Here are the top business stories in Cyprus from the week starting October 26:
That distinction matters. For much of the past decade, Cyprus’ technology story was principally one of potential. The island had talent, research capacity, a growing international business community and an increasingly attractive environment for technology companies, but the various pieces did not always fit together.
Today, that is becoming harder to say. The ecosystem is larger, more diverse and more internationally connected than it was only a few years ago.
At the centre of the dispute is the International Maritime Organisation’s (IMO) proposed Net-Zero Framework, which would introduce new emissions standards and financial obligations for vessels that fail to meet them.
However, the disagreement has become increasingly complicated, with the US seeking greater recognition of LNG and other transitional fuels while challenging plans to establish an international fund financed through emissions-related payments.
For shipowners, the consequences extend well beyond environmental policy. Companies have already committed substantial capital to vessels designed to operate on LNG, and the treatment of that fuel under the eventual regulations could determine whether those investments remain commercially attractive.
The development brings fresh attention to the group’s financial links with Cyprus, while Greek authorities have extended their assessment of the suspected tax evasion to 2016 – 2026, considerably earlier than the 2022 starting point initially reported.
According to Greek reporting citing evidence in the investigation, a dividend relating to profits from 2022, 2023 and 2024 was transferred from the Greek operating company to a Cyprus bank account in August. A subsequent transaction of about €1.34m reportedly moved from that account to a joint account held by founder Konstantinos Antaras and his wife.
In an official announcement, the regulator said it had identified a website falsely presenting itself as CySEC, alongside further cases of people fraudulently posing as its officers.
The fraudulent website, which is not affiliated with the regulator, is accessible at fake CySEC website.
CySEC urged investors to be particularly cautious when approached by individuals demanding fees or other payments in exchange for the purported recovery of losses incurred through investments in regulated or unregulated entities.
Panayiotou said the intensive dialogue of recent days on the revised pension reform bill confirmed that the State, employers and employees, despite their legitimate differences in approach, shared the same goal.
“Everyone wants a system that secures a decent standard of living for tomorrow’s pensioners and remains sustainable for future generations,” she said.
Alongside the First Pillar, the Social Insurance Fund, Panayiotou pointed to the importance of the Second Pillar, which covers provident funds and occupational pension schemes.
The one-day event, hosted by Cyprus-based investment firm Zubr Capital, challenged participants to build AI-powered products from scratch or improve existing projects, while gaining practical experience of the demands faced by early-stage businesses.
Participants researched their target audiences, tested key assumptions, established priorities and worked on minimum viable products (MVPs), applying a startup development process within a limited timeframe.
The agreement, announced on Monday, October 26, was signed through the group’s subsidiary, HELLENiQ Energy Cyprus Holdings Ltd, although completion remains subject to approval by the Cyprus commission for the protection of competition.
Financial details of the proposed acquisition have not been disclosed.
The deal would expand the group’s existing operations in Cyprus, where it already has a substantial presence through EKO Cyprus, which operates a network of around 100 petrol stations and supplies fuels, lubricants and liquefied petroleum gas to commercial and industrial customers.
The meeting with Norway’s Minister of Fisheries and Ocean Policy, Marianne Sivertsen Næss, took place on the sidelines of the World Maritime Day Parallel Event 2026, bringing together government representatives and international maritime officials to examine how global shipping agreements are put into practice.
The two ministers exchanged views on developments affecting the shipping industry, particularly ongoing negotiations within the European Union and the International Maritime Organisation (IMO).
The warning comes as Cyprus leads the EU in innovation activity among smaller businesses, but continues to face difficulties attracting private investment and turning research into commercial growth.
Speaking at the 19th Cyprus Innovation Awards and the Cyprus Research Awards 2025 at the Nicosia Municipal Theatre on Monday, Employers and Industrialists Federation (Oev) chairman Giorgos Pantelides said “the companies most likely to succeed would not necessarily be the largest, but those quickest to adapt.”
Five years on, Malloc, led by co-founder and CEO Maria Terzi, is moving across enterprise, government and defence, developing mobile security technology designed to protect users operating in some of the most sensitive and restricted environments.
The company’s evolution reflects a wider shift in cybersecurity. Smartphones are no longer simply personal devices. For journalists, executives, government personnel, political figures and defence users, they can also become a route into location data, communications, personal, confidential and operational information. For Terzi, however, Malloc’s expansion is not a departure from its original mission. If anything, she believes the company is still far from what it can ultimately achieve. From a privacy app to something much bigger.
Looking back at how Malloc has evolved, Terzi said, “To be honest, nothing changed, in fact, Malloc is not even near to what it can become.”
Tourism revenue rose 4.6 per cent to €536.5 million in July, despite arrivals falling by 1.1 per cent. Visitors spent more each day, although their average stay shortened from nine nights to 8.6.
