Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting December 18:

Tourist arrivals in Cyprus between January and November 2023 reached 3,722,022 visitors, reflecting a notable increase of 20.4 per cent when compared to the same period in 2022, according to a report released on Monday by the state’s statistical service.

These figures mark a significant surge in the island’s tourism industry, coming close to the annual record of 3,976,777 set in 2019, before the pandemic disrupted the global travel industry.

The Central Bank of Cyprus (CBC) on Monday released a report delving into the country’s financial stability in 2022, as well as its preliminary estimates for the current year, noting that the Gross Domestic Product (GDP) growth rate is expected to reach 2.4 per cent in 2023, while inflation is expected to stand at 3.9 per cent.

National investment promotion agency Invest Cyprus on Monday released a statement reaffirming its commitment to cross-border education by fostering collaborations between tertiary education institutions in the United Kingdom and Cyprus.

The Cyprus Securities and Exchange Commission (CySEC) on Tuesday announced the conclusion of a groundbreaking event, conducted in collaboration with the NGO Citizens in Power and the Chartered Financial Analyst (CFA) Society Cyprus, aimed at promoting financial literacy.

State-owned asset management company Kedipes on Tuesday announced the signing of an agreement with the Bank of Cyprus (BoC) for the sale of a portfolio of serviced and up-to-date restructured loans, with a total gross accounting value as of December 31, 2022, amounting to €58.4 million.

The harmonised index of consumer prices in Cyprus recorded a year-on-year rate of 2.4 per cent in November 2023, marking a slowdown compared to the rate of 3.6 per cent observed in October 2023, according to a report released on Tuesday by the state’s statistical service.

The Cyprus Stock Exchange (CSE) on Wednesday announced the initiation of a consultation process by the Ministry of Finance regarding the proposed bill for the privatisation of the exchange.

Cyprus-headquartered Exness, the world’s largest online retail broker and one of the island’s most renowned employers, has just celebrated its 15th anniversary with a week-long series of grand events, according to an announcement released on Wednesday.

The Cabinet of Ministers on Wednesday approved the National Maritime Spatial Plan, in what is being described as a decisive move that aims for the holistic development of Cyprus’ shipping sector.

Cypriot company Davion Healthcare Plc, a leading medical device manufacturer, has announced that it has entered into an agreement with the Bank of New York Mellon, a renowned financial institution, to launch an American depositary receipts programme (ADR).

The European Commission’s latest report on Cyprus’ economic and financial outlook for Autumn 2023 has outlined a series of projections and assessments, painting a nuanced picture of the country’s post-pandemic recovery trajectory.

Aegean Airlines and Cyprus Airways on Thursday announced that they have signed a long-term ACMI (wet lease) deal in which the Cypriot flag carrier will lease two Airbus A320 aircraft to the Greek flag carrier, including cockpit and cabin crews.

The real estate market in Cyprus witnessed significant activity in high-value property transactions during the month of November 2023, according to data released by Ask Wire, a Cypriot firm combining real estate expertise with technology-driven insights.

National investment promotion agency Invest Cyprus on Friday announced that it has successfully secured the directorship for the Eastern Europe region of the World Association of Investment Promotion Agencies (WAIPA).

Cyprus Finance Minister Makis Keravnos on Friday stated that the utilisation of the available financial instruments of the European Investment Bank (EIB) has long been a target of the government, especially during a time marked by numerous challenges.

Cypriot indie gaming company Apella Games announced on Friday that it has won a major battle against tech giant Apple Inc., which tried to block the startup from registering its name and logo with the European Union Intellectual Property Office (EUIPO), claiming the mark was visually, phonetically, and conceptually similar to Apple’s.