20 Years of Hermes Airports: Strengthening Connectivity and Economic Impact in Cyprus

Spring 2026 marks 20 years since the signing of the concession agreement between the Republic of Cyprus and Hermes Airports for the management of the international airports of Larnaka and Pafos, an agreement that ushered in a new era for the travel experience and for Cypriot tourism, leaving a strong imprint on the country’s broader economy.

Widely regarded as one of Europe’s most successful public-private partnerships, the agreement enabled the delivery of two modern airports in Larnaka and Pafos, supported by an investment exceeding €640 million and recognized as the “Best Transport Project in Europe” by World Finance in 2013.

Over the past two decades, Hermes Airports — a consortium of private companies including Vantage Group — has strengthened Cyprus’s connectivity across Europe and the Middle East, even amidst global aviation disruptions. Passenger traffic has nearly doubled—from 6.7 million in 2006 to 13.7 million in 2025—helping establish tourism as a key economic pillar contributing approximately 14% to the country’s GDP.

Phase Two expansion projects are currently underway at both airports, backed by a €170 million investment fully funded by Hermes Airports. These upgrades will increase capacity and enhance the passenger experience to support long-term demand.

Airport operations have also delivered significant economic value, with more than €715 million in concession revenues generated for Cyprus 20 years and €789.4 million in total direct and indirect contributions in 2025 alone. We are proud of Hermes Airports and the contributions of Vantage network colleagues to this airport success story.

Read the full media release Visit our Larnaka and Pafos International Airports Location Profile