ISSUE 77 AUGUST 20, 2017 PRICE €2.00
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PRESENTS
TECHNOLOGY
INTERVIEWS
CYHERE
PLUS
Panos Panay on the creation of the Surface laptop
Antonis Antoniou Linda Papadopoulos Sotiris Poulengeris
The platform promoting Cyprus In China
%XVLQHVV %ULHÀQJ :KDW·V 2Q Books and more
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ISSUE 77 AUGUST 20, 2017
T H E
B U S I N E S S
M A G A Z I N E
O F
C Y P R U S
CONTENTS 6 | EDITORIAL 8 | BUSINESS BRIEFING
Economic & Business Highlights of the t past month.
COVER
12 | MY WAY
A Antonis Orthodoxou’s management sstyle.
STORY
28 | /($',1* /$: ),506 ,1 &<3586 ;OL JV\U[Y`ÂťZ IPNNLZ[ SH^ Ă&#x201E;YTZ ranked according to the number of lawyers and partners, with an introduction by Dr. Demetra Fr. Sorvatzioti, Head of the Law Department, School of Law of the University of Nicosia.
14 | FIVE MINUTES WITHâ&#x20AC;Ś Marianna Pantelidou
16| THEY SAID WHAT?
A selection of the most memorable Cyprus-related statements made over the past month.
FEATURES 18 | No More Surface Tension
Interview with Panos Panay, Corporate Vice President for Surface Computing at Microsoft Corp.
22 | A Golden Opportunity
Antonis Antoniou, CEO of the Giovani Group of Companies, on the current state of the Cyprus property market.
18
SPECIAL PROMOTIONAL FEATURES 39 | Leading Law Firms in Cyprus
Fourteen firms present their legal teams, specialist areas of practice, company history and more.
77 | Large Scale
Real Estate Projects
Five major developers in Cyprus and one in Malta present their latest projects.
26| Eye in the Sky
74
The recent launch of the Hellas Sat 3 satellite and the future of satellite telecommunications.
68 | Real Estate, Real Pleasure
A Cypriotâ&#x20AC;&#x2122;s adventures in the London property market.
26 100 72 | Microsoftâ&#x20AC;&#x2122;s Passion and
Expertise Thrive at European University Cyprus The strategic thinking behind the setting up of the Microsoft Innovation Center.
74 | Strengthening China-
Cyprus Ties Stefanie Yiangou, Project Manager Cyprus at CYhere, talks about a new initiative that seeks to promote Cyprus in China.
4 | GOLD | The Business Magazine of Cyprus
92 | â&#x20AC;&#x153;The Steel Heart
of Russiaâ&#x20AC;? Photos from the recent MMK photo exhibition in Nicosia.
94 | BOOKSHELF Five new business titles.
95 | BUSINESS CLASS Dimis Michaelides
96 | IN GOOD COMPANY How Remedica creates a healthy working environment.
