An agreement was signed on Thursday to bring to an end the months of wrangling between workers and employers over the cost-of-living allowance (CoLA) and set how it is implemented going forward.

The signing was attended by President Nikos Christodoulides, who said that “a significant effort has been completed”.

“A permanent agreement on CoLA has been achieved through a responsible and constructive dialogue,” he said, before adding that “more than 55,000 additional beneficiaries” will now receive CoLA.

“Reaching an agreement was not easy. Convergences and compromises were needed. This is the product of maturity and mutual respect between the social partners.”

Cyprus and Saudi Arabia strengthened ties in the tourism sector this week as the UN Tourism General Assembly in Riyadh concluded with the adoption of the Riyadh Declaration on the Future of Tourism, a long-term roadmap for global cooperation over the next 50 years.

Deputy Minister of Tourism Kostas Koumis co-signed a memorandum of understanding (MoU) with Saudi Tourism Minister Ahmed Al Khateeb during his official visit to the kingdom, held in parallel with the 26th session of the General Assembly.

In the same session, delegates also ratified the appointment of Shaikha Nasser Al Nowais as the next secretary-general of UN Tourism, the first woman and first Gulf Cooperation Council (GCC) national to lead the organisation from 2026.

The MoU aims to deepen cooperation between Cyprus and Saudi Arabia in sustainable tourism, knowledge exchange, tourism education and technology.

Cyprus’ real estate market exhibited a resilient but mixed performance during the third quarter of 2025, according to the RICS Cyprus Property Price Index, compiled and published in collaboration with KPMG Cyprus.

The latest edition of the index showed that the island’s real estate market combined strong residential growth with weaker commercial trends, with the latter slightly offsetting the former’s positive momentum.

According to KPMG Cyprus, the quarter saw modest price increases across most property categories, confirming the sector’s continued stability despite regional and global economic uncertainties.

Christophoros Anayiotos, board member and head of the real estate industry group at KPMG Cyprus, said that Limassol led market activity, posting the highest gains in warehouses and apartments.

At the same, Anayiotos continued, Nicosia, Paphos, and Famagusta recorded more moderate growth, mostly in houses and apartments.

The Bank of Cyprus‘ property management unit has achieved a significant turnaround in its non-core asset portfolio, announcing that property sales have exceeded new asset acquisitions since the start of 2019, as part of its financial results for the nine-month period ending September 30, 2025.

The Real Estate Management Unit (REMU), which concentrates on liquidating properties acquired through debt-for-asset swaps, has achieved approximately €1.3 billion in recovered asset sales since 2019.

This figure vastly surpasses the €0.5 bn in properties the bank took over during the same timeframe.

In the nine months to September 30, 2025, the unit concluded property sales totalling €231 million, which is a sharp increase compared to the €82 million in sales (including transfers) recorded in the corresponding nine-month period of 2024.

Profit from these sales also saw a substantial rise, reaching approximately €10m in the 2025 period, nearly double the €5m profit achieved in the equivalent period in 2024.

Player safety and a tougher stance on the illegal gambling market remain central priorities for Cyprus, the head of the National Betting Authority (NBA), Panayiotis Trisokkas, said at the SiGMA Central Europe Summit in Rome. 

The three-day gathering, held beginning of November, brought together regulators, operators and technology firms from across the region.  

Alongside the conference, an exhibition featured gambling and payment service providers, further highlighting the scale of the sector’s technological activity. 

During a regulatory roundtable titled ‘Voices of Authority: Inside Europe’s Regulatory Roundtable’, Trisokkas said the illegal market is the biggest challenge facing European regulators, particularly when it comes to player protection.  

Cyprus’ two main professional bodies for international business, Cyprus Fiduciary Association (CYFA) and Cyprus International Businesses’ Association (CIBA), signed a memorandum of understanding (MoU) this week.

The agreement aims to deepen cooperation on issues affecting the country’s business and investment environment.

According to a statement by CIBA, the agreement aims to support the further development of the management services sector, while also strengthening the competitiveness of international companies operating in Cyprus.

It also seeks to encourage both foreign and domestic investment activity, thereby enhancing the island’s appeal as an international business centre.

The move follows a recent meeting between Invest Cyprus chairman Evgenios Evgeniou and CEO Marios Tannousis with CIBA president Vassilios Demetriades and general manager Valentinos Steliou, during which the two sides agreed on specific synergies and close collaboration through the new MoU.

Cyprus is strengthening its support for entrepreneurship and industry through targeted policies and new investment tools, the general director of the energy ministry Marios Panayides, told the Nicosia Chamber of Commerce and Industry’s (Evel) general assembly this week.

Panayides said the government’s priority is to promote innovation, expand circular-economy practices, upgrade manufacturing, and accelerate the digital and energy transition of local businesses.

As part of this, he pointed to €226 million in schemes under the Thalia 2021-2027 programme and a further €137 million from the EU’s Recovery and Resilience Facility (RRF) and REPowerEU, noting that €101.2 million has already been paid out.

