President of the Cyprus Hotel Association (Pasyxe) Thanos Michaelides this week raised concerns about a slowdown in summer bookings, indicating that 2024 may see a downturn compared to previous years.

Michaelides also called for everyone in the tourism sector to justify the prices that visitors pay by providing them with an equal level of quality.

Speaking after the general assembly of Pasyxe Famagusta at the Ayia Napa Marina, Michaelides highlighted that despite Famagusta being a key player in Cyprus’ tourism sector, the slowdown in bookings remains worrisome.

President Nikos Christodoulides praised the Cyprus Association of Large Investment Projects for its contribution to the economy, while also stressing the importance of public-private sector collaboration in order to address affordable housing challenges.

“Undoubtedly, the association, beyond being a significant contributor to the Cypriot economy, serves as a partner and companion in our collective efforts to attract new investments to our country,” he stated.

“I want to assure you that we approach you as partners,” he added, noting that “through your targeted initiatives and the outward focus of your actions with projects of strategic significance, you have played a pivotal role over the past decade in positioning our country on the map of international investments”.

The Cyprus Investment Promotion Agency, commonly known as Invest Cyprus, and the Cyprus Fiduciary Association (CYFA) inked a memorandum of understanding (MoU) on Wednesday, aiming to bolster their ties and foster cooperation to enhance the Cyprus business ecosystem.

According to the announcement, the agreement also seeks to accelerate economic growth and create jobs in Cyprus through Foreign Direct Investment (FDI).

Moreover, the announcement said that the signing of the MoU by Marios Tannousis, CEO of Invest Cyprus, and Christoforos Ioannou, General Manager of CYFA, “marks a significant step towards enhancing collaboration between the two organisations and the promotion of Cyprus as an international centre for fiduciary and administrative services“.

The value of bounced cheques recorded in Cyprus reached €252,988 during the first four months of 2024, according to a report released this week by the Central Bank of Cyprus (CBC).

These figures were also included in the updated Central Information Registry for April 2024.

According to the report, the number of bounced cheques in the first four months of 2024 stood at 108.

The GB-CY International Investment Conference 2024, which took place on May 9, was a resounding success, according to an announcement released by the organisers on Wednesday.

Hosted by the Great Britain-Cyprus Business Association in collaboration with Spector Constant & Williams, the event prominently featured key players from both the UK and Cyprus.

Companies based in the UK showcased investment opportunities in real estate among other industries, while Cypriot companies highlighted the advantages of Cyprus as an ideal destination for investment, relocation, or residence.

The Cyprus Property Developers Association (LBDA) marked its 40th anniversary this week, stating that during this time it has emerged as a “dynamic advocate and representative of the land and property development sector”.

According to a statement released by the association, the LBDA has contributed more than 15 per cent to Cyprus’ Gross Domestic Product (GDP) and employed more than 35,000 individuals.

Moreover, the association emphasised that the land and property development sector serves as a cornerstone of the Cypriot economy.

The inaugural Cyprus Forum London commenced on Wednesday morning, at the Cyprus High Commission’s premises in central London, organised by the non-governmental organisation ‘Oxygen for Democracy’, in collaboration with the commission itself.

The forum, traditionally held in Cyprus, now extends its reach to London. The gathering drew a diverse crowd, including politicians, academics, professionals, and representatives from various sectors.

Shipping Deputy Minister Marina Hadjimanoli opened the conference with a keynote speech. She emphasised the significant role the ocean plays not only in the Cypriot economy but also in its cultural identity, acknowledging the substantial challenges in ocean governance that no single country can address alone.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 15 with profits.

The general Cyprus Stock Market Index was at 156.74 points at the closing of trading, reflecting an increase of 3.13 per cent over the previous day.

The FTSE / CySE 20 Index was at 95.27 points, representing a rise of 3.14 per cent.

The total value of transactions came up to €1.7 million.

In terms of the sub-indexes, the main, alternative, investment firm, and hotel indexes rose by 3.91 per cent, 1.03 per cent, 5.7 per cent and 1.62 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+1.98 per cent), Hellenic Bank (+5.49 per cent), Demetra (+5.74 per cent), Logicom (+2.01 per cent), and KEO (+9.68 per cent).