100 | LUNCH WITH H GOLD Michalis Simopoulos 104 | WHATâ&#x20AC;&#x2122;S ON GOLDâ&#x20AC;&#x2122;s guide to the best cultural events of the coming month. 106 | A DAY IN THE LIFE Linda Papadopoulos
106
| EDITORIAL |
GOLD ,668( _ $8*867 _ 80 LEADING LAW FIRMS IN CYPRUS
PRESENTS
5 2 91295 000577
00001 >
Legal Eagles
ISSUE 77 AUGUST 20, 2017 PRICE â&#x201A;Ź2.00
TECHNOLOGY
INTERVIEWS
CYHERE
PLUS
Panos Panay on the creation of the Surface laptop
Antonis Antoniou Linda Papadopoulos Sotiris Poulengeris
The platform promoting Cyprus In China
%XVLQHVV %ULHĂ&#x20AC;QJ :KDW¡V 2Q Books and more
PUBLISHED BY IMH ISSN 1986 - 3543
T
o work as a lawyer has been one of the most popular aspirations of ambitious young people in Cyprus (and their parents) since the founding of the Republic and the establishment of the Cyprus Bar Association in 1960. Little has changed in this respect, apart from the fact that the country now has its own universities offering law degree courses, and its success as an international business centre has only encouraged more school leavers to study law and, ultimately, join the legal profession. Today, the Cyprus Bar Association has over 3,000 registered members, many of whom work in more than 220 limited liability law firms throughout the island, providing a wide range of high quality legal services, while others provide in-house legal advice to companies in all sectors of the economy. Since 2011, GOLD has been compiling and updating its list of the leading law firms in Cyprus and this monthâ&#x20AC;&#x2122;s cover story features the latest version. Once again, we have chosen to rank firms according to the number of lawyers (including partners) employed, while increasing the number of firms listed. This, in itself, is an indication that the sector is once again doing well. In addition to our cover story, we also feature a large number of interviews. Two of them concern the real estate sector, about which we spoke to Sotiris Poulengeris of Hyde Park Agencies in London (page 68) and Antonis Antoniou of the Giovani Group in Ayia Napa (page 22), while two others were conducted with highly successful people of Cypriot origin: Panos Panay, Corporate Vice President for Surface Computing at Microsoft Corp. (page 18) and psychologist, author and broadcaster Linda Papadopoulos (page 106). As technology of all kinds continues to dominate the business world, we talked with Christodoulos Protopapas, President and CEO of Hellas-Sat Consortium Ltd, about the recent launch of the Hellas Sat 3 satellite (page 26), with Stefanie Yiangou, Project Manager Cyprus at CYhere, an Internet platform that seeks to promote Cyprus in China (page 74), with George Petrakides, Microsoft Country Manager in Cyprus, about the strategic thinking behind the setting up of the Microsoft Innovation Center two years ago (page 72) and with Marianna Pantelidou, Head of Publishing General Management at Wargaming, which has tens of millions of monthly active users playing its online games (page 14). And, of course, this issue of GOLD contains all our usual popuJohn Vickers, lar features (My Way, They Said What?, Business Class, Bookshelf, Whatâ&#x20AC;&#x2122;s On, In Good Company, Lunch With Gold, etc.) to ensure Chief Editor that you have plenty of reading material at the end of your sumjohn@imhbusiness.com mer holidays. See you in September! 6 | GOLD | The Business Magazine of Cyprus
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Antonis Antoniou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Artemis Constantinidou, Voula Loizou ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
ASSISTANT DESIGNER
Stephanie Andreou, Marios Kouroufexis PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras, Helena Georghiou MARKETING EXECUTIVE
Kevi Chishios
SALES MANAGER
Neofytos Constantinou SALES EXECUTIVE
Erika Phylakti
OPERATIONS MANAGER
Voulla Nicolaou
SUBSCRIPTIONS
Myria Neophytou PRINTERS
Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com
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BUSINESS BRIEFING
MEDICINE
NEW TO CYPRUS
EAC takes delivery VM P[Z Ă&#x201E;YZ[ LSLJ[YPJ JHYZ
GREEN LIGHT FOR MEDICAL CANNABIS CULTIVATION
T
he Council of Ministers has approved a bill concerning the cultivation and availability of medical cannabis, though not due to demand from patients on the island. Health Minister George Pamboridis said that the aim of the bill was to interest international investors in obtaining two licences that will be granted for the cultivation of medical cannabis in Cyprus, attracting capital and boosting Research & Development in the pharmaceutical sector. He described it as a significant development measure, adding, that Cyprus can become a pioneer in the region due to the favourable weather conditions required for its cultivation.
