About Us

Sapienta Economics Ltd is an economic consultancy based in the Republic of Cyprus. The company produces analysis primarily on Cyprus for prestigious international and local clients. We are committed to independent analysis and have no ties to any government or political party, either in Cyprus or abroad. Our monthly flagship Sapienta Country Analysis Cyprus is now available as an optional extra on Bloomberg terminals. Clients include more than a dozen embassies, big four accounting firms, oil and gas majors, banks, fund managers, large foreign direct investors and others.

The company’s director, Fiona Mullen @FionaMullenCY, has been providing economic analysis and research to an international audience for over 20 years. She was the Cyprus contributor for the Economist Intelligence Unit (EIU) in 2001-15 and has served as the economy adviser to the UN's Special Adviser to the Secretary-General on Cyprus (the UN good offices mission) from April 2008 until February 2016, and again since late 2017, advising on the economic aspects of a settlement of the Cyprus problem including property-related issues.

Mullen is the author of several publications on the economy of Cyprus. Prior to living in Cyprus Mullen was Director of the flagship Country Reports and Country Profiles at the EIU and Senior Europe Analyst. She was the Senior Analyst from 2002 until 2006 at the Financial Mirror, Cyprus’ only financial newspaper.

Fiona Mullen has also produced in-depth economic analysis on a wide range of Middle Eastern and North African countries.

In 2009 Fiona Mullen was awarded the first Stelios Award for Business Cooperation in Cyprus together with her Greek Cypriot and Turkish Cypriot associates, Praxoula Antoniadou Kyriacou and Ozlem Oguz for their research into quantifying the commercial opportunities of a solution to the Cyprus problem (see publications). The team became known as "The Three Ladies".  

In 2017 she co-founded Facilitas Advisory, a media communications and government relations advisory firm.

Media interviews

Fiona Mullen has been frequently interviewed on the Cyprus economy, including by The Economist, the Financial Times, Le Monde, Der Spiegel, ThomsonReuters, the Wall Street Journal, Al-Jazeera, BBC World TV, BBC Radio 4, BBC Radio 5 Live, CNN and DukasCopy TV among others. Fiona Mullen comments regularly on economic matters in the Cypriot press and in October 2008 was invited to write a guest column in the Financial Times. For the (subscription-only) article on FT.com click here.


  • The Cyprus Peace Dividend Revisited: A Productivity and Sectoral Approach, by Fiona Mullen, Alexander Apostolides and Mustafa Besim, PRIO May 2014, To download, click here.
  • The Cyprus hydrocarbons issue: context, positions and future scenarios, by Ayla Gürel, Fiona Mullen and Harry Tzimitras, PRIO, February 2013. To download,click here.
  • Professional services: Driving jobs and growth in Cyprus, by Fiona Mullen and Marina Theodotou, PwC Cyprus, December 2012. To download the English version, click here. To download the Greek version, click here.
  • Cyprus: An Island in Europe, by James Ker-Lindsay, Hubert Faustmann and Fiona Mullen (eds), I.B. Tauris, May 2011. To purchase from the publisher, click here.
  • The day after III: The Cyprus dividend for Turkey and Greece, by Ozlem Oguz-Cilsal, Praxoula Antoniadou-Kyriacou and Fiona Mullen, PRIO, July 2010. To download, right-click here.
  • Displacement in Cyprus: Consequences of Civil and Military Strife, Report 6, “Property in the Cyprus Peace Process”, Proceedings of the PCC–CEPS Conference, 20–21May 2010 (Brussels) by Fiona Mullen (ed) https://sapientaeconomics.com/?attachment_id=474
  • 'Cyprus in the Global Financial Crisis', by Fiona Mullen and Mustafa Besim, South European Society and Politics, Vol 14, No. 1, March 2009. To purchase from the publisher, click here.
  • The day after II: Reconstructing a reunited Cyprus, by Praxoula Antoniadou-Kyriacou, Ozlem Oguz and Fiona Mullen, PRIO Cyprus Centre, January 2009. To download, click here.
  • Intra-island trade in Cyprus: Obstacles, oppositions and psychological barriers, by Mete Hatay, Fiona Mullen and Julia Kalimeri, PRIO, December 2008. To download, click here.
  • The day after: Commercial opportunities following a solution to the Cyprus problem, by Fiona Mullen, Praxoula Antoniadou-Kyriacou and Ozlem Oguz, PRIO, January 2008. To download the English version, click here, Greek version  click here, Turkish version click here.
  • Economic Perspectives in Cyprus: the Path Towards Reunification by Fiona Mullen (ed), PRIO, 2007. To download click here.
  • The Property Regime in a Cyprus Settlement, By Stelios Platis, Stelios Orphanides and Fiona Mullen, PRIO, 2006. To download, click here.
  • Doing Business with the Republic of Cyprus (Economy chapter), Kogan Page 2004
  • Middle East and North Africa 2009 and earlier years (author of Cyprus economy chapters), Routledge 2008