Here are the top business stories in Cyprus from the week starting July 13:
The EU’s statistical office reported that 63.9 per cent of people aged 16 to 24 in Cyprus possessed at least basic digital skills in 2025, well below the EU average of 74.6 per cent.
Across the European Union, almost three quarters of young people had acquired at least basic digital skills, reflecting the growing importance of digital competencies for education, employment and everyday life.
Denmark recorded the highest share of young people with at least basic digital skills at 92.1 per cent, followed by the Czech Republic with 91.7 per cent and Malta with 91.5 per cent.
The association said the Audit Office’s findings demonstrate that weaknesses in the supervision and enforcement of online short-term rental platforms pose significant risks to both visitors and Cyprus’ tourism industry.
“The weaknesses in the supervision and control mechanisms for electronic short-term rental platforms constitute a significant risk to the safety of users and may have a direct negative impact on the credibility and quality of Cyprus’ tourism product,” the association stated.
Stek said it has been warning for years that the existing legal framework suffers from serious shortcomings, both in its provisions and, more importantly, in its implementation and enforcement.
This year’s event was organised under the theme “Let’s Cheers to Innovation Together!”, bringing together the people helping shape Cyprus’ future through research, innovation and entrepreneurship.
The gathering provided startups, scaleups, innovative businesses, researchers, academics, investors, business support organisations, public sector representatives and policymakers with an opportunity to network, establish new relationships and explore future collaborations.
The event featured opening addresses by RIF board chairman and Chief Scientist for Research, Innovation and Technology Demetris Skourides, RIF director general Theodoros Loukaidis, and Konstantinos Kleovoulou, representing the Deputy Minister of Research, Innovation and Digital Policy.
For many businesses, especially smaller ones, the problem is not the lack of content. The words are there. The photos are there. The message is there. What is missing is the time, budget or design knowledge needed to turn that material into something polished enough to represent the company properly.
This is the space that Correctify, an AI graphic design platform founded by Giorgos Gennaris, CEO, and Marios Simou, CTO, is trying to enter.
Speaking to the Cyprus Mail, Gennaris said the idea behind Correctify came from a very practical business problem. Up to now, companies that wanted to create marketing materials usually had two options: hire a designer, or try to become one themselves.
According to the organisation, the campaign has so far delivered “excellent results“, while a parallel promotional drive focusing exclusively on Polis Chrysochous and the Akamas region is also being implemented with “particular intensity“.
Etap said this year’s strategy is designed to remind permanent residents of Cyprus of the unique experiences available across the Paphos region, promoting the destination through a broad mix of digital marketing initiatives.
The campaign, the board added, has maintained a strong presence on social media platforms including Facebook and Instagram through targeted advertising, while also making extensive use of modern promotional videos and photography showcasing the region’s tourism offering.
The GFS Galaxy was struck near its stern at about 22:40 UTC on Saturday while travelling eastwards through the Strait of Hormuz, according to maritime reports. The impact caused extensive damage to the engine room and left the ship unable to continue its voyage.
The UK Maritime Trade Operations centre placed the incident about nine nautical miles east of Oman, while Oman’s Maritime Security Centre said authorities responded to a distress call when the vessel was around 4.4 nautical miles off Musandam, the Omani peninsula overlooking the strait.
The prospectus, approved by the Cyprus Securities and Exchange Commission (CySEC) on July 8, 2026, warns potential investors that they could lose all or part of their investment, while outlining challenges ranging from regulatory approval and capital requirements to the company’s existing financial position.
The initiative aims to create the Pancyprian Cooperative Bank through a public offering of up to 42 million new shares, with the fundraising period running from July 22 to November 17, 2026.
The participation company, which will act as the vehicle through which citizens and organisations acquire shares, said the funds raised would support the creation of a cooperative credit institution subject to approval from the Central Bank of Cyprus (CBC) and the European Central Bank (ECB).
Held under the auspices of the President of the Republic and organised by Invest Cyprus, the awards honour international companies and business leaders that recognised Cyprus’ potential, chose to invest in the country and continue to make a meaningful contribution to the development of a modern, resilient and competitive economy.
This year’s recipients, representing a broad range of sectors, reflect the strength and quality of the country’s investment environment, while reaffirming the international business community’s confidence in Cyprus’ prospects and its role as an attractive investment destination.
The recipients of the 2026 Invest Cyprus International Investment Awards were Accor, Kraken, a Payward company, SayGames, RECONIQ Software Ltd, a member of the PLATH Group, Hartmann Group, Coral S.A. – Coral Cyprus and Premium Access Cyprus.