He also referred to the new 2025–2030 Policy Document on Competitiveness and Internationalisation, describing it as a plan aimed at strengthening industry through sustainable technologies, digital transformation and global expansion, while placing particular emphasis on skills development.

The number of bounced cheques registered in Cyprus reached 14 in October, with a total value of €176,435, according to figures published on Thursday by the Central Bank of Cyprus (CBC).

This follows the addition of 7 issuers to the preliminary list of the Central Information Register (CIR), comprising 4 legal entities and 3 individuals. 

Between January and October 2025, a total of 198 outstanding cheques were registered, amounting to €616,580.  

This compares with 252 cheques worth €533,524 in the corresponding period of 2024. 

The Cyprus borrowers association (Syprodat) has warned that the resurgence of non-performing loans (NPLs) and the worsening housing crisis represent a “double challenge” for the Cypriot economy, threatening both its stability and social cohesion.

In a statement released this week, Syprodat said that the management of bad loans and the resolution of the housing problem “are not merely technical matters of economic policy” but rather “fundamental issues of social justice and equality of opportunity.”

The association said that the Cypriot economy continues to bear the burden of approximately €19 billion in bad loans, which, despite being transferred off bank balance sheets to credit-acquiring companies, still pose a significant risk to the financial system.

The Human Resource Development Authority of Cyprus (HRDA) this week announced that it signed a major contract for the organisation and implementation of training programmes targeting young people not in education, employment, or training (NEETs), following a public tender.

The HRDA executed the contract with the M.M.C Management Center Ltd and EDITC Ltd Consortium.

The project, titled “Training programmes for young people not in education, employment or training (NEETs),” is being implemented under the Cohesion Policy Programme “Thalia 2021-2027” and is co-funded by the EU.

The contract aims to train 2,800 NEETs across all provinces of Cyprus, with a completion deadline of October 15, 2028.

The programmes will focus on delivering fundamental knowledge and skills.

The Ministry of Energy, Commerce and Industry, in collaboration with the Trade Centre of the Republic of Cyprus in Warsaw, announced this week that it participated for the second consecutive year with an informational stand at the “European SME Congress” international conference, which recently took place in Katowice, Poland.

The “European SME Congress”, which the ministry described as the largest event in Europe for small and medium-sized enterprises, was held this year for the 15th time.

The event attracted a large number of businesses and a plethora of speakers and representatives of policy-making bodies.

Among the participants were executives from large multinational companies, members of parliament, mayors, senior state officials, as well as leading representatives of institutional and financial organisations from both Poland and other countries.

Cyprus has paid a total of €229,359.60 to winegrowers this year under a support scheme funded entirely by the European Union, according to the Cyprus Agricultural Payments Organisation (Capo). 

In a statement, Capo said it has completed paymentsto beneficiaries as part of its strategic plan under the EU’s common agricultural policy (CAP) 2023–2027 for the 2025 financial year.  

Cyprus will reopen its electronic platform for landowners seeking hectare-based compensation under the local Akama plan, with applications accepted from November 14 to 24.

According to the Agriculture Ministry, the new window follows a previous submission period held in October and gives both individuals and companies another opportunity to join the scheme.

The ministry explained that measure 1, introduced in 2024 and continuing this year, offers annual financial support to landowners who keep their plots in a natural state, aiming to preserve the landscape and protect the region’s biodiversity.

A delegation from the Paphos regional tourism board (Etap) and local hoteliers is in the Baltic states this week for a series of workshops aimed at strengthening the district’s presence in emerging markets. 

According to the board, the presentations are taking place from November 11 to 13 in Vilnius, Riga and Tallinn, with more than 120 tour operators expected to attend.  

According to the announcement, the sessions focus on promoting Paphos as a year-round destination and outlining the experiences and services available across the district. 

The Cyprus Telecommunications Authority (Cyta) has officially announced the launch of its search for a new chief executive officer (CEO), marking what it described as the beginning of a “new era” for the organisation.

According to a statement issued by Cyta, the new CEO will play a pivotal role in shaping the organisation’s strategic direction, improving efficiency, and strengthening Cyta’s position as a pillar of technological progress within the Cypriot economy.

The announcement follows the recent departure of Andreas Neocleous, whose resignation took effect on September 12, 2025, leaving the top leadership position vacant.

In its call for applications, Cyta said it was seeking candidates with vision, strategic thinking, and strong leadership skills, capable of inspiring and guiding the organisation into its next chapter of growth and innovation.

Demetra Holdings Plc has announced that its board of directors will meet on November 25, 2025, to review the group’s nine-month financial results for the period ended September 30, 2025.

The company said the results will be published on November 26, 2025, before the start of the trading session on the Cyprus Stock Exchange (CSE).

The announcement comes as Demetra continues to execute its share repurchase programme, authorised at the company’s annual general meeting held on June 24, 2025.

In statements issued this week, Demetra Holdings confirmed two separate transactions involving the buyback of its own shares through the Cyprus Investment & Securities Corporation Ltd (CISCO).