Message from the
CEO of PwC Cyprus
Today’s business landscape is being reshaped rapidly by significant technological, economic, and geopolitical changes. As this year’s PwC CEO Survey shows, the organisations that continue to perform and grow are those that act with clarity, urgency and ambition - investing in the capabilities that will define the future, while remaining resilient in the face of uncertainty.
One of the clearest messages from this year’s survey findings, is that Artificial Intelligence can no longer be a pilot initiative or a technology project. Isolated, tactical AI efforts will not deliver sustained value.
Meaningful returns are achieved when AI is deployed at enterprise scale and aligned with overall business strategy. This requires strong foundations: building the right learning mindset and AI adoption - oriented culture, modern and adaptable technology environments, clearly defined AI road maps and, robust Responsible AI and risk frameworks. The real transformation begins when AI is treated, as a core enterprise capability that reshapes how value is created and delivered. Traditional industry lines are blurring, with technology and AI redefining competition and collaboration. CEOs report exploring new sectors, benefiting from higher revenues, stronger margins, and greater growth confidence. Globally, over half of CEOs plan to invest, with heightened interest in the US and India.
These trends are particularly relevant for Cyprus, where sustained efforts have been made to attract investment from both the US and India, and where the country increasingly serves as a strategic base and hub for international companies seeking to expand into new markets, including India.
In Cyprus, CEO optimism is rising, with stong confidence in the growth prospects of the Cyprus economy and their own business. Yet, concerns remain about their ability to keep pace with rapid technological changes, including AI, securing key skills and the impact from geopolitical tensions. This year’s PwC CEO Survey underscores a clear imperative: the organisations that will succeed will be those that build strong foundations, for AI adoption, invest in innovation and learning, move decisively beyond their traditional boundaries, and act with confidence to turn disruption into opportunity.
Philippos Soseilos
CEO & Chairman
PwC Cyprus
The Opportunity Horizon: AI, Innovation and New Value Pools
Key concerns
When we asked CEOs to pick up the question that concerns them most these days, there was a clear winner: are we transforming our business fast enough to keep up with technology, including AI?
CEOs across Eurozone and around the world are aligning with Cyprus’ business leaders, questioning if their companies are adapting quickly enough. Following this, they are increasingly prioritising innovation as a key component of their business strategy.
Almost half of CEOs in Cyprus (43%) are concerned about whether they are transforming their businesses quickly enough to keep up with the scale and speed of technological change, including AI. A further 31% question whether they are doing enough to ensure their company’s medium - to long-term viability and another 31% worry that a geopolitical event beyond their control could cause major disruption.
They also wonder: if such an event occurs, can their company really be prepared?
Challenges and potential risks
Each year, it’s fascinating to explore the challenges and potential risks that CEOs in Cyprus and beyond anticipate facing in the coming 12 months. This part of the survey is particularly revealing, as these risks are closely linked to economic conditions and the geopolitical environment. It is insightful to see how CEOs view their companies - and their own roles - within this context.
For CEOs in Cyprus, the top concern is the availability of key skills, with 43% viewing this as a threat over the coming year. Geopolitical conflicts (30%), technological disruption (22%) and Cyber risks (21%) follow, differing from Eurozone and Global CEOs, who place cyber risks and macroeconomic volatility as the top risks.
Artificial Intelligence
This year’s Global CEO Survey shows that most companies are still in the early stages of realising financial gains from AI.
Globally, 29% of CEOs report revenue increases from AI and 26% report cost reductions, while more than half have yet to see a measurable financial impact.
In the Eurozone, the figures are lower: 13% of CEOs say AI has boosted their company’s revenues and 21% report reduced costs.
These findings reinforce that real value from AI comes not from isolated investments, but from sustained commitment to foundational enablers such as AI adoption-oriented culture, skills, data and technology. Without deliberate investment in these areas, AI initiatives are unlikely to translate into measurable financial impact.
