Here are the top business stories in Cyprus from the week starting May 19:
At this year’s symposium at IMO headquarters in London, held under the theme ‘An Ocean of Opportunities for Women’, the tone quickly shifted from celebration to concern.
The second Women in Maritime survey, jointly published by the International Maritime Organisation (IMO) and the Women’s International Shipping and Trading Association (WISTA International), delivered a sobering update.
While the total number of women working in maritime rose to 176,820 in 2024, up from 151,979 in 2021, their overall share in the workforce declined.
The proposal, which is currently before the House legal affairs committee, has been met with strong opposition from the council, which argues that it threatens the viability of the estate agency profession and risks destabilising the broader property market.
In a public statement, the council said the draft legislation “directly harms the profession of estate agents“.
It added that the legislation “places artificial barriers on the exercise of lawful professional duties, which are carried out with responsibility, transparency, and full tax and institutional compliance”.
While the council acknowledges that estate agents do not provide legal services, it said that they “play a critical role” in preparing and facilitating private lease agreements and preliminary purchase arrangements.
Cyprus is moving ahead with its first affordable rental housing scheme, with construction on the initial phase of a new development in Limassol expected to begin by June, according to the Cyprus Land Development Organisation (Koag).
The ambitious project, a collaboration between Koag and the Limassol municipality, will see the creation of a small residential community in the Agios Nikolaos area, offering apartments at rents 25 to 30 per cent lower than current market levels.
The agreement for the land concession is set to be signed next Wednesday, paving the way for construction to start next month.
In total, around 600 apartments are planned across two locations in Limassol – Ayios Nikolaos and Agios Ioannis – with a combined development cost of approximately €100 million.
This includes both the construction expenses and the value of the municipal land being granted for the project.
Cyprus residents made 164,844 trips abroad in April, marking a 24.1 per cent increase compared with the 132,806 trips recorded in April of last year, according to data released by the statistical service on Monday.
The rise in travel activity was attributed to the rare overlap of Orthodox Easter, Catholic Easter and Jewish passover, which fell within the same period, significantly boosting airport traffic across the island.
Greece remained the top travel destination for Cyprus residents, accounting for 33.3 per cent of returns (54,967).
This was followed by the United Kingdom with 8.6 per cent (14,111), and Italy with 6.5 per cent (10,735).
As in previous months, the majority of outbound trips were made for holiday purposes, comprising 70.9 per cent of total travel.
Addressing a still male-dominated sector, Hadjimanolis said the day was an opportunity to recognise the growing contributions of women in shipping and to highlight the work still needed to close the gender gap.
The gathering brought together government officials, shipping professionals and gender equality advocates to celebrate the contribution of women in the sector, while also emphasising the work still needed to close the gap.
Deputy Minister for Shipping Marina Hadjimanolis welcomed attendees by expressing her appreciation for their presence and stressed the importance of the day, which she said is dedicated to “recognising the role and contribution of women in the shipping sector.”
Speaking during the opening of a cabinet session at the Presidential Palace, Christodoulides said the Spring 2025 Economic Forecast, released by the European Commission on Monday, “is particularly important, even more so at this juncture”.
“It is very important that the forecast confirms both the resilience and stability, as well as the positive momentum of the economy,” he said.
The commission projects Cyprus’ economy will grow by 3 per cent in 2025 and by 2.5 per cent in 2026, a pace significantly above the eurozone average.
In a statement issued this week, Evel thanked the president and the Council of Ministers for their visit to Limassol over the weekend and the open dialogue held with MPs, local authorities, state agencies, organised bodies and civil society representatives.
“Evel welcomes the announcement for the creation of infrastructure, the inclusion of projects in government planning as well as the start of the process of revising the local plan,” the chamber said.
While expressing “moderate optimism,” the chamber stressed the “urgent need to set clear and binding timetables, both for the implementation of the announcements and projects, and for addressing the acute traffic problem that plagues the city.”
The shares have a nominal value of €0.10 each and were originally issued on March 31, 2025.
They are set to be admitted to trading on the Main Market of both the Cyprus Stock Exchange (CSE) and the Athens Stock Exchange (ATHEX).
According to the official information document, this move does not require the publication of a prospectus, as the new shares are of the same class as those already listed on the same regulated markets.
