Cyprus Business Now

Cyprus-based Multimarine Services Ltd this week announced that it has marked a significant achievement with the successful construction of a floating electrical hub, heralding the island’s entrance into the offshore renewable energy sector.

According to the announcement, the project, known as the Floating Electrical Hub (FEH), has been realised for the EOLMED Offshore Wind Farm Project in France. This marks Cyprus’ maiden foray into such a venture, as the FEH will be installed off the coast of Port La Nouvelle.

The company said that the meticulous construction process was completed within specified timelines and adhered to strict safety protocols at Multimarine’s facilities in the Limassol port.

The EOLMED Offshore Wind Farm Project entails the creation and operation of 30 MW floating offshore wind turbines situated at a depth of 59 to 90 metres, approximately 15 kilometres from the Gruissan coastline in France.

EOLMED is a collaborative effort featuring major players specialized in Renewable Energy Sources (RES) including Qair, Total, BW Ideol, and MHI Vestas.

The Floating Electrical Hub (FEH) itself takes the form of an unmotorised buoy and functions as an electrical hub, collecting electricity generated by the floating offshore wind turbines and facilitating its transfer to the coast.

What is more, the announcement explained that this multimillion-euro investment further cements Cyprus’ status as a rising player in the energy sector.

Finally, the company said that the move showcases a strong vote of confidence in a company that has been headquartered in Cyprus for over two decades, offering specialised services in the Shipping and Energy sectors.

The Association of Cyprus Tourist Enterprises (Stek) recently released a statement in which it underlined that it has been advocating for the establishment of a dedicated Tourist Police Force for many years, with broad-ranging responsibilities.

According to the statement, these responsibilities would include combating illegal activities, verifying the legitimacy of tourism businesses, addressing the issue of noise pollution – especially during the peak summer season – and generally improving law enforcement for the safety of all.

“For instance, the recent surge in accidents involving four-wheeled motorcycles, which has once again shown a significant increase during the tourist season, demands swift resolution,” the association said, noting that “beyond the critical safety concerns this raises, it also tarnishes the image of the country internationally”.

Citing its own information and sources, Stek said that “the municipality of Ayia Napa has sent a letter to the Ministry of Transport requesting a ban on the movement of these vehicles between 9 PM and 6 AM, however, as of now, no response has been received”.

“While heightened policing in affected areas has alleviated the problem in recent weeks, more permanent solutions are unquestionably needed,” Stek stated.

Additionally, Stek emphasised that any decisions taken should involve the Deputy Ministry of Tourism, given that this matter is intricately linked to the country’s tourism product.

“Our ongoing plea is for prompt and effective action in response to any phenomenon that brings about negative repercussions, impacting not only our tourism product but also the lives and safety of both tourists and locals,” Stek said.

“Therefore, the creation of a specialized Tourist Police Force remains a fundamental proposition for Stek, a recommendation that has been repeatedly conveyed to all relevant ministers and bodies, unfortunately without gaining sufficient traction,” it added.

What is more, Stek said that Cyprus is “obliged to put in a more substantial effort towards the qualitative enhancement of our tourism product”, noting that this objective cannot be achieved while persistently sweeping long-standing issues under the rug, allowing them to dangerously escalate.

“Instances such as the four-wheeled motorcycles, noise pollution, inadequate infrastructure, scams, and numerous others necessitate proactive solutions,” Stek concluded.

The Cyprus Stock Exchange (CSE) ended Friday, August 25 with profits.

The general Cyprus Stock Market Index was at 133.63 points at 12:28 during the day, reflecting an increase of 0.29 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 81.13 points, representing a rise of 0.30 per cent.

The total value of transactions came up to €44,596.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes all rose, increasing by 0.44 per cent, 0.15 per cent, 1.3 per cent and 1.15 per cent respectively.

The biggest investment interest was attracted by Hellenic Bank (no change), Demetra Holdings (+1.35 per cent), Salamis Tours (+0.53 per cent), Alkis H. Hadjikyriacos (+0.75 per cent) and Logicom (+0.69 per cent).