Cyprus Business Now: Weekly Wrap-Up
Last week was bustling with activity in the Cypriot business sphere, ushering in significant developments and initiatives that mark the country’s ongoing commitment to growth, innovation, and global engagement. Here’s a recap of the top stories that shaped the business landscape in Cyprus.
Travel and Tech Innovations
Starting with the travel sector, former Cyprus Airways CEO, Paul Sies, has embarked on a new journey as president and chief executive officer at Journey Mentor. This UK-based travel-tech company specializes in providing comprehensive white-label services to the travel ecosystem, focusing on small and medium-sized enterprises.
Meanwhile, the Travel Expo Cyprus 2024, hosted by the Association of Cyprus Travel and Tourism Agents (ACTA), kicked off, signaling a vibrant start to the tourist season. The expo boasted participation from 45 exhibitors and was inaugurated by distinguished guests, highlighting the optimism surrounding Cyprus’ tourist sector.
Maritime Conservation Initiatives
On the environmental front, Cyprus hosted the inaugural Commonwealth Ocean Ministers Meeting, where a commitment to protect the oceans was reinforced. Participants agreed on advancing ocean protection initiatives and expect to adopt a Commonwealth Ocean Declaration at the upcoming Commonwealth Heads of Government Meeting in Samoa.
Academic and Technological Achievements
In academia, Cyprus showcased its talent on the global stage with students from Neapolis University of Paphos participating in the final round of the prestigious ICPC competition in Luxor, Egypt. This achievement highlights Cyprus’ burgeoning talent in the fields of technology and programming.
Further enriching Cyprus’ tech landscape, the Reflect Festival is set to return to Limassol, promising to connect, inspire, and empower participants through its ReflectX program designed for startups.
Energy and Economic Development
The Ministry of Energy revealed a €17 million grant scheme funded by the European Union’s Recovery and Resilience Plan, aimed at enhancing energy efficiency and competitiveness amongst large businesses.
In the financial sector, the Bank of Cyprus and Hellenic Bank have made significant moves, with the former launching €300 million in green senior preferred notes and the latter entering negotiations for a major acquisition, signaling positive momentum in Cyprus’ banking and insurance industries.
Property and Market Dynamics
The property market, however, presents a mixed picture, according to Michalis Tsangarides of Delfi Partners. With Nicosia experiencing growth, Larnaca showing stagnation, and other areas facing declines, the sector is poised for a challenging year.
Corporate Success and Stock Market Update
In corporate news, Keo reported a significant uptick in turnover and profits for fiscal year 2023, underscoring the beverage company’s competitive strength. Additionally, the Cyprus Stock Exchange announced the acceptance of government bonds to the market, aiming to enhance the island’s financial infrastructure and attract investment.
National Vision and Social Initiatives
President Nikos Christodoulides expressed his vision for Cyprus to become a premier global destination for living, working, and doing business by 2035. Emphasizing resilience amidst global uncertainties, his leadership seeks to position Cyprus strategically on the world stage.
In a significant move towards fostering inclusivity, the “Hate Trackers Beyond Borders” app was launched by the Hope For Children CRC Policy Centre. This innovative tool empowers young individuals to combat hate speech online, reinforcing Cyprus’ commitment to creating a more inclusive society.
Last week’s developments in Cyprus reflect a vibrant and dynamic business landscape, poised for growth and innovation. As the country navigates through challenges and opportunities, its business sector continues to evolve, setting the stage for a promising future.