The total assets of investment funds in Cyprus rose by €169.2 million, an increase of 2.3 per cent in March 2025, compared to December 2024, reaching €7.53 billion, according to the Central Bank of Cyprus (CBC).
The increase in assets was mainly driven by a rise in the value of shares and related securities held by these funds, which grew by approximately €264.6 million to a total of €5.55 billion.
What is more, the central bank reported that the number of investment funds operating in Cyprus decreased slightly, from 338 in December 2024 to 336 in March 2025.
Despite the reduction in the number of funds, their total assets recorded an overall increase, reaching €7.53 billion in March 2025, compared to €7.36 billion in December 2024.
According to the organisers, the evening was dedicated to cultivating success stories in innovation, with networking opportunities among founders, investors, and key stakeholders from the broader ecosystem.
Deloitte, through its Innovation and Entrepreneurship Centre (IEC) in Cyprus, has long supported innovation across the region. ARIS, a non-profit accelerator curated by the IEC and established in association with Deloitte, also reflects the company’s commitment to helping early-stage ventures scale.
Meanwhile, the Deloitte Technology Fast 50 programme, launched in 2021, continues to recognise the fastest-growing tech companies in Cyprus and the Middle East.
All these initiatives form part of Deloitte’s wider strategy to foster a dynamic environment for start-ups, offering them the recognition, tools, and resources needed to grow, it said.
Held under the theme “Cyprus – Greece – Israel: Spurring Resilient and Multilateral Collaboration with the Region”, the summit was organised by The Economist and brought together key political and financial leaders from across the Eastern Mediterranean.
Freedom Holding Corp., a platinum sponsor of the event, champions cross-regional connectivity and uses modern technologies, including artificial intelligence, to make global financial markets more accessible.
Turlov highlighted Cyprus’ dual advantage as a geographical and regulatory bridge, particularly between the United States and Central Asia.
“We came to Cyprus because we were looking for a gateway that could translate between US and Kazakh regulatory languages,” he said.
Frozen molluscs and fresh meat recorded the steepest monthly price increases in April, up by 14.1 and 10.7 per cent respectively, even as inflation slowed to just 0.2 per cent, according to the latest price observatory by the Consumer Protection Service.
The data, published on Wednesday, shows that overall inflation eased significantly from 1.6 per cent in March and 1.9 per cent in February.
Still, the cost of several basic consumer goods continued to rise, with fresh meat and seafood among the top drivers.
Compared to April 2024, frozen molluscs and shellfish are now 16 per cent more expensive, while fresh meat has climbed 15.7 per cent year-on-year.
Other items that saw monthly increases include sugar, which rose by 3.4 per cent in April compared to March, though its price remains 15.1 per cent lower than the same month last year.
The forum, held with the participation of business delegations from both countries’ shipping clusters, was opened by Cyprus’ Deputy Minister for Shipping Marina Hadjimanolis, and Finland’s Permanent Secretary of the Ministry of Transport and Communications, Minna Kivimaki.
As part of the official programme, the Cypriot delegation also toured the offshore patrol vessel Turva, hosted by the Finnish Border Guard.
On the sidelines of the event, Hadjimanolis and Kivimaki held a bilateral meeting to review progress in maritime cooperation, continuing the dialogue first launched in March at the European Shipping Summit with Finland’s Transport Minister Lulu Ranne.
The forum, presented by ECOMMBX, featured insights from Melissa van den Broek, Senior Manager Integrity and Compliance (FEC) at KPMG Advisory in the Netherlands, and Gregory Dellas, Group Chief Compliance and Risk Officer at ECOMMBX and chair person of the ACAMS Cyprus Chapter.
In the presentation, titled ‘All eyes on AMLA: The implications of AMLA’s Function and Agenda for the Private Sector’, van den Broek said AMLA would begin with the direct supervision of up to 40 high-risk financial entities, including at least one in each Member State.
She explained that selection will be reviewed every three years, based on factors such as the level of activity across at least six Member States and the institution’s risk profile.
The Cyprus Real Estate Agents Registration Council has issued a call to its members to be prepared for mobilisations, following a meeting of the House legal affairs committee on Tuesday.
The session involved a discussion of a proposed bill by MP Kostis Efstathiou, which would make it mandatory for all property sale contracts in Cyprus to be drafted by lawyers.
