Here are the top business stories in Cyprus from the week starting December 8:
Journalists from television, print and online outlets attended, reinforcing the strategy’s goal of encouraging more balanced and accurate representation of women and men in public discourse.
Opening the workshop, Gender Equality Commissioner Josie Christodoulou said the media have the power to shape social attitudes and perceptions, and therefore their role in promoting substantive equality is crucial.
Information, she noted, can and should act as a lever for change, helping society move beyond entrenched stereotypes and long-standing prejudices.
Across the two days, the discussion focused on how everyday editorial choices, from the language used and the images selected to sourcing practices and framing, can either reinforce or challenge inequality.
The meeting, held from ending of November to beginning of December, delivered a series of landmark decisions shaping the IMO’s strategic direction, capacity-building priorities and governance framework for the years ahead.
According to the IMO, delegates adopted 22 resolutions, including the new IMO Capacity Development Strategy, a revised Strategic Plan for 2024–2029 and the results-based budget and work programme for 2026–2027.
As the Assembly closed, IMO Secretary-General Arsenio Dominguez welcomed what he described as a broad, constructive spirit.
Moreover, he said “Everything placed before this Assembly has been achieved, adopted, or approved.”
Headquartered in Nicosia, the company now manages more than twenty game titles played by over twenty million people, supported by €45 million invested in products and services and annual revenue that surpasses €100 million.
Yet its scale is only part of the picture. What sets GamesUp42 apart is the combination of creative independence for its studios and a powerful central infrastructure that handles development support, analytics, design, payments, marketing, and publishing with the sophistication of a far larger group.
In this exclusive interview with the Cyprus Mail, co founder and CEO Igor Ivchenko spoke about how Cyprus has shaped the company’s trajectory and why the island has become a strategic base for ambitious founders aiming for international reach.
The latest analysis sheds light on the leading trends in office and retail property sales across Cyprus for the first half of 2025, showing significant variations in transaction volumes and average prices by district.
The total value of transactions involving offices and shops reached €29.8 million.
This included 128 shop sales worth €19.2m and 51 office sales worth €10.6m.
As the data shows, offices in Nicosia and Limassol took the lead. Nicosia recorded 30 office sales during Q1 2025, followed by Limassol with 13.
Although the diversion temporarily weakened its long-standing advantage of proximity to the Suez Canal, the port’s overall performance proved resilient, and shipping lines are expected to restore Red Sea transits gradually in the coming months.
Across northern Europe, the three largest hubs, Rotterdam, Antwerp-Bruges and Hamburg, continue to dominate by a considerable margin.
According to PortEconomics, Hamburg delivered the strongest performance among them in early 2025, recording a rise of roughly 9.3 per cent in container throughput and overtaking both Rotterdam and Antwerp-Bruges in growth terms.
The shift reflects how evolving shipping alliances and renewed flows from Asia have favoured ports with deep hinterland connections and flexible inland rail links.
The study was presented in Limassol, where Deputy Tourism Minister Costas Koumis noted, through remarks delivered by the ministry’s new director general, Neophytos Papadopoulos, that diving tourism offers “significant room for development”, which the CMMI study also confirms.
He said the technical study will act as a starting point for preparatory actions, “which will serve as a springboard to highlight Cyprus as a leading force in diving tourism in the Mediterranean”.
As the study outlines real data, scientific knowledge and the sector’s development prospects, Koumis said the Deputy Ministry is placing particular emphasis on specialised forms of tourism, which are gaining ground globally as visitors increasingly seek experiences that are competitive and sustainable.
Keve’s president Stavros Stavrou said Cyprus is navigating “a period of intense upheaval”, referring to the war in Ukraine, the peace agreement in Gaza, shifting energy dynamics and the rapid entry of artificial intelligence into daily life.
These global pressures, he noted, make the Chamber’s mission “more complex and its work more demanding”.
Turning to geopolitics, he said the chamber believes “another effort will soon be made” to resolve the Cyprus problem, pointing to the regional climate, the government’s diplomatic initiatives and recent energy developments.
He also expressed hope that the leadership of Tufan Erhürman among Turkish Cypriots would support this direction, adding that “we expect that all these factors will contribute to Turkey finally changing course”.
The report showed that the total number of passengers travelling by air across the European Union surged by 8.3 per cent in 2024 compared with the previous year.
Specifically, the total number of passengers travelling by air in the EU reached 1.1 billion in 2024, marking a substantial increase from the 973 million recorded in 2023.
Data shows that all EU countries registered an increase in the number of passengers carried by air compared with 2023.
The total number of sales documents recorded by the Department of Land and Surveying (DLS) during the third quarter of 2025 showed an annual increase from both domestic and foreign buyers.
