Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting October 23:

Cyprus witnessed a significant increase in its government debt-to-GDP ratio at the end of the second quarter of 2023, rising by 2.2 percentage points from the previous quarter, to reach 85.3 per cent, according to a report released by Eurostat on Monday.

Cypriot fintech firm Ask Wire on Monday released a report detailing the total value of the ten most expensive property sales that took place in September 2023, the result of a data-driven analysis of the domestic real estate market.

TechIsland, Cyprus’ leading tech association with over 270 members, on Monday announced the formation of a new PropTech working group.

Asset management doValue Cyprus announced on Monday that it has teamed up with Ablebook to pioneer an initiative focused on fostering inclusivity and accessibility in Cyprus.

EuroAsia Interconnector Ltd – the Cypriot company behind the mooted subsea power cable linking Greece, Israel and Cyprus – will quit the project entirely, it emerged on Monday.

Cyprus Central Bank Governor Constantinos Herodotou on Monday took part in a meeting of the House Finance Committee, during which he underlined the significant uncertainties stemming from geopolitical disruptions that affect both the Cypriot and European economies.

Numerous stakeholders from the investment sector and the local business community this week highlighted Cyprus’ remarkable progress in the field of investment capital during the 9th International Funds Summit and Expo, jointly organised by the Cyprus Investment Funds Association (CIFA) and Invest Cyprus in Limassol.

The Cyprus Securities and Exchange Commission (CySEC) this week issued a warning to board members of Cyprus Investment Firms (CIFs), reminding them of their roles and responsibility to meet all regulatory standards.

President Nikos Christodoulides this week underlined the government’s commitment to building a resilient economy, with a focus on modernity, justice, transparency, and the green and digital transition at its core.

The Central Bank of Cyprus on Wednesday announced that Gabriel Makhlouf, the governor of the Central Bank of Ireland, concluded his visit to Cyprus, after an invitation had been extended by CBC governor Constantinos Herodotou.

The total value of deposits in Cyprus witnessed a substantial increase of €87.7 million in September 2023, marking a recovery after two consecutive months of decline, according to a report released by the Central Bank of Cyprus (CBC) on Wednesday.

Invest Cyprus, the national investment promotion agency, played a prominent role in the World Investment Forum (WIF) in Abu Dhabi, an event organised by the United Nations Conference on Trade and Development (UNCTAD), according to an announcement released on Thursday.

The 36th annual conference of the International Investment Funds Association (IIFA), hosted in Cyprus from October 23 to 25, 2023, has concluded successfully, the Cyprus Investment Funds Association (CIFA) said on Thursday, noting that it reflects the island’s improved status in this particular sector.

Lending criteria for both businesses and households in Cyprus remained tight during the second quarter of 2023, reflecting the cautious approach adopted by Cypriot banks, according to a report released this week by the Central Bank of Cyprus (CBC).

Cyprus’ real estate market witnessed a record number of sales during the second quarter of 2023, reaching a level not seen in 15 years, according to a report released this week by the Central Bank of Cyprus (CBC).

The European Digital Innovation Hub in Cyprus (DiGiNN) was officially inaugurated on Wednesday at The Cyprus Institute’s premises, according to an announcement released on Thursday.

The Nicosia Tourism Board (Etap) this week announced its participation in the highly anticipated World Travel Market (WTM) London 2023 exhibition, in an effort to boost the capital’s status as an international destination.