Here are the top business stories in Cyprus from the week starting May 12:
The event, held under the auspices of Eurobank and attended by senior government officials, diplomats, and business leaders from all three countries, was hailed as a gateway for enhanced trade, investment, and innovation among the nations.
Panayiotis Chrysostomou, manager of banking services and representative offices at Eurobank, and secretary of the newly formed IGC council, began the proceedings with a warm welcome and a call for cooperation.
He recalled the launch of the council’s Indian counterpart in Mumbai and underscored the aim of institutionalising collaboration between the three countries.
“Our goal is to create opportunities for collaboration that drives sustainable growth and mutual success,” he said, offering particular praise for Fokion Karavias, Eurobank Group CEO, and the council’s Indian partners.
The second part of the launch featured a high-level panel discussion titled Catalysing Growth: Uniting Cyprus, Greece, and India for a Future of Innovation and Opportunity.
Deputy Minister of Tourism Kostas Koumis said that Cyprus views India as an untapped market, both for inbound tourism and for special interest segments such as Bollywood film production.
He said Cyprus was prepared to resume talks with Air India and other carriers to explore direct connectivity and welcomed Thomas Cook’s decision to establish a presence in Cyprus.
Chief Scientist Demetris Skourides shared his long-standing links with India and described it as a hub of human capital and digital innovation.
Preceding the IGC event, LTIMindtree and Fairfax Digital, in partnership with Eurobank Cyprus, formally announced the launch of a major digital transformation project aimed at reshaping Eurobank’s operating model and customer experience.
The announcement was made during a separate gathering hosted by Eurobank and Invest Cyprus, attended by government officials and business leaders.
The project, spearheaded by LTIMindtree—a global digital transformation and technology services company—will involve the development of a new digital banking platform for Eurobank Cyprus.
It is expected to enhance customer service, streamline internal processes, and unlock new digital capabilities for the bank’s clientele.
The event, held on May 9-10, 2025, at the Golden Bay Hotel in Larnaca, was co-organised by Keve and the Digital Security Authority (DSA).
It aimed to inform and raise awareness among food sector companies about the increasing importance of cybersecurity.
Keve’s initiative highlighted the growing risks associated with the digital transformation of food businesses, as cyberattacks no longer target specific industries, but can cause widespread operational and social damage.
The event, which focused on gender equality and employment trends, highlighted that women in Cyprus remain underrepresented in politics and leadership, with the gender pay gap still above the EU average—despite recent gains in employment and access to financial resources.
The findings demonstrated that the lowest levels of equality between men and women are seen in positions of power, covering political, economic and social decision-making.
In short, women remain underrepresented in leadership roles, while family and care responsibilities remain unevenly shared.
According to the report, only 14 per cent of MPs in Cyprus are women, compared to 33 per cent in the EU.
Council president Marinos Kineyirou said the ruling “sends a clear and unequivocal message that such illegal acts do not go unpunished”.
The convictions mark a significant legal milestone in Cyprus. They are the first cases in which individuals have admitted guilt for usurping Greek Cypriot property in the north since 1974.
Since then, the Republic of Cyprus has maintained that it retains sovereignty over the occupied areas, despite its inability to exercise control.
The Nicosia court found that both women had knowingly engaged in promoting and advertising homes constructed on land belonging to displaced Greek Cypriots, without the owners’ consent.
Using advanced digital tools and data from platforms such as Instagram, TikTok, X and Facebook, the Tax Department is monitoring individuals whose online lifestyles appear inconsistent with their declared income.
Officers are collecting photos, videos and other public content to assess whether a taxpayer’s visible spending habits reflect what they report in their tax returns.
Tax Inspector Sotiris Markides told Politis that the department is now focusing on “publicly identifiable individuals who exert influence and shape public opinion” and has already summoned some of them to revise or submit corrected declarations.
These include influencers and content creators with active commercial presence online, who are being audited to determine whether they declare turnover, net profits, and pay VAT and income tax accordingly.
In cases where individuals are found to have spent considerably more than they report earning, they are called in for explanations and must present receipts or documentation.
Achieving gender equality in science, technology, engineering, arts and mathematics (STEAM) is essential for the resilience and progress of society, Gender Equality Commissioner Josie Christodoulou said during Cyta’s ‘Women in STEAM’ conference on Tuesday.
Speaking at the event, Christodoulou pointed to the persistent challenges faced by women in Cyprus and across Europe, despite the crucial role STEAM sectors play in shaping innovation and economic competitiveness.
