Here are the top business stories in Cyprus from the week starting August 18:
Speaking candidly, Navosha explains how the Russian invasion of Ukraine upended the lives of his team, forcing them to seek stability and opportunity abroad. Cyprus emerged as their new base of operations, offering a supportive regulatory framework, a vibrant tech and media ecosystem, and a welcoming community.
From rebuilding the business after losing over 90 per cent of revenue to launching a new global app and engaging with local initiatives, Navosha outlines how Tribuna.com is positioning itself as a serious rival to the world’s largest sports media players.
The company said the initiative is designed to support Cypriot and Greek citizens settled in Cyprus who wish to pursue careers in the maritime industry.
According to the announcement, ten scholarships worth €10,000 each will be awarded.
In a post on social media platform X, the ministry said that the consultation period, which was due to conclude on August 25, 2025, will now continue until September 10, 2025.
According to the announcement, the decision was taken following requests from interested stakeholders, in order to allow more time for the submission of views and proposals.
Specifically, 53,076 transfers were completed nationwide by July 7, 2025, the minister mentioned.
Of these, 20,755 took place in Paphos, 17,083 in Limassol, 9,175 in Larnaca, 3,509 in Famagusta, and 2,554 in Nicosia, according to the Department of Lands and Surveys (DLS).
A further 29,089 sales contracts have been filed but await transfer, bringing the total properties moving into foreign hands to 82,165, including 9,470 pending in Paphos, 7,297 in Larnaca, 7,208 in Limassol, 4,225 in Famagusta, and 899 in Nicosia.
The programme offers eligible Cypriot businesses total funding of up to €30,000 per project.
The call is open to companies across all sectors with at least 10 full-time employees that are looking to invest in developing new products or services.
According to the announcement, the procedure will follow a simplified submission process with expedited evaluation.
The overall budget for the scheme amounts to €580,000.
Cyprus recorded one of the sharpest declines in new business registrations in the European Union in the second quarter of 2025, while also posting one of the steepest rises in bankruptcies, according to Eurostat.
The number of new businesses created on the island fell by 8.4 per cent compared with the first quarter, placing Cyprus among the weakest performers in the bloc.
Only Denmark, where registrations dropped by 18.2 per cent, and Germany, which saw a fall of 6.2 per cent, reported similar declines.
At the same time, bankruptcy declarations in Cyprus rose by 66.8 per cent, the second-highest increase in the EU.
The contract, awarded to Araco Construction Cy Ltd, was signed by Public Works director Eleftherios Eleftheriou on behalf of Cyprus and company representative Mohammed Rokaya.
The administrative court annulled the initial award last March after ruling that the tender review authority had met irregularly in separate sessions.
However, with the legal issues resolved, the contract worth €18.34m excluding VAT has now been signed, and construction is set to begin in September 2025. The work is expected to last 16 months and be completed by January 2027.
This marks the tenth consecutive year that Bank of Cyprus has received the title of Cyprus’ best bank from Euromoney.
According to an official announcement released on Tuesday, the award reflects the bank’s achievements during the evaluation period, which covered January 1, 2024 to December 31, 2024.
Among the key milestones in 2024 was a shareholder distribution of €241 million, nearly double the distribution paid in 2023.
The bank also upgraded its distribution policy to include a target payout ratio of 50 to 70 per cent starting from 2025.
Tourist arrivals in Cyprus rose by 6.9 per cent in July, with well over half a million visitors being recorded, according to figures released on Tuesday by the state statistical service.
Specifically, a total of 589,116 tourists visited the island during this time, compared to 551,229 in July 2024.
For the first seven months of 2025, tourist arrivals reached 2,432,129, up from 2,203,704 in the same period of 2024, marking an increase of 10.4 per cent.
Moreover, the United Kingdom remained the largest source of tourism in July, accounting for 32.2 per cent of total arrivals with 189,730 visitors.
Israel followed with 13 per cent or 76,557 arrivals, while Poland accounted for 7.4 per cent or 43,713 visitors.
The initiative is organised by the Paphos regional tourism board (Etap), the American University of Beirut – Mediterraneo, and local hoteliers.
The project, which started in July, initially covers the periods July–August and September–December 2025, before extending across a full year until June 2026.
The survey is part of continuous efforts to improve the quality of services, better understand visitor needs and enhance the district’s competitiveness.
Speaking to business outlet Economy Today, Angelides said the steady rise in arrivals is creating the basis for long-term planning, with Cypriot hotels aiming to extend the summer season into November.
However, he argued that for the season to stretch, hotels must take the risk of staying open and local communities must also keep restaurants and shops operating to avoid the impression of “dead cities” despite good weather.
Interior Minister Constantinos Ioannou, replying to parliamentary questions from Akel’s Marina Nikolaou and Edek’s Andreas Apostolou, said 525 submissions were made under the housing grant for young people and couples up to 41 years old.
Of these, 152 were approved, unlocking about €5.4 million in aid, 172 were rejected, one was withdrawn and 200 are still under examination.
Another 43 applications were filed under the Renovate-to-Rent scheme, with 28 approved for funding of €727,000, six pending and nine rejected.
Ioannou said the measures are intended not only to help individual families but also to ease pressure in the housing market.
The ministry confirmed that foreign buyers can file a transfer deed at the land registry office and proceed to exploit a property, such as an apartment or residence, without the need to conclude a sale contract or obtain prior permission from the district governor.