It is an encouraging result for an industry that has spent decades measuring success largely through arrival numbers. The wider picture, though, is rather less comfortable.
Revenue for the first seven months of 2026 fell by 7 per cent to €1.76 billion, while arrivals during the first nine months were 5.6 per cent below last year’s levels.
The invitation-only event, taking place at the Parklane Resort, will examine how political uncertainty, environmental regulations and the shift towards alternative fuels are affecting investment decisions and the competitiveness of the global shipping industry.
CSC president Andreas Neophytou will deliver the welcome address, followed by International Chamber of Shipping (ICS) secretary-general Thomas Kazakos, who will chair the summit, and International Maritime Organisation (IMO) secretary-general Arsenio Dominguez, who is scheduled to deliver a message.
For years, short-term rentals offered the promise of higher returns, particularly in tourist hotspots such as Paphos, Protaras and Limassol. But a good nightly rate is one thing. What remains after cleaning, commissions, electricity bills, maintenance and periods without guests is quite another.
And with conventional rents continuing to rise, securing a reliable tenant for 12 months is looking increasingly attractive.
The latest RICS Cyprus Property Price Index, produced with KPMG, puts the annual increase in apartment rental values at 7.36 per cent in the second quarter of 2026, compared with 6.43 per cent for holiday apartments.
The event will take place at the Hilton Nicosia under the theme “Hospitality 2030: Reinvention, Resilience & Responsible Growth”, examining emerging trends and developments expected to influence the hotel and tourism sectors over the coming decade.
The conference comes at a time of significant change for global tourism, with geopolitical instability, economic pressures, climate change, evolving traveller expectations and rapid technological advances creating new challenges for the industry.
Having established itself as one of the leading hospitality and tourism forums in the Eastern Mediterranean, the Cyprus Hotel Summit aims to encourage the exchange of expertise and ideas on the future of the sector.
Kineyirou identified 3 categories of dangerous buildings that require different responses, warning that inadequate oversight, owners’ failure to maintain properties and lengthy restoration procedures are allowing the problem to persist.
“We are watching the situation with abandoned and dangerous buildings with great concern and anxiety,” he said, stressing that public safety must take precedence over aesthetic considerations and the visual pollution affecting towns and villages.
“In such an important matter, we cannot afford to act like Epimetheus,” Kineyirou said, referring to the figure in Greek mythology who recognises a mistake only after the damage has been done.
The revised Business and Talent Attraction Strategy for 2027 – 2030 is intended to encourage new investment, help established companies expand and strengthen the contribution of international businesses to the Cypriot economy.
Energy, Commerce and Industry Minister Michalis Damianos outlined the government’s intentions during the first consultation workshop, held this week, bringing together businesses, universities, banks and public authorities.
According to the ministry, Damianos stressed the importance of developing the strategy in close cooperation with investors and other interested parties, rather than drawing up measures without consulting the businesses expected to benefit from them.
At Theramir, that means developing precision-oncology technologies, building the manufacturing and regulatory foundations needed to move experimental therapies closer to patients, and trying to show that globally relevant biotech can emerge from a small ecosystem.
The work is slow by design. Cancer therapies cannot be rushed through validation, safety testing, manufacturing or regulation, and even strong laboratory results can take years to reach the clinic.
For Prokopi-Demetriades, that reality sits alongside a much bigger ambition. She wants Theramir to help prove that Cyprus can do more than support innovation from elsewhere. It can create it, retain the intellectual property and take it international.
Not so long ago, buying a video game was a fairly straightforward affair. You paid for it, played until you finished it and, if you particularly enjoyed yourself, bought another.
These days, paying for the game can be just the beginning.
There are subscriptions, season passes, virtual currencies and downloadable extras, not to mention an impressive number of opportunities to spend another few euros.
For publishers, the attraction is obvious. A customer who buys a game once is valuable. One who keeps playing and spending for years is considerably more so.
The findings appear in the organisation’s September 2026 edition of DCO Policy Watch, titled ‘Resilience at Machine Speed: National Cyber Defense in the Age of AI‘, which examines how governments can strengthen their defences against increasingly automated attacks and prepare for the eventual transition to quantum-resistant cryptography.
In an exclusive interview with the Cyprus Mail, director at Plug and Play Cyprus, Filippos Kyprianou, discussed how the global innovation platform is connecting Cypriot founders with more than 600 corporations across over 60 locations, while helping them develop the commercial skills needed to scale internationally.
He also examined the role of local corporate partners, the challenges facing startups and what success should look like over the next five years.
In two circulars issued this week, the regulator highlighted European Securities and Markets Authority (ESMA) guidance on sustainability-related claims and a new European Union regulation setting common formats for reporting beneficial ownership information.