In Cyprus, 22% of CEOs have seen revenue growth from AI initiatives over the past year and another 22% have experienced cost reductions. However, 69% report little or no change in revenues, and 60% say the impact on costs has been minimal or nonexistent.
The disparity in outcomes suggests that while AI holds promise, its implementation and integration into business processes require careful consideration and strategic planning. It’s not just about adopting technology; it’s about aligning it with business goals and ensuring that teams are equipped adequate skills and right tools to harness its full potential.
At PwC, we believe in the power of AI to transform businesses. But transformation doesn’t happen overnight. It requires a commitment to innovation, a willingness to adapt, and a focus on building capabilities that drive sustainable results. The journey towards AI-driven success is one of collaboration and continuous learning. By sharing insights and experiences, we can collectively navigate the challenges and seize the opportunities that AI presents.
Now’s the time to rethink how we work and to embrace the possibilities that lie ahead.
Globalization in motion: When asked which countries excluding the one in which they are based, will receive the greatest proportion of their company’s overall investment over the next 12 months, 39% of Eurozone CEOs and 35% of CEOs Globally identify the United States as the leading destination. India also emerges as a key market Globally, recording a notable increase compared to the previous year.
At the same time, CEOs in Cyprus plan to direct most of their upcoming investments to Greece 51% (up from 40% last year), followed by the United Kingdom 34% (up from 26%) and the United States 20%, with the UAE falling to fourth place.
Disruption is the new normal, and CEOs must decide how best to navigate it.
The Road to Reinvention: Climate Action, Innovation and Trust
What’s more, 35% of CEOs say innovation is central to their company’s business strategy, while 34% say they rapidly test new ideas with customers or end-users. CEOs in Eurozone and Globally share similar views to those in Cyprus, but place even greater emphasis on collaborating with external partners to accelerate innovation.
When asked about specific practices that support innovation, we see a gap between aspiration and reality. Only one in five CEOs agree to a large or very large extent that their company tolerates high-risk innovation projects and even less (9%) that they have routine processes in place to stop underperforming research and development projects; or they have a defined innovation centre, incubator, or corporate venturing division. The figures are considerably higher in Eurozone and Globally.
Compete on trust
Stakeholder trust has never been easier to lose, Cyberattacks, Unpredictable geopolitics, Rising expectations for transparency. Then there’s AI, a cause for excitement and anxiety in equal measure among investors, customers, and employees.
In our latest Global Workforce Hopes and Fears Survey, more than a quarter of employees said they were worried about AI’s impact on their work. A single misstep on any of these issues can precipitate a cascade of stakeholder concerns with damaging consequences for trust and value.
CEOs in Cyprus say their company experienced trust concerns to a large and very large extent in the last year on topics such as increased scrutiny of leadership decisions (13%), greater transparency (10%), and the AI safety and responsible AI (9%). In Eurozone (14%) and Global (16%), the most frequent concern involved questions around data use and privacy.
Resist the tyranny of the urgent
As a CEO, how you invest your time is one of the most important decisions you can make, especially when it comes to dividing your attention between issues that will play out over the short, medium, and long term. CEOs in Cyprus say that, on average, they dedicate more than half (54%) of their time to activities with time horizons of less than one year. They spend more than a third (33%) of their time on activities with horizons of one to five years, with the remainder (13%) devoted to longer-term issues.
Conclusion
The 15th PwC Cyprus CEO Survey reflects a business community that is optimistic yet vigilant, innovative yet pragmatic.
CEOs in Cyprus recognise the transformative potential of AI, the strategic importance of climate‑aligned investments, and the necessity of building organisational resilience in the face of Global uncertainty.
While challenges around workforce skills, technological readiness, and geopolitical tensions continue to shape the operating environment, Cypriot leaders remain committed to reinvention and long‑term value creation.
Building strong foundations, fostering a learning mindset, and embedding an AI‑ready culture will be critical to turning AI ambition into lasting value.
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15th Annual PwC Cyprus CEO Survey
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