Here are the top business stories in Cyprus from the week starting May 25:
The move is expected to bolster the sector’s representation within Cyprus’ wider business community, while also supporting efforts to further develop the country’s real estate appraisal profession.
According to an announcement released on Wednesday, a meeting was held on May 27, between the leadership of Keve and the association, during which the two sides discussed the sector’s prospects, priorities and main challenges.
The discussion focused, among other things, on the need to upgrade the services provided by real estate appraisers, strengthen professional training, and help shape a modern and reliable framework for the operation of Cyprus’ real estate market.
According to the statistical office’s employment report for 2025, the average actual weekly working hours for individuals in Cyprus stood at 37.7 hours.
This figure places the island above the EU average, where workers aged 20 to 64 logged a mean figure of 35.9 hours in their main job during the same period.
Indeed, Eurostat’s latest statistics show a broad downward trend in labour duration across the bloc, with the average falling from 36.9 hours in 2015.
Speaking to the Cyprus Mail, Senekkis said the company is positioning itself as “the only job platform in Cyprus built entirely on AI”, offering tools designed to improve recruitment efficiency for both employers and job seekers.
He explained that Cyprus has traditionally relied heavily on personal networks and informal recruitment channels, something Kyprium is trying to change through technology.
“Kyprium is trying to make hiring in Cyprus more structured, transparent and merit-based,” Senekkis said.
The receptions were held as part of the wider Posidonia programme, which this year brings the international maritime community to the Athens Metropolitan Expo from June 1 to 5. The event is held every two years and remains a major meeting point for shipowners, managers, financiers, suppliers and service providers linked to global shipping.
Hadjimanolis attended the events together with colleagues from the Shipping Deputy Ministry, with her presence aimed at supporting Cypriot shipping companies active in Greece and reinforcing Cyprus’ ties with the Greek and international maritime community.
Speaking at the Italy – Cyprus Round Table with the business community, held at the Limassol Chamber of Commerce and Industry (Evel), Piki said the current geopolitical environment has given new importance to the role of Mediterranean EU member states.
She said there is a clear common understanding between Cyprus and Italy on the main challenges and opportunities shaping the future of Europe and the wider Mediterranean.
Prokopiou told the Cyprus News Agency (CNA) that fuel prices had moved unevenly in recent days, with some fluctuations recorded in both oil and petrol.
“Last week the price of oil decreased slightly and the price of gasoline increased slightly,” he said.
However, he noted that international oil prices had recently recorded a sharp decline of around $10 to $15, although such movements usually take time to be reflected in the Cypriot market.
These reductions, he said, normally reach Cyprus after 10 to 15 days, in the same way that international price increases are also passed on with a delay.
The event, which will take place from June 1 to 5 at the Metropolitan Expo in Athens, is also expected to feature 24 national pavilions, confirming its role as one of the shipping industry’s leading international gatherings.
Speaking during the press conference for the exhibition, Posidonia Exhibitions managing director Theodoros Vokos said the event’s economic footprint in Greece continues to grow, both through the longer stay of international visitors and through the agreements and business contacts made during the exhibition.
This year’s participation, he said, is reaching new historic levels, with strong representation from major European maritime powers, including Germany and Italy.
The elections for the new board of directors were held in Limassol this week, with Tsanos securing a renewed mandate to lead the association through what hoteliers describe as a demanding period for the tourism sector, both locally and abroad.
The new board is made up of Zenon Christophorou as deputy president, Nikos Thrasyvoulou as first vice president, Nikos Vladimirou as second vice president, Nikos Katsounotos as secretary and Neophytos Efstathiou as treasurer.
Eva Kapetaniou was also elected as a member of the board.
Speaking during a discussion with young business people in the land development and construction sectors, held as part of the Gen Z & Millennial Project, Ioannou said the government’s position was clear.
“As far as business is concerned, our political direction and our ideology are certainly to help business, in contrast to other ideological spaces,” he said.
He pointed to recent party proposals for wealth taxation and restrictions on property purchases by third-country nationals, saying the government instead sees entrepreneurship as a driver of growth, employment and wider economic activity.
