Christodoulides’ comments were delivered during his speech at the annual general assembly of the Cyprus Property Developers Association.
The event was held at the headquarters of the Employers and Industrialists Federation (Oev) in Nicosia.
“The construction sector, rightly called the ‘engine of the economy’, plays a pivotal role in showcasing Cyprus’ immense potential for business growth,” said the president.
“Your contributions over the last 41 years have been instrumental to our country’s economic and social development,” he added.
The Cyprus Chamber of Commerce & Industry (Keve) on Thursday called for “bold decisions and substantive measures across nearly all sectors of the economy to sustain the country’s developmental trajectory”.
Speaking at the chamber’s annual general meeting, Keve president Stavros Stavrou, emphasised that to maintain the momentum of our economy, action must be taken on two fronts.
Firstly, he called for “immediate initiatives to swiftly resolve domestic issues to fortify our economy”.
This, he said, should be followed by “new actions to capitalise on emerging opportunities both within and beyond Cyprus”.
Stavrou also criticised the persistence of a “wasteful, sluggish, and counterproductive government structure that hinders entrepreneurship and development, especially in the digital age”.
He said that the industry contributes 15 per cent of the nation’s GDP and employs over 40,000 people, underscoring its role as a key pillar of the Cypriot economy.
Misirlis attributed the sector’s resilience to flexibility, innovation, and strategic initiatives by developers, as well as modern and technologically advanced projects.
Moreover, he stated that the industry had navigated significant challenges, including the housing crisis, licensing delays, inflation, high interest rates, and geopolitical tensions.
This decision follows Hellenic Bank’s earlier notification, issued on December 9, regarding the planned buyback of all outstanding Convertible Capital Securities on December 31, 2024.
According to the CSE, the suspension was implemented in accordance with Article 183 of the Cyprus Securities and Stock Exchange Law, to facilitate the buyback process.
The bank said that this is designed to meet customer needs, with this service aiming to simplify transactions.
Users can now send and receive money without sharing additional information, such as phone numbers.
These benchmarks are instrumental in determining prices that drive energy costs for electricity, heating, and industrial use across the globe.
According to Poullikkas, the price differences between them highlight distinct geographical, economic, and geopolitical realities.
“Henry Hub reflects a market abundant in domestic production,” Poullikkas explained, adding that “the US shale gas revolution has ensured ample supply, leading to relatively low and stable prices.”
The report showed that manufacturing output rose by 3.3 per cent during the January-September 2024 period compared to the same period in 2023.
Similarly, approved building permits reached 1,627,500 square metres in January-June 2024, marking a sharp increase of 46.5 per cent year-on-year.
The Cyprus Stock Exchange (CSE) ended Thursday, December 12 with losses.
The general Cyprus Stock Market Index stood at 213.08 points at 12:13, representing a decrease of 0.14 per cent.
The FTSE / CySE 20 Index was at 129.60 points, reflecting a drop of 0.14 per cent.
The total value of transactions amounted to €129,190 at the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and hotel indexes fell by 0.06 per cent, 0.4 per cent and 0.07 per cent respectively. The investment firm index rose by 0.29 per cent.
The biggest investment interest was attracted by the Bank of Cyprus (-0.44 per cent), Hellenic Bank (-0.21 per cent), the Cyprus Cement Company (-0.68 per cent), Salamis Tours (no change), and Demetra Holdings (+0.29 per cent).
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