Gulf investors apply to build Limassol science park

A consortium of Cypriot and foreign companies has submitted an offer to build and operate a science and technological park at Pentakomo, the government announced on Monday.

The single offer submitted is now being assessed.

The government has for decades been seeking a strategic investor to build and operate a science and tech park at Pentakomo, Limassol.

In this latest tender, the deadline for submission of bids expired on January 28.

According to the commerce ministry, the offer being assessed was submitted by a consortium of Cypriot and foreign companies – from Saudi Arabia, Jordan and the United Arab Emirates.

“This confirms the heightened investment interest and the international appeal of the venture,” the ministry said of the sole bid.

“The strategic goal remains to implement a project of high added value, enhancing the country’s innovation ecosystem, creating quality jobs and further boosting the economy’s competitiveness.”

The idea to create a science and tech park dates back to 2006, with the stated aim being to diversify the economy by turning Cyprus into a centre for software development and hi-tech business.

Officials at the time had even talked up the prospect of Microsoft participating in the venture, while internet search engine giant Google had also been mentioned.

Another incentive was to encourage more Cypriots to enter the field of scientific research and to attract Cypriot researchers already employed abroad to return home.

The goal was to attract both foreign and domestic companies operating in the fields of nanotechnology, biochemistry, energy, telecommunications, health services, the environment, IT and shipping.

In July 2015 the cabinet approved the framework for the creation and operation of the park.

In May 2017 the commerce ministry rejected the sole tender submitted by that time.

The lack of interest left the project in limbo.

In February 2020 government officials told MPs that the state was considering returning to their owners the land it had previously appropriated to house the mooted park.

This angered opposition MPs, who countered that the government was making up excuses for why the park project failed to get off the ground, and that the real reason lay in the rigid terms included in the tender documents.