Parliament on Thursday began debating legislation to screen foreign direct investments in strategic sectors, aligning Cyprus with EU rules designed to safeguard security and public order.

The bill, approved by the Council of Ministers earlier this month, implements Regulation (EU) 2019/452, which establishes a framework for monitoring foreign direct investments (FDIs) into the European Union on grounds of national security or public order. 

The draft legistlation gives the state the power to approve, impose conditions, block, or even reverse foreign investments deemed to pose risks.

Chief Scientist Demetris Skourides recently completed a high-level business visit to the United Arab Emirates, according to an announcement released on Thursday.

The visit aimed to “reinforce Cyprus’ role as a forward-looking hub for artificial intelligence, deep technology, and innovation-led economic growth”.

“The visit formed part of Cyprus’ broader strategy under Vision 2035 to foster cross-border partnerships, attract international investment, and accelerate the global competitiveness of Cyprus’ research and innovation ecosystem,” the announcement stated.

Invest Cyprus chairman Evgenios Evgeniou addressed foreign investors at the 13th Invest Cyprus International Investment Awards in Nicosia on Wednesday, reaffirming the organisation’s commitment to working with the international investment community to build a more diversified and innovative Cyprus.

Speaking at the event, Evgeniou highlighted the growing confidence in Cyprus as an investment destination, pointing to President Nikos Christodoulides’ visit to the United States and the official visit of Indian Prime Minister Narendra Modi to the island as clear signs of this momentum. 

These, he noted, were not isolated events but part of Cyprus’ emergence as “a strategic investment partner, a gateway to the European Union and a European hub for the wider Middle East.”

Deputy Shipping Minister Marina Hadjimanolis,paid a working visit to London this week, aiming to strengthen bilateral ties with the United Kingdom.

The trip also sought to promote Cyprus’ bid for re-election to the council of the International Maritime Organisation (IMO) for 2026-2027 in November.

According to the announcement, the visit was marked by a bilateral meeting with UK Minister for Shipping Mike Kane.

The Cyprus Financial Literacy and Education Committee (CyFLEC) reviewed the progress of Cyprus’ national strategy for financial literacy on Wednesday during its fifth meeting of the board of directors.

According to a statement issued by the Central Bank of Cyprus (CBC), the meeting focused on assessing the work carried out by CyFLEC’s Thematic Working Groups (TWGs) during the first half of 2025.

Board members were also briefed on meetings held with the scientific advisory committee (SAC), which plays a key role in supporting the committee’s long-term goals.

Artificial intelligence (AI) is rapidly transforming financial markets by bringing “speed and innovation” to the sector, according to Eliza Stasopoulou, senior officer at the Cyprus Stock Exchange.

However, Stasopoulou also cautioned that its successful use depends on having “strong regulations, ethical safeguards, and human oversight” to ensure technology serves the public good.

She underlined that “the balance between technology and human judgment is considered essential” for creating a more “transparent, fair, and efficient financial environment.”

NYSE-listed Safe Bulkers and its CEO, Polys Hajioannou, have announced the company’s 5th annual scholarship programme for the academic year 2025-2026, as part of its Environmental and Social Governance (ESG) initiatives.

The programme will award ten scholarships of €10,000 each to Cypriot citizens or Greek citizens residing in Cyprus, aiming to pursue undergraduate or postgraduate studies abroad in shipping-related fields.  

Eligible countries include Greece, the United Kingdom, and others.

The National Bank of Greece on Thursday announced the launch of its 16th Innovation and Technology Competition as part of its NBG Business Seeds programme.

“This initiative is the longest-running innovation support institution in Greece and Cyprus, promoting individuals with vision and offering them the tools and guidance needed to transform ideas into action,” the bank said.

“With over 8,700 submissions to date, the competition continues to serve as a fertile meeting point between entrepreneurial creativity and technological innovation,” it added.

Cytacom Solutions Ltd, a subsidiary of Cyta, on Thursday announced that it recently signed the renewal of its collective labour agreements for the 2025–2027 period.

These agreements, the company said, cover both its monthly and hourly-paid staff.

Moreover, according to a statement issued by Cyta, the agreements “confirm the strong cooperation and mutual trust between management and the trade unions, to the benefit of employees and the customers who rely on Cytacom’s services”.

The board of directors of Mall of Cyprus approved an interim dividend of €13.5 million, following a review of the company’s financial position based on the provisional 2025 accounts.

According to an announcement, the dividend will be distributed proportionally to shareholders registered with the Cyprus Stock Exchange (CSE) as of July 23.

Shareholders will receive €0.0405 per fully paid common share, with the payment to be made in cash on July 28.

Cyprus recorded a trade deficit of €3.26 billion in the first five months of 2025, slightly up from €3.18 billion in the same period of 2024, according to figures released on Thursday by the statistical service.

Specifically, total imports of goods from January to May 2025 amounted to €5.37 billion, rising by 13.7 per cent from €4.73 billion in the corresponding period of the previous year.

Over the same timeframe, total exports of goods reached €2.12 billion, marking a 36.9 per cent increase from €1.55 billion in January to May 2024.

The construction production index in Cyprus reached 112.65 units in the first quarter of 2025, reflecting a 1 per cent increase compared to the same period in 2024, according to the state statistical service.

The service explained that the base year for the index is 2021, set at 100 units.

Meanwhile, the output construction prices index reached 123.70 units in the first quarter of 2025, also based on 2021 as the reference year.

Greek retail group Jumbo reported resilient sales growth across its network in the first half of 2025, with stores in Cyprus and Greece driving performance despite geopolitical tensions in the Middle East and planned tax changes in Romania..

At the company’s annual general meeting held on July 9, shareholders approved, among other items, the management’s proposal for a dividend of €68 million, €0.50 per share, for fiscal year 2024.  

Following the cancellation of 1,694,198 treasury shares, representing 1.25 per cent of total shares, the gross distribution per share will amount to €0.5063.