The findings come from a recently-published report by the Global Property Guide, an international property market platform comparing real estate data across 88 countries in Europe, Asia, the Middle East and Latin America.
The report found that Athens records some of the lowest median asking prices among major European cities for one, two and three-bedroom apartments, particularly when compared with western European capitals.
For Cyprus, the same report showed that the indicative median asking price for a one-bedroom apartment in Nicosia stands at €145,000, while a two-bedroom apartment costs €205,000 and a three-bedroom apartment €280,000.
Cyprus on Monday confirmed its support for the second phase of the European Tech Champions Initiative (ETCI 2.0), joining all EU member states in backing a European investment drive that aims to mobilise up to €80 billion for fast-growing technology companies.
The initiative was first presented in Brussels last week, on the sidelines of the Economic and Financial Affairs Council (ECOFIN) meeting, with the EIB Group, EU governments, institutional investors and fund managers backing its second phase.
The finance ministry said Cyprus’ participation confirms the country’s commitment to strengthening European innovation and expanding access to growth capital for innovative businesses.
The clarification followed a parliamentary question by Cypriot MEP Michalis Hadjipantela, who warned that the regional crisis had already led to booking cancellations, weaker demand and growing uncertainty across the tourism sector.
Hadjipantela said that “the disruption was placing pressure on hotels and smaller tourism businesses, while threatening a sector that remains one of the main pillars of the Cypriot economy.”
He called on the Commission to examine whether existing European funding instruments could be activated and whether greater flexibility could be provided under EU state aid rules to help affected companies.
In its response, the Commission said Cyprus may use resources available through Thalia 2021-2027, the country’s cohesion policy programme, to support small and medium-sized enterprises, including those operating in tourism.
The chamber outlined its activities in the latest edition of Entrepreneurial Limassol, its official periodical, saying the events supported the priorities and broader objectives of the Cypriot presidency.
The first event took place on March 4, 2026, in the form of a gala dinner under the theme “Europe’s economy and competitiveness in a changing global arena, Cyprus and Greece’s strategic roles.”
The meeting, held on July 10, brought together Evel president Nakis Antoniou and Christodoulou, with both sides highlighting the importance of cooperation in developing initiatives that support gender equality and create a more inclusive modern workplace.
According to Evel, discussions focused on advancing gender equality in the business sector, increasing women’s participation in entrepreneurship and decision-making positions, and adopting practices that encourage fairer working environments.
The chamber said that the meeting provided an opportunity for a constructive exchange of views on the challenges still limiting equal participation in the economy.
In an interview with Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), chamber president Andreas Tsouloftas said repeated warnings to the competent authorities went unheeded, leaving Limassol vulnerable when the Vati Wastewater Treatment Plant reduced operations during an ongoing upgrade.
Tsouloftas said the chamber had repeatedly sent letters and held meetings with the relevant ministers, stressing the need for timely planning.
However, he said the necessary measures were never implemented.
In an interview with Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), Tsanos said conference and business tourism had helped soften the impact of weaker leisure travel, while expressing cautious optimism that the market could gradually recover following the end of the regional conflict.
He explained that the improvement had come later than the industry had hoped because most visitors to Cyprus and Limassol decide on their holidays well in advance.
According to Tsanos, developments during February and March weighed heavily on the tourism sector, resulting in Limassol losing a significant share of its market before conditions began to improve.
According to an exclusive Financial Times report, the Dubai-based group is in talks to develop a new multipurpose port on the Fujairah coast, alongside a new container terminal at the emirate’s existing port. Reuters said it had not independently verified the plans.
The development is particularly relevant to Cyprus because DP World operates the multipurpose and cruise terminal at Limassol port. DP World Cyprus was awarded a 25-year concession covering general cargo, break-bulk, Ro-Ro and passenger operations, while fellow group company P&O Maritime secured a separate 15-year concession for marine services, including towage and pilotage.
The proposed UAE facilities would deepen DP World’s presence on the Gulf of Oman and create an entry point outside Hormuz. Containers could be unloaded in Fujairah before travelling by road to Dubai, Abu Dhabi and neighbouring Gulf markets, avoiding the increasingly dangerous passage between Iran and Oman.
According to Yiannis Misirlis, chairman of the Cyprus Property Developers Association (CPDA), public debate over housing affordability usually centres on rising property prices, construction costs and interest rates, while far less attention is paid to one of the most significant cost drivers of all, which are delays in the planning and permitting process.
Although the issue is frequently dismissed as little more than bureaucracy, he explained that the financial consequences are substantial, measurable and, ultimately, borne by homebuyers.
To illustrate the impact, Misirlis presented what he described as a simple but entirely realistic example, based on assumptions widely used in real estate investment analysis.