Specifically, the number of properties sold to foreign buyers increased by 9.3 per cent year-on-year, rising from 1,672 in the third quarter of 2024 to 1,827 in the quarter under review.
Sales to domestic buyers also contributed to the overall market strength, recording an annual increase of 8.6 per cent, rising from 2,409 to 2,617.
The association argued that this approach would provide the long-term stability the project requires.
In a statement, the association’s president, Polys Kourousides, said the financial structure “should rely on a model that does not place additional pressure on the state budget, particularly as delivery of the units will rest with the private sector”.
He described the initiative as a timely response to “one of the most pressing social issues of the period”, recalling that the association has consistently called for state-owned land to be used for affordable housing development.
Addressing this week’s annual meeting of the Association of Travel and Tourism Agents of Cyprus (Actta), Koumis said the year closes with strong results, while the country also moves towards a demanding period, particularly in 2026 when Cyprus holds the EU Council Presidency.
He noted that the past three years marked a full recovery in tourism and a clear sign of its resilience, as the industry not only regained momentum after the pandemic but, in many cases, exceeded earlier performance levels.
He pointed to improved air connectivity across European markets and to official figures showing that Cyprus recorded the largest rise in hotel overnight stays between 2024 and 2023, well above the EU average.
According to the CFA, the agreement lays the groundwork for a long-term collaboration designed to raise awareness, support professionals and help cultivate a more inclusive business environment.
The memorandum was co-signed by Demetris Hadjisofocli, CEO of the Centre of Social Innovation (CSI), Constantinos Kourouyiannis, president of the CFA Society Cyprus, and Stella Mourouzidou-Damtsa, board member and Chair of the Inclusion Committee of CFA Society Cyprus,
Alongside the signing, the two sides also discussed the priorities, challenges and opportunities that Cyprus faces in strengthening inclusion.
Kourouyiannis described the partnership as a strategic continuation of the CFA Society’s mission to “promote the highest levels of professionalism and integrity”, adding that diversity and inclusion are, in his view, essential for a resilient financial sector.
“Through targeted funding, technical guidance, and personalised support, these businesses have taken significant steps toward becoming more sustainable, resilient, and competitive in the green transition of the tourism sector,” the chamber stated.
A total of €138,878 was allocated to the 25 Cypriot grantees, enabling them to design and implement actions that strengthen their environmental performance and embed sustainability in their daily operations.
Over the course of their journey, the SMEs carried out a wide range of activities, including the development of sustainability strategy action plans tailored specifically to their business model.
Specifically, it urged the House internal affairs committee to “immediately examine and vote on a legislative proposal submitted by the association to reform the Real Estate Agents Law of 2010”.
“The proposal, which has already received full legislative technical processing, aims to modernise the current legal framework, limit the excessive powers of the Real Estate Agents Registration Council, and prevent abusive practices that have been observed over time,” the statement said.
“Reform of the legislation is necessary for a healthy and competitive market,” said Skek president Christos Nicolaou.
The meeting came at the end of a year in which Actta marked its 70th anniversary and reviewed a packed list of initiatives.
After outlining the sector’s strong performance in 2024, he noted that arrivals exceeded 4 million, with the EU accounting for 42.5 per cent and Europe overall 83 per cent, generating more than €3.2 billion in revenue and lifting tourism’s contribution to GDP above 13 per cent.
However, as he put it, success should not rest on historic records alone but on “the real potential of our industry”, as well as on strategic goals, the removal of long-standing distortions, the adoption of modern practices, and the overall experience visitors take away.
The report, based on an analysis of over 50 destinations, found the island to be the most desirable location to purchase a holiday residence.
Specifically, the island achieved an overall score of 8.25/10 in the index, which evaluated destinations based on factors including available activities, housing prices, and local weather.
“The country is renowned for its rich ancient history, its mythological ties to the ancient Greek goddess of love, Aphrodite, its beautiful beaches, and its superb wines and produce,” the company said in its report.
According to the statement, the anniversary gathering brought together senior officials, including Transport Minister Alexis Vafeades, Shipping Deputy Minister Marina Hadjimanolis, attorney-general George Savvides and Limassol Mayor Yiannis Armeftis, while MP Fotini Tsiridou represented the speaker of parliament.
In his remarks, Tsanos described a maritime sector operating against a backdrop of continued geo-economic change.
He said that “Cyprus ports can develop into a hub of stability and connectivity for the entire Eastern Mediterranean”, noting that the conditions are favourable for Cyprus to step into “a period of significant opportunities, which we must exploit with seriousness and expertise”.
According to the chamber, the gatherings brought together European transport commissioner Apostolos Tzitzikostas, senior European Commission officials, members of the European Parliament, international shipping bodies, social partners and senior executives from across the European and global maritime community.