T
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ACHIEVEMENTS
CTC to open 20 SPAR supermarkets
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CYTA AWARDED ISO FOR CUSTOMER CONTACT CENTRES
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P. M. TSERIOTIS CELEBRATES 100 YEARS
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MILESTONES
TOURIST ARRIVALS EXPECTED TO REACH 3.5 MILLION Record numbers of tourists continue arrive in Cyprus from Russia and the <2 ^OPSL [OL [V[HS U\TILY of visitors from abroad is L_WLJ[LK [V YLHJO TPSlion by the end of the year. The biggest percentage is MYVT [OL <2 HUK 9\ZZPH
6UL VM [OL VSKLZ[ HUK TVZ[ YLZWLJ[LK business establishments in Cyprus has ILLU JLSLIYH[PUN P[Z JLU[LUHY` 7 4 ;ZLYPV[PZÂť OPZ[VY` KH[LZ IHJR [V ^OLU P[Z MV\UKLY 7HUH`PV[PZ 4PJOHLS ;ZLYPV[PZ ILJHTL H commission agent for the major European manufacturers Lever Brothers (todayâ&#x20AC;&#x2122;s <UPSL]LY HUK )(:- ;OL JVTWHU` OL MV\UKLK ^V\SK L]VS]L PU[V H .YV\W VM JVTWHUPLZ ^P[O I\ZPULZZ HJ[P]P[PLZ PU [OL H\[VTV[P]L industry, consumer goods, electrical goods, PUZ\YHUJL [LSLJVTT\UPJH[PVUZ 0; HUK SVNPZ[PJZ ZLY]PJLZ 0U P[ PU[YVK\JLK [OL SLNLUKHY` =VSRZ^HNLU )LL[SL [V *`WY\Z HUK V]LY [^V KLJHKLZ SH[LY <UPJHYZ ^HZ incorporated to undertake the companyâ&#x20AC;&#x2122;s activities in the automotive sector, securing [OL HKKP[PVUHS YLWYLZLU[H[PVU VM (\KP HUK SH[LY VM :LH[ HUK :RVKH ]LOPJSLZ 7 4 ;ZLYPV[PZ ^LU[ VU [V ILJVTL [OL H\[OVYPaLK YLWYLZLUtative of Telefunken, Braun and Bauknecht HUK PU P[ ZPNULK H SHUKTHYR KLHS ^P[O 4V[VYVSH ^OPJO SLK [V [OL PTWVY[ VM [OL Ă&#x201E;YZ[ TVIPSL WOVULZ PU *`WY\Z 0U 3L]LY 74; 0UK\Z[YPLZ ^HZ LZ[HISPZOLK MVY [OL THU\MHJ[\YL VM ZVHWZ HUK SPX\PK KL[LYNLU[Z HUK PU ;ZLYPV[PZ *VUZ\TLY .VVKZ ^HZ LZ[HISPZOLK [V \UKLY[HRL [OL NYV\WÂťZ -4*. I\ZPULZZ 6]LY [OL SHZ[ KLJHKL [OL .YV\W has continued its strategic development, ^P[O [OL MVYTH[PVU VM ;Y`MVU ;ZLYPV[PZ 3[K H oint venture marketing and sales company managing major consumer goods brands, the establishment of Diapo Ltd, a leading third-party logistics services company and [OL LZ[HISPZOTLU[ VM <UPSL]LY ;ZLYPV[PZ *`WY\Z Ltd for the sales, marketing and distribution VM <UPSL]LY OV\ZLOVSK WLYZVUHS JHYL HUK food products.
TAPPOINS T N ME
ANNA PAVLIDOU (UUH 7H]SPKV\ OHZ ILLU HWWVPU[LK HZ H member of the Board of Directors of Hor^H[O +:7 3[K :OL QVPULK [OL JVTWHU` PU 1\UL HUK PZ YLZWVUZPISL MVY [OL Ă&#x201E;YTÂťZ audit and the assurance assignments. She ZH`Z ¸0[ OHZ HS^H`Z ILLU H WYP]PSLNL [V IL H TLTILY VM [OL /VY^H[O +:7 [LHT HUK UV^ 0 HT OVUV\YLK [V have been offered the opportunity to contribute more in achievPUN P[Z NVHSZ /VY^H[O +:7 PZ H Ă&#x201E;YT [OH[ HJRUV^SLKNLZ HUK YL^HYKZ [OL JVU[YPI\[PVU VM P[Z TLTILYZ HUK [OH[ 0 ILSPL]L PZ the key to its success.â&#x20AC;?
