Cyprus Business Now: weekly wrap-up

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

In response to the growing demand for sustainable and environmentally friendly business practices, the Cyprus Chamber of Commerce & Industry (Keve) has announced a significant initiative. The chamber is set to host a seminar titled “Green Business Transition,” in collaboration with the Enterprise Europe Network Cyprus. Scheduled for Thursday, March 28, 2024, at 3:30 pm, the event aims to enlighten businesses about the importance and implications of adopting greener practices, signalling a pivotal step towards a more sustainable corporate landscape in Cyprus.

In a related development, the Cypriot innovation ecosystem is witnessing significant financial movements, particularly in the gaming sector. ROAR Games, an independent game studio focused on original game development, has successfully secured $1.5 million from The Games Fund (TGF). TGF, a specialist early-stage VC fund with offices in New York and Cyprus, is recognised for its commitment to fostering innovation in the gaming industry, making this investment a testament to the potential ROAR Games holds in contributing to the vibrant gaming ecosystem in Cyprus.

Furthermore, the Cypriot startup scene continues to flourish beyond its borders with Moving Doors, a Cyprus-based prop-tech startup, announcing its official expansion to Dubai, United Arab Emirates. This move marks a significant step in the startup’s international growth strategy, focusing on establishing a strong presence in Dubai’s real estate sector. By generating contacts and acquiring landlords, Moving Doors aims to introduce its tech-enabled serviced apartments, thereby extending its innovative services to a broader market and reinforcing Cyprus’ reputation as a hub for entrepreneurial excellence.

Simultaneously, the House Committee on Energy, Trade, Industry, and Tourism is making strides in supporting innovation and entrepreneurship within Cyprus. The committee revisited a proposal aimed at abolishing fees for innovative startups, an initiative that represents a clear commitment to reducing financial burdens for startups. This effort is designed to encourage a thriving ecosystem for innovation and entrepreneurship, highlighting the government’s role in fostering a conducive environment for business growth and development.

On the international front, the Empowering Girls in STEM Project (EGI-STEM) conference, which took place in Nitra, Slovakia, underscored the crucial need to enhance girls’ participation in Science, Technology, Engineering, and Mathematics (STEM) programmes. Spearheaded by the Cypriot Ministry of Education, Culture, Sport, and Youth, with Slovakia as a key participant, this initiative marks a collaborative effort towards addressing gender disparities in STEM fields, further showcasing Cyprus’ commitment to educational excellence and equality.

Amid these developments, businesses worldwide, including those in Cyprus, are increasingly focusing on cultivating the perfect workplace culture. The pursuit of an engaging and enjoyable work environment reflects a broader trend towards enhancing employee satisfaction and company success. This movement towards creating a positive company culture underscores the importance of considering whether such efforts genuinely contribute to career growth and overall happiness, posing a critical question for organisations everywhere.

In the realm of finance, the Bank of Cyprus has made headlines with its recent announcement of obtaining approval from the European Central Bank (ECB) to pay a cash dividend and conduct a share buyback programme. This decision reflects the group’s strong financial performance and strategic progress, underscoring the resilience and growth of Cyprus’ banking sector.

Additionally, the Commissioner for State Aid Control Stella Michaelides announced a new scheme for Small and Medium Size Enterprises (SMEs), titled “Circular Economy Project in Small and Medium Enterprises (SMEs).” With a total aid amount set at €400,000, this initiative aims to encourage SMEs to invest in circular economy projects, thereby promoting sustainable business practices within the SME sector. This scheme not only supports economic growth but also aligns with Cyprus’ broader goals for environmental sustainability.

In the sports industry, Cyprus is making innovative strides through a partnership between Pafos FC and i-BrainTech, a sports technology company specialising in athletic brain training. This collaboration is set to revolutionise the way players train and perform, highlighting Cyprus’ emerging role as a hub for sports innovation. The involvement of i-BrainTech, with its interdisciplinary team, in the Cypriot sports industry is a significant vote of confidence in the country’s potential to merge technology with athletics, optimising human potential through neuroscience.

On the financial front, the Cyprus Stock Exchange (CSE) has announced the introduction of 25,000 new government bonds by the Republic of Cyprus. This move, amounting to a total of €25 million, signifies the government’s ongoing efforts to bolster the national economy through strategic financial instruments, ensuring stability and growth in the Cypriot economy.

Lastly, the significance of tourism to Cyprus’ economy was highlighted by Deputy Minister of Tourism Kostas Koumis during his participation at the annual tourism conference organized by the Association of Cyprus Tourist Enterprises (Stek). With tourism contributing 12.8 per cent to the GDP of Cyprus this year, Koumis emphasised the need for a sustainable approach that respects both visitors and the country’s resources.