Nicosia’s Municipal Market to grow into centre for innovation and entrepreneurship

The modernization project is a key piece of the Cypriot capital’s vision for the future

The Municipality of Nicosia is proceeding with the upgrades and restoration of the building of the Municipal Market of the old City Hall, located in the city centre, within the city walls next to the green line. Upon the work’s completion, the site will function as a pole for the development and promotion of entrepreneurship and technology research and innovation industries in Cyprus.

Rapid progress in changing times

Once modernisation and upgrade works are complete the building will host the operations of the Center for Excellence in Research and Innovation CYENS (formerly RISE) and is part of the priorities of the strategy of the Municipality of Nicosia for Integrated Sustainable Urban Development to promote research, innovation and entrepreneurship.

In the facilities of the Agora building, in addition to the workshops and application demonstration countries, common workplaces, seminar space, multimedia studios, fabrication lab, electronic standards space, etc. will be hosted.

CYENS (formerly RISE) is already operating in the historic centre of the city and next month is expected to move its operations to the renovated Entrepreneurship and Innovation Hub in City Hall Square where more than 100 people will be accommodated.

The Agora (Old Town Hall) building and the Entrepreneurship and Innovation Node will be the core of the "Creative Business District" project that is already being implemented and which is expected to give impetus to the development of a competitive and extroverted knowledge economy as a regional hub of creativity, technological progress and business innovation, with benefits that will be extended throughout Cyprus.

The project of the restoration of the Municipal Market building of the old City Hall, priced at nearly 5 million euros, will be co-financed by the European Regional Development Fund, the Republic of Cyprus and the Municipality of Nicosia, during the programming period 2014 - 2020.