Cyprus Business Now

Cyprus’ tourism revenue amounted to €74.3 million in December 2023, compared to €57.6m in the corresponding month of the previous year, marking an increase of 29 per cent, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

According to the report, which is based on the results of the service’s Passenger Survey, tourism revenue is estimated to have reached €2.99bn between January and December 2023, compared to €2.43bn in the corresponding period of 2022. This marks an increase of 22.6 per cent.

The vice president of the European Investment Bank (EIB) Kyriacos Kakouris on Thursday confirmed that the EIB’s stance on the Great Sea Interconnector, the electrical interconnection project between Cyprus, Greece, and Israel, remains negative.

Kakouris, who made these comments during a press conference at the Finance Ministry, during which the bank’s results were presented, also stated that no new funding request for the project has been submitted by the Republic of Cyprus.

“The bank’s position is well-known. We have communicated it to the Ministry of Energy and the Ministry of Finance several months ago. The evaluation conducted at that time was negative,” the EIB vice president said.

The Cyprus Research and Innovation Centre (CyRIC) this week announced that it is spearheading the EU-funded dAIry 4.0 project, focusing on advanced artificial intelligence (AI) and data solutions for individualised automated milking and feeding of dairy cows.

The initiative seeks to enhance agricultural production efficiency, reduce raw material usage, and positively impact society, animal welfare, climate, and biodiversity.

The collaborative effort involves a multi-disciplinary team coordinated by CyRIC, operating under the EU’s Horizon Europe Programme. Launched on October 1, 2023, the project is set to run for three and a half years.

The Cyprus Securities and Exchange Commission (CySEC) this week held an event with the Hellenic Capital Market Commission (HCMC), during which they discussed the challenges facing European markets.

The event, the first of its kind to be held in Nicosia, took place on Wednesday. At the meeting, George Theocharides, chairman of CySEC, highlighted the rapid development of financial technology and the demand for sustainable investments.

He explained that these developments are significantly reshaping the global investment landscape, and require close supervision.

The Central Bank of Cyprus (CBC) and the Bank of Greece are set to sign a Memorandum of Cooperation, formalising collaboration in specific areas such as resilience exercises, as well as technological and climate-related risks.

The memorandum, which will be signed at midday on Friday, March 1, aims to strengthen knowledge exchange between the two Central Banks.

The signing ceremony will be attended by Bank of Greece governor Yiannis Stournaras and CBC governor Constantinos Herodotou. Brief statements on current affairs and the European economy will follow.

Cyprus’ general government recorded a surplus of €876.3 million during the entirety of 2023, according to the preliminary financial results released on Thursday by the Cyprus Statistical Service (Cystat).

In terms of a percentage of GDP, this amount represents a 2.9 per cent increase when compared to the €676.3m surplus, reported for the same period in 2022, which represented 2.4 per cent of GDP.

During the January-December 2023 period, total revenues increased by €1.3 billion, reflecting a rise of 11.4 per cent, reaching €12.76bn, compared to €11.45bn in 2022.

The Cyprus Stock Exchange (CSE) ended Thursday, February 29 with losses.

The general Cyprus Stock Market Index was at 142.47 points at 12:21 during the day, reflecting a decrease of 0.34 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 86.55 points, representing a drop of 0.35 per cent.

The total value of transactions came up to €24,229.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.51 per cent and 0.56 per cent respectively. The hotel index rose by 0.12 per cent while the alternative index increased by 0.2 per cent.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+0.62 per cent), the Cyprus Cement Company (no change), the Bank of Cyprus (-0.86 per cent), Blue Island (-0.54 per cent), and Demetra Holdings (-0.57 per cent).