“We applaud entrepreneurship for understandable reasons, because through the development of companies and businesses, the economy grows, the contribution to GDP, employment, and so on. Therefore, the benefits are multiple,” he said.
The conclusions, titled ‘Building a sustainable and competitive tourism for the future’, were approved in Brussels under Koumis’ chairmanship and are expected to feed into the European Commission’s first strategy for sustainable tourism, which is due to be presented later this year.
The Deputy Ministry of Tourism said the adoption of the conclusions was “one of the emblematic legacies of the Cyprus Presidency of the Council of the European Union and the result of its own initiative”.
“Tourism is a key driver of growth, employment and cultural exchanges across the EU. Today’s conclusions chart a clear path towards ensuring the long-term resilience and competitiveness of the sector in a rapidly changing environment,” Koumis said after the adoption.
Paphos Hoteliers Association president Evripides Loizides told Cyprus News Agency (CNA) that the picture for the three-day break was particularly positive, with most hotels already operating at very high occupancy levels.
He said demand for the period is expected to rise above 90 per cent, confirming Paphos’ position as one of Cyprus’ most popular destinations for short breaks.
However, Loizides cautioned that the improvement would not be enough to offset the wider weakness seen so far this season.
The surplus corresponded to 1.5 per cent of GDP, compared with a surplus of €614m, or 1.7 per cent of GDP, during the same period of 2025.
Total revenue increased by €194.4m, 4 per cent, reaching €4.99 billion, up from €4.80bn in January-April 2025.
The statistical service reported that revenue from taxes on income and wealth rose by €121m, 10.3 per cent, amounting to €1.29bn, compared with €1.17bn a year earlier.
At the same time, social contributions increased by €128.9m, 8.3 per cent, reaching €1.69bn, from €1.56bn in the corresponding period of 2025.
Speaking at the closing session of European Maritime Day 2026 in Limassol, Hadjimanolis said the event had brought together the full breadth of Europe’s maritime community, from shipping and ports to fisheries, aquaculture, ocean observation, energy transition, coastal resilience and maritime skills.
For Cyprus, she said, the discussions also carried particular weight. As an island state and one of the EU’s leading maritime centres, Cyprus understands “both the opportunities and responsibilities that come with being a maritime country”, she said, adding that the country remains committed to sustainable shipping, marine protection, maritime safety and innovation.
The index, compiled by the Economics Research Centre of the University of Cyprus (CypERC), recorded an annual decline of 1.72 per cent in April 2026, according to the latest revised data.
This followed a marginal annual drop in March, after the index had still posted an annual increase of 0.82 per cent in February, pointing to a further loss of momentum in the Cypriot economy.
According to the centre, the deterioration mainly reflected adverse developments across several components of the index, at a time when the economy is facing increased geopolitical and external economic pressures.
This was the key message highlighted by the bank at the recently-held ICPAC Mediterranean Finance Summit 2026.
The summit brought together senior figures from the financial sector, institutional stakeholders and business executives from Cyprus and abroad, with the event held under the support of the bank.
Eurobank Deputy Chief Executive Officer Haris Hambakis said that Cyprus started the year on solid economic footing, marked by renewed market trust in its state finances and a highly stable banking system
Speaking to the Cyprus News Agency (CNA), Kontos, an associate professor at the department of political science and governance at the University of Nicosia, said that Cyprus is well placed to contribute to the corridor’s development.
“Cyprus, both due to its geographical location and its status as an EU member state, can play a significant role in the development of this corridor,” he said.
He explained that India’s growing global influence underpins its interest in the initiative, noting that it is the world’s most populous country and one of the largest economies.
The campaign aims to boost the region’s image and competitiveness, increase tourist arrivals and help extend the season beyond the traditional summer months.
According to a statement from the Famagusta regional tourism board (Etap), the initiative is “one of the largest and most organised digital promotion efforts ever carried out for the free district of Famagusta”.
