Arabsat is one of the eight international companies/organizations to be honored during this year’s 7th annual CIPA International Investment Awards ceremony, which has taken place at the Presidential Palace in Nicosia, Cyprus on Tuesday, June 19, 2018.

The annual awards, from the Cyprus Investment Promotion Agency (CIPA), honour international investors, individuals and companies in recognition of their substantial contribution to the Cyprus economy. Since 2012, a total of 54 CIPA International Investment Awards have been given to companies, organisations and individuals as a tribute and a “thank you” for helping Cyprus to gain a reputation for excellence as an International Business Centre. They include organisations that have invested directly in Cyprus and created a value-added element for the economy, or established operations and provided employment in Cyprus, or provided services to international investors and helped to attract other foreign investors in Cyprus.

Arabsat has been chosen for this prestigious award due to its acquisition in 2013 of Hellas Sat, the owner and wholesaler of capacity and services of the Greek and Cypriot Hellas Sat satellites, for more than €200 million, and its subsequent multi-million euro investment plan for new satellites and infrastructure in Greece and Cyprus.

The award was handed by the President of Cyprus to Mr. Khalid Balkheyour, President and CEO of Arabsat who stated the following: “ARABSAT accepts with great honour the CIPA award and came to Cyprus to stay for a long time. The business environment and the strategic geographic position of Cyprus are the main factors for our successful operations. Since Hellas Sat became member of ARABSAT group we expanded our operations with the launch of HS3 satellite and the procurement HS4 which is expected to be launch at the end of 2018.”