Here are the top business stories in Cyprus from the week starting November 9:
The first-ever Plug and Play Cyprus Innovation Expo, held at ETKO and covered by the Cyprus Mail, offered a snapshot of an ecosystem that is becoming increasingly diverse, commercially ambitious and internationally connected, with ten startups presenting their progress after three months of acceleration, alongside discussions on investment, fintech and the future of technology.
The evening also brought two significant developments for Cyprus’ innovation landscape, with AUB Mediterraneo and the University of Nicosia (UNIC) signing collaboration agreements with Plug and Play, while the organisation announced that its second startup cohort will focus on the gaming industry, with applications officially opening.
That is the distinction Cyprus Shipping Chamber (CSC) president Andreas Neophytou draws in an exclusive interview with the Cyprus Mail. A ship register gives the island international standing. A shipping company based here brings jobs, business and a reason for other firms to follow.
Schengen membership could make Cyprus a more convenient headquarters, particularly for staff who need to travel at short notice. But the competition for maritime business is only part of Neophytou’s concerns. There is the danger facing crews in the Gulf, the cost of Europe’s environmental rules and the rather awkward question of what fuel tomorrow’s ships will use. It is a substantial agenda for an industry estimated to contribute 7 per cent of Cyprus’ GDP.
The figure, equivalent to more than one in three salaried employees, has sharpened the union’s demands for higher wages, shorter working hours and stronger protection against rising living costs, with a fresh round of collective bargaining approaching in 2027.
PEO said the growing cost of housing, everyday essentials and other household expenses was leaving many workers struggling financially, despite the increase in wealth generated by the economy.
Meet Amara, the first AI-powered digital avatar launched by the High Commission of India in Nicosia, designed to bring diplomatic communication into a more accessible, modern and distinctly technological age.
Unveiled on Sunday, November 8, to coincide with Diwali, the Festival of Lights, Amara will feature in videos and digital messages, helping the High Commission communicate with the Indian community in Cyprus and the wider public.
The regulator’s retail investor guide highlights the growing risks posed by convincing online fraud, as social media, mobile applications, online advertisements, financial influencers and artificial intelligence-generated content increasingly shape how people discover and assess investment opportunities.
While investing can play an important role in long-term financial planning, CySEC stresses that every investment carries risk and that having access to information is not enough unless investors can assess whether it is reliable.
Energy, Commerce and Industry Minister Michael Damianou has confirmed that the authorities aim to complete company registrations within this timeframe, depending on whether applicants pay an additional fee for faster processing.
The clarification came in a written response to a parliamentary question submitted by MP Efrem Christou, who sought details on how long it takes to establish a business in Cyprus and what checks are carried out before approval is granted.
According to the statistical service’s (Cystat) revised national accounts, information and communication activities generated €4.64 billion in value added in 2025, almost twice the €2.32bn produced by accommodation and food services.
For a country that has spent decades selling sunshine, beaches and hotel rooms, that is quite a change.
The new service is available from the app’s home screen and operates 24 hours a day, seven days a week, providing customers with an additional way to obtain banking information whenever they need it.
Customers can ask DANAI questions in natural language, without having to navigate different menus or sections of the app, the bank said.
Addressing the Economists Enterprise 22nd Annual Cyprus Summit, Christodoulides said the Eastern Mediterranean had considerable economic potential in shipping, energy, tourism, technology and digital services, but warned that geopolitical tensions were increasingly affecting international trade, energy supplies and investment prospects.
He said economic resilience was no longer simply a matter of national security, but also depended on economies being able to absorb external shocks, diversify their energy sources and trading relationships, protect critical infrastructure and attract investment.
The ministry’s €212.2 million programme for 2027 is aimed at building on what he described as the country’s “largest-ever public sector digitisation effort”.
Of that amount, €150.2m is being allocated directly to the Deputy Ministry of Research, Innovation and Digital Policy, while a further €62m is being set aside for other government departments.
The contradiction runs through the country’s first national employers’ skills Survey (CYEmployers), published by the Education Ministry this week, which found that 71 per cent of private employers with vacancies struggled to fill certain positions, despite a workforce with substantial academic qualifications.
At the same time, 34 per cent of private employers who had recruited recent graduates admitted hiring them for jobs that did not require a university degree. Among public-sector managers surveyed, the figure was considerably higher at 58 per cent.
The disagreement left EU finance ministers without a deal following lengthy negotiations in Brussels on November 9, despite concessions designed to bring reluctant countries on board.
For Cyprus, the proposed extended transition period is particularly important, as it would allow the government to introduce higher tobacco taxes more gradually rather than having to meet the new European thresholds by 2032.
The initiative, held under the slogan ‘Your money. Your power.’, combines an event dedicated to women’s financial literacy with four free interactive workshops covering personal financial management, saving, investments, responsible borrowing and retirement planning.
The activities aim to equip participants with practical knowledge and tools for everyday financial decisions, while strengthening their confidence in managing their money and planning their financial futures.
