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Cyprus Business Now: weekly wrap-up

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Here are the top business stories in Cyprus from the week starting September 25:


National flag carrier Cyprus Airways on Thursday announced a strong performance for the month of August 2023, reporting an impressive increase in passenger numbers.

According to the announcement, approximately 80,000 passengers were transported during August, marking a 71 per cent surge, compared to the same month in the previous year and a substantial 37 per cent rise compared to August 2019.

The Paphos property market has seen a surge in real estate sales, with major deals pushing the total value of transactions in excess of €190 million during the second quarter of 2023, according to a report by Cypriot firm Ask Wire

The Central Bank of Cyprus has concluded the competition for a new digital platform for customer compliance, CBC governor Constantinos Herodotou explained during an event held on Thursday evening.

The event was organised by the Cyprus Association of Cyprus Electronic Money and Payment Institutions.

Cypriot beverage maker KEO, a leading company in the field of winemaking, brewing, juice production, and bottling of natural mineral water, has released its financial results for the first half of 2022, demonstrating robust growth and performance.

According to the company’s report for the first half of 2022, KEO PLC reported a total revenue of €27.4 million for this period, marking a substantial increase of 37 per cent compared to the same period in 2021.

The Bank of Cyprus on Wednesday announced that it managed to secure five distinct awards at the World’s Best Digital Banks Awards 2023, presented by the renowned international magazine Global Finance.

The Cyprus Chamber of Commerce and Industry (Keve) on Wednesday shared the findings of a recent business study which shed light on the significant bureaucratic hurdles faced by small and medium-sized enterprises (SMEs) in Europe, within the context of the EU financial framework.

Cyprus has emerged as the leader in brain business job growth in Europe, with an impressive 62 per cent increase in the share of adults employed in such roles since 2014, according to a recent report titled “The Geography of Brain Business Jobs.”

According to the report, this growth rate is the highest across all of Europe, tied with Lithuania.

Limassol recently experienced a remarkable transformation on September 20-21 as it played host to the 6th Reflect Festival.

Drawing an impressive crowd of more than 8,000 international entrepreneurs, decision-makers, and investors, the festival marked an unprecedented global celebration of technology, innovation, and entrepreneurship.

This year’s TechIsland Summit, held in Limassol last week, examined a great deal of topics concerning the island’s business, technology, and innovation ecosystem. Among these was the pressing issue of housing for relocating technology professionals to Cyprus.

The Economic Research Centre of the University of Cyprus on Wednesday released its latest Economic Sentiment Index (ESI) for September 2023, revealing a deterioration in economic sentiment compared to August, reflecting the numerous ongoing economic challenges.

The Cypriot economy has demonstrated exceptional resilience in recent years, according to statements made by Finance Minister Makis Keravnos, while speaking at the 4th Conference on “Banking System: New Challenges and Opportunities”, held in Nicosia on Tuesday.

TechIsland, the largest technology association in Cyprus, with over 270 members, held its annual TechIsland Summit within the framework of the Reflect Festival on September 20, 2023.

According to a statement released on Tuesday, the TechIsland Summit is one of TechIsland’s key annual activities, bringing together experts from Cyprus and abroad, as well as state and private sector representatives, to share ideas and engage in constructive discussions.

Limassol port manager DP World on Tuesday released a statement saying that as part of the celebrations to mark World Tourism Day, it held a special event for passengers last week to promote sustainable practices in the maritime sector.

What is more, according to the statement, the event was held in collaboration with the Deputy Ministry of Tourism.

Cruise passengers arriving at Limassol port on September 22 on board MSC Musica and Norwegian Jade, had the opportunity to see Cypriot artist Iphigenia Papageorgiou create handmade art made from recyclable materials with her own hands.

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