MICHAEL ENGONOPOULOS
Michael Engonopoulos has joined the 0U]LZ[TLU[ )HURPUN KP]PZPVU VM (?0( =LU[\YLZ .YV\W HZ =PJL 7YLZPKLU[ IHZLK V\[ VM 3VUKVU /L QVPUZ (?0( HM[LY UPUL `LHYZ PU 4 ( HK]PZVY` 3L]LYHNLK -PUHUJL HUK -P_LK 0UJVTL YVSLZ PU 3VUKVU 4VYL ZWLJPĂ&#x201E;JHSS` OL TVZ[ YLJLU[S` ZLY]LK HZ :LUPVY (ZZVJPH[L PU [OL 0U]LZ[TLU[ )HURPUN KP]PZPVU VM *P[P MYVT [V (?0( PZ OLHKX\HY[LYLK PU 5PJVZPH HUK M\SS` SPJLUZLK [V WYV]PKL Ă&#x201E;UHUJPHS HK]PZVY` ZLY]PJLZ PU THU` Ă&#x201E;UHUJPHS THYRL[Z HYV\UK [OL ^VYSK
www.goldnews.com.cy | GOLD | 9
BUSINESS BRIEFING
/LNH LW )$&(%22. ,1 180%(56 (Z VM 1HU\HY` VM NSVIHS HJ[P]L -HJLIVVR \ZLYZ ^LYL ^VTLU IL[^LLU [OL HNLZ VM HUK `LHYZ HUK THSL (KKP[PVUHSS` [OL HNL NYV\W VM HUK PZ [OL ZLJVUK HNL KLTVNYHWOPJ ^P[O [OL OPNOLZ[ NSVIHS \ZLYZ ^VTLU HUK THSL â&#x20AC;¢ +HPS` HJ[P]L \ZLYZ +(<Z IPSSPVU MVY 1\UL ¶ PUJYLHZL `LHY VU `LHY â&#x20AC;¢ 4VU[OS` HJ[P]L \ZLYZ 4(<Z IPSSPVU HZ VM 1\UL ¶ PUJYLHZL `LHY VU `LHY â&#x20AC;¢ Mobile advertising revenue VM HK]LY[PZPUN YL]LU\L MVY 8 YLHJOPUN IPSSPVU â&#x20AC;¢ Total ad revenue! IPSSPVU MVY 8 VM L]LY` *`WYPV[Z VUSPUL OH]L H -HJLIVVR HJJV\U[
18%
20% :OHYL VM HJ[P]L -HJLIVVR \ZLYZ
DISTRIBUTION OF FACEBOOK USERS WORLDWIDE AS OF JANUARY 2017, BY AGE AND GENDER
94%
15%
Cypriots online have a Facebook account
10%
â&#x20AC;¢ Female â&#x20AC;¢ Male
5%
0%
NUMBER OF USERS IN MILLIONS
2 Billion
NUMBER OF MONTHLY ACTIVE FACEBOOK USERS WORLDWIDE AS OF 2ND QUARTER 2017
Monthly Active Users
(IN MILLIONS)
(Z VM 8 -HJLIVVR OHK IPSSPVU monthly active users, representing NYV^[O VM MYVT 8 0U 8 [OL U\TILY VM HJ[P]L -HJLIVVR \ZLYZ Z\YWHZZLK IPSSPVU THRPUN P[ [OL Ã&#x201E;YZ[ ZVJPHS UL[^VYR L]LY [V KV ZV (Z VM 8 [OL ZVJPHS UL[^VYR OHK billion mobile monthly active users.
