The Cyprus University of Technology (CUT) is awaiting the position of the Department of Town Planning regarding the allocation of plots in the Verengaria area, as part of plans to establish an Innovation and Research Centre in collaboration with the Cyprus Association of Research and Innovation Enterprises (CARIE), based on a relevant memorandum that has been signed.
The Rector of the Cyprus University of Technology, Professor Panayiotis Zaphiris, stated to “Entrepreneurial Limassol” that CUT considers the allocation of the plots as a given; however, official approval has not yet been received. As he explained, the land belongs to the Ministry of Education and essentially involves a change of use, so that instead of school facilities it will be utilized by the university.
According to Mr. Zaphiris, the goal of establishing the Innovation and Research Centre is to enable the co-existence and collaboration of companies with the university. He also mentioned that there is a letter from the Municipality of Polemidia stating that it does not wish the area to be used for schools, as originally planned. At the same time, a letter from the President of CARIE, Tasos Kounoudes, has been sent to the relevant ministries, receiving a positive response, among others, from the Minister of Interior.
However, as Mr. Zaphiris noted, the Department of Town Planning set as a prerequisite that it must first express its position on the issue of the plots before the project proceeds.
The Rector also recalled that the university has agreed with Cyprus Scientific and Technical Chamber (ETEK) to launch architectural competitions for the spatial planning of both the Verengaria area and the second pole, at the old Limassol General Hospital. The planning of Verengaria already includes space for the Innovation and Research Centre, while the master plan will define the guidelines for the area’s development.
Mr. Zaphiris further stated that a meeting of the Advisory Committee is expected soon, with the participation of CUT, CARIE and the former Deputy Minister of Research, Innovation and Digital Policy, Kyriakos Kokkinos among others, aiming to determine the next steps. He described the current situation as “neither particularly positive nor negative.”
Referring to international practices, he noted that university delegations have visited technology parks in Germany and China, which operate within universities. “They form part of the universities and combine the presence of large, established companies with the support of startups and students,” he said, adding that this model aligns closely with CUT’s objectives.
Particular emphasis was also placed on the concentration of specialized equipment in a single location. As he explained, equipment is currently scattered across many buildings, making it difficult for third parties to utilize. In contrast, the new centre will allow companies to use it for a fee, strengthening collaboration with the university and the commercial exploitation of research.
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Meanwhile, the bid submitted by a consortium of Cypriot and foreign companies from the Kingdom of Saudi Arabia, the Hashemite Kingdom of Jordan and the United Arab Emirates remains under evaluation, as part of the tender process to identify a strategic investor for the Science and Technology Park in Pentakomo, according to a response from the Ministry of Energy, Commerce and Industry to a relevant inquiry by “Entrepreneurial Limassol.”
The Ministry announced on 2 February 2026 that substantial progress had been recorded in the project, with the completion of the tender submission process on 28 January 2026 and the expression of international investment interest.
As noted, the bid comes from a consortium active in the fields of education, technology and construction, confirming the project’s international appeal.
Following previous unsuccessful attempts, the Government proceeded with a revision of the incentive framework, incorporating market feedback and following public consultation, thereby creating more attractive conditions for the project’s implementation.
According to the Ministry, the strategic objective remains the development of a high value-added project that will strengthen the country’s innovation ecosystem, create quality jobs and enhance the competitiveness of the Cypriot economy.
