Here are the top business stories in Cyprus from the week starting December 25:

The long-anticipated completion of bids for the Paphos marina is set for late 2024, according to George Mais, president of the Paphos Chamber of Commerce and Industry.

Mais told the Cyprus News Agency (CNA) that submissions have been made to the agency responsible for drafting the tender documents for the Paphos marina.

Cyprus experienced a notable rise in the total sales of petroleum products in November of this year, reaching 119,253 tons, marking a 3.7 per cent increase compared to November 2022.

Cypriots were out and about in the shops over the holidays but there was no significant uptick in Christmas purchases, other than at supermarkets, the head of the small shopkeepers association (Povek), George Ellinides, said on Wednesday.

He noted that major commercial activity was concentrated in large supermarkets and limited traffic was recorded in the city centres.

There was a notable rise of 6.2 per cent in the average gross monthly earnings of employees in Cyprus during the third quarter of 2023, totalling €2,224, compared to €2,094 in the same period of 2022, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).

Many Cypriots are choosing to fly abroad for New Year’s celebrations, with Greece, the United Kingdom, and Central European countries being the top picks, according to Charis Papacharalambous, president of the Cyprus Association of Travel and Tourist Agents (ACTA).

Deputy Minister of Shipping Marina Hadjimanoli on Wednesday said that Cyprus’ role as a prominent, internationally recognised maritime centre will be further enhanced in the coming year.

Hellenic Bank announced on Thursday that it has established a Sustainable Bond Framework, aiming to contribute to the sustainable transition of the Cypriot economy and striving to create a long-term positive impact on society and the environment.

The Cyprus Composite Leading Economic Index (CCLEI), compiled by the University of Cyprus’ Economic Research Centre (CypERC), registered an annual increase of 1.8 per cent in November 2023, according to a report released this week.

This follows previous increases of 1.9 per cent and 2.4 per cent in October and September 2023, respectively, based on the most recently revised data.

Employers and Industrialists Federation (Oev) president Antonis Antoniou has stated that only through strong competitiveness can Cyprus ensure the prosperity of its people, strengthen the social safety net for the vulnerable, and improve the living standards of everyone residing and working here.

In a written statement released this week, Antoniou said that concerns are mounting, particularly with the war in Ukraine, ongoing since early 2022, and a new one in Israel, resulting in an uncertain mid-term outcome.

The installation of the photovoltaic park at the Nicosia General Hospital will complete its first phase on January 7, with the second phase expected to conclude sometime in March.

The head of the Larnaca Hoteliers Association Marios Polyviou said the levels of hotel occupancy and tourist arrivals in town over the past month were satisfactory.

Limassol municipality said on Thursday it has taken a major step toward ‘going green’ and decongesting traffic, following financing approval for an EU-funded project.

The average occupancy rate for hotels in December is projected to hover between 35 and 40 per cent, according to the director general of the Hoteliers Association (Pasyxe) Philokypros Roussounides.

Speaking to the Cyprus News Agency (CNA) on Thursday, he also added that during the Christmas weekend, the percentage rose to around 55 per cent, anticipating that the same will happen for the New Year’s weekend.