Invest Cyprus on Wednesday announced that it has concluded a successful mission to Saudi Arabia.

The mission, the agency said, will help facilitate future collaborations, supporting the country’s objective to increase foreign direct investment.

Specifically, Invest Cyprus travelled to Saudi Arabia to take part in the 28th World Investment Conference (WIC), organised by the World Association of Investment Promotion Agencies (WAIPA).

Cyprus on Wednesday showcased its advantages as a tax destination during a gathering in London, highlighting benefits for high-net-worth individuals amid UK tax reforms.

The event, titled ‘Non-Doms: The Cyprus Private Client Offering Gathering 2024, was hosted by IMH and Invest Cyprus at the London Stock Exchange.

More than 150 participants attended the event, including more than 120 professionals from the UK—such as lawyers, accountants, private bankers, and family office managers—and over 30 experts from Cyprus.

The number of registered unemployed individuals in Cyprus dropped by 12.4 per cent in November 2024, compared to the same month a year earlier, according to the Cyprus Statistical Service (Cystat).

Data released on Wednesday showed that 11,087 people were registered as unemployed at the end of November, down by 1,575 from November 2023.

Seasonally adjusted figures showed unemployment stood at 10,375 in November, from 10,379 in October.

Registered unemployment in Cyprus fluctuated throughout 2024, peaking at 14,699 in January before falling to a low of 7,781 in October, according to figures based on actual data.

Administrative, support, and real estate services in Cyprus performed well during the third quarter of 2024, according to the latest services turnover value index report.

Specifically, according to the Cyprus Statistical Service (Cystat), real estate activities recorded an 11.5 per cent increase compared to the same period in 2023.

Information and communication activities followed, rising by 8 per cent, while accommodation and food service activities grew by 6.4 per cent.

Administrative and support service activities also saw a 5.7 per cent rise, while professional, scientific, and technical activities recorded a more modest 4.6 per cent increase.

Troubles in the hotel industry, as well as the construction sector, have been smoothed over, Labour Minister Yiannis Panayiotou said on Wednesday, after a cabinet meeting.

Days of unrest in the former in addition to the flare up in the concrete industry, had preceded his comments.

Panayiotou addressed the “return to normality” in the production of ready-mixed concrete, saying it had been effected through the consecutive signing of the collective agreement by a significant number of companies that cover the large majority of workers in the sector.

Concrete supply has been restored to over 90 per cent and the slowdown in construction is rapidly being reversed, the minister added.

“The resumption of concrete production and supply ensures employment levels in the construction industry, which according to available data have remained stable over the past period, with no change in registered unemployment,” Panayiotou said.

New loans in Cyprus rose in October, mainly due to increased corporate borrowing over €1 million, which experienced the sharpest drop in lending rates, according to the Central Bank of Cyprus (CBC).

The CBC reported that net new loans reached €360 million in October, up from €286.3 million in September.

However, total new loans, which include renegotiations, fell to €533.8 million from €667.9 million the previous month.

Consumer loans declined to €21.3 million (€20.2 million net new loans), down from €30.2 million (€22.4 million net) in September.

Cyprus achieved record-breaking tourism results in 2024, according to Deputy Minister of Tourism Costas Koumis.

Speaking at the annual general assembly of the Association of Cyprus Travel and Tourism Agents (ACTA), he highlighted that October set a new benchmark, with arrivals surging by 26 per cent compared to 2022.

Koumis praised the sector’s resilience in the face of challenges such as geopolitical instability in the Middle East, economic pressures in Europe, and ongoing issues in the aviation industry.

“Tourism has shown and continues to show exemplary resilience, and no doubt travel agents have contributed greatly to this,” he said.

The Cyprus Stock Exchange (CSE) ended Wednesday, December 4 with gains.

The general Cyprus Stock Market Index stood at 210.75 points at 17:00, representing an increase of 0.3 per cent.

The FTSE / CySE 20 Index was at 128.36 points, reflecting a rise of 0.29 per cent.

The total value of transactions amounted to €1.23 million at the aforementioned time during trading.

In terms of the sub-indexes, the main index rose by 0.35 per cent, while the investment firm, alternative and hotel indexes fell by 0.29 per cent, 0.1 per cent and 0.69 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+0.91 per cent), Hellenic Bank (+0.43 per cent), Demetra (-0.3 per cent), and Logicom (+0.64 per cent).