The Cyprus Securities and Exchange Commission (CySEC) on Wednesday announced the launch of a new initiative to bolster the Cyprus Stock Exchange (CSE).

The commission explained that the aim is to “restore the CSE’s role as a driver of economic development in Cyprus”.

In its announcement, CySEC mentioned that it held a roundtable discussion on Wednesday at its offices in Nicosia to discuss this issue.

“During the discussion, various stakeholders presented and discussed proposals for revitalising investor interest and attracting new companies and other investment products to list on the CSE,” it said.

“Among the proposals presented were the inclusion of titles from start-up companies, which could attract the interest of investors seeking dynamic and innovative markets,” CySEC added.

Abu Dhabi’s Pure Health Holding has agreed to acquire a majority stake in Hellenic Healthcare Group (HHG), valuing the healthcare provider at €2.2 billion, marking a significant expansion into Cyprus and Greece.

As announced, HHG was previously owned 90 per cent by CVC Capital Partners, with the remaining 10 per cent held by the company’s founder.

Under the new agreement, PureHealth will take control of the largest share, while CVC Capital Partners will reduce its stake to 35 per cent.

It was also reported that HHG’s CEO, Dimitris Spyridis, will retain the remaining 5 per cent.

Tourism revenue in Cyprus increased by 7.1 per cent in the first eleven months of 2024 compared to the same period in 2023, according to the traveller survey results published on Wednesday by the state’s statistical service.

For the January-November 2024 period, revenue from tourism is estimated at €3.12 billion, up from €2.91 billion during the corresponding period in 2023.

In November 2024 alone, tourism revenue reached €138.7 million, marking a 22 per cent rise compared to €113.7 million in November 2023.

The average per capita spending by tourists in November 2024 increased by 8.2 per cent, reaching €771.02, up from €712.63 in November 2023.

The Association of Cypriot Professionals in Greece (ACPG), which aims to promote innovation and foster collaboration between the two countries, was officially launched on Wednesday.

According to the announcement, this new initiative, which is also backed by the Cyprus embassy, aims to strengthen the presence of Cypriot professionals in Greece.

“Uniting Cypriots from various sectors, including business, science, and culture, the association provides a platform for networking, professional development, and knowledge sharing,” the announcement said.

The Bank of Cyprus has announced that Caius Capital has reduced its stake in the bank’s share capital to 4.98 per cent.

The announcement was made through the Cyprus Stock Exchange (CSE).

Previously, Caius Capital’s ownership stood at 5.58 per cent as of December 31, 2023, down from its earlier stake of 5.65 per cent.

Cyprus’ strong economic performance, including the registration of 2,300 new companies and the relocation of 12,000 employees, was emphasised by Finance Minister Makis Keravnos at an event in Athens, offering Greek businesses significant growth and investment opportunities.

Speaking at a Cyprus-specific business event, Keravnos acknowledged the resilience of both Cyprus and Greece’s economies amid geopolitical challenges.

“Cyprus’ economy is one of the region’s fastest-growing, with key sectors like tourism, financial services, and shipping driving this progress,” he said.

He also underlined the potential for investment in the green transition.

“Today, there is a lot of potential for investment and partnerships in the green transition effort and it can be a significant advantage for Greek companies where they admittedly have significant experience and expertise,” he explained.

Cyprus’ Digital Security Authority (DSA), in collaboration with the Shipping Deputy Ministry and the Israel National Cyber Directorate (INCD), this week hosted a conference on maritime cybersecurity.

Titled ‘Charting a New Course: Overcoming Maritime Challenges’, the event brought together around 70 participants from both the public and private maritime sectors to discuss the rising cybersecurity challenges, as well as strategies and actions to address them, according to a DSA press release.

Among the attendees were officials from the US Embassy in Cyprus, the British High Commission, and cybersecurity firm Mandiant, which specialises in threat intelligence and incident response.

The Cyprus Stock Exchange (CSE) ended Wednesday, January 29, with losses.

The general Cyprus Stock Market Index stood at 225.99 points at 12:38, reflecting a drop of 0.11 per cent.

The FTSE / CySE 20 Index was at 137.34 points, representing a decrease of 0.07 per cent.

The total value of transactions came up to €102,116, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.37 per cent and 0.88 per cent respectively. The alternative index rose by 0.73 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by Vassiliko Cement Works Public Company (+2.16 per cent), the Bank of Cyprus (-0.4 per cent), Demetra Holdings (+0.3 per cent), Atlantic Insurance (+7.5 per cent), and Blue Island (-4.41 per cent).