“The transfer documents are equated with the purchase and sale documents for the purposes of implementing the Immovable Property Acquisition (Aliens) Law (Cap. 109),” the ministry said.
It added that a permit from the district governor is required when the transfer is processed in the buyer’s name, but “is not a prerequisite” for filing the deed at the land registry.
In practice, all such transfer documents concerning third-country nationals are accepted without an acquisition permit.
According to figures from the Deputy Ministry of Migration, and shared on Economy Today, 518 permits had been granted by the end of June 2025, together with 389 for family members.
The programme saw its busiest year in 2023, when 371 new applications were filed, before interest slowed in 2024 and into the first half of this year.
Renewals, however, remain strong, with 306 digital nomads choosing to extend their stay. The approval rate exceeds 92 per cent, with rejections described as limited.
Russian nationals account for the overwhelming majority of applicants, followed by citizens of Israel, the United Kingdom, Belarus and Ukraine.
The Eastern Mediterranean has the potential to become a significant hub for the production and export of hydrogen, according to a recent mathematical forecasting study by Frederick University’s H2Zero research unit.
For Cyprus, the forecast indicates that natural gas production could rise from six billion cubic metres in 2026 to a maximum of ten billion cubic metres by 2035.
This would allow the production of more than four billion kilogrammes of hydrogen through natural gas reforming by 2050.
According to a statement from the university, the natural gas reserves of the Eastern Mediterranean can serve as a sustainable transitional fuel when combined with hydrogen production and the integration of renewable energy sources.
This combination, the announcement pointed out, provides a technically and economically sound opportunity towards a decarbonised energy system.
Speaking to the Cyprus News Agency (CNA), Loizides said that bookings were “frozen around mid-July due to conflicts in the (East Mediterranean) region“, as well as a string of wildfires.
Visitors are “very afraid of fires“, he stressed, not only in Cyprus and Greece, but also Turkey and Spain.
“Whenever a large-scale fire breaks out we see bookings freeze,” he said.
Nevertheless, he described the flow of bookings as satisfactory, especially during the first ten days of August.
In this context, he pointed out that there was strong demand from Cypriot visitors who, as he emphasised, “helped greatly”.
“Cypriot visitors saved the day,” he said.
According to the ministry, the portal will give shipowners, managers, lawyers, seafarers and classification societies access to services such as ship registration and registry transactions.
It will also cover technical and environmental matters for Cyprus-flagged vessels, seafarer training and certification, the tonnage tax system, and procedures for small or high-speed craft.
Services will be rolled out gradually, beginning in September 2025 with applications for seafarer registration certificates and the issuance or renewal of seaman’s books and endorsements.
Cypriots rated their satisfaction with their financial situation at 6.4 out of 10 in 2022, up from 5.2 in 2013 and 6.1 in 2018, according to figures from Eurostat released on Thursday.
The figure leaves Cyprus just short of the EU average of 6.6, despite one of the sharpest improvements in the bloc over the past decade.
At the top end, people in the Netherlands and Finland reported the highest levels of financial satisfaction at 7.6, followed by Sweden (7.4) and Austria (7.3).
On the contrary, Bulgaria scored the lowest with 4.6, while Greece stood at 5.3, alongside Croatia (5.7), Slovakia (5.8) and Hungary and Latvia (both 5.9).
Eurobank has acquired 1,334,684 of its own shares between August 11-14, according to an announcement released this week.
The bank reported that the average purchase price per share was €3.45, with a total cost of €4,606,846.31.
In an official statement, Eurobank Holdings, said the buyback follows the approval of its Share Repurchase Programme by the Annual General Meeting of Shareholders on April 30, 2025.
The programme was initiated earlier on May 7, 2025, and approved by the board of directors on April 30, 2025.
The shares were purchased on the Athens Stock Exchange (ATHEX) through Eurobank Equities Monoprosopi Anonymous Investment Services Company.
Reports earlier this week had suggested the Limassol-based group was planning to relocate its operations to Spain, causing concern in government and business circles.
However, officials confirmed that only part of its workforce will be transferred abroad, while an equal number of new staff will be hired locally to maintain overall employment levels.
BrainRocket, which has operated in Cyprus for about a decade, employs around 1,500 people and is regarded as one of the island’s largest foreign-owned firms.
The group, with mainly Israeli interests, provides support services for the online gambling sector, including payments, software and game development.
According to the notice published on the Electronic Procurement System, the estimated value is set at €165,000 excluding VAT for 32,896 overnight stays, with the cost borne by the contracting authority. Including additional options, the total estimated value rises to €195,000.
Bids are open until September 3, 2025 at 11 a.m.
The announcement of eight different competitions to cover accommodation needs across Nicosia and the other districts was also confirmed by Deputy Minister for European Affairs Marilena Rauna during the Cyprus Hoteliers Association (Pasyxe) general assembly.
Agora 3.0 has been described as a flagship initiative for digital transformation, placing GMI at the forefront of healthcare innovation in Cyprus and abroad.
Zamboglou said the institute aspires to become the first fully digitalised hospital in the country, integrating advanced health IT infrastructure to streamline patient care and research.
He noted that a dedicated AI Department had also been created, “becoming Cyprus’s first centre for testing, developing, and using AI for diagnosis,” and thanked the R for its support.
Click here to change your cookie preferences