greek company already has access, as it exports feta and yogurt to them. The Greek catering chain Goody’s – Everest, a member of the Vivartia group, returned to the Cypriot market in 2022 with the opening of stores in Limassol and Nicosia.
The Greek group Sfakianakis has made a dynamic entry into the Cypriot market through the technology company Electroline, while it is also oriented towards new business activity in Cyprus in the electric car sector. 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, and is considered the main “rival” of Tesla in electric mobility, is planning to operate in Cyprus.
Since 2021, the now-Greek company Kotsovolos (after its acquisition by PPC from the British group Curry’s) has also opened stores in Cyprus. It is recalled that in November 2023, PPC acquired the company Kotsovolos for 200 million Euros. The Greek toy company Jumbo is constantly increasing its activity in Cyprus, also due to the group’s particularly positive financial results. In October 2024, the second Jumbo store in Nicosia (the sixth on a pan-Cyprus basis) opened its doors to consumers, which is housed in the building of the former headquarters of the Stefanidis group in Strovolos.
In May 2023, Helleniq Energy proceeded with the acquisition of two photovoltaic parks in operation, with a total capacity of 15 MW in Cyprus, through its subsidiary Helleniq Renewables. In October 2023, it made its second investment in the Cypriot market, specifically the acquisition of six 26 MW photovoltaic parks, increasing the total capacity of its RES portfolio in the country to over 40 MW. In addition, EKO Energy, as a supplier of green electricity, announced the expansion of its operations in Cyprus in April 2024.
With the acquisition of an emblematic mixed-use property, called Labs Tower, worth 39 million Euros, Trastor REIC entered the Cypriot market, with the prospect of further strengthening its portfolio in Cyprus. For this expansion, Trastor recently established a subsidiary company called Trastor Holdings with an initial share capital of 33 million Euros. Hellenic Healthcare Group The Greek company Hellenic Healthcare Group, which falls under the American interests CVC Capital after the acquisition of the American Medical Center of Nicosia, is also preparing a new American Medical Center in Limassol.
The new private hospital, the cost of which is estimated at 60 million Euros, will offer a comprehensive range of medical services and specialties. Moreover, CVC Capital and Hellenic Healthcare Group have proceeded in recent years to the acquisition of Apollonius Hospital, Aretaieio, the Diagnostic Center “PROGNOSIS” and the radiology center of Gialletto Ltd.
The well-known chain of stores SuperHome Centre also seems to be passing to an investor of Greek origin. According to a relevant announcement to the CSE, the Public Company Ermes Department Stores Plc (Ermes), a subsidiary of the Public Company Cyprus Trading Corporation Plc (CTC), plans to sell its participation in the subsidiary SuperHome Center DIY Ltd to an international investor. According to information, the investor comes from Greece and has shown interest in making other investments in Cyprus.
(*) The information comes from the Office of Economic and Commercial Affairs in Cyprus.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
