Here are the top business stories in Cyprus from the week starting December 9:
The European Union’s Digital Operational Resilience Act (DORA), taking effect on January 17, 2025, will impose tougher cybersecurity rules on financial entities, with the Central Bank of Cyprus (CBC) urging compliance to safeguard against operational disruptions.
Moreover, the CBC has reminded all financial entities under Regulation (EU) 2022/2554 that they must fully comply with DORA’s provisions by the implementation date. This includes adhering to the regulation’s technical standards published in the official journal of the European Union.
Therefore, from January 2025, compliance will no longer be optional but mandatory. Notably, DORA is a landmark regulation targeting the digital operational resilience of the financial services sector, encompassing banks, insurance companies, investment firms, and IT businesses.
In the maritime sector, the Lloyd’s List Greek Shipping Awards 2024 recently brought together hundreds of industry leaders in Athens, celebrating the achievements of local and international shipping. During the event, Deputy Minister of Shipping Marina Hadjimanolis, representing the Republic of Cyprus, presented the ‘Achievement in Education or Training 2024’ award to Captain Panagiotis Tsakos.
Speaking at the event, she remarked, “Congratulations to Tsakos Merchant Marine Academy for this great distinction, as well as to all the awardees, consisting of distinguished professionals and companies that contribute to the continuous development of Greek and global shipping.”
Additionally, she emphasised maritime education as a cornerstone of the industry and praised Captain Tsakos for his unwavering dedication to this cause.
Furthermore, Despina Panayiotou Theodosiou, representing Tototheo Global, presented the award for ‘Shipping Financier of the Year 2024’ to Neptune Maritime Leasing Ltd., adding, “I was honoured to represent Tototheo Global tonight in presenting the Lloyd’s List Greek Shipping Award for Shipping Financier of the Year 2024 to Neptune Maritime Leasing Ltd.”
Meanwhile, Cyprus contributed just €259 million to the European Union budget in 2023, receiving €393 million in return. This positions the island country as a net beneficiary, reflecting broader financial imbalances among member states, according to European Commission data. The EU budget operates on contributions and allocations among member states, with some paying more than they receive while others benefit from net inflows.
Notably, the ‘Big Four’ contributors—Germany (€33.8 billion), France (€25.8 billion), Italy (€18.8 billion), and Spain (€13.6 billion)—accounted for the largest shares of funding in 2023. By contrast, nine countries, including Cyprus, contributed less than €1 billion. Cyprus’ €259 million contribution was among the smallest, alongside Malta (€112 million) and Estonia (€355 million).
Turning to tourism, the Famagusta regional tourism board (Etap) recently held a meeting with representatives of EasyJet Holidays, the holiday division of the low-cost airline. As announced on Monday, this meeting, which took place last week, focused on initiatives aimed at extending the tourism season in the Famagusta region, with plans to implement these efforts starting in 2025.
According to Etap, the meeting was attended by board president and Ayia Napa mayor Christos Zannetou, Paralimni-Deryneia mayor Giorgos Nikolettos, and Famagusta hoteliers association (Pasyxe) president Panayiotis Constantinou. Specifically, Etap Famagusta and EasyJet Holidays conducted a thorough review of the past season and exchanged ideas for continuing the tourist season. Moreover, the primary focus of the meeting was “the coordinated efforts of local stakeholders to address seasonality,” a challenge that has long affected the Famagusta region.
In related achievements, Research and Innovation Foundation (RIF) director general Theodoros Loukaidis was recently presented with the Athenian Glaive award in Athens. According to an official announcement released on Monday, this recognition was for his “instrumental role in positioning Cyprus as a leader in research and innovation.” The award, presented by Cyprus’ Ambassador to Athens, Stavros Avgoustidis, was given during a ceremony organised by AHEPA HELLAS on November 29.
The event, held under the auspices of the Ecumenical Patriarchate and the Presidency of Cyprus, celebrated achievements across various fields. Addressing the audience, Loukaidis highlighted the strides Cyprus has made in research and innovation, establishing itself as a regional hub.
He remarked, “Through its funding programmes and high value-added services, the foundation has contributed in a decisive way so that small Cyprus can demonstrate significant successes in research and innovation.”
In the real estate sector, President Nikos Christodoulides reiterated the government’s commitment to bolstering Cyprus’ construction and property sectors during his speech at the annual general assembly of the Cyprus Property Developers Association. The event, held at the headquarters of the Employers and Industrialists Federation (Oev) in Nicosia, underscored the sector’s vital role as an “engine of the economy.” Christodoulides acknowledged the challenges posed by inflation, geopolitical tensions, and the ongoing conflict in Ukraine.
However, he highlighted government-led reforms to improve land development licensing processes. “Over the past year, we implemented a comprehensive reform of land development licensing procedures,” he stated.
Among these measures is the expedited issuance of small-scale development permits, such as single and semi-detached houses, within 20 working days.
Meanwhile, in the broader real estate market, Limassol emerged as the leader in property sales from January to September 2024, according to a report by Landbank Analytics. The report, based on data from the Department of Lands and Surveys, revealed that 1,355 residential properties were sold in the Nicosia district during this period, comprising 161 houses worth €49.8 million and 1,194 apartments totalling €236.9 million.
At the same time, the Cypriot government has intensified its efforts to improve the country’s global reputation. In this context, Invest Cyprus, in partnership with the Presidency of the Republic, has launched a campaign with international communications agency Kreab.
According to Deputy Minister to the President Irene Piki, the campaign aims to enhance Cyprus’ sustainability and competitiveness globally. She added, “With steady steps, we are upgrading the image of Cyprus internationally, to enhance the sustainability and competitiveness of the economy.”
In maritime affairs, Cyprus also participated in the annual general assembly of the European Community Shipowners’ Association (ECSA) in Brussels. Representatives from Cyprus joined discussions on decarbonisation and competitiveness within European shipping. Preparations for the European Shipping Summit 2025, a flagship event, were also on the agenda. These discussions aligned with the EU’s revised Emissions Trading System (ETS) and the FuelEU Maritime initiative, focusing on achieving the EU’s 2040 climate targets.
In economic matters, the Cyprus Chamber of Commerce & Industry (Keve) called for bold reforms during its annual general meeting on Thursday. Speaking at the event, Keve president Stavros Stavrou stressed the need for immediate initiatives to resolve domestic challenges and actions to capitalise on emerging opportunities. He noted that resolving the Cyprus issue would strengthen the economy and foster societal well-being.
However, he criticised inefficiencies in the state, describing it as the “biggest patient” of the economy.
On the financial front, S&P Global Ratings upgraded the long-term issuer credit rating of Freedom Finance Europe Ltd., which operates under the Freedom24 brand, from ‘B’ to ‘B+’. The group’s robust presence in Europe and Kazakhstan contributed to the upgrade.
Simultaneously, Transport Minister Alexis Vafeades unveiled an ambitious aviation strategy, emphasising enhanced connectivity and safety. He added that partnerships with Hermes Airports would strengthen Cyprus’ role as a regional hub.
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