The number of applications for the prestigious award already stands at 25. However, this is expected to increase as the May 16 deadline for applications approaches.

Five winning teams will each be awarded €50,000 by Sir Stelios Haji-Ioannou at a ceremony to be held on June 18 in Cyprus. The venue will be announced soon. 

Since its inception in 2009, prizes have been received by a wide variety of teams from several business sectors. In the first three years of the Award, Haji-Ioannou gave €750,000 annually in sponsorship, whilst this year the amount has been raised to €1 million and continues his promotion of business cooperation between Turkish and Greek Cypriot entrepreneurs.

Haji-Ioannou will continue to support the bicommunal awards in the future with awards of €10,000 to each winning team and has called on other organisations, companies and entrepreneurs to support this sponsorship with equal amounts of matched funding.