Cyprus Business Now

The Cyprus Hoteliers Association has presented a plan detailing how the sector can recover in Cyprus.

“Hoteliers remain focused on achieving the ambitious objectives that have been set despite the adverse conditions brought upon by the pandemic,” association president Charis Loizides said in a statement.

“The implementation of the national strategy on tourism with 2030 as the finish line continues to guide every aspect of our actions,” Loizides added.\

Costa Nostrum, in collaboration with the Cyprus Chamber of Commerce, the European Union Development Fund and Interreg Meditteranean, has launched a crowdfunding campaign to choose which beach in Cyprus will become a sustainable beach.

The company implements the private certification standard “Certification Standard for Sustainable Management and Development of the Mediterranean Beaches – Costa Nostrum Sustainable Beaches”, which along with improving conditions for locals also helps boost tourism.

“After the successful certification of beaches throughout Crete, it is now Cyprus’ turn,” Costa Nostrum managing director Vasileios Zisimopoulos said.

“We especially want to thank the Cyprus Chamber of Commerce for the opportunity it has given us,” Zisimopoulos added.

Themis Portfolio Management has said that the reduction in non-performing loans goes hand in hand with the increased interest from foreign investors who wish to become involved in viable businesses in Cyprus.

The company, which was founded to manage a portion of the non-performing loans in the Bank of Cyprus’ portfolio to the tune of €2.2 billion approximately, said that it is important to view each case individually so that the affected business achieves sustainability.

“In recent years, there has been a concerted effort by the island’s financial institutions to reduce Non-Performing Loans (NPLs) through various means, including the sale of portfolios,” the company said.

“This was combined with the increased interest of foreign investors, to invest in opportunities that will allow them to have a secure economic future on the island,” the company added.

Neo Plaza, a mall-like complex of buildings, is gearing up for completion with the aim of officially opening in September of this year.

The Nicosia-based ‘all day destination’ project, which includes retail stores, activities and restaurants, will cover an area spanning 55,000 square metres and will host 45 businesses in total.

The Open University of Cyprus is participating in a new research project called ‘Immersive Technologies for Education’.

The programme, which is being directed by German university Technische Hochschule Köln, has received funding from the European Union’s Erasmus+ initiative to the tune of €450,000.

“The programme’s aim is to boost collaboration in the fields of education, game design and informatics, for the utilisation of new technologies in the field of Natural Sciences, Technology, Engineering, Arts and Mathematics (Science, Technology, Engineering, Arts, Mathematics – STEAM),” the university said.