Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting July 10:

Invest Cyprus, the national investment promotion agency, on Friday released a statement expressing its support for a recent decision to fast-track strategic investments on the island.

On Thursday, the House passed a law that fast-tracks ‘strategic investments’ and regulates licensing procedures and timeframes.

The Cyprus Securities and Exchange Commission (CySEC) on Friday announced that it has reached a settlement with a licensed broker for market abuse violations.

The Cyprus Shipping Chamber (CSC) this week released a statement welcoming the decisions taken at the 80th meeting of the Marine Environment Protection Committee (MEPC80) regarding the revised Greenhouse Gas Reduction Strategy for ships, aiming to achieve carbon neutrality by around 2050.

The value of properties sold in Cyprus during the second quarter of 2023 reached €1.52 billion, with the market showing signs of being impacted by the increase in interest rates, soaring inflation, and the elevated cost of construction materials.

According to a report released this week by the Cyprus Real Estate Agents Registration Council, properties worth €1.7 billion had been sold in each of the previous two quarters.

National investment promotion agency, commonly known as Invest Cyprus, on Thursday, announced that its vice chairman Spyros Vassiliou presented Cyprus’ investment attraction strategy at The Economist conference in New York.

Cypriot startup Revolutionary Labs recently held a special ceremony to commemorate the successful conclusion of the mediSKIN entrepreneurship innovation project.

According to an announcement, the event, which was held at the ASBIS High-tech Cluster conference facilities, served as a remarkable testament to the fusion of compassion and innovation within collaborative efforts.

Cyprus’ trade deficit grew by €824 million in the first half of 2023, compared to the same period last year, reaching €3.73 billion, primarily due to a significant increase of 19.8 per cent in imports.

According to the state’s statistical service, the trade deficit for January-May 2023 amounted to €3.73 billion, compared to €2.9 billion during the corresponding period in 2022.

Total beer deliveries in Cyprus experienced a significant decline of 16.9 per cent in June 2023, compared to June 2022, according to data released by the Statistical Service on Wednesday.

However, the increase in beer exports somewhat mitigated the decrease in overall beer deliveries.

Kinx Gaming, an esports organisation headquartered in Nicosia, Cyprus, played a significant role in the successful launch of the AAA first-person shooter game, Atomic Heart.

The game was developed by Mundfish Studios, based in Paphos, Cyprus, with other studios located globally.

City of Dreams Mediterranean, Europe’s first integrated casino resort, officially opened its doors this week, with high hopes that it would usher in a new era for tourism.

The development is an investment exceeding €600 million, undertaken by the Integrated Casino Resorts Cyprus Consortium (ICR), comprising of Melco Resorts & Entertainment and the Cyprus Phassouri (Zakaki) Limited (member of the CNS Group).

The President of the Paphos Hoteliers’ Association Evripides Loizides this week expressed satisfaction with the outlook of the tourism sector in Paphos, saying that hotel occupancy rates in the district are expected to exceed 80 per cent.

During an interview with the Cyprus News Agency (CNA), Loizides described March as a particularly positive month compared to the same period in 2022.

National investment promotion agency Invest Cyprus on Monday announced that in the context of a forum taking place this week, it has joined forces with the ANIMA Network to launch a new platform, designed to support innovation and the green transition.