In a second announcement related to this matter, both released this week, the council called for the immediate withdrawal or rejection of the proposal, warning that it arbitrarily limits the professional responsibilities of licensed estate agents.
“Unfortunately, our suspicions are being reinforced that the motivations behind the proposed amendment aim to increase the turnover of another professional group,” the council stated.
It added that the proposal had been previously returned by the former President of the Republic, but is now resurfacing.
Average monthly earnings in Cyprus rose by 5 per cent in the fourth quarter of 2024 compared to the same period in 2023, according to preliminary data released by the Cyprus Statistical Service (Cystat).
When compared to the previous quarter, and after adjusting for seasonal fluctuations, average monthly earnings increased by 1.2 per cent in the fourth quarter of 2024.
Specifically, the average monthly earnings in the fourth quarter of 2024 reached €2,813, up from €2,680 in the corresponding quarter of 2023.
At the event, Patsalides highlighted the necessity for strategic reforms and robust regulatory frameworks to ensure financial stability and sustainable growth.
“We meet at a time when resilience is no longer an abstract goal but a daily necessity,” he stated.
“The global environment remains deeply uncertain — shaped by geopolitical tensions, trade disputes, economic fragmentation, rapid technological change, and the accelerating impacts of climate change.”
During an official visit to Doha, Energy Minister George Papanastasiou met with Rashid bin Hamad Al-Athba, Second Vice President of the Qatar Chamber of Commerce and Industry, to explore investment opportunities and strengthen commercial links between the two countries.
According to the chamber’s announcement, the discussions focused on deepening economic collaboration and identifying promising sectors for joint ventures.
Al-Athba welcomed the minister’s proposals, underlining Qatar’s favourable investment climate and the chamber’s readiness to support greater business engagement with Cyprus.
With a footprint of nearly 1,000 square metres and a power capacity approaching 1 megawatt, the LCA1 facility has been designed to Tier III standards, integrating advanced physical and cyber security systems, backup infrastructure for uninterrupted availability, and green credentials including renewable energy capabilities.
According to the announcement, the aim of the mission was to “enhance economic relations between Cyprus and Finland“.
During the visit, a business forum was held, along with a series of bilateral business meetings (B2B), focusing on the strategically important sector of shipping and maritime technology.
The chamber stated that the forum “served as a platform for dialogue and networking between Cypriot and Finnish companies, highlighting opportunities for synergies, knowledge exchange, and joint investment prospects”.
The forum was addressed by Deputy Shipping Minister Marina Hadjimanolis. The address focused on the the importance of innovation, green transition, and international cooperation in the shipping sector.
According to the announcement, the bank supported the event as a member of the Eurobank Group.
The summit, held earlier this week, aimed to position Cyprus as a model of environmental responsibility and sustainable development.
This year’s summit focused on critical and timely issues that highlight both the opportunities and challenges of the green transition.
Particular emphasis was placed on the business prospects and economic growth associated with shifting towards a more sustainable model.
The new law pushes the deadline for securing an operating licence from the Deputy Ministry of Tourism to November 30, 2025, two months later than planned, despite what lawmakers described as deep-rooted bureaucratic stagnation.
Only 12 per cent of hotels are currently licensed, Akel MP Costas Costa told the chamber, with 217 applications still pending.
“Another extension cannot be granted,” he said, adding that “the issue has been discussed for six years and no matter how many excuses have been heard, the owners’ attitude is unjustified.”
The law now requires architectural plans submitted for exemption to be backed by a designer’s certificate verifying they match the actual layout, while the temporary fire certificate is extended until June 30, 2027.
For the second consecutive year, CAPSBOLD returned as the festival’s official marketing partner, this time sharing a joint booth with the tech company SPORTSOFT under the theme ‘Agencies of the Future: Where Marketing Meets Digital’.
The festival is one of the largest technology and innovation events in Cyprus and the Mediterranean, with over 10,000 people participating in this year’s event.
The bank, a member of the Eurobank Group and a long-standing supporter of the festival, highlighted the decisive role of technology in reshaping the banking sector and improving customer service.
According to the bank, “technology, data analysis, and strategic development were at the heart of its presentations.”
Central to Hellenic Bank’s presence was the emphasis on the strategic use of data as a tool for decision-making, process automation, and more efficient management.
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