The Cyprus association of building contractors (Oseok) said it unequivocally condemns any unlawful action by contractors or businesses in the sector, stressing its role as the institutional and collective representative of the construction industry.
The association said that, particularly on issues relating to the terms and conditions of employment for workers in the construction industry, it has worked closely with trade unions and the Labour Ministry to establish a regulated framework that all employers are obliged to follow.
“Those who violate this framework create conditions of unfair competition against our members and businesses that operate responsibly, lawfully and consistently fulfil their obligations,” the association said.
Kazakos issued the warning following the latest attack on shipping in the strategic waterway, during which one Indian seafarer was killed and eight others were injured, four of them seriously, after two Emirati oil tankers were struck by Iranian cruise missiles.
The very large crude carriers Mombasa B and Al Bahyah, operated by the shipping arm of Abu Dhabi state oil company ADNOC, sustained significant damage after fires broke out while they were transiting the southern lane of the Strait in Omani territorial waters. The fires were subsequently brought under control, while Iran’s Islamic Revolutionary Guard Corps claimed responsibility for striking two tankers that it said had ignored repeated warnings.
Responding to the loss of life, Kazakos said that “once again seafarers have, through no fault of their own, been placed in harm’s way and sadly another seafarer has lost their life,” adding that “these unjustified attacks on commercial shipping must stop.”
In addition, he said the presidency helped strengthen the competitiveness of the European economy, advance customs reform, deepen capital markets, enhance tax cooperation and support Ukraine.
Speaking during a press conference, Keravnos described the six-month presidency as both highly demanding and exceptionally productive.
He said that Cyprus had assumed the rotating presidency of the Council during a period marked by severe geopolitical instability, including the war in Ukraine, the conflict in Gaza, developments across the Middle East and their consequences for Europe’s economy and energy security.
In a recent piece of analysis, Poullikkas said public debate surrounding the project often focuses on headline figures running into billions of € or assumes electricity consumers will inevitably bear the full cost.
“The reality is more complex and much more tightly regulated,” Poullikkas said.
He explained that, as a Project of Common Interest (PCI), the GSI follows European rules under which cost recovery is neither arbitrary nor one-dimensional.
Instead, he said, the process combines market revenues, regulated tariffs and the cross-border cost allocation (CBCA) mechanism.
The Tanzania-flagged Atlas Bey and a second merchant ship sailing under the Liberian flag were struck on Tuesday, July 14, while travelling through Ukraine’s Black Sea maritime corridor, according to Odesa authorities.
The captain of the Atlas Bey, an Azerbaijani national, was killed after the Turkish-owned dry cargo ship was hit and caught fire. Eleven surviving crew members were brought ashore, three of whom were injured, while information regarding the damage to the Liberian-flagged vessel and the condition of its crew remained limited on Wednesday.
The attack came only one day after a Russian strike hit a Togolese-flagged civilian merchant vessel in the Odesa region, killing three crew members and injuring five.
The parent company of Freedom24 took part in the annual event, where Paul Meeks, Head of Technology Research at Freedom Capital Markets, represented the company and outlined emerging opportunities for the European economy in the era of artificial intelligence (AI).
During the conference, Meeks said the global market had reached a critical turning point, explaining that while major US technology companies continue investing billions in developing large language models, the market is now moving into a new phase in which AI is no longer confined to learning information but is increasingly capable of applying knowledge and carrying out complex tasks automatically on behalf of users.
“This is a tremendous opportunity for Europe,” Meeks said.
The guidance was reiterated during the group’s annual general meeting on July 15, which recorded shareholder participation representing approximately 73 per cent of the company’s share capital.
During the meeting, shareholders also approved the distribution of a €0.70 dividend per share from the profits of the 2025 financial year, corresponding to a total payment of approximately €94m. The company said that “the temporary ceasefire reached in late June validated management’s earlier assessment that the slowdown recorded at the height of the conflict would be temporary and reversible.”
Following the initial de-escalation, sales recovered and reversed the downward trend. Management said the earlier slowdown reflected consumer sentiment rather than any weakening in the group’s underlying performance.
The announcement followed laboratory testing carried out by the Cyprus Marine Environment Protection Association (CYMEPA).
The municipality said CYMEPA conducted laboratory analyses of sea water at Geroskipou’s three Blue Flag beaches, namely the Municipal Beach, the former Cyprus Tourism Organisation municipal beach and Pachyammos 2 beach, located in front of the Ledra hotel.
According to the municipality, all sea water samples analysed were classified as waters of “excellent quality”, confirming the high environmental standards maintained at the area’s award-winning beaches.
