A Cyprus-Greece business forum, which took place in Nicosia this week, focused on the importance of enhancing trade and investment relations between the two countries.

According to a statement by the Federation of Employers and Industrialists (Oev), “a key measure of the forum’s success was the 250 business-to-business (B2B) meetings between Greek and Cypriot companies”.

These meetings provided participants with the opportunity to showcase their products and services while exploring potential collaborations in the fields of industry, technology, information technology, energy, environmental management, and construction.

Employment in the broader public sector in Cyprus increased by 1,476 individuals, a rise of 2 per cent, in the fourth quarter of 2024, when compared to the same period in 2023.

According to the Cyprus Statistical Service (Cystat), the total number of employees reached 76,837 during this period.

Cystat reported that employment in central government rose by 1,208 individuals (1.9 per cent) to 66,231, while local authorities saw a significant increase of 1,111 employees (24.5 per cent).

Tourist arrivals in Cyprus recorded a year-on-year increase of 7 per cent in February 2025, with an additional 32,865 visitors arriving on the island during the first two months of the year.

This marks a significant 15.4 per cent rise compared to the same period in 2024.

According to data released this week by the Cyprus Statistical Service (Cystat), tourist arrivals in February 2025 reached 133,760, up from 125,034 in February 2024.

Banks in Cyprus and Greece have announced significantly improved profit distribution policies, reflecting their strengthened profitability over the past three years.

Following the release of preliminary financial results for 2024, banks are not only continuing dividend payments but have also outlined enhanced shareholder returns.

The Deputy Ministry of Shipping is advancing plans to construct new headquarters on the site of the former ‘Nemitsas’ factory in Limassol, following recently introduced public investment procedures.

However, the timeframe for the project remains uncertain, as approvals depend on various government departments, including the general directorate for development and the environment department.

According to the Limassol Chamber of Commerce and Industry (Evel), the deputy ministry has already identified and secured a suitable plot of land, granted to the Environment Ministry following a Cabinet decision.

In line with regulations, an environmental study has been prepared and submitted to the Environment Department for evaluation.

Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of the Bank of Cyprus (BoC) to BBB- from BB+, assigning a positive outlook.

This marks a significant milestone for the bank, reflecting its strengthened financial position and the broader stability of the Cypriot banking sector.

“The upgrade mainly reflects BoC’s improved asset quality from a reduced stock of legacy problem assets (which include non-performing exposures (NPEs) and net foreclosed properties) and strengthened capitalisation, which resulted in reduced and manageable capital encumbrance by unreserved problem assets,” Fitch said in its report.

Moreover, the agency noted that the Bank of Cyprus has successfully reduced its non-performing exposures to a level comparable with similarly rated European peers.

Alpha Bank Cyprus this week presented its future strategy during a corporate event held at at the Four Seasons Hotel in Limassol.

According to an announcement released on Tuesday, the bank said that it is “shaping the country’s banking landscape, strengthening the national economy, and solidifying its position as a rising force in the sector“.

It added that the event “confirmed its dynamic trajectory and reinforcing its status as a leading player in Cyprus’ banking industry“.

Kykkos monastery is expected to proceed with a major new development on land it owns in Engomi, according to reports released on Tuesday.

Spanning 331,450 square metres, the plan includes a five-star hotel, residential units, commercial spaces, office buildings, medical facilities, and educational institutions. In addition, it involves green areas and a large section reserved for parking spaces.

According to the reports, the Holy Synod, the highest church authority in Cyprus, will review the project on March 24, with the Kykkos bishop Nikiforos expected to present the details for approval.

Deputy Minister of Shipping Marina Hadjimanolis is heading to Brussels on Tuesday for a working visit, where she will speak at the European Shipping Summit (ESS), organised by the European Shipowners’ Association.

As part of her visit, Hadjimanolis will meet with Cypriot MEPs to outline Cyprus’ positions on European shipping and the Deputy Ministry’s initiatives ahead of the country’s upcoming presidency of the Council of the EU.

The meeting aims to strengthen cooperation and ensure alignment on key maritime policies.

Tenders for commercial spaces in the redevelopment of the old GSP stadium in Nicosia remained unresolved on Tuesday with businesses eager to invest in the new urban park left waiting.

Four years after the project was first announced, the €27 million transformation of the site is far from complete. The area is set to include cafés, restaurants, a citizen centre, an outdoor amphitheatre and more.

However, despite strong interest from entrepreneurs keen to operate in the space, the tender process has yet to move forward.

The Cyprus Stock Exchange (CSE) recorded gains on Tuesday.

At 12:33, the general index stood at 232.99 points, reflecting an increase of 0.64 per cent.

The FTSE/CySE 20 Index rose by 0.70 per cent to 141.32 points.

By the same timestamp, total transaction value reached €108,672.43.

In sectoral performance, the hotels index posted the biggest gain, rising by 2.19 per cent, while the main market index advanced by 0.80 per cent. In contrast, the alternative market index edged down by 0.06 per cent, with the investment companies sector remaining unchanged.

Hellenic Bank attracted the highest trading volume at €56,328.03, with its stock price edging up by 0.21 per cent. Bank of Cyprus followed with €27,291.58 in transactions, climbing by 2.52 per cent.

Meanwhile, Logicom dipped by 1.07 per cent, recording trades worth €9,689.12, while Demetra Holdings remained unchanged with a volume of €6,372.13.

Woolworth (Cyprus) Properties saw the steepest decline, dropping by 6.30 per cent with trades amounting to €4,113.54.

By the end of the session, five stocks advanced, four declined, and four remained unchanged across 81 transactions.