Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting January 22:

The Cyprus Stock Exchange (CSE) concluded 2023 on a high note, with listed securities surpassing €4 billion, as reported in December. The General Index experienced a significant relative increase of 4.75 per cent, reaching 136.01 points. Additionally, the value of shares traded surged by 60.22 per cent compared to the previous month.

Furthermore, Cyprus’ National Betting Authority reported a total revenue of €259.4 million for the third quarter of 2023, marking a 9 per cent increase from the same period in 2022. The revenue encompasses both in-shop betting and online betting.

In the aviation sector, Cyprus Airways unveiled plans to double its fleet of Airbus A220 aircraft in 2024, reflecting the company’s commitment to enhancing services, particularly for travellers in Greece. This announcement was made during a meeting in Athens with Greece’s leading travel agencies.

Moving on to the economic landscape, Finance Minister Makis Keravnos recently met with the newly elected president of the Cyprus Chamber of Commerce and Industry (Keve), Stavros Stavrou. The meeting addressed various challenges facing the Cypriot economy, including interest rates, the demand for foreign labour, regional instability, and ongoing tax reform.

In the financial sector, Cyprus has emerged as the top-ranking European Union member state for providing cross-border investment services, according to George Theocharides, chairman of the Cyprus Securities and Exchange Commission (CySEC). This announcement followed a session of the House Finance, where Theocharides presented the commission’s budget for 2024 and outlined plans to introduce a regulatory framework for crypto-assets from 2025.

Shifting to the maritime industry, in addition to the positive financial news, Cyprus Deputy Minister of Shipping Marina Hadjimanolis engaged with top executives of Royal Caribbean in Miami. The discussions focused on presenting the competitive advantages of ship registration under the Cypriot flag and the potential establishment of a maritime company in Cyprus.

Moreover, a feasibility study revealed the significant value of the Great Sea Interconnector, a subsea power cable connecting Cyprus, Greece, and Israel. Energy Minister George Papanastasiou highlighted the project’s importance for the Cyprus electricity market, sustainability, and geopolitical significance in the Eastern Mediterranean.

In the technology sector, TechIsland, the largest tech association in Cyprus, announced the return of its “Startup School” workshop series in 2024, aimed at educating and empowering start-ups. The workshops, powered by Zubr Capital, provide valuable opportunities for learning, growth, and collaboration. The “Startup School” series in 2024 will consist of two educational seminars, with the first one taking place on February 9, at 16:00 in Limassol.

Looking at global economic initiatives, the launch of the India-Middle East-Europe Economic Corridor (IMEC) has the potential to provide opportunities to Cyprus, according to Andreas Poullikkas, Chairman of the Cyprus Energy Regulatory Authority (CERA). The initiative aims to bolster economic development between Asia, the Persian Gulf, and Europe.

Moreover, Deputy Minister of Tourism Kostas Koumis engaged in significant discussions in Brussels to boost the number of visitors from Belgium. The talks focused on potential increases in air travel to Cyprus and promotional programmes by local tour operators and travel agencies.

Lastly, focusing on infrastructure and sustainability, President of the Cyprus Ports Authority Antonis Stylianou presented a strategic development model to address evolving conditions in the modern port environment. The model aims to make the authority more modern, sustainable, and outward-looking.

Concluding on a positive note, cabinet approval was granted for the ‘photovoltaics for all’ scheme, which opens for public applications at the end of February. The scheme aims to make solar energy and roof insulation accessible to all homes. Installers are expected to begin registration, paving the way for public submissions.