The Cyprus Chamber of Commerce and Industry’s (Keve) tourism committee on Thursday warned that Cyprus’ tourism sector is at a critical juncture, calling for immediate state intervention to prevent irreversible losses.

The committee convened to assess the impact of geopolitical developments in the Middle East on Cyprus’ economy and tourism industry, highlighting growing risks for the sector.

Despite a recent temporary ceasefire in the region, it stressed that “there is no room for complacency”, as uncertainty continues to affect market confidence and tourist flows to Cyprus.

The committee warned that “failure to take immediate action could trigger a chain reaction“, leading to reduced activity, loss of income and jobs, and broader social and economic consequences.

Energy Minister Michael Damianos on Thursday said the Eastern Mediterranean can play “a leading role in addressing the climate crisis and shaping the new energy landscape in the region”.

The minister used his address at the international climate conference in Nicosia to present Cyprus’ energy strategy and argue that the country’s vulnerabilities can be turned into a driver of reform.

Speaking at the conference, held under the framework of the Cyprus Presidency of the Council of the European Union and co-organised by the Cyprus Institute and the Deputy Ministry of Research, Innovation and Digital Policy, Damianos pointed to the scale of the challenge facing Cyprus.

He said the country remains “the only EU member state without electricity interconnection with another country”, a structural weakness that has contributed to some of the highest electricity prices in Europe.

The Cyprus International Businesses Association (CIBA) and Invest Cyprus (CIPA) have signed a memorandum of understanding aimed at strengthening Cyprus’ position as an international business and investment centre, according to a CIBA statement.

The agreement sets out a framework for closer cooperation between the two organisations, with a focus on supporting foreign direct investment (FDI), promoting sustainable economic growth and improving Cyprus’ visibility as a competitive destination for international investors. 

Under the memorandum, CIBA and Invest Cyprus will work together on the exchange of investment-related information, the organisation of joint events and business missions, and the provision of coordinated support to both existing and prospective investors. 

The statement said the partnership would also seek to improve access to information on investment opportunities, regulatory developments and available incentives, while helping investors navigate the local business and regulatory framework. 

Greek retail chain Jumbo’s sales at its Cyprus stores rose by 4 per cent in both March and the first quarter of 2026, even as the group warned that prolonged instability in the Middle East and higher oil prices were beginning to weigh on consumer behaviour and market sentiment, with effects already visible on the island.

The update from the retailer comes as regional tensions continue to cloud the outlook for household spending, while management said it expects sales momentum to ease after Easter, particularly in April. 

Across the group, sales rose by 7.3 per cent in the first quarter compared with the same period last year, while March sales increased by 10 per cent year-on-year. 

In Greece, net sales of the parent company, excluding intra-group transactions, climbed by 18 per cent in March and by 11 per cent in the January-to-March period. 

The Cyprus economy continued to demonstrate resilience in March despite a more challenging external environment shaped by regional instability, according to Kostantino Vrachimis, manager of economic research at Eurobank.

In a piece of analysis released this week, Vrachimis explained that although the economy entered the year on a strong footing, conditions have become increasingly demanding due to geopolitical developments in the Middle East, which have heightened uncertainty and shifted risks to the downside.

“The Cyprus economy entered March 2026 in a position of relative strength, yet the external environment has become more demanding,” he said.

Vrachimis indicated that Cyprus still compares favourably with the euro area, pointing out that its growth performance, labour market strength and pace of disinflation remain relatively robust.

Cyprus recorded a wider trade deficit in the first two months of 2026, as a sharp drop in exports outpaced a decline in imports, according to foreign trade figures released by the statistical service (Cystat) on Thursday.

Specifically, the statistical service said total imports of goods in February 2026 stood at €1.12 billion, compared with €1.06bn in February 2025, recording an increase of 5.6 per cent.  

Imports from other EU member states amounted to €675 million, while imports from third countries reached €440.4m, compared with €582.7m and €473.7m respectively a year earlier. 

Imports in February 2026 included the transfer of economic ownership of vessels and aircraft valued at €182.4m, up from €8.5m in February 2025. 

Alpha Bank Cyprus took part as a platinum sponsor of the 16th Nicosia Economic Congress, reaffirming its active role in supporting economic dialogue in Cyprus.

The event was held on Wednesday at the Landmark Hotel in Nicosia, bringing together political leaders, business representatives and investors to discuss the country’s economic outlook.

“The Nicosia Economic Congress has long been regarded as a key platform for dialogue on the Cypriot economy, providing a space for discussions on investment, growth prospects and national priorities,” the bank said in a statement on Thursday.

“Against a backdrop of increasing geopolitical tensions and energy market volatility, the congress highlighted the importance of resilience, stability and strategic direction for Cyprus’ economy,” it added.

The Cyprus Chamber of Commerce and Industry (Keve) on Thursday announced that its secretary general Philokypros Roussounides participated in a high-level roundtable discussion in Brussels, focused on the multilateral trading system.

The discussion, titled “Revitalising the Multilateral Trading System, with a focus on Europe”, was co-organised by the International Chamber of Commerce and Eurochambres in Brussels.

The meeting focused on the need to revitalise the multilateral trading system, particularly from a European perspective, at a time when global trade is increasingly shaped by geopolitical developments and shifting economic conditions.

Discussions examined the impact of the evolving geoeconomic environment on global trade, as well as the challenges facing the current multilateral framework and the prospects for strengthening international trade cooperation.

The Cyprus Statistical Service (Cystat) on Thursday reported that tourism revenue in Cyprus recorded a 7.8 per cent annual increase in January 2026, reflecting the positive momentum seen before the impact of the Iran war began to affect the sector.

According to the statistical service, tourism revenue reached €74.6 million in January 2026, compared with €69.20 million in the same month of the previous year.

The figures highlight the growing importance of country-specific spending patterns, particularly among visitors from Poland, Israel and the United Kingdom, which collectively accounted for a significant share of arrivals.

At the same time, average per capita tourist spending declined slightly, indicating shifts in consumption behaviour despite higher overall revenue.

The Central Bank of Cyprus (CBC) on Thursday reported that total loan balances held by credit-acquiring companies reached €19.35 billion at the end of 2025, with the vast majority classified as non-performing.

According to the central bank, 94 per cent of these loans are non-performing exposures, highlighting the continued burden of distressed debt outside the traditional banking system.

In absolute terms, non-performing loans amounted to €18.22bn, while €1.13bn were classified as performing loans, reflecting a relatively small share of serviced credit.

The figures also showed that total loan balances declined compared with €20.3bn at the end of 2024, indicating a reduction in overall exposure.

The board of directors of ASBISc Enterprises PLC has announced the convening of its upcoming annual general shareholders meeting, due to take place on May 6, 2026 at 11:00 am CET at the company’s headquarters in Limassol.

The Cyprus-based IT distributor, primarily known as Asbis, stated that the agenda includes the formal opening of the meeting and the election of the chairman of the general meeting of shareholders.

Shareholders will also confirm the validity of the meeting’s convening and its authority to adopt resolutions.

The board will present the directors’ report, financial statements and balance sheet for the year ended December 31, 2025, along with the auditors’ report for review and consideration.

Vassilico Cement Works Public Company Ltd has announced that its board of directors meeting will take place on April 23, 2026 to examine key matters including the company’s annual financial results for 2025.

The board will consider and approve the annual report and audited consolidated financial statements for the year 2025, as part of its statutory reporting obligations.

During the same meeting, directors will also examine a dividend recommendation to shareholders, which will be submitted for approval at the annual general meeting.

The American Chamber of Commerce in Cyprus (AmCham) has announced its support for the UCLan Cyprus Alumni Global Skills Training and Networking Series 2025-2026, an initiative delivered with the backing of the US Embassy and the CYENS Centre of Excellence.

The event is scheduled for Tuesday, April 21, 2026, from 18:00 to 20:30 at the CYENS Centre of Excellence in Nicosia.

The public talks and networking session will focus on artificial intelligence, examining its foundations, possibilities, and associated risks.

According to the announcement, participants will gain insight into the philosophy and ethics of AI, the power, opportunities and risks presented by emerging technologies, and the evolving role of AI for professionals, industry leaders, and policymakers.

Expert talks will be delivered by leading professors from the School of Sciences at UCLan Cyprus, followed by an interactive Q&A session and a networking reception.

Retail trade volumes in February 2026 showed a mixed picture across Europe, with Eurostat reporting a monthly decline in both the euro area and the EU, while Cyprus recorded a robust increase.

According to the statistical office, the seasonally adjusted retail trade volume decreased by 0.2 per cent in the euro area and by 0.3 per cent in the EU in February 2026 compared with January 2026.

In contrast, January 2026 retail trade volumes remained stable in both the euro area and the EU, indicating a slowdown in consumer activity at the start of the year.

On an annual basis, the data showed more resilience, with the calendar-adjusted retail sales index increasing by 1.7 per cent in both the euro area and the EU compared with February 2025.