The announcement reinforces Cyprus’ wider performance in bathing water quality, with the island continuing to rank among Europe’s leading destinations for clean and safe bathing waters.
Reflecting on the recent CITEA Digital Cyprus Conference, Zisiadou said discussions involving representatives from the technology community, the business sector and government had made one message clear: “the conversation around artificial intelligence is no longer about whether it will influence our future, but about how we choose to actively shape that future”.
The conference explored both “the significant opportunities created by artificial intelligence” and “the challenges that accompany its rapid development”, she said, pointing to its potential to “enhance business productivity, improve services, unlock new entrepreneurial opportunities, and open new pathways for innovation that until recently seemed beyond reach”.
The figure compares with €320.9m in the corresponding period of 2025, reflecting the continued growth of the sector. According to the authority, online betting remained the main driver of activity during the January – March period.
Class B operators generated €273m of total gross revenue, while Class A land-based operators accounted for €87.1m. Gross revenue from Class A operators fell marginally by 1 per cent compared with the first quarter of 2025, although it remained 3 per cent higher than during the same period of 2024.
By contrast, Class B revenue rose by 17 per cent year-on-year and by 15 per cent compared with the first quarter of 2024.
The European Parliament approved the overhaul on July 7 by 511 votes in favour, 87 against and 61 abstentions. The file must now be formally adopted by the Council, a step expected in September, according to an EPRS briefing published this week.
At the centre of the reform is a significant change for people who live in one EU country but work and pay contributions in another.
Under the agreed text, a cross-border worker who has been employed, self-employed or insured in the country of employment for 22 uninterrupted weeks would receive unemployment benefits from that country, provided the worker meets its national eligibility conditions.
Chief executive Polys V. Hajioannou confirmed this week that the company is offering ten awards of €10,000 each for the 2026–2027 academic year to support those pursuing careers in the industry.
The programme is open to Cypriot citizens and Greek citizens permanently settled in Cyprus, including students graduating from secondary schools on the island and those already studying at universities in Greece, the United Kingdom or elsewhere abroad.
Successful applicants will be selected on the basis of academic performance and financial circumstances, with the scholarships intended for students planning to build a career in the maritime industry.
These two issues were at the centre of a meeting between a CITEA delegation and Trade Minister Michalis Damianos, where discussions focused on business digitalisation and the international expansion of Cyprus’ technology sector.
CITEA called for faster and simpler procedures under digital transformation support schemes, alongside larger budgets that would allow more companies to invest in modern technologies, improve productivity and remain competitive.
Demand for such assistance has already proved strong. The most recent digital scheme carried a budget of €14 million and offered grants covering 50 per cent of eligible investment, up to €50,000 per company. It opened on May 20, 2025, and closed the following day after the available amount was exhausted.
The bank said the awards represented international recognition of its performance and strategic initiatives during 2025, a year which included the completion of the legal merger between Hellenic Bank and Eurobank Cyprus.
According to the bank, the Euromoney Awards for Excellence are among the financial services industry’s most recognised international distinctions.
The evaluation covered the period from January 1, 2025 to December 31, 2025.
Eurobank said the awards reflected a number of developments during the year, including the completion of the merger between Hellenic Bank and Eurobank Cyprus, which resulted in the creation of Eurobank Limited, which it described as the largest banking and insurance organisation in Cyprus with total assets exceeding €28 billion.
The Cystat data showed that 489,965 tourists visited Cyprus in June 2026, compared with 498,527 in the same month last year.
For the January to June period, tourist arrivals totalled 1,656,015, representing a decline of 10.1 per cent from 1,843,013 during the corresponding period of 2025.
Commenting on the figures, Koumis said the June performance was “satisfactory under the circumstances”, arguing that it confirmed the country’s tourism industry had returned to a stable course.
He added that the 1.7 per cent decline in arrivals compared with June 2025 also showed that the weaker performances recorded in March and April, which had been affected by the conflict in the Middle East, now belonged to the past.
As the programme celebrates 20 years, the company congratulated the CSC on an initiative that has continued to grow, evolve and extend its reach beyond Cyprus, inspiring thousands of young people to discover the maritime industry.
For Petronav, investing in maritime education is an investment in the future of shipping. However, its involvement in the programme is also part of a much broader story of how Island Oil Holdings, the group to which it belongs, has expanded its activities while placing education, community support and sustainability more firmly within its business strategy.
That development is set out in the group’s latest sustainability report, which traces its growth from a Cyprus marine fuel trader into a wider maritime services organisation operating across fuel supply, ship management, maritime software, vessel equipment, seafarer training and renewable energy.
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