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Cyprus Business Now: weekly wrap-up

The present stage of the Ayia Napa marina
Ayia Napa marina

Here are the top business stories in Cyprus from the week starting December 4:

National flag carrier Cyprus Airways on Wednesday announced the launch of direct flights between Larnaca and Brussels International Airport, in what is being described as a significant move to boost air connectivity between Cyprus and mainland Europe.

The Cyprus Borrowers Association (Syprodat) on Monday released a statement expressing its satisfaction with the official launch of the mortgage-to-rent scheme, which went into effect earlier this week.

The scheme has already recorded massive interest, according to statements made by state-owned asset management company Kedipes, the organisation charged with the implementation of the scheme.

Tourism revenue surged by 25 per cent in 2023 compared to the previous year, potentially marking a new record, according to Deputy Minister of Tourism Kostas Koumis.

The marinas of Ayia Napa, Rhodes, Symi and Kos announced on Monday the establishment of the Eastern Mediterranean Marinas Network (EMMN) to promote nautical tourism in the region.

“The primary goal behind this collaboration is to enhance the services provided to leisure boat owners and further develop nautical tourism across the broader Eastern Mediterranean region,” they announced after the meeting.

Outgoing Cyprus Chamber of Commerce & Industry (Keve) president Christodoulos Angastiniotis on Monday used his speech at the chamber’s annual general meeting to touch on several issues, including the Cypriot economy, regional developments, as well as the country’s international reputation.

“In order for our economy to maintain its growth rate, we must enhance the international image of our country, which has recently suffered setbacks once again,” he said.

The number of registered unemployed individuals in Cyprus decreased to 12,662 by the end of November 2023, according to a report released by the Cyprus Statistical Service (Cystat) on Tuesday.

Cyprus’ dynamic research and innovation scene had a strong showing at this year’s SLUSH 2023, an innovation-driven startup event held in the heart of Helsinki every year.

The lending interest rate for home purchases hit 4.91 per cent in October 2023, according to the Central Bank of Cyprus’ (CBC) latest Monetary and Financial Statistics report.

Cypriot firm Ask Wire, a real estate data analytics company, which has provided its services to the Cyprus government, systemic banks, insurance companies and investors, this week announced that it has secured a strategic investment from Lars Rasmussen, a prominent figure in the technology industry.

The Cyprus Committee of Financial Literacy and Education convened for the first time at the Central Bank of Cyprus (CBC) on Tuesday, December 5, according to a statement released on Wednesday.

The Cyprus Statistical Service (Cystat) released a report this week revealing a notable upturn of 6.7 per cent in industrial business activities during the first nine months of 2023, compared to the same period last year.

Cyprus witnessed a contrasting trend in construction permits during the January to September 2023 period, with a reduction in the total number of licenses issued but a significant increase in their collective value.

Central Bank of Cyprus Governor Constantinos Herodotou on Thursday addressed attendees at the 11th Banking Forum & Fintech EXPO, discussing the impact of technology on the financial sector.

Cyprus Stock Exchange (CSE) president Marinos Christodoulides recently emphasised the growing importance of Sustainable Development, Social Responsibility, and Corporate Governance in the financial sector.

The Republic of Cyprus and France are set to sign a significant agreement on Monday in Nicosia, in an effort to eradicate double taxation concerns and bolster measures against tax avoidance.

The Cyprus Chamber of Commerce and Industry (Keve), in collaboration with the Ministry of Energy, Commerce, and Industry, and the Cyprus-Austria Business Association, organised a business mission, forum, and networking reception in Vienna on December 6.

Cyberattacks against the government pose the biggest risk to the Cypriot economy, while the mass influx of migrants and deteriorating climate change conditions make up the remaining top three risks, a study by the Cyprus Economic and Competitiveness Council (Soak) revealed on Friday.

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