Here are the top business stories in Cyprus from the week starting July 17:

Tourist arrivals in Cyprus experienced a significant increase of 22.7 per cent in June 2023 compared to the same period last year, although they remained 10.6 per cent lower than the record-breaking arrivals recorded in June 2018.

According to a report released on Monday by the state’s statistical service, tourist arrivals for the period of January to June 2023 reached 1,613,690, marking a 32.1 per cent increase compared to the corresponding period in 2022, which recorded 1,221,382 arrivals.

New York City played host to the Economist’s annual Eastern Mediterranean Business Summit on July 10, with PwC Cyprus serving as the platinum sponsor, according to an announcement released by the firm on Monday.

Research spending in Cyprus remained at a low level of 0.83 per cent of Gross Domestic Product (GDP) in 2021, despite a significant 8 per cent increase compared to 2020, according to the latest report from the state’s statistical service.

Fitch Ratings on Monday released a new report stating that the stable quality of Cypriot banks’ assets in the second half of 2023 will be supported by positive prospects for the Cypriot economy, as well as improved control over Non-Performing Loans (NPLs) inflows.

The fifty most valuable real estate transactions in the Cypriot property market during the month of June brought in a combined €79 million, according to a report released on Tuesday by Cypriot fintech Ask Wire.

Freedom Finance Europe, the European division of Freedom Holding Corp., has signed an exclusive partnership agreement with the football team FC Krasava at its new headquarters in Cyprus, according to an announcement released on Tuesday.

With this move, the announcement explained, the football team marks the beginning of a new strategic alliance in its fresh start. As part of this collaboration, the team’s commercial brand will also change to “FC Krasava – Freedom24”.

The total amount of Non-Performing Loans (NPLs) in the Cypriot banking system reached €2.19 billion in April, with the NPL ratio against total loans remaining unchanged at 9 per cent.

According to data released on Tuesday by the Central Bank of Cyprus (CBC), the total value of NPLs amounted to €2.19 billion in April, compared to €2.2 billion in the previous month.

The Cabinet gave its approval on Wednesday to an agreement aimed at preventing double taxation and tackling tax evasion related to income taxes.

Cypriot Finance Minister Makis Keravnos on Wednesday stated that the economy is on a solid path, with the government closely monitoring developments to ensure its sustained progress in the coming years.

The harmonised inflation rate in Cyprus experienced a significant decline in June 2023 compared to the same period last year, reaching its lowest level in nearly two years, according to a report from the state’s statistical service released on Wednesday.

Cyprus-based investor and entrepreneur Alexey Gubarev this week confirmed that he has recently sold Servers.com, a provider of bare metal services with customers and data centres across North America, Western Europe, and Asia.

The acquirer is CloudOne Digital, a parent company that manages a portfolio of cloud-based solutions tailored to the needs of online businesses.

Under the overarching theme of Transparency, the 4th Cyprus Forum is set to take place this year, organised by the non-governmental organisation Oxygono, in collaboration with the Delphi Economic Forum.

The event is scheduled for September 29 and 30 in Nicosia, and once again falls under the auspices of the presidency of the Republic of Cyprus.

The ECB this week released the latest version of its Household Finance and Consumption Survey (HFCS) report, providing insight into the financial state of households in Cyprus and the Eurozone, particularly in terms of the impact caused by the Covid-19 pandemic.

The survey, conducted in 2021, collected data from over 80,000 households across Eurozone countries, including Cyprus.

A scheme for the installation of PV hybrid systems for residential units will be rolled out likely in September, the energy minister said Thursday, explaining that anyone can apply for it.

The recent appraisal well drilled at the Aphrodite reservoir appears to confirm previous estimates on the amount of recoverable gas there, the government said on Tuesday.

“The data looks positive. The drill confirms Chevron’s prior estimates of 4.2 trillion cubic feet of natural gas in place, with possibly a slight increase in that number,” Energy Minister George Papanastasiou told the state broadcaster.

EuroAsia Interconnector signed a record-breaking subsea cable deal with Nexans on Wednesday, however, the positive development was overshadowed by Energy Minister George Papanastasiou confirming rumours that the project’s costs had jumped 23 per cent.

The project is now slated to cost €1.97 billion, up from the initial €1.57bn, due to the increase in the cost of raw materials, Papanastasiou said.