Founded in 2017, GEM Capital has established a global presence, with offices in Paphos, Cyprus, and Dubai, UAE. Their portfolio spans over 25 projects across Europe, the US, and Israel, valued at more than $150 million.
The company specialises in gaming and tech investments and is a member of TechIsland, Cyprus’ largest non-profit technology association.
Roman Gurskiy elaborated on their transition from Ernst & Young (EY) to GEM Capital, highlighting their shift from managerial roles focused on financial advisory and consulting to venture capital.
Meanwhile, Kirill Gurskiy discussed GEM Capital’s investment philosophy, emphasising their focus on the leadership and team behind potential investments.
The updated statement aims to enhance the protection and respect for the personal data of individuals, effective from May 25 under GDPR.
The privacy statement pertains specifically to the processing of personal data of natural persons falling into three categories.
These include customers or potential customers of the Bank; representatives of customers or potential customers; and beneficiaries of legal entities of customers or potential customers.
Short-term rental properties, a market dominated by online platform Airbnb, have been lambasted by both the Cyprus Real Estate Agents Registration Council and the Association of Cyprus Tourist Enterprises (Stek), among other entities.
Kotzias said that “short-term rentals cater to the modern tourist who increasingly seeks this type of accommodation”.
He argued that these rentals are not in direct competition with hotels and should not be seen as such, advocating for a common regulatory framework that ensures fair competition without stifling the market.
Moreover, Kotzias highlighted the significant economic contributions of short-term rentals, saying that “short-term rentals create new jobs, generate direct and indirect revenue for the state, attract international investors, and provide local investors with a safe and profitable investment option”.
“Cyprus being ranked among Europe’s Strong Innovators for the third consecutive year shows that we are on the right track,” said Damianou at the foundation’s ‘Bash 2024’ gathering.
In an official announcement, the foundation highlighted that the event allowed more than 70 representatives from the Cyprus research and innovation ecosystem, including start-ups, investors, and business organisations, to network, collaborate, and exchange ideas.
According to the announcement, the company’s comprehensive report was prepared according to the Global Reporting Initiative (GRI) Standards 2021, as well as the Sustainability Accounting Standards Board’s (SASB) oil and gas-midstream standards.
Moreover, the document outlined the group’s contributions to the United Nations Sustainable Development Goals (UN SDGs).
The report consolidates data and information from all subsidiary companies within the group.
This includes Island Petroleum Limited, Island Oil Limited, NavTech Supplies Ltd, Petronav Ship Management Limited, Petronav Maritime Limited, Danaos Systems (Cyprus) Ltd, and E.J. Papadakis Ltd.
The announcement also noted that this consolidation is based on the annually audited financial statements.
The Cyprus Stock Exchange (CSE) ended Monday, July 15 with losses.
The general Cyprus Stock Market Index was at 163.54 points at 12:46 during the day, reflecting a decrease of 0.29 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 99.46 points, representing a drop of 0.30 per cent.
The total value of transactions came up to €196,963, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.31 per cent, 0.49 per cent and 1.65 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by Hellenic Bank (+0.77 per cent), the Bank of Cyprus (-0.24 per cent), the Cyprus Cement Company (-1.23 per cent), Demetra (-1.69 per cent), and K+G Complex (-5 per cent).