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » » »
Leading countries based on number of Facebook users as of July 2017 (in millions)
(Z VM 1\S` TPSSPVU \ZLYZ PU 0UKPH ^LYL YLNPZ[LYLK VU -HJLIVVR NP]PUN P[ Ã&#x201E;YZ[ WSHJL HOLHK VM ZLJVUK YHURLK <UP[LK :[H[LZ ^P[O TPSSPVU \ZLYZ ^OPSL )YHaPS ^P[O TPSSPVU \ZLYZ JHTL [OPYK -HJLbook is the most popular social UL[^VYR ^VYSK^PKL ^P[O H NSVIHS \ZHNL WLUL[YH[PVU VM
INDIA
241
UNITED STATES
240 139
BRAZIL INDONESIA
241
69
PHILIPPINES
64
VIETNAM
TURKEY
56
UNITED KINGDOM
$1.967 8 »
million users from India
57
THAILAND
44
Rest of World Asia - Pacific Europe US & Canada
$1.037
85
MEXICO
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10 | GOLD | The Business Magazine of Cyprus
April - June 2017
(IN MILLIONS)
$4.042 $415 $623
126
$9.321
REVENUE BY USERS GEOGRAPHY
$4.501 $451 $709
$5.841 $451 $709
$9.321 $8.809 $451
$6.436 $451 $5.382 $451
$709
$709
$709
$1.085
$2.256 8 »
$709 $1.085
$1.085
$1.085
$1.085
$1.085
$2.256 $2.256
8 »
$709
$1.085
$709 $1.085
$7.011 $451
$451 $8.032 $451
$2.256
8 »
$2.256
$2.256
8 »
8 »
$2.256
8 »
8 »
$2.256
8 »
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90 | GOLD | The Business Magazine of Cyprus
MY WAY
Antonis Orthodoxou
Managing Director Orthodoxou Group of Companies Ltd
HIS DEMOCRATIC MANAGEMENT STYLE AND RECOGNITION OF THE IMPORTANCE OF HAVING THE RIGHT PEOPLE NEXT TO HIM ARE KEY COMPONENTS OF HIS OWN SUCCESS AND THAT OF THE GROUP. OTHER FACTORS INCLUDE EFFECTIVE HIRING AND TRAINING PRACTICES, REWARDS AND INCENTIVES, AND MAINTAINING EXCELLENT RELATIONSHIPS BETWEEN EMPLOYEES AND THE COMPANIES THEY WORK FOR.
“I
believe that a democratic management style is the best approach to running a team. Ideas are discussed in an open and relatively free-flowing way. Everyone has to take part in the efficient running and management of the organisation.”
“T “T he creation of a sound business organisation consisting of nine companies, five in Cyprus and four in Bulgaria, is probably my greatest professional achievement. I would also mention our cooperation with Blue Air since 2008, which has led to the airline opening a base at Larnaca Airport, which is now home to three aircraft and there are plans for more.”
here are many people I admire for their professional success but, most importantly, I admire their philosophy, their way of thinking, acting and managing that has led to that success. Such people make me to want to be as good as them and to see if their example can be applied successfully in today’s business environment and, specifically, y, in myy own organisation.”
“W
ork can be stressful but when you are doing something you love, he people you ver my you deal with the problems employ are of 21+ and have a productive day. key importance year Once I close my office to your business career, I have learned door, I spend so you need to that whatever you time with my develop them to support your business do, you cannot do it family. y. I also goals. Effective hiring and training pracalone. You need the enjoy meettices, creating employees who are motiright people by your ing up p with Antonis vated and rewarded for their hard work, side. With capable friendss or Orthodoxou obtained his and maintaining a good relationship people next to you relaxing ng HND in Tourism and Business between employees and the company and through your own with a from Bournemouth University determination, you can are essential factors in any successful (The Isle of Wight College), UK in good business.” get through anything.” 1995, while in 2010 he received a Bachebook.”” lor’s Degree in Tourism from the University of Economics in Varna, Bulgaria. he biggest mistakes that managers make are failing to take Over the last two decades, he has successquick decisions and thereby missing important opportunifully grown the business and built the ties and, on the other hand, taking quick decisions without Orthodoxou Group of Companies, studying the facts and figures properly, thus risking the financial stability and d which is currently engaged in recruitment, travel, insurance health of their business.” and other related services.
“O
“T
“T
12 | GOLD | The Business Magazine of Cyprus