Cyprus Business Now

DP World Limassol used World Tourism Day to reiterate its commitment to further bolster the country’s cruise industry and turn the Limassol port into a top cruise hub in the Eastern Mediterranean.

“The company’s vision to turn the Limassol port into a major regional cruise hub, as well as its goal to promote the sustainable growth of cruise tourism in Cyprus, is aimed at driving growth across the entire country,” DP World Limassol CEO Nawaf Abdulla said.

“Specifically, shore excursions and tours from Limassol port offer tourists the opportunity to discover the island’s beautiful but remote countryside, thereby boosting the economies of rural and mountain communities,” he added.

The DP World Limassol CEO also said that the cruise sector is on the way to recovery, despite it still not being at the level it was in 2019.

“While our numbers haven’t yet reached pre-pandemic levels, the sector’s performance has been picking up, given the circumstances. Besides, in October, we are expecting a surge in cruise ship arrivals,” he said.

“The return to cruising was quicker than expected, as cruise operators have been implementing strict health protocols on board. As such, we are cautiously optimistic for the upcoming period,” Abdulla added.

The Cyprus Banks Borrowers Protection Association (Syprodat) has asked for the cooperation of Cypriot banks with the ultimate aim being the promotion of sustainable debt restructuring, improved efficiency and the reduction of non-performing loans (NPLs).

The association advised debtors to seek help and advice as soon as they receive the Type Theta letter.

This letter notifies the debtor that they are called to repay the amount owed within a period of no less than 30 days from the date of service, while also being notified that in the event of non-payment the bank may exercise its right to sell the mortgaged property.

The Type Theta letter precedes the IA letter which informs the debtor that the mortgaged property will be auctioned off.

“It is stressed that banks need to cooperate in order to promote sustainable restructuring without time-consuming procedures, noting that foreclosures not only do not solve the problem but instead create a chain of other social and public interest problems,” the association said.

The Cyprus Stock Exchange (CSE) ended Wednesday, September 29, with losses.

The main Cyprus Stock Market Index was at 66.82 points by 12:43 during the day, reflecting a decrease of 0.62 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.92 points, representing a drop of 0.62 per cent. The total value of transactions came up to €87,715.

In terms of sub-indexes, the hotel index rose by 0.12 per cent, the alternative index increased by 0.31 per cent, while the investment firms index remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (+0.75 per cent), Hellenic Bank (-1.19 per cent), Atlantic Insurance (+1.94 per cent), Logicom (+0.63 per cent) and Bank of Cyprus Holdings (2.38 per cent).