In the first circular, CySEC drew the attention of regulated entities to 2 new thematic notes published by ESMA on October 12, 2026, covering impact claims and transition claims linked to sustainability.
The plans were discussed in Busan, South Korea, where Shipping Deputy Minister Marina Hadjimanolis met India’s Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, as part of a wider round of meetings aimed at bringing the two countries’ maritime industries closer together.
At the centre of their talks was the Cyprus–India Maritime Business Forum, which will take place in Mumbai on November 23, 2026, during Hadjimanolis’ visit to India.
The China-Cyprus Subnational Exchange and Cooperation Forum and Business Forum, organised by Keve in cooperation with the Chinese embassy and the Cyprus-China Business Association on Tuesday, brought together business representatives, local authority officials and institutional representatives from both countries to discuss closer economic cooperation and opportunities for commercial partnerships.
In his opening address, Keve secretary general Philokypros Roussounides said the countries’ longstanding friendship, founded on mutual respect and trust, provided a strong basis for expanding economic ties.
The island has been named one of Europe’s ten best winter-sun escapes by the international travel publication, just as separate research by Britain’s Post Office Travel Money puts Paphos 14th among 24 destinations worldwide for value.
And while Cyprus may not be winning the battle on price, it has been collecting some impressive international endorsements of its own, from American travel writers to European tourism rankings.
In its latest guide, released earlier this week, Lonely Planet describes Cyprus as ‘Best for the warmest Mediterranean winter’, placing it fifth among ten recommended European destinations.
The community was created by TechIsland, the largest technology association on the island, as a dedicated platform for CTOs, CIOs, CISOs, technology architects, software developers, DevOps and platform engineers, data and AI specialists, cybersecurity professionals, UX experts and digital transformation leaders.
Its purpose is to give these professionals a space to meet peers outside their own organisations, exchange practical experience, discuss the challenges they are facing and build stronger connections across Cyprus’ technology ecosystem.
The revised figures, included in the authority’s 2027 budget, which has been submitted to parliament, show revenue rising by €1.07m, or 1.5 per cent, compared with the €71.85m expected in 2026.
The increase is being driven mainly by the agreement with OPAP Cyprus and expectations of further growth in betting activity, following the increases recorded in recent years.
The latest forecast, though, represents a downward revision from the €75.27m previously projected for 2027, according to the earlier budget figures presented to parliament in January.
With the February 28, 2027 deadline approaching, MPs from Disy, Diko and Elam have put forward a proposal to extend the transitional arrangements for hotels and tourist accommodation establishments that have still not secured their full operating licences.
The concern, as mentioned by Politis this week, is that a substantial number of businesses will not obtain the necessary fire protection certificates in time, potentially forcing them to stop trading.
The MPs behind the proposal have warned that widespread closures could have serious consequences for the economy, putting thousands of jobs at risk and affecting businesses that depend on tourism.
Speaking to the Cyprus Mail for the latest issue of Cyprus 4.0, Elias Neocleous, managing partner of Elias Neocleous & Co. LLC, explained that the development of NeoLaw.ai reflects a longer-term effort to integrate technology into legal practice rather than a response to the recent AI boom.
Developed as an internal legal support environment, NeoLaw.ai is intended to assist lawyers with research, complex documentation, case preparation, preliminary risk analysis and routine administrative work.
Neocleous argued that the value of AI lies not in replacing legal expertise, but in freeing lawyers to concentrate on areas where human judgement, creativity and professional responsibility remain essential.
In a statement following the ECB’s monetary policy decision on Thursday, October 29, Patsalides said the euro area faced a more prolonged period of elevated inflation, while Cyprus’ economic resilience, sound public finances and strong banking sector were helping the country withstand the effects of rising prices.
“The prolongation of the energy shock, the deterioration in the inflation outlook and the ECB’s commitment” were the defining features of the current situation, he said.
The number of unemployed people in Cyprus stood at approximately 21,000 in September, down from around 22,000 in September 2025, as the labour market continued to perform better than the European Union average.
The figures also showed that youth unemployment in Cyprus declined over the past year, with the number of unemployed people aged under 25 falling from approximately 4,000 in September 2025 to 3,000 in June 2026, where it remained through September.
Revenue stood at €581.8m in August 2025, meaning the sector earned €19.8m less than a year earlier, as tourist arrivals declined from 602,026 to 581,880.
The latest figures also show that tourism revenue for the first eight months of 2026 reached €2.32 billion, down 6.2 per cent from €2.47bn during the corresponding period of 2025.
The August decline follows a stronger performance in July, when tourism revenue increased by 4.6 per cent to €536.5m, supported by higher visitor spending despite slightly lower arrivals.
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