Her comments followed the Economist’s 22nd Annual Cyprus Summit in Nicosia on Monday, where Evgeniou addressed the challenges of attracting investment in an increasingly uncertain international environment.
Romanyukha, who attended the conference, singled out his observation that “regulation is not the enemy of competitiveness, uncertainty is”, describing it as a particularly important message for businesses operating in Cyprus.
Speaking at a discussion titled “Artificial Intelligence: Does it promote growth or deepen inequality?” at the 22nd Annual Economist Cyprus Summit in Nicosia, Damianou said Cyprus should not simply seek to win the global artificial intelligence race, but concentrate on applying the technology in areas where it could deliver the greatest value.
His remarks came a day after he presented the deputy ministry’s €212.2 million budget programme for 2027 to the House finance committee, setting out further investment in public sector digitisation, government services and the technology sector.
The awards, organised for the fourth consecutive year by the Stelios Philanthropic Foundation, recognise innovation, creativity and entrepreneurial initiative, with the funding intended to help promising businesses expand their operations and pursue new opportunities.
Sir Stelios Haji-Ioannou, creator and owner of the easy family of brands and founder and chairman of the Stelios Philanthropic Foundation, presented the awards, continuing his support for the development of Cyprus’ next generation of entrepreneurs.
The presentation, scheduled to take place through Microsoft Teams between 10am and 11am, will introduce the International Business Concierge (IBC), a comprehensive business support service designed to help international companies and investors enter the Saudi Arabian market, establish a local presence and develop their activities.
The initiative provides integrated assistance throughout the business establishment process, covering everything from company formation and investment licensing to ongoing operational and regulatory requirements.
The closed-door meeting will take place at Nicosia Town Hall between 9.30am and 12.30pm, as part of the CFS Business & Investment Forum 2026, which will be held at the Royal Hall in Nicosia.
Organised by Keve in collaboration with the Municipality of Nicosia, the discussion will focus on expanding Cyprus’ international economic relationships and identifying investment opportunities with strategically important markets.
The early slowdown has raised concerns among hoteliers, particularly over demand from Britain, Cyprus’ largest tourism market, although the government remains cautiously optimistic about next year’s prospects, according to a report by Politis on Wednesday.
The Cyprus Hoteliers Association (Pasyxe) has reported weaker advance reservations, with director-general Christos Angelides warning that the pressure on household budgets is beginning to affect holiday decisions.
The company’s third annual Readiness Report found that 64 per cent of business leaders reported positive returns from their AI investments, an increase of 10 percentage points compared with 2025.
However, the average level of preparedness for external risks fell by seven percentage points to just 24 per cent, with the sharpest declines recorded in cybersecurity and companies’ ability to respond to changes in competition.
Limassol Mayor Yiannis Armeftis made the case for greater private-sector involvement earlier this week, during the Better Funding Dialogue workshop at the Panos Solomonides Cultural Centre, where representatives of financial institutions, investors, public authorities and businesses examined ways of making sustainable urban development projects more attractive to investors.
The discussions, which took place on Tuesday, focused particularly on how private capital, institutional investment and innovative financing instruments could help deliver the regeneration of the coastal road behind Limassol port, while supporting the city’s wider ambition to become climate-neutral.
The event, held at the Four Seasons Hotel this week, marked another chapter for the Limassol-based group, which has grown from a marine fuel supplier established in 1992 into an international maritime and energy business.
Chrysostomos Papavassiliou, the group’s founder, chief executive and chairman, reflected on the company’s beginnings almost 35 years ago, recalling how the business first operated from a small office in an apartment building just a short distance from the hotel hosting the reception.
Energy, Commerce and Industry Minister Michael Damianos delivered that message at the Cyprus Fintech Summit 2026 in Nicosia on Thursday, where business leaders, investors and technology specialists gathered to examine the future of financial services, artificial intelligence and international investment.
Cyprus, he argued, has the opportunity to become a European gateway connecting companies with India, the Gulf and emerging African markets. But its success will depend on what those connections actually produce.
The change in leadership was confirmed this week, when the Chamber’s newly appointed board of directors met to formally constitute itself in accordance with its constitution.
Alongside Papantoniou’s election, the board appointed five vice-presidents, each responsible for a key area of the district’s business activity.
Six years later, as he steps down from the presidency, he leaves behind an organisation he believes has strengthened its standing among businesses, government institutions and the wider community, with closer international ties and a greater presence in public affairs.
Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), Tsouloftas looked back on a presidency that began in late 2020, recalling the difficulties of the pandemic, the chamber’s growing involvement in European affairs and the relationships built with foreign embassies.
Speaking at the “Is Maritime Technology Delivering? From Business Performance to Life at Sea” event in Limassol, Hadjimanolis outlined plans to strengthen Cyprus’ position as an international maritime centre, with artificial intelligence, digitalisation and