Newsroom
A consortium of companies from Saudi Arabia, Jordan, and the United Arab Emirates has submitted a bid to develop Cyprus’s Pentakomo Science and Technology Park, signaling strong international interest in the island’s tech and innovation sector.
The group, which includes firms active in education, technology, and construction, is competing to become the strategic investor for the high-tech hub designed to boost research, entrepreneurship, and job creation. The Ministry of Energy, Commerce and Industry said the bid is currently under evaluation, with the process being conducted “with full transparency and in strict accordance with competition rules.”
After earlier attempts to attract investment fell short, the government reshaped incentives and regulations, creating conditions officials describe as “more attractive and functional” for potential investors.
If approved, the park is expected to strengthen Cyprus’s innovation ecosystem, generate quality jobs, and raise the island’s competitiveness on the global stage, offering a platform for both local startups and international partners to collaborate in the Eastern Mediterranean.
