Cyprus Business Now

The Construction Material Price Index in Cyprus experienced a slight annual decline in September, marking its first yearly decrease in nearly three years, particularly since November 2020.

According to data from the Cyprus Statistical Service (Cystat), the Construction Material Price Index for September 2023 reached 134.47 units (base year 2015=100), reflecting a 0.33 per cent reduction compared to the previous month.

In comparison with the corresponding month of the previous year, the index recorded a marginal decrease of 0.06 per cent.

Breaking down the index into primary product categories, there were increases in minerals (14.19 per cent), mineral products (6.51 per cent), and wood, insulation, chemicals, and plastics products (0.75 per cent).

In contrast, metal products witnessed a 9.30 per cent decrease, and electro-mechanical items reported a marginal 0.09 per cent decline.

For the period spanning January to September 2023, the index showed a 3.88 per cent increase compared to the same period in 2022.

The monthly Construction Material Price Index serves as an indicator of the cost of materials affecting contractors in the field.

The Eastern Mediterranean Conference & Exhibition (EMC) 2023, a premier international event focusing on energy, is set to take place from November 28th to 30th, 2023, under the auspices of the Ministry of Energy, Commerce, and Industry of Cyprus, with support from the Cyprus Hydrocarbons Company (EUC).

The Cyprus Chamber of Commerce and Industry (Keve) is an Official Partner of EMC 2023 and will host a hybrid Business Matchmaking Event in collaboration with the Enterprise Europe Network Cyprus. This event aims to bring together local and international companies involved in various aspects of the energy sector.

The primary objective of the Business Matchmaking Event is to facilitate pre-arranged meetings (B2B) between Cyprus-based and overseas companies, providing a platform to establish new business connections, present their work, explore opportunities for business, technology, or research partnerships, and gain insights into emerging technologies and solutions.

This event is open to a wide range of participants, including businesses, startups, research institutions, universities, local authorities, and other organisations engaged in the following sectors:

• Expanding Natural Gas & LNG Markets
• Oil and Gas operators / E&P
• Supply of Valves / Actuators / Pump / Piping
• Renewables / Solar / Wind Hybrid / Hydrogen
• Health / Safety / Environment (HSE)
• Marine Equipment
• Drilling and Completion
• Automation
• Power supply
• Transportation / Logistics

The meetings, each lasting 20 minutes, will be held both in person at a dedicated area of the EMC 2023 exhibition and remotely, online. To gain free access to the exhibition area, pre-registration is required.

Interested parties must register on a specialised platform and create their business profile by November 17, 2023. Registration is free.

Profiles will be reviewed by EEN Cyprus to verify the details of the legal and natural persons.

Participant profiles will be made available on the platform for potential partners to search for and arrange meetings.

Prior to the event, each participant will receive their personalised meeting schedule.

For additional information or inquiries, interested parties can contact EEN Cyprus via phone at 22889752 or 22889769, or through email at [email protected].

The EMC 2023 and its associated Business Matchmaking Event are expected to be instrumental in promoting collaboration and innovation within the energy sector and fostering international partnerships in the Eastern Mediterranean region.

The Cyprus Stock Exchange (CSE) ended Friday, October 20 with losses.

The general Cyprus Stock Market Index was at 127.47 points at 12:50 during the day, reflecting a decrease of 0.75 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 77.26 points, representing a drop of 0.78 per cent.

The total value of transactions came up to €173,434.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 1.1 per cent, 0.55 per cent and 5.84 per cent respectively. The hotel index remained unchanged from the previous day.

The biggest investment interest was attracted by the Cyprus Cement Company (-0.79 per cent), Demetra (-6.06 per cent), KEO (-3.03 per cent), Salamis Tours (-1.09 per cent), and the Bank of Cyprus (no change).