For the last twenty years, French corporate giants, have trusted the development of the Cypriot economy, thus choosing the island as the place to invest. These investments have supported – and continue to do so- some of the largest projects of the island, such as the energy program and the upgrade of the country's airports, based on European standards. InBusinessNews presents the greatest investments by French companies that took place in Cyprus in recent years.
Bouygues Cyprus
Bouygues Bâtiment International holds the largest share (22%) of Hermes Airports Ltd (a consortium of nine shareholders), which took over the operation and management of Larnaca and Paphos International Airports in 2006. Bouygues Bâtiment International is the subsidiary of Bouygues Construction that has been specialising in complex construction projects around the world for more than 40 years. Present on all five continents, Bouygues Bâtiment International draws on a strong local presence with a network of well-established local offices as well as on the engineering expertise of its head office.
Egis
Egis Investment Partners S.C.A is the second largest shareholder (20%) in the Hermes Airports consortium. The company is a major international group in the construction engineering and mobility services sectors, Egis creates and operates intelligent infrastructure and buildings capable of responding to the climate emergency and addressing the major challenges of our time by helping to achieve more balanced, sustainable and resilient territorial development.
CNP Assurances
One of the biggest deals made in 2019 concerned the acquisition of 49.9% of the Cypriot insurance group CNP Cyprus by CNP Assurances. Following the share acquisition from Bank of Cyprus (€ 97.5 million), the French giant secured the entire share capital of the Cypriot insurance group (CNP CYPRIALIFE and CNP INSURANCE).
Monaco Telecom
In 2018 Monaco Telecom paid € 260 million to acquire MTN Cyprus. French billionaire Xavier Niel, founder and major shareholder of French telecommunications company Iliad SA, owns 51% of the company and the remaining 49% is held by the Principality of Monaco. Following the company's rebranding as Epic, millions were invested in upgrading the company's services and infrastructure.
Total
Total is one of the largest oil and gas companies in the world, operating in more than 130 countries. Total was granted a license for seven out of the nine blocks of f Cyprus’ exclusive economic zone. Created in 1924 to enable France to play a key role in the great oil and gas adventure, Total Group has discovered some of the most productive fields in the world. Its refineries have created increasingly sophisticated products and its extensive distribution network has rolled out an ever-expanding range of services.
CCI Nice Côte d'Azur
The Chamber of Commerce and Industry of Nice Côte d 'Azur Airport is a Fench public institution, with a share of 2% in Hermes Airports.
Source: InBusinessNews
