Cyprus Business Now

Association of Large Developments president and Cyprus Chamber of Commerce (Keve) vice president Andreas Demetriades on Tuesday asked that the government quickly proceeds with the launch of an international tender for the construction of a marina and a cruise ship centre in Paphos, provided that both are deemed economically viable.

Demetriades stated that experts have completed a technical and economic study for both the construction of the marina and the cruise ship reception centre Paphos’ Potima area.

A relevant study has been submitted to the Ministry of Tourism and other competent departments of the State and we expect, as he said, that,

“We expect that the state acts quickly, having previously committed that by the completion of the study, the government would be ready to hold an international tender for the construction of the marina or the cruise ship centre, considering that it was judged that both are economically viable,” Demetriades said, noting that the relevant study has been submitted to the Deputy Ministry of Tourism.

“We expect from the state that in a short period of time that it will indeed hold an international tender for the construction and operation of the marina or the cruise ship attraction centre at the same time,” he added.

Demetriades also stated that the Paphos Chamber of Commerce and Industry began promoting the construction and operation of a marina in Paphos in 1990, while the state launched the first tender in 1995.

Cypriot fintech WiRE FS chairman Pavlos Loizou on Tuesday said the issue of rising inflation, stagnating economies and higher interest rates come at a crucial time for Cyprus, particularly in terms of the real estate market.

Loizou noted that since the start of the year more than 14,000 Ukrainians have arrived in Cyprus, along with thousands of Belarussians and Russians, while many Lebanese have also relocated to Cyprus over the past few years.

“Real estate rents have started increasing and office space is becoming scarcer,” Loizou noted, noting that there are many questions around Cyprus’ ability to handle this, especially in terms of infrastructure and salaries, with the issue of inflation-linked salaries being a particular concern.

“With more affluent individuals moving to Cyprus, the momentum for change – already underway – will accelerate,” Loizou added, noting that “it’s important to navigate this environment by embracing change, rather than trying to fight against it”.

Government employment increased by 2.3 per cent year-on-year in March, with the increase being attributed to the rise in temporary staff, according to a report by the Cyprus Statistical Service released on Tuesday.

Government employment in March 2022 increased by 1,237 people (2.3 per cent) compared to the corresponding month of 2021 and reached 53,881 people overall.

The number of permanent staff decreased by 652 people or 2.4 per cent, from 26,730 to 26,078 people.

Moreover, the number of temporary staff increased by 1,893 people or 10.7 per cent, reaching 19,524, compared to 17,631 people in March 2021.

Compared to March 2021, there was an increase in all categories of staff, meaning public service (0.1 per cent), public education (7.2 per cent) and security forces (1.4 per cent).

However, there was a decrease in the permanent staff in all three categories, with the largest being observed in public service staff, with the reduction reaching 3 per cent.

Conversely, there was an increase in temporary staff in all three categories, with the staff in public education showing the largest change, increasing by 23.4 per cent.

The number of hourly staff remained stable when compared to March 2021.

Compared to February 2022, there was an increase in public service staff (0.2 per cent) and public education (1.3 per cent), while there was a drop in the security forces staff (-0.3 per cent).

In addition, there was a decrease in permanent staff in all three categories, with the largest being observed in public service staff (-0.3 per cent).

In terms of temporary staff, there was an increase in the public service employees (1 per cent) and public education (3.2 per cent).

Conversely, there was a decrease in the temporary security forces staff with a reduction of 0.4 per cent.

Finally, the hourly wage was reduced by 0.2 per cent compared to February 2022.

The Cyprus Stock Exchange (CSE) ended Tuesday, April 12 with marginal profits.

The main Cyprus Stock Market Index was at 67.44 points at 12:43 during the day, reflecting a rise of 0.34 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.56 points, which represents an increase of 0.37 per cent.

The total value of transactions came up to €79,831.

In terms of the sub-indexes, the main, hotel and investment firm indexes rose by 0.87 per cent, 0.15 per cent and 3.91 per cent respectively.

Conversely, the alternative index fell by 0.22 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works (+0.71 per cent), Logicom (+0.51 per cent), CCC Tourist Enterprises (+8.33 per cent), Frou-Frou Biscuits (-9.09 per cent), and the Bank of Cyprus (-0.65 per cent).