Cyprus Business Now

Startups4Peace (Su4P), an EU-funded innovative entrepreneurship project backed by the Finnish embassy, announced on Monday the launch of its programme for 2022.

The programme is delivered in partnership with the CYENS Centre of Excellence, the Cyprus Chamber of Commerce and Industry (Keve), as well as the Turkish Cypriot Chamber of Commerce.

“The programme aims to encourage innovative entrepreneurs with new business ideas and intercommunal vision in Cyprus to come together, work in partnership and develop closer contacts between Greek Cypriot and Turkish Cypriot communities,” the project organisers said in a statement,

Successful applicants will be supported and helped to develop and test-market their business ideas after going through a series of boot camps and a pitching battle.

The ultimate prize for the three winning teams will be their participation at SLUSH, the world’s leading start-up exhibition in Helsinki, Finland, scheduled to take place in November of this year.

The call for applications will be open between July 4 and August 19, 2022.

Detailed information on criteria and guidelines, as well as the application form, can be found at https://www.startups4peace.eu.

Applications must be submitted via [email protected] by 19 August 2022.

The Cyprus Investment Funds Association (CIFA) stated that the growth of Cyprus’ investment fund sector has significantly exceeded the European average, something which “demonstrates the dynamics and strengths of the specific sector in Cyprus”.

Cyprus’ alternative investment funds sector saw its net assets grow by 61.5 per cent year-on-year, reaching €7.2 billion in 2021, according to the ‘Fact Book 2022 – Trends in European Investment Funds’.

Moreover, the total net assets of alternative investment funds in Europe amounted to €8 trillion, reflecting an increase of 12 per cent year-on-year in 2021.

The fact book is published by the European Funds and Asset Management Association (EFAMA), the leading publication for investment funds in Europe.

In addition, the publication once again listed Cyprus as a centre for cross-border investment funds, in line with traditional financial services centres, such as Ireland and Luxembourg, citing the fact that more than 45 per cent of the funds based in Cyprus were held abroad.

“This trend reveals that foreign Investment Funds entrust Cyprus and consider it a reliable destination for the management of their funds”, CIFA president Andreas Yiasemides explained.

“The effort for the further recognition of Cyprus by international markets continues and we are optimistic that the course of gradual and sustainable development will be fortified, contributing to the diversification of the professional services provision model and the Cypriot economy at large,” he added.

The Cyprus Stock Exchange (CSE) ended Monday, July 25 with losses.

The general Cyprus Stock Market Index was at 67.01 points at 12:43 during the day, reflecting a drop of 0.28 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.10 points, which represents a decrease of 0.3 per cent.

The total value of transactions came up to €175,295.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.71 per cent and 3.87 per cent respectively.

The alternative index rose by 0.3 per cent, while the hotel index remained stable.

The biggest investment interest was attracted by the Cyprus Cement Company (+0.81 per cent), Blue Island (-2.22 per cent), Logicom (+0.57 per cent), Demetra Holdings (-4.15 per cent) and Vassiliko Cement Works (no change).