Cyprus on Tuesday launched the Plug and Play Cyprus Innovation Centre, bringing the Silicon Valley-based innovation platform to the island as part of a broader strategy to reposition the country as a regional hub for technology, investment and entrepreneurship.

The launch, held at the presidential palace in Nicosia, marks Cyprus’ entry into a global network spanning more than 60 locations, linking start-ups, investors, corporates and innovation partners. 

The new centre is expected to support businesses and research organisations, while running six incubation and acceleration rounds aimed at backing around 60 start-ups and innovative companies in high-growth sectors.  

In the medium term, the project is also expected to create around 500 jobs, while improving access for Cypriot firms to international markets, investment capital and specialist know-how. 

The development follows contacts made during President Nikos Christodoulides’ visit to the US in April 2025, including meetings in New York and San Francisco, followed by technical work and political decisions that paved the way for the centre’s launch.  

Cyprus’ parliament this week approved legislation exempting, with retroactive effect from January 1, 2010, the remuneration of seafarers who are not permanent residents of the Republic from contributions to the social cohesion fund.

Supporters of the bill, which passed with 23 votes in favour and 19 against, said would remove a distortion in the law and strengthen the island’s shipping competitiveness.

The amendment to the social cohesion fund law concerns foreign seafarers, including those engaged in inland navigation, who are employed outside Cyprus by a Cypriot company and pay social insurance contributions. 

Under the current framework, employers pay a contribution of 2 per cent on the total remuneration of employees, without any upper limit, to the social cohesion fund. The fund is used to support vulnerable groups and social benefits. 

Airport operator Hermes Airports on Tuesday reported a 15.3 per cent decline in air passenger traffic at Cyprus airports, reflecting the impact of the Middle East crisis on tourism flows.

According to the company, passenger traffic fell to 599,218 travellers in March 2026, compared with 707,204 in March 2025.

The sharp drop marks a reversal from the consecutive record-breaking performance recorded in previous months.

At Larnaca Airport, passenger traffic decreased to 415,686 from 501,594 a year earlier, representing a 17.1 per cent decline.

At Paphos Airport, traffic dropped to 183,532 from 205,610, reflecting a 10.7 per cent decrease.

The Cyprus Statistical Service (Cystat) on Tuesday reported a 19.5 per cent increase in building permits issued during the period January to December 2025.

For the month of December 2025 alone, the number of building permits authorised stood at 819, with the total value of these specific permits reaching €415.4 million.

The total area covered by the authorised permits amounted to 328,800 square metres, the statistical service reported.

These developments provide for the construction of 1,770 dwelling units across the island.

Limassol will host this year’s European Maritime Day (EMD) on May 21 and 22, 2026, bringing together policymakers, businesses, researchers and other maritime stakeholders from across Europe for two days of talks, workshops and networking focused on maritime affairs and the sustainable blue economy.

The annual event is being organised by the European Commission, the Shipping Deputy Ministry and the Limassol municipality, and will take place at the Carob Mill in Limassol’s old town, with additional workshop sessions due to be held in nearby venues.  

According to the official programme, the event will feature an opening session with addresses by European Commissioner for Fisheries and Oceans Costas Kadis, Deputy Shipping Minister Marina Hadjimanolis and Limassol mayor Yiannis Armeftis.  

Energy Minister Michalis Damianos said on Tuesday that stricter measures including a potential price cap could be imposed if profiteering is identified in the fuel market.

Speaking on Sigma TV, Damianos said the government had already intervened to shield households by reducing fuel taxes, as fuel prices remain volatile due to international pressures, particularly linked to instability from the US-Israeli conflict with Iran.

“The state has reduced taxes so that part of the increase is not borne by the consumer,” he affirmed, adding that the measures are expected to cost approximately €200 million.

The intervention follows the introduction of a subsidy of 8.33 cents per litre on motor fuels, in effect from early April until the end of June.

However, findings by the consumers association indicate that the reduction has not been consistently applied at retail level.

The Research and Innovation Foundation (RIF) on Tuesday announced the signing of an agreement with NetU Consultants Ltd for the development and implementation of a new integrated grants management platform based on the Salesforce Grants Management Platform.

According to the foundation, the new Software as a Service SaaS platform will cover all stages of project funding, from the announcement of calls to the disbursement of payments to the ecosystem.

It will also support expanded capabilities for the flexible development of functionalities and business workflows.

The objective of the project, the announcement explained, is the development of a modern and secure grants management system, which will significantly enhance the quality and efficiency of funding procedures.

The Cyprus Chamber of Commerce and Industry (Keve) has announced that it will host the Cyprus Market Access Day 2026 in Limassol later this month, in order to support businesses expanding into international markets.

The event is scheduled to take place on April 16, 2026, at the premises of the Limassol Chamber of Commerce and Industry (Evel) located at 170 Franklin Roosevelt Avenue.

This initiative is being organised in close cooperation with the European Commission Directorate-General for Trade and Economic Security and the Ministry of Energy, Commerce and Industry.

Cyprus’ house prices rose at a faster annual pace in the fourth quarter of 2025, although they were flat compared with the previous quarter, preliminary figures from the state statistical service (Cystat) showed on Tuesday.

The House Price Index stood at 152.91 points in the final three months of 2025, unchanged from the third quarter and up 6 per cent from a year earlier, according to Cystat. 

That compared with annual increases of 4.7 per cent in the first quarter, 2.9 per cent in the second and 4.2 per cent in the third, pointing to stronger year-on-year growth at the end of the year. 

Eurostat reported on April 6, 2026, that nights spent at camping grounds, recreational vehicle parks, and trailer parks across the European Union reached 413 million in 2025.

While camping and caravanning accounted for 13.4 per cent of all tourist accommodation nights, their popularity has climbed by 28.5 per cent since 2015, outperforming the 23.4 per cent growth seen in the hotel sector.

Data shows that 67 per cent of these stays, totalling 277 million nights, were concentrated in the summer months between June and August, with a peak of 118 million nights recorded in August alone.

Venture capital firm Kinisis Ventures this week pointed to strong market momentum in the screen-less wearable technology sector, as major players raised billions while its portfolio company EQQU advances towards launch.

The development follows significant funding activity, with WHOOP raising $575 million at a valuation of $10.1 billion, backed by Abbott, Mayo Clinic and sovereign wealth funds.

At the same time, Oura has begun preparations for an initial public offering at an expected valuation of $11 billion, following a funding round of approximately $900 million last autumn.

Both companies are positioning themselves as health platforms built on subscription-based wearable devices, focusing on screen-less user experiences.

Student housing is gaining strong investment momentum in Cyprus and Greece amid ongoing economic uncertainty, according to the co-founders of Cyprus-based proptech startup MyStudentFlat.

In a piece of analysis released this week, Elena Orfanidou and Dimitris Oikonomou explained that during turbulent periods, investors tend to shift towards sectors offering stability, security and consistent demand, with student accommodation now firmly positioned among them.

“In periods of economic uncertainty such as the one we are currently experiencing, investors typically turn to sectors that offer stability, security, and consistent demand,” the co-founders said.

According to their analysis, student housing ranked as the third most significant asset class in European real estate in 2025, reflecting growing investor confidence.

Atlantic Insurance Company Public Ltd has reported total profit attributable to shareholders of €20.18 million for 2025 and decided to propose a dividend of 17 cents per share, up from 14.5 cents the previous year.

The decision was taken during a board meeting held at the company’s headquarters in Nicosia, with the proposed dividend subject to approval at the annual general meeting scheduled for June 3, 2026.

The board also approved the annual report, management report and corporate governance report, along with the audited consolidated and separate financial statements for the year ended December 31, 2025.

The Cyprus Stock Exchange (CSE) council on Tuesday released a report detailing the official market shares of its members for the month of March 2026.

The detailed tables provided by the bourse encompass several specific categories of trading activity for both the month of March and the broader first quarter of 2026.

Included in the report are the market shares of members inclusive of the value of pre-agreed transactions for March 2026.

The council also detailed the market shares for the same month while specifically excluding the value of those pre-agreed deals.