Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting March 4:
Recently, consulting and advisory firm PwC Cyprus hosted a significant event to present its annual report on the Cypriot real estate market for 2023. The event, entitled “Evolving landscape and the need for new policies and reforms,” was held at PwC’s Experience Centre in Nicosia on Thursday, February 29, 2024. This presentation provided vital insights into the sector’s performance over the past year, indicating the dynamic changes and the necessity for strategic adjustments in policies and reforms to foster sustainable growth.
Additionally, the 15th Informatics Day witnessed successful participation from students across Middle and High Schools, Private Education, and Technical School sectors from Famagusta, Larnaca, Limassol, and Nicosia. Organised by the Department of Computer Science at the University of Cyprus on February 24, 2024, this event was a collaborative effort with the Cyprus Ministry of Education, Sport, and Youth, and the Cyprus Computer Society (CCS). It underscored the commitment towards enhancing educational opportunities and fostering a strong partnership aimed at educational growth in the informatics domain.
Moreover, the Central Bank of Cyprus introduced a new directive this week concerning the central registry of information for issuers of bounced cheques. According to a Cyprus News Agency report, while the core provisions of the “Directive on the Central Registry of Information for Issuers of Bounced Cheques 2024” remain unchanged, certain procedural and clarity enhancements have been implemented. This move aims to refine existing procedures and improve the efficiency of managing financial transactions involving bounced cheques.
Furthermore, the Platres’ Forest Park Hotel sale to forex and CFD brokerage firm XM marks a significant development in the local hospitality sector. The deal, exceeding €10 million, paves the way for a major €15 million renovation plan aimed at elevating the hotel to standards reminiscent of Swiss resorts, particularly those like the iconic St. Moritz. This acquisition, confirmed by Panayiotis Papadopoulos, emphasises the potential for high-quality hospitality ventures in Cyprus and the interest of international firms in investing in the island’s tourism infrastructure.
Additionally, the state-owned asset management company Kedipes reported its highest annual inflows since its establishment in 2018, with revenues amounting to €440.8 million as of December 31, 2023. This achievement reflects the effective management strategies and operational efficiency contributing to the company’s financial performance, indicating a positive trajectory in asset management within Cyprus.
Moreover, as the summer season approaches, Hermes Airports anticipates a bustling period ahead, with over 3,000 workers currently employed daily within the airport facilities. This number is expected to rise to accommodate more than 5,000 employees, highlighting the airports’ preparedness to service over 8 million passengers from April to October. This preparation signifies the importance of the tourism sector to the Cypriot economy and the efforts to ensure smooth operations during the peak season.
Furthermore, the Cyprus Statistical Service reported a 13.8 per cent decrease in the number of registered unemployed individuals in February 2024 compared to the same month in 2023. This positive trend underscores the improving employment landscape in Cyprus and reflects the government’s and private sector’s effective strategies in fostering job creation and economic stability.
Moreover, the inclusion of two Cypriot companies in the Financial Times’ list of the 1,000 fastest-growing European businesses exemplifies the innovative spirit and growth potential within the Cypriot business sector. Theon International and Intergo Telecom’s achievements in the aerospace, defence, media, and telecommunications sectors, respectively, highlight Cyprus’ capacity to nurture high-growth companies and contribute to the European economic landscape.
In addition, the 7th Annual Capital Link Cyprus Shipping Forum, supported by Hellenic Bank, provided optimistic insights into the global and Cypriot shipping industry. Despite the challenges faced by the international economy, the forum outlined the resilience and opportunities within the maritime sector, emphasising the strategic importance of Cyprus as a maritime hub.
Moreover, the Great Britain-Cyprus Business Association conference focused on Larnaca’s potential as a key investment destination, proposing the city as an emerging powerhouse in Cyprus. This initiative aims to attract both local and international investors, showcasing Larnaca’s strategic advantages and its potential to follow in the footsteps of Limassol and Paphos as a focal point for investment.
Furthermore, the Cyprus Computer Society announced the launch of the Future Startup Founders programme, an initiative under the Erasmus+ EU co-funded Femme Forward project. This programme aims to empower aspiring female entrepreneurs in the tech startup landscape, offering comprehensive online schooling to equip them with essential skills and knowledge for success. This initiative reflects the broader efforts to foster innovation and support women in the technology sector.
Moreover, the importance of trademark registration in the digital age cannot be overstated, particularly for small businesses and emerging entrepreneurs. Yanna Raevskaya of Prospectacy Ltd emphasises the proactive step of registering trademarks early to build a resilient and legally protected business identity. This strategic act is crucial for safeguarding brand identity, fostering brand recognition, and establishing a legal foundation for business expansion.
Additionally, Cyprus’ flagship technology event, the Reflect Festival, is set to return to Limassol with new features and a brand-new location. This event underscores the island’s commitment to innovation and technology, offering a platform for networking, learning, and showcasing the latest technological advancements.
Furthermore, the Cyprus Chamber of Commerce & Industry (Keve) announced a seminar on “Managing Diversity and Conflict Negotiation,” demonstrating a proactive approach to supporting its members in navigating the complexities of diversity management and conflict resolution. This initiative is part of Keve’s broader efforts to provide valuable resources and training to its members, fostering a more inclusive and effective business community.
Moreover, Cyprus’ Deputy Minister of Tourism expressed optimism about the German tourist market, despite challenges in the aviation sector and the economic climate in Germany. This optimism follows the ministry’s participation at the ITB Berlin tourism exhibition, indicating confidence in the resilience of Cyprus’ tourism sector and its appeal to international markets.
Furthermore, the upcoming TEDxMolos event in Limassol aims to inspire change and celebrate local legends, demonstrating the power of ideas and the impact of community leaders in fostering positive change. This event highlights the role of TEDx talks in bringing together thinkers, innovators, and change-makers to share their insights and inspirations.
Additionally, the Cyprus Registry’s 60th anniversary celebration highlights its journey towards becoming a key player in global shipping through a strategy focused on responsible and sustainable growth. This milestone reflects the strong ties between the Greek and Cypriot maritime sectors and the collaborative efforts to enhance the Cypriot shipping network.
Moreover, Eurobank Cyprus reported a significant increase in its after-tax profit for the year 2023, showcasing the bank’s resilient trajectory and its contribution to the Cypriot economy and entrepreneurship. These results highlight the effectiveness of the bank’s management strategies and its role in supporting economic growth.
Furthermore, PwC Cyprus shared two studies on International Women’s Day 2024, focusing on the slow global progress in achieving gender parity in the workplace. These studies underscore the importance of workplace inclusion as a key factor in driving women’s development and advancement, reflecting PwC’s commitment to fostering a more equitable and inclusive work environment.
Lastly, Cyprus’ ranking in terms of the best EU countries for women’s career progression serves as a reminder of the ongoing challenges in achieving gender parity.Cyprus has been ranked at a lowly 37th place in terms of the best EU Countries for women’s career progression, according to a study conducted by analysts at Claims.co.uk. The study, which leveraged gender gap data sourced from the World Economic Forum (WEF), gave Cyprus an index score of 26.94, enough to see it beat just 9 of the 46 European countries under review.