The programme emphasised the sector’s role as an economic engine for Europe, as well as a source of security, energy efficiency and supply-chain resilience.
As part of the celebrations, the chamber attended the special anniversary event ‘60 Years of Being the Voice of European Shipping’.
Damianou opened his remarks by congratulating Deputy Minister of Tourism Costas Koumis for the island’s record tourist arrivals this year, noting that he had achieved it “without AI”, before adding that this alone shows “where we can go with the use of AI”.
He told the audience that the question is no longer whether AI will transform tourism, stressing that “it is already doing so” and that the conference would showcase “several examples, but also ways in which this can be achieved”.
Drawing on global cases, he pointed to Singapore as “the most complete case of the use of AI in tourism internationally”, referencing everything from airport operations to city traffic and the Marina area, as well as the city-state’s digital twin.
The survey, which sought to gather date on iformation and communication technologies (ICT) usage in both Cypriot households and individuals, revealed that than nine out of ten people, specifically 93.6 per cent, use the internet at least once a week.
Internet use shows a distinct decline with age, starting at 98.5 per cent for the 16–24 age group and dropping to 81.5 per cent for the 55–74 age group.
Individuals with a high educational attainment level use the internet more frequently at 98.9 per cent compared to those with a low educational attainment level, who registered 75.9 per cent use.
The mission will feature Commissioner for Agriculture and Food Christophe Hansen and a business delegation to promote European agricultural and food sector products and foster trade opportunities in South-East Asia.
This announcement was shared in Cyprus by the Chamber of Commerce and Industry (Keve), which acts as the coordinator of Enterprise Europe Network Cyprus.
The mission will include up to 100 senior executives from European companies and agricultural and food sector producer organisations.
Commissioner Hansen’s visit will combine official meetings with Thai government officials and substantial promotional activities involving the business delegation.
Speaking at the 12th Keve Business Leader Awards on behalf of President Nikos Christodoulides, Piki said that in an environment marked by international volatility, “an economy that remains consistent, reliable and resilient” can act as a stable reference point for businesses, strengthening confidence and enabling long-term planning.
She praised the Cyprus Chamber of Commerce and Industry (Keve) for its role in promoting Cyprus as an investment destination and supporting the outward orientation of local businesses.
Referring to the President’s address earlier this week at Keve’s annual general assembly, Piki said the government’s vision for a more competitive Cyprus rests on extroversion, better access to finance and a simpler, business-friendly framework, as the country prepares for its EU Council presidency.
Despite global uncertainty, she said the Cypriot economy “demonstrates its resilience”.
Hosted by the High Commission of Cyprus, the event brought together senior government officials and representatives of defence industry associations from both countries.
According to the organisers, the meeting confirmed the shared will of Nicosia and London to expand cooperation in defence and technology, an area seen as increasingly strategic.
Opening the conference, the High Commissioner of the Republic of Cyprus to the United Kingdom, Kyriacos Kouros, pointed to Cyprus’ strategic position as a bridge between Europe and the wider Middle East.
In a statement from the association, president Iosif Iosif expressed pride and a desire for future cooperation.
Pierrakakis, who became the head of the Eurogroup on Thursday, saw off the rival Belgian candidate to become president of the assembly of finance ministers from the 20 countries sharing the euro, underscoring Greece’s significant turnaround since the years it nearly left the single currency.
“The Cyprus-Greece Business Association warmly congratulates you on your election to the presidency of the Eurogroup,” Iosif stated.
“Your assumption of this important position for European financial affairs is a particular honour for you personally, the Greek government, Greece, but also Cyprus,” he added.
According to a statement by the department of labour relations, the awards were presented by Labour Minister Marinos Moussiouttas, who referred to the rapid transformation of work driven by new technologies, labour shortages and evolving employee needs.
Against this backdrop, he said, human resources policies must adapt, as modern businesses are “called upon to create working environments based on equality, respect for diversity and transparency”.
The minister congratulated the awarded organisations for their practical commitment to equal treatment, equal opportunities for development and advancement, as well as protection from all forms of harassment.
The survey found that investment activity in Cyprus remains strong, with almost all businesses making investments, primarily focusing on innovation, even though the overall business climate is more cautious compared to the EU average.
“Cypriot businesses continue to invest, digitalise, and strengthen their resilience, even in this difficult global environment,” said EIB Vice-President Marek Mora.
“The growing use of artificial intelligence and the steady commitment to innovation are clear signs of a private sector with a future-oriented focus,” he added.
Mora also said that “the EIB is ready to support Cypriot companies as they innovate, upgrade, and contribute to the competitiveness of Europe”.
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