Tech outlook in Cyprus in 2024

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Tech outlook in Cyprus in 2024

In recent years, Cyprus has cultivated a thriving tech eco-system, positioning itself as a strong innovator, with a commitment to driving competitiveness and strategic service delivery. The country’s ICT sector is said to have contributed €3bn+ to the Cypriot economy in 2022, constituting 13% of the country’s GDP—a substantial leap from 7% in 2019 and 8.5% in 2020. Notably, €1bn is reportedly attributed to the influx of international firms and specialised human talent to Cyprus, a trend accelerated by the conflict in Ukraine.

In 2023, we observed Cyprus make remarkable progress in the technology sector. Fuelling this growth was the emergence of tech start-ups and digital enterprises, supported by government initiatives and organisations like TechIsland, Cyprus’ largest tech association, designed to attract high-calibre tech corporations worldwide. With over 270 member companies, TechIsland aims to enhance the tech industry’s operating environment, unite diverse stakeholders, and promote sustainable growth, contributing significantly to the country’s economic prosperity through tech.
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Resistance is agile – Euro Elite firms adapt to survive amid global turbulence

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Resistance is agile – Euro Elite firms adapt to survive amid global turbulence

Last year, our annual Euro Elite survey of 100 leading independent firms across more than 40 jurisdictions found partners in a positive mindset but nervous about the potentially bleak outlook for 2023. Those fears had some foundation.

Key market players – both new and old – said that the continent’s law firms would be remiss to forget that geopolitical conflict, the energy market crisis, the tightening of monetary policy and economic contraction loomed around the corner. The subsequent belt-tightening and inertia in the European deals market over the past 12 months has shown this has come to pass. Firms generally are quieter in terms of major corporate mandates and have a larger headcount than the boom year of 2021. This has inevitably taken its toll. Continue reading “Resistance is agile – Euro Elite firms adapt to survive amid global turbulence”

Breaking barriers: Garrigues tops €450m revenue in milestone for Euro Elite firms

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Breaking barriers: Garrigues tops €450m revenue in milestone for Euro Elite firms

Spanish leader Garrigues has continued its pacesetting reputation among the Euro Elite firms by becoming the first in the group to break the €450m turnover barrier.

The results, announced on Tuesday (20 February) continue a decade-long purple patch for the firm, with a 2.5% revenue increase on last year to €454.3m marking a banner year. Continue reading “Breaking barriers: Garrigues tops €450m revenue in milestone for Euro Elite firms”

The road to recovery – how Türkiye’s law firms are pulling through

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The road to recovery – how Türkiye’s law firms are pulling through

Following the devastating earthquakes that rocked Türkiye and Syria in February 2023, rescue, recovery and rehabilitation remain some of the dominant topics of conversation among the Turkish legal community.

The tragedy resulted in the deaths of more than 55,000 people across the two countries, with more than 17 million estimated to have been affected in some way. Inevitably this has meant that a large swathe of the legal fraternity has been directly impacted on a personal level, with many family and friends affected, but law firms have more than risen to the challenge and made themselves available to aid in the recovery. Continue reading “The road to recovery – how Türkiye’s law firms are pulling through”

Sponsored briefing: Mitigating the risks of the current economic climate

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Sponsored briefing: Mitigating the risks of the current economic climate

Oktay Şener, managing partner of Aksan Law Firm, examines how his team has reacted to the changing Turkish legal market

How are the recent economic problems, including the currency crash and inflation, affecting your firm?

Experiencing difficulties is quite normal in the current economic climate and unfortunately, we also witness the reflections of this issue among our clients. However, our country’s economic history and past have accustomed us to such ups and downs. At Aksan, in line with the precautions we have taken after Covid, we have been discussing, contemplating and implementing measures related to this situation for a while now.
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Sponsored briefing: The increasing number of enforcement and bankruptcy cases in Türkiye in recent years

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Sponsored briefing: The increasing number of enforcement and bankruptcy cases in Türkiye in recent years

Using statistical data, Egemenoğlu Hukuk Bürosu reflects upon bankruptcy in Türkiye, and looks to the effective measures available for present businesses

In recent years, the liquidity shortage in the markets, the unexpectedly high increase in raw material costs, the sudden fluctuations in exchange rates and the problems arising from the deterioration of the supply and demand balance have caused serious economic difficulties for citizens and companies in our country. As a result of this situation, many companies are struggling under the financial burden of debt. As a result of deteriorating cash flows and financial structures, companies are experiencing difficulty in paying their debts, and are subsequently encountering enforcement proceedings, and even the risk of bankruptcy. Recent negative progress in the economy has also led to an increase in the number of execution and bankruptcy files. Continue reading “Sponsored briefing: The increasing number of enforcement and bankruptcy cases in Türkiye in recent years”

Sponsored briefing: Legal nature of representations and warranties in share transfer agreements

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Sponsored briefing: Legal nature of representations and warranties in share transfer agreements

Evrim Uygur Yamaner and İrem Özbay of Gled Partners consider seller liability in providing representations and warranties when transferring shares

In merger and acquisition (M&A) share transfer agreements, it is common to include statements and representations assuring that there are no encumbrances on the shares and that the company was properly established, legally compliant and possesses required permits and licences.
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Sponsored briefing: The licensing process in the Turkish electricity generation market

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Sponsored briefing: The licensing process in the Turkish electricity generation market

Dr Ata Torun of Hansu Attorney Partnership provides an overview of the procedure for gaining a licence to generate electricity in Türkiye

General overview of the Turkish electricity market

The energy sector in Türkiye continues to develop in accordance with decarbonisation objectives driven by national and international dynamics. In this context, the number of generation facilities based on renewable energy sources has increased significantly in recent years. Most recently, Türkiye’s National Energy Plan announced in 2023 aims to increase clean energy and energy efficiency within the scope of sustainability. In addition to the integration of renewable energy resources into the electricity system, investments in the energy sector have gained significant momentum with recent regulations on the storage of generated electricity. Continue reading “Sponsored briefing: The licensing process in the Turkish electricity generation market”