Here are the top business stories in Cyprus from the week starting May 4:
Representing over 20 million businesses, Eurochambres serves as the primary voice for European chambers of commerce and SMEs by connecting local entrepreneurs with EU policymakers to drive economic growth.
“The appointment is a significant recognition of Keve’s role at European level, while also strengthening Cyprus’ contribution to shaping EU policies in employment, skills development and vocational education and training,” the chamber stated.
Specifically, the Cyprus Statistical Service (Cystat) on Monday reported that total traveller arrivals reached 7,102,208 in 2025, marking an increase of 13 per cent when compared with 2024.
At the same time, departures totalled 7,076,521, corresponding to an increase of 12.8 per cent year-on-year.
The surplus corresponded to 1.5 per cent of GDP, compared with a surplus of €600.60m, which was equivalent to 1.6 per cent of GDP, during the same period of 2025.
Total revenue increased by €194.00 million, or 5.4 per cent, reaching €3.81 billion, up from €3.61 billion in the first quarter of 2025.
According to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel), the council is currently reviewing the proposals in detail before reaching its conclusions.
“The process will continue in further meetings until final decisions are reached,” said Soteris Ktorides, president of the Council for the Study of Derogations, in response to a relevant query.
According to an official announcement from the organisers, president Nikos Christodoulides is also expected to attend the event.
“For the 16th consecutive year, the Stelios Bi-Communal Awards for Business Co-operation in Cyprus reaffirm their pivotal role in strengthening bi-communal collaboration on the island by creating business opportunities and encouraging shared growth and peaceful coexistence,” the announcement stated.
A total of 78 entrepreneurs are participating in this year’s competition, forming 39 bi-communal business teams that will compete for a €500,000 prize fund.
Following the recent 84th session of the Marine Environment Protection Committee held in London between April 27 and May 1, 2026, the chamber issued a statement regarding the future of the industry.
“In an era where international shipping is called upon to manage complex challenges on its path towards decarbonisation, the chamber considers the outcome of the session as a substantial step forward,” the organisation stated.
Keravnos, who chaired the session, said discussions would focus on the impact of geopolitical developments on the global economy, building on earlier exchanges at the Eurogroup.
“Finance ministers are meeting in an environment of increased uncertainty due to the conflict in the Middle East and the ongoing war in Ukraine,” Keravnos said.
The event reached what organisers described as its most heartwarming and inspiring moment through presentations delivered by primary school students, who shared their experiences and insights gained from the initiative.
“It was a privilege to hear the children share their experiences in their own words, demonstrating the profound impact the programme has had on their understanding of the maritime world,” the Cyprus Shipping Chamber said.
Supported by non-profit organisation Cyprus Seeds, the project is led by Dr Chrysovalantis Voutouri, founder, CEO and lead researcher, working alongsideprofessor Triantafyllos Stylianopoulos, Head of the Cancer Biophysics Laboratory at the University of Cyprus, and AI specialist Kyprianos Dimou.
The team combines expertise in cancer biophysics, medical imaging, Shear Wave Elastography, artificial intelligence, machine learning and translational oncology, supported by experience in preclinical research, clinical research, software development and commercialisation.
The most recent figures were included in a statement issued by the airport operator outlining the current state of passenger flows and flight networks, following recent public discussion on tourism trends.
The company said that April 2026 recorded a 16 per cent decrease compared with April 2025, corresponding to approximately 95,000 fewer arriving passengers.
At the same time, aircraft load factors averaged 76 per cent, down from 83 per cent in the same month last year, reflecting softer demand.
The organisation said that the request aims to secure updates on government actions and intentions regarding support measures for the tourism industry.
It added that the decision followed a meeting held last Monday in Ayia Napa, where multiple industry representatives gathered to assess the situation.
The Brussels-based organisation represents national federations of property developers and homebuilders.
The event was organised on Wednesday ahead of the informal ministerial meeting on housing, taking place under the framework of the Cypriot Presidency of the Council of the European Union.
Misirlis highlighted that accelerating licensing procedures, ensuring stability and predictability in the regulatory framework, and adopting a realistic and applicable approach to the green transition should be placed at the forefront of policy action.
The project, known as the M³Phantom or Modular Motion Medical Phantom, is led by a multidisciplinary team combining expertise in medical imaging, engineering, intellectual property, operations and commercialisation strategy.
Supported by non-profit organisation Cyprus Seeds, the team is headed by professor Yiannis Parpottas, chief executive officer, who has coordinated all major development work on the system.
Technical leadership is provided by Dr George Charitou, chief technology officer, who supports system upgrades and oversees operations in major hospitals in Cyprus.
The airline described the latest addition a “significant milestone” for the company, particularly during what it called a period of “regional complexity“, saying the move reflects a strategy of “strategic resilience”.
“The latest fleet expansion further strengthens the airline’s position as the largest Cypriot airline and reaffirms its commitment to supporting and expanding air travel from Cyprus and across the wider Mediterranean region,” the airline said.
The event, organised by TechIsland in collaboration with Women in Tech Cyprus, will take place at the Kolla Culture Factory as part of The Doers Summit 2026.
The organisers said the programme, hosted on the Pentagon Stage, will feature keynote speeches, panel discussions and fireside chats involving speakers from Cyprus and abroad.
The discussions will centre on the growing role of artificial intelligence in everyday life, work and society, with organisers stressing that technology is no longer limited to specialists and increasingly affects people across all sectors and backgrounds.
According to the announcement, Constantine Dovrolis has been appointed as the inaugural holder of the XM Chair of Artificial Intelligence at the University of Cyprus.
The position represents the first major industry-endowed AI chair in Cyprus and is being funded by XM, which has committed more than €1 million over a ten-year period.
The funding will support research, education and the practical application of artificial intelligence technologies.
The CBC said the level of interest rates on outstanding loans in Cyprus remained close to the respective eurozone median.
The spread between Cyprus and the eurozone median stood at zero for household loans and 0.4 per cent for loans to non-financial corporations.
At the same time, the central bank said interest rates on deposits in Cyprus remained outliers within the eurozone, standing at the lowest levels among member states.
The meeting focused on reinforcing Limassol as a modern and competitive tourism destination through closer coordination among stakeholders and shared strategic planning.
According to an announcement from the board, participants agreed to continue regular structured dialogue and to jointly promote specific tourism actions aimed at strengthening the local tourism product.
The board said discussions covered both challenges and opportunities in the tourism sector, with particular emphasis placed on the need for stronger intersectoral cooperation across tourism bodies.
Addressing participants at a forum in Limassol, he stated that Cyprus is open for business and aims to build a two-way value flow with companies, facilitating their access to Europe, while positioning the country as a platform for international expansion.
“Many people often ask whether Cyprus can truly become a global or regional hub; the answer is yes,” he said.
He added that between 2020 and 2025 the number of companies entering the startup ecosystem has multiplied fivefold.
The company said that both PwC Cyprus and the PwC Foundation once again participated as a strategic partner of the programme, which provides students with the opportunity to design and operate their own businesses while developing practical entrepreneurial skills and experience.
The programme concluded with the Grand Finals held on April 29, 2026, during which student teams competed for the opportunity to represent Cyprus at the Gen-E 2026 European event in Riga, Latvia, scheduled to take place in July 2026.
The competition, organised by European Shipowners ECSA, invited children to imagine what ships could look like in 60 years, linking maritime education with creativity, innovation and the future of European shipping.
The top four artworks were announced during a special award ceremony held on the sidelines of the ministerial meeting in Cyprus.
The awards were presented by EU Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas, Shipping Deputy Minister Marina Hadjimanolis, and the Chair of the European Parliament’s Transport Committee, Eliza Vozemberg.
The group’s reported net profit reached €331 million, while earnings per share stood at €0.09 and the return on tangible book value reached 15.1 per cent.
“Despite a challenging environment, Eurobank continues its sustained solid performance and organic growth,” said chief executive officer Fokion Karavias.
“During the first quarter of 2026, credit expansion was strong across all our core markets, with organic loan growth totaling €1.1bn and the loan book growing by 10 per cent year-on-year,” he added.
The meeting took place ahead of the plenary session “Securing Global Trade and Maritime Transportation in an Age of Uncertainty”, where Kazakos joined senior industry figures to discuss the pressures facing global shipping and maritime transport.
Kazakos, who is attending the convention together with ICS Policy Advisor Melissande Cathelaz, is taking part in a series of meetings and events throughout the week.
For the first four months of the year, however, sales in Cyprus, including physical stores and online sales, were still up by around 2 per cent compared with the same period last year.
The April update follows a stronger March, when Jumbo’s Cyprus sales had risen by 4 per cent both for the month and the first quarter, before management warned that sales momentum was expected to ease after Easter.
Speaking at an extraordinary meeting of the Employers’ Group of the European Economic and Social Committee (EESC), hosted by the Cyprus chamber of commerce and industry (Keve), Damianos said Europe’s ability to respond to geopolitical uncertainty, technological change and the green transition will depend on whether SMEs are given the tools to grow.
The meeting, held in Cyprus as part of the country’s Presidency of the Council of the EU, focused on the theme “Autonomy through competitiveness: SMEs at the core of Europe’s strategic preparedness.”
Hermes Airports said it was “pleased to welcome” at Larnaca airport India’s High Commissioner to Cyprus, H.E. Manish Manish, and Subhash Jangala, First Secretary of the High Commission, for what it described as a productive all-round discussion.
The meeting focused on India’s growing importance as a tourism and business market, as well as the strengthening of bilateral ties, which both sides believe reinforce the potential for direct flights between Cyprus and India.
“We believe the timing is right to further advance these discussions and open up the opportunities that stronger air links can bring to both markets,” Hermes Airports said.
The figures showed that electricity prices for businesses in Cyprus reached €24.29 per 100 kilowatt-hours (kWh) in the second half of 2025, placing the country behind only Ireland, where prices stood at €25.52 per 100 kWh.
Germany followed Cyprus with electricity prices of €22.64 per 100 kWh, the report added.
The appointment marks a new phase for Cyta’s leadership team, as the organisation continues implementing its business strategy with a focus on growth, digital transformation and service development.
According to the announcement, George Metzakis officially assumed the role of CEO on May 8, 2026, having joined Cyta in 2023 as chief commercial officer.
Speaking at the 1st Mare Forum Chios, where she delivered the keynote address, Hadjimanolis said global shipping is facing a period of regulatory change, geopolitical uncertainty and growing pressure to decarbonise, making cooperation between policymakers and industry more important than ever.
The forum is taking place on Friday, May 8, at the Chios Chandris Hotel, bringing together shipping industry representatives to discuss the challenges and future direction of global shipping.
Opening the event, Hadjimanolis said Cyprus firmly believes that Europe must remain closely aligned with international frameworks, while maintaining a strong and coordinated presence in global maritime fora.
The event took place at the Westin Washington National Harbour and focused on foreign direct investment shifts and Europe’s evolving investment landscape.
According to the announcement, the roundtable was organised in collaboration with fDi Intelligence and the Financial Times under the title “FDI shifts and the future of Europe’s investment landscape – Regulatory and investment conditions in Cyprus”.
The discussion formed part of the fourth joint initiative involving Invest Cyprus, fDi Intelligence and FT Locations.
The organisation said that the partnership is based on a shared commitment to collaboration as a driver of growth for the Cypriot economy and innovation ecosystem.
CIBA is an independent cross-sector organisation that has spent more than three decades representing and advocating for the interests of international businesses operating in Cyprus, the announcement mentioned.
It added that CIBA’s extensive experience and broad international business network make it an ideal partner for TechIsland’s mission of promoting Cyprus as a global technology destination.
Click here to change your cookie preferences