According to the ‘SHE Figures 2024’ report, women account for 42 per cent of the self-employed in Cyprus working in science, engineering and information technology. However, only 14 per cent hold higher research degrees.
Moreover, just 25 per cent of board members in research organisations are women, while female inventors account for only 10 per cent of patents filed.
Christodoulou said these figures do not reflect a lack of ability or ambition, but rather point to the impact of social stereotypes, unconscious bias and structural barriers that continue to limit access, advancement and leadership opportunities for women in these fields.
According to an announcement released on Tuesday, the high-level delegation marked the company’s initial direct engagement with Cyprus’ innovation ecosystem, following a meeting in California between president Nikos Christodoulides and Tenstorrent CEO Jim Keller.
Leading the delegation were Eric Duffy, Senior Director of Business Development, and Isaac Salameh, Senior Director of Corporate Development at Tenstorrent.
The announcement mentioned that the visit reflects “Cyprus’ ambition to become a regional hub for advanced technology and research“.
Moreover, it pointed out that Tenstorrent is recognised for its open-source hardware design approach, which differentiates it from competitors.
The project began on May 7, 2025, and is scheduled to run until April 2029. It has a total budget of €1.4 million.
In addition to Cyprus, the IndusTour partnership includes public bodies and organisations from France, Denmark, the Czech Republic, Poland, and Serbia.
Specifically, the participating partners are the Auvergne-Rhône-Alpes region from France, the municipality of Toender from Denmark, the Moravian-Silesian Region from the Czech Republic, the Lodzkie region from Poland, and the European Affairs and Development Fund of the Autonomous Province of Vojvodina in Serbia.
The proposed 49.5MW development, submitted by a private company in the communities of Pyrga, Klavdia and Alethriko, would have affected the Potamos Panayias Stazousas special protection area (SPA) and the Stavrovouni special conservation area (SCA).
According to the department’s final opinion, the wind farm posed a significant risk to birds such as the Lesser Spotted Eagle, Eurasian Eagle-Owl, and Skalifurta— all of which rely on the area for nesting and feeding.
Particular concern was raised over the increased collision and electrocution risk caused by turbines and associated transmission infrastructure.
New data collected after 2019, including GPS tracking of Bonelli’s Eagles, revealed extensive use of the area by the species, a fact not reflected in earlier assessments.
The proposal, one of several amendments to the updated policy framework for the British bases (SBAs) of Akrotiri and Dhekelia, is part of a broader planning shift now open for public consultation until June 12, 2025.
Although the structure will be rebuilt on the same site, its licensing is conditional on new environmental studies to ensure the fragile coastal ecosystem remains intact.
At the same time, a long-standing restaurant in Avdimou’s coastal zone has now been brought into the formal planning map, allowing for possible future expansion in line with urban zoning provisions, especially west of the watercourse, where no such framework previously applied.
Held on May 13 at the organisation’s headquarters in Nicosia, the Women in STEAM conference brought together state officials, academics and business leaders.
“This is not a symbolic initiative,” said Cyta CEO Andreas Neocleous.
“It is a strategic choice, based on the fair use of talent and our deep belief that technology should be designed for everyone, by everyone.”
Cyta board president Maria Olympiou Tsiakka emphasised the responsibility of institutions in fostering equal conditions.
He also announced that the agreement for the port and marina masterplan study will be signed within May with Greece’s Hellenic Republic Asset Development Fund (HRADF).
“In early August last year, it was announced that renovation and deepening works would take place at the Larnaca marina,” Vafeades told the Cyprus News Agency (CNA).
“The Council of Ministers approved a sum of €1.5 million for these works,” he continued. “We issued a call for tenders for the deepening project, received the bids, and are now evaluating them. Very soon, the project will be awarded and we will see work taking place within the marina.”
Moreover, the minister said that funds were also allocated for the renovation of the marina, which had seen structural deterioration due to years of neglect.
This growth reflects a broader trend across Southern and Mediterranean Europe, where warmer climates and rising interest in off-season travel continue to draw tourists despite a backdrop of global uncertainty.
According to the latest data from the European Travel Commission, European tourism sustained strong momentum in the first quarter of 2025.
This follows a milestone year in 2024 when international arrivals across the continent officially returned to pre-pandemic levels.
In the first months of 2025, international arrivals across Europe increased by 4.9 per cent compared to the same period in 2024.
What is more, overnight stays also saw growth, rising by 2.2 per cent year-on-year.
According to a report published on Thursday, Cyprus rose five places in the global rankings to reach the 40th position worldwide.
This marks a significant milestone for Cyprus, which is also ranked second globally among countries with populations under two million.
Moreover, Cyprus recorded an ecosystem growth rate of 28.22 per cent, the highest in the European Union for the second consecutive year.
The report highlighted a 71 per cent increase in the number of startups in Cyprus compared to 2024, underlining the momentum that the local innovation landscape continues to gain.
In terms of regional performance, Cyprus now ranks fourth in Southern Europe.
All four of Cyprus’ startup-recognised cities (Nicosia, Limassol, Larnaca and Paphos) made measurable progress in the global index, a unique achievement for a country of its size.
The only way for the tourism sector to continue its upward trajectory and its significant contribution to the Cypriot economy is through collective effort, according to Deputy Minister of Tourism Kostas Koumis.
Koumis’ statements were delivered during an event hosted by Nordic Leisure Travel Group (NLTG) earlier this week.
Nordic Leisure Travel Group is one of the most important providers of organised travel in the Scandinavian countries, bringing tourists to Cyprus, especially Ayia Napa and Protaras.
According to a statement from the municipality of Ayia Napa, Koumis said in his address that “for the first time, the tourism sector surpassed four million arrivals, while at the same time, tourism’s contribution to the national economy exceeded €3 billion”.
According to an announcement released on Thursday, the funding round was led by Play Ventures, with participation from GEM Capital and Arcadia Gaming Partners.
This investment will enable the studio to accelerate development on its debut title and rapidly iterate new product concepts.
Studio 42 was founded by former Belka Games executives Aleksandr Bogdanov (CEO), Ivan Larionov (COO), and Pavel Sudakov (CPO), a trio known for their role in creating multiple top-grossing casual games.
The government of Cyprus does not wish to stand in the way but rather be part of the journey of innovation and technology, according to president Nikos Christodoulides.
The president addressed the audience at this year’s Reflect Festival through a recorded message, played during the opening ceremony, where he underlined the government’s support for entrepreneurship.
The two-day festival began on Thursday morning in Limassol, attracting a crowd of 10,000 participants, including more than 250 investors and an equal number of speakers from various countries.
In his message, president Christodoulides described the festival as a point of reference for innovation and technology, not only in Cyprus but across the broader region, and said that Limassol serves as a prime example of a city experiencing growth in this sector.
He stated that Cyprus has taken bold steps to reposition itself on the global innovation map.
“These efforts are supported by a targeted and systematic strategy, based on the vision of our government for a diversified knowledge-based economy,” he said.
According to the announcement, this achievement was driven by a new all-time high in the company’s share price, which reached 169.35 US dollars on the Nasdaq Capital Market.
Since its initial public offering (IPO) on the Nasdaq in 2019, the share price of Freedom Holding Corp. (FRHC) has seen a remarkable increase, reflecting consistent investor confidence and the company’s successful strategic direction.
The valuation milestone is underpinned by the company’s strong financial performance as outlined in its third-quarter 2025 results.
“Sustained revenue growth and a diversified portfolio of financial products have further strengthened its market position,” the company explained.
In an official statement, the council said it participated in a session of the House commerce committee where a bill was discussed to strengthen the legislative framework for self-catering accommodation and introduce penalties.
During the session, the council presented its positions on the matter and reiterated its strong concern about the effects of short-term rentals, highlighting a range of problems they generate.
Among these problems, the council pointed to the negative impact on rental prices, stressing that the rise in daily rental properties reduces the availability of housing for long-term rentals, which contributes to rising prices.
It also pointed out that planning zones are being bypassed, as daily rentals, which largely serve tourist purposes, have expanded beyond designated tourist areas.
According to an announcement released on Friday, Hadjimanolis stressed to her counterparts the need to safeguard and boost the global competitiveness of the European shipping sector.
In addition, she said that attracting skilled professionals to the broader maritime industry should be of particular focus.
The meeting concluded with the adoption of the Szczecin Declaration, aimed at reinforcing the EU’s shipping, shipbuilding and maritime manufacturing capacity under the bloc’s Industrial Maritime Strategy.
On the sidelines of the Council, Hadjimanolis met bilaterally with Greek Deputy Minister of Shipping and Island Policy Stefanos Ghikas, Norway’s Minister of Fisheries and Ocean Policy Marianne Sivertsen Naess, and Iceland’s Minister of Transport Eyjolfur Armannsson.
That was the message from a panel at this year’s TechIsland Summit in Limassol on Thursday, where officials and industry leaders examined how Cyprus can turn brain drain into brain gain.
The discussion, moderated by TechIsland chairperson Valentinos Polykarpou, featured Deputy Minister to the President Irene Piki, cultural activist and author Tasoula Hadjitofi, and Exness Co-founder, CEO and TechIsland board member Petr Valov.
Opening the debate, Polykarpou pointed out that while the tech sector has been expanding rapidly, this momentum brings a serious challenge, which is attracting talent.
“Until now, in order to meet this demand, the focus has been on attracting highly qualified professionals from abroad, which has worked well,” he said, citing incentives such as a 50 per cent tax exemption, fast-track work permits for spouses, and EU Blue Cards.
But he made it clear that relying only on foreign workers isn’t sustainable.
“There are thousands of educated and experienced Cypriots who went abroad to study and never returned,” he continued.” When they left, they found better opportunities, large multinationals, high salaries, career advancement.”
According to the 2024 figures, the tech sector contributes 16 per cent of Cyprus’ total Gross Value Added (GVA), a notable increase from 12.6 per cent the previous year.
The overall economic impact of the sector is estimated at €8.5 billion, of which €4.7 billion is generated directly and €3.8 billion indirectly.
These figures are based on the Leontief Input-Output Model and encompass key areas such as information and communication technology (ICT), professional, scientific and technical activities, as well as financial and insurance services related to tech.
The ICT industry alone accounts for €3.4bl of direct GVA, while professional services contribute €840m and financial services €505m, reflecting the increasingly horizontal impact of technology across multiple sectors.
Speaking at the TechIsland Summit on May 15, Acting General Manager of the Cyprus Stock Exchange, Nicos Trypatsas, made a compelling case for how the local market can offer tech firms capital, structure, and long-term strategic advantages.
Trypatsas, who was appointed to the role in 2017 following a decision by the Council of Ministers, has been with the CSE since its inception.
He was, in fact, the first person ever hired by the Exchange back in 1994. Since then, he has overseen critical projects including automation, the creation of a central registry, remote trading, and cross-border depository links.
He also represents the CSE as a board member of the European Central Securities Depositories Association.
In his keynote session titled “Tech Meets the Market: Unlocking the CSE Advantages”, he outlined how Cyprus-based technology companies can leverage the Exchange not only to raise funds, but also to boost visibility and attract international investors.
A public corporate body regulated by CySEC and the Central Bank of Cyprus, the CSE offers two primary markets, the Regulated Market, which follows stricter criteria, and the Emerging Companies Market (ECM), with more flexible conditions tailored to younger or fast-growing businesses.
The imposition of tariffs is not expected to have a significant or immediate effect on the Cypriot economy, which remains resilient and continues to outperform most European countries, according to Bank of Cyprus group chairman Takis Arapoglou, .
Speaking at the bank’s annual general meeting held in Nicosia, Arapoglou stressed that the Bank of Cyprus is well-positioned to weather global trade and market volatility.
“We remain confident that the Bank of Cyprus’ excess capital and strong liquidity will shield it from any potential disruptions arising from developments in global trade and market risks, enabling us to continue delivering on our strategic goals,” he said.
Arapoglou also highlighted that the bank is closely monitoring the geopolitical situation in Ukraine and the Middle East.
He noted that there is still no clear view on how long it will take for these crises to be resolved in a sustainable and peaceful manner.
Bringing together leading figures from across the public and private sectors, the Summit provided a platform for dialogue around the country’s fast-growing digital economy, its challenges, and its international reach.
The central theme, ‘Unlocking Opportunities’, reflected the sector’s accelerating role in reshaping Cyprus’ economic landscape.
According to a presentation by KPMG, the total contribution of the tech sector to Cyprus’ economy is now estimated at €8.5 billion, accounting for 16 per cent of national Gross Value Added.
“The TechIsland Summit 2025 was once again a strategic gathering of all stakeholders,” said Chairperson Valentinos Polykarpou.
“It was amazing to see, in numbers, the progress and growth of the tech sector. With tech contributing 16 per cent to the national economy, it’s clear we’ve built significant momentum over the past few years.”
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