The project converting Nicosia's Old Municipal Market into a Research and Innovation Center, which currently houses the permanent headquarters of the CYENS Centre of Excellence, was selected among Europe's top 25 Cohesion Policy projects for 2026.

As stated in an announcement by the Directorate General for Growth of the Ministry of Finance, the project, implemented under the "THALIA 2021-2027" Cohesion Policy Programme with co-financing from the European Union, the Republic of Cyprus, and the Municipality of Nicosia, advanced to the final stage of the REGIOSTARS Awards 2026.

Officially named "CYENS Hub Nicosia," it is one of 25 projects chosen by the jury out of 274 applications across Europe and competes in the category "A Competitive and Smart Europe."

The finalists will present their projects to the jury and public on October 13, 2026, during the European Week of Regions and Cities in Brussels. The winners of the five categories, along with the winner of the Public Choice Award, will be announced on October 14.

"This qualification represents significant European recognition for a project that combines the preservation of architectural heritage with urban revitalization, research, innovation, and entrepreneurship," the announcement notes.

"The selection of a Cypriot project among Europe's top 25 co-financed projects is a major distinction for Cyprus and highlights the contribution of Cohesion Policy to growth, innovation, and the sustainable revitalization of our cities," stated the Director of Development at the Directorate General for Growth of the Ministry of Finance, Anthi Philippidou.

"This recognition confirms the importance of the 'THALIA 2021-2027' Programme, through which European and national resources are combined to finance projects with long-term value for the country and its citizens," she adds.

As reported, with an investment of €7.8 million, Nicosia's Old Municipal Market was transformed from a historical landmark of the walled city into a modern ecosystem for research, innovation, and entrepreneurship. The restoration preserved the historic character of the iconic building while integrating modern architectural and operational specifications meeting the needs of an international research and innovation center.

Today, the building hosts core functions of the CYENS Centre of Excellence, featuring research laboratories, co-working spaces, seminar rooms, multimedia studios, application demonstration and testing areas, as well as specialized infrastructure supporting research, technological development, and the creation of innovative enterprises.

The project is integrated into the Integrated Spatial Development Strategy for Nicosia's urban area and serves as a prime example of how European Union Cohesion Policy investments can link cultural heritage protection with innovation, economic growth, and sustainable urban revitalization.

According to the announcement, the investment was not limited to restoring a historic building. It strengthened Cyprus's research and innovation ecosystem, supported the development of CYENS's activities, and created new opportunities for collaboration among researchers, universities, businesses, creators, and society.

Concurrently, it contributes to job creation, attracting businesses, researchers, and visitors, upgrading the urban environment, and generating synergies with other projects and stakeholders within walled Nicosia.

CYENS forms the core of Nicosia Municipality's "Creative Businesses Quarter" initiative, which "contributes decisively to the revitalization of the walled city and the promotion of the capital as a regional hub for creativity, technological development, and entrepreneurship," it is noted.

The CYENS Centre of Excellence is a joint venture involving the University of Cyprus, the Cyprus University of Technology, the Open University of Cyprus, University College London (UCL), and the Max Planck Institute. Specializing in interactive media, smart systems, and emerging technologies, it operates in cutting-edge fields such as artificial intelligence, cultural technology, and user experience, serving as a meeting point for research, entrepreneurship, and society.

Source: ink.com