Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting November 13:

Port management company DP World Limassol on Wednesday announced that Limassol port saw record cruise ship calls in October 2023, welcoming 31 cruises and around 48,000 passengers to the island.

According to the announcement, this was the company’s best-ever monthly performance since taking over the operation of the cruise terminal in 2017.

The national carrier of the Kingdom of Bahrain, Gulf Air, on Wednesday announced that it has increased the number of flights to Larnaca and Athens, aiming to bolster its operations in Europe.

In a statement, Gulf Air announced plans to extend its services to and from Athens with 10 weekly flights starting December 17 and to and from Larnaca with 3 weekly flights starting December 20.

Cypriot startup accelerator ARIS, short for A Really Inspiring Space, and Frederick University this week announced that they have signed a memorandum of understanding to facilitate the growth of youth entrepreneurship and encourage knowledge exchange.

The Bank of Cyprus on Monday reported robust financial results for the nine months ending September 30, 2023, posting an after-tax profit of €349 million, combined with a strong quarterly performance, while highlighting a liquid, resilient balance sheet.

Larnaca Chamber of Commerce & Industry (Evel) president Stavros Stavrou used his speech at this year’s annual assembly to highlight the city and district of Larnaca’s substantial strides toward economic recovery.

“After decades of stagnation, Larnaca is now firmly on the path to revitalisation,” stated Stavrou.

The Finance Ministry on Thursday said that the European Commission’s autumn forecast has underlined the resilience of the Cypriot economy, along with its flexibility and adaptability to challenging economic conditions.

Cyprus Land and Building Developers Association (LBDA) president Michalis Hadjipanayiotou on Thursday lauded the local property sector’s robustness, reflected in its ability to navigate numerous challenges, while continuing to contribute to the country’s economic growth.

The Cypriot economy witnessed a growth rate of 2.5 per cent during the third quarter of 2023, compared to the same period in 2022, reflecting a higher annual increase than the 2.2 per cent reported in the second quarter of the current year.

The Cyprus Chamber of Commerce and Industry (Keve) is taking part in the European Parliament of Enterprises, an event organised every two years by the European Chambers of Commerce, along with the General Assembly of the European Chambers in Brussels, held on November 14 and 15, respectively.

Minister of Energy, Commerce, and Industry George Papanastasiou presented Cyprus as an attractive destination for technology and other innovative companies in London on Tuesday morning, emphasising the strategic advantages the country offers.

The Bank of Cyprus is set to complete its Minimum Requirement for Own Funds and Eligible Liabilities (MREL) target one year earlier than expected, signalling progress towards sustainable profitability, as announced in the bank’s financial results for the nine months ending in 2023.

Consulco Group of Companies, a leading business entity, welcomed the UK Trade Commissioner for Europe, Chris Barton CMG, for a high-profile luncheon at their headquarters in Nicosia.

The event, hosted by Consulco’s CEO Marios Hadjiroussos, brought together key figures including the British High Commissioner to Cyprus, Irfan Siddiq OBE, representatives from the Ministries of Energy and Foreign Affairs, and prominent Cypriot businesspeople.

Cyprus’ Research and Innovation Foundation (Idek) on Monday announced that the submission period for proposals in the latest call for its pre-seed programme concluded on November 3, with an impressive 134 startups vying for funding to support their initial stages of development.