Cyprus Business Now

Greenspan Projects, a creative design and build specialist, on Wednesday, announced that it has been appointed to work on City of Dreams Mediterranean, a major project which will create one of the largest integrated destination resorts in the Mediterranean region.

City of Dreams Mediterranean will be Europe’s first integrated resort, created for Melco Resorts & Entertainment, and will include a fourteen-storey luxury hotel with 500 guest rooms and suites.

It will also feature over 8,000 square metres of space, an outdoor amphitheatre, a family adventure park, and a variety of dining outlets and luxury retail.

Greenspan Projects said it “is thrilled to work with Melco Resorts on this historic project by constructing its biggest adventure attraction to date”.

Moreover, the company said that it will support the company’s goal to improve Cyprus’ tourism offering, which aims to bring in thousands of new tourists each year and will aid the destination to buck seasonality tendencies, establishing the island as an all-year-round travel hotspot.

“Creating a variety of unique adrenaline-fuelled leisure attractions for our clients is always such an exciting prospect for us,” Greenspan Projects commercial director Charlie Edwards said.

“Working with Melco on this has been a genuine pleasure; their passion for bringing this world-class development to life has invigorated the Greenspan team even further and there has been palpable synergy,” he added.

“We cannot wait to finally unveil the adventures we have created together to the world,” Edwards concluded.

Cyprus’ retail trade enjoyed an increase of 10.9 per cent in terns of overall value, and 6.5 per cent in terms of volume, in March 2023, compared to the same month of the previous year, according to a report released this week by the Cyprus Statistical Service (Cystat).

The largest increase in the Retail Trade Cycle Value Index in March 2023, compared to March 2022, was observed in the category of textiles, clothing, and footwear, with a rise of 24.6 per cent.

In addition, a notable increase was also recorded in the category containing computers, telecommunications equipment, curtains, carpets, books, stationery, sports equipment, toys, flowers, plants, watches, and jewellery, which grew by 16.2 per cent overall.

Conversely, there was a decrease of 3.9 per cent year-on-year, in terms of overall value, in the retail trade of vehicle fuels in specialised stores.

During the same month, in the Retail Trade Turnover Index, the largest increase was recorded in textiles, clothing, and footwear, with a rise of 22.1 per cent.

Moreover, computers and telecommunications equipment, curtains, carpets, books, stationery, sports equipment, games, flowers, plants, watches, and jewellery also saw an increase of 13.9 per cent.

In terms of volume, there was a 2 per cent decrease in the retail trade of vehicle fuels sold by specialised stores.

Finally, in the period between January and March of 2023, the largest increase in value and volume occurred in textiles, clothing and footwear with 23.9 per cent and 22.2 per cent respectively, both compared to the same period in 2022.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 3 with losses.

The general Cyprus Stock Market Index was at 106.84 points at 12:52 during the day, reflecting a decrease of 0.45 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.63 points, representing a drop of 0.45 per cent.

The total value of transactions came up to €77,147.

In terms of the sub-indexes, the main, investment firm and hotel indexes fell by 0.77 per cent, 1.83 per cent and 0.18 per cent respectively, while the alternative index rose by 0.19 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.82 per cent), Hellenic Bank (+0.28 per cent), Demetra Holdings (-3.85 per cent), Logicom (no change), and Vassiliko Cement Works Public Company (no change).