It is being implemented for the third consecutive year by Famagusta Hoteliers Association, in close cooperation with the Etap Famagusta, the Deputy Ministry of Tourism, the municipalities of Ayia Napa and Paralimni-Deryneia, the Bank of Cyprus (BoC), as well as tourism professionals and businesses in the region.
The agreement was signed during the recent official visit of President Nikos Christodoulides to India and forms part of Selk’s wider efforts to build stronger international partnerships with major professional bodies.
According to an announcement released this week, the MoU marks an important step in deepening cooperation between the two countries, particularly in the fields of accounting, auditing, professional education and business services.
The memorandum was signed in India by Chrysilios Pelekanos, president of the Cyprus-India Business Association, who had been authorised by Selk president Odysseas Christodoulou to sign on behalf of the association as part of the official Cypriot mission.
According to a report from Philenews, the project, which has been submitted to the competent authorities through an information report, is expected to bring together key parts of the company’s production, processing and logistics operations.
The new centre will be built within the administrative boundaries of the Kato Polemidia municipal district.
Its location, close to the port’s vertical road, is expected to give the company direct access to both Limassol port and the Limassol-Paphos motorway, strengthening its distribution network and overall operational capacity.
Construction is expected to begin once the necessary planning and building permits are secured.
The administrative changes were officially enacted through a targeted policy circular dispatched by the director of the public administration and personnel department.
The newly distributed directive formally modifies a historical administrative policy that had been in active operation since February 8, 2024.
The sweeping modifications to the state travel compensation parameters officially entered into retrospective economic effect on May 1, 2026.
The targeted adjustment package alters the financial caps linked to overnight business travel alongside standard daytime subsistence costs within the boundaries of Cyprus.
This was the message shared by Tototheo Global CEO Despina Panayiotou Theodosiou, who took part in the Space Industry Forum in Singapore, a high-level gathering co-organised by Novaspace and GSOA.
The forum was held on May 19, at The Fullerton Hotel in Singapore, bringing together senior executives, policymakers and industry leaders from the satellite and space sector.
According to the organisers, the event was designed as a platform for “high-level networking, strategic dialogue and partnership-building”, with discussions covering connectivity, direct-to-device services, government space strategies and NewSpace developments.
According to an announcement by the federation released on Tuesday, the meeting was also attended by Oev director-general Michalis Antoniou and head of trade and investment at the British High Commission in Cyprus Elena Orphanidou.
During the discussions, both sides exchanged views on prospects for enhancing bilateral economic ties, with a focus on expanding trade flows, increasing investment and fostering closer cooperation between businesses in the two countries.
Particular emphasis was placed on the tourism sector, where the importance of the British market for the Cypriot economy was underlined.
The parent entity, Bank of Cyprus Holdings Public Limited Company, together with its subsidiaries comprising the wider banking group, issued the formal corporate update to global financial markets.
The specific financial instruments facing early repayment consist of fixed rate notes with a reset provision that were initially distributed to international investors.
The financial institution executed the original debt issuance on June 24, 2021, with a final designated maturity date stretching into the subsequent calendar year of 2027.
Speaking during a roundtable discussion with young entrepreneurs, entitled ‘Gen Z & Millennial Project – The new generation of business leaders roundtable discussion’, Ioannou said the sector now had to be viewed more broadly, not merely as construction activity.
He said “it directly affects quality of life, economic competitiveness, investment attraction, job creation and, ultimately, the way cities and communities are shaped.”
Against this, the minister said Cyprus is being called on to redefine its land development and construction model, so that it serves both today’s building activity and the needs of future generations.
At the same time, he said the state must make better use of the tools offered by technology in order to create a more flexible, innovative, transparent and citizen and business-friendly environment.
According to an announcement by Etap, the European project focuses on new approaches to destination management, with emphasis on gamification, digital tools, storytelling, accessibility and the visitor experience.
Rather than looking at tourism promotion in the traditional sense, the programme explores how cultural destinations can become more engaging, easier to access and more meaningful for visitors.
As part of the actions in Sicily, participants are taking part in experiential visits, co-design workshops and the testing of specialised tools.
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