The process of identifying a strategic investor for the Science and Technology Park in Pentakomo remains ongoing, the Ministry of Energy, Commerce and Industry has clarified, seeking to reassure Limassol’s business community amid growing concerns over the continued delays in implementing the project.
In a statement issued on 2 November, following strong reactions from the Limassol Chamber of Commerce and Industry (LCCI), the Ministry emphasised that the development of the Technology Park remains a priority project for the Government, aimed at attracting high-quality investments, strengthening research and innovation, and creating new jobs.
The Ministry clarified that it is proceeding with the necessary steps to complete the process in accordance with the applicable legislation and public procurement framework, while upholding the principles of transparency, equal treatment and the protection of the public interest. However, it refrained from providing further details regarding the evaluation of the sole bid submitted, noting that disclosing specific information could potentially affect the smooth conduct of the procedure or prejudge its outcome.
At the same time, the Ministry acknowledged the interest expressed by the business community and assured stakeholders that an official update would be provided as soon as results suitable for public announcement become available. It is recalled that the deadline for submitting bids expired on 28 January 2026, with only one proposal submitted by a consortium of Cypriot and foreign companies, including businesses from Saudi Arabia, Jordan and the United Arab Emirates.
The consortium brings together companies operating in different sectors, as the development and operation of a Technology Park require a combination of construction experience, scientific expertise and specialised management of innovation infrastructure. Despite reports circulating in recent months regarding difficulties in the evaluation of the bid, neither its rejection nor the cancellation of the tender procedure has been officially announced.
Consequently, the process is still considered open, with its final outcome remaining uncertain. Should the procedure ultimately fail to result in the award of the contract to the interested consortium, alternative options for advancing the project may be considered. One possibility that could be explored is cooperation between the State and an established research organisation, which could assume a central role in the development and potentially the operation of the Technology Park under a different implementation model. However, this remains a hypothetical scenario rather than a confirmed government decision.
The LCCI has expressed the strong dissatisfaction and concern of Limassol’s business community over the continued lack of progress. In a statement, the Chamber called on the Government to provide an immediate and substantive update on the project's progress. The Chamber pointed out that, although the deadline for submitting bids expired last January, no comprehensive information has been provided regarding the outcome of the procedure or the next steps, despite repeated requests submitted to the competent Ministry.
In particular, the Chamber has raised three specific issues, requesting clarification on the current stage of the bid evaluation and the reasons why no meaningful update has been provided to date; whether any obstacles or weaknesses have been identified in the investor attraction process and what measures are being considered to address them; and what binding timetable has been established for completing the procedures and commencing implementation of the project. The LCCI stressed that the Technology Park is a project of strategic importance, not only for Limassol but for the entire Cypriot economy, with the potential to attract international investment, develop research activities and create highly skilled employment opportunities.
Citing available data, the Chamber stated that the contribution of the technology and innovation sector exceeds 16% of GDP, while noting that Limassol ranks among the top ten European cities for start-ups, according to the StartupBlink Global Startup Ecosystem Index 2026. According to the LCCI, Limassol’s growing momentum as a regional technology and innovation hub makes the development of appropriate infrastructure even more urgent. Such infrastructure would connect entrepreneurship with scientific research and strengthen the country's competitiveness.
“The time for general assurances and vague statements has now passed,” the Chamber emphasised, calling for concrete decisions, clear commitments and tangible action. LCCI President Andreas Tsouloftas echoed these concerns. Speaking to “Entrepreneurial Limassol”, he described the Technology Park as a “truly long-standing and painful issue.” He explained that, despite assurances received by the Chamber that a meeting with the relevant government officials would take place in September to provide a comprehensive update and discuss the project's future, the meeting had been repeatedly postponed.
Mr Tsouloftas revealed that, following renewed communication with the competent Ministry, a meeting is expected to be arranged, from which the LCCI anticipates substantive answers and specific commitments. He also warned that, should the Chamber remain dissatisfied with the information provided, it would proceed with public interventions and letters of protest, potentially even addressing the President of the Republic. Meanwhile, developments are also taking place regarding local infrastructure.
According to the President of the Pentakomo Community Council, Giorgos Oikonomou, government funding of €600,000 has been secured for the commencement of works on the coastal road connecting Agios Georgios Alamanou with the Governor's Beach area, which will also provide access to the future Technology Park. Speaking to “Entrepreneurial Limassol”, he stated that the project's consultants have already been appointed and that initial works are scheduled to begin in early 2027.
The President of the Pentakomo Community acknowledged that the allocated amount may not be sufficient to complete all the necessary improvements. Nevertheless, he believes that the conditions are being established for the upgrading of road access to begin. Despite the Ministry's assurances that the procedure is continuing, the key issue remains the final outcome of the tender process and the establishment of a clear timetable that will enable the Pentakomo Technology Park to move from planning to implementation.
