Cyprus Business Now

President of the association of Hotel Professionals of Cyprus (Pasydixe) Christos Angelides has called for more agility in the local tourism sector, saying that any long-term strategy remains vulnerable to disruption from external events, as has been the case in recent years.

Angelides also urged Cyprus tourism to embrace politeness and hospitality as a brand, while also adopting Green policies to cater to more environmentally-conscious tourists.

“As has been clearly demonstrated in recent years, past events and personal experiences cannot be the sole advisor for strategic decisions in tourism, as the not-so-distant pandemic has left its mark on the industry, and geopolitical developments are capable of overturning any strategic plan we have devised,” Angelides said during the association’s general assembly, which took place on April 11.

“Amidst these unpredictable developments, we now also have the issue of climate change, with its direct and indirect consequences now making their presence felt,” he added.

Cyprus tourism experienced growth during the first quarter of 2024, marking a recovery after a previous period of decline, according to the Cyprus Statistical Service (Cystat), which released the relevant report on Wednesday.

The report showed that there has been a notable increase in both tourist arrivals and returns of residents from trips abroad in March 2024.

Specifically, tourist arrivals saw a rise of 9.8 per cent, reaching 202,256 compared to 184,263 in March 2023.

The annual inflation rate of the Harmonised Consumer Price Index in Cyprus dropped to 1.6 per cent in March, mainly driven downward by a decrease in energy prices, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).

According to the report, when compared to the previous month, the inflation rate for March was limited to 0.8 per cent, while for the period between January and March 2024, the annual inflation rate stood at 2 per cent.

The University of Cyprus and Boltzmann Research, a team of scientists seeking to tackle the challenge of predicting financial markets, have signed a Memorandum of Understanding (MoU), according to a statement released this week.

The MoU, signed by professor Konstantinos Fokianos, Head of the Department of Mathematics and Statistics at the University of Cyprus, and Chariton Christou, CEO of Boltzmann Research, outlines mutual goals to advance research in Artificial Intelligence (AI), Machine Learning (ML), Statistics, and time series forecasting.

Agrotourism in Cyprus is on the rise, according to statements made by Deputy Minister of Tourism Kostas Koumis at the 18th Annual General Assembly of the Cyprus Agrotourism Society held this week in Platres.

Significantly, this trend is also evident in the overnight stays recorded in agrotourism accommodations, with a total of 166,293 in 2023 compared to 153,196 in 2022.

The Mediterranean Shipping Company (MSC), a global shipping giant with offices in Limassol, on Wednesday issued an update regarding the seizure of the MSC Aries in the Strait of Hormuz on April 13, 2024.

The incident, which has raised concerns and shock among stakeholders, involved the seizure of the vessel by Iranian authorities while it was transiting international waters. MSC has provided a number of key details regarding the situation.

MPs heard on Tuesday that authorities have green-lit the first renewable energy storage systems, as suppliers of electricity generated from renewables complained that some €40 million is discarded every year.

Legislators heard that the first permits for such storage would be granted by year’s end.

Makis Ketonis, representing the Hydrogen Association, said that in 2022 cutbacks from the electricity grid – unable to absorb all energy generated from renewables – came to 8,000 megawatt-hours. This jumped to 67,000 megawatt-hours in 2023, while for 2024 it’s expected to reach 200,000 megawatt-hours.

The European Commission on Wednesday announced the launch of a new programme aimed at supporting Turkish Cypriot businesses.

The project will allow Turkish Cypriot small and medium-sized businesses and startups to access grants, we well as training, mentoring and business development programmes.

It was launched in collaboration with German international development company Giz international services, and has a total budget of €4 million, which has been procured from the EU’s aid programme for the Turkish Cypriot community.

The Cyprus Stock Exchange (CSE) ended Wednesday, April 17 with losses.

The general Cyprus Stock Market Index was at 143.39 points at 12:55 during the day, reflecting a decrease of 0.8 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.11 points, representing a drop of 0.71 per cent.

The total value of transactions came up to €122,003.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.91 per cent, 0.3 per cent and 0.83 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-1.11 per cent), Demetra (-0.84 per cent), Petrolina (no change), Logicom (no change), and Vassiliko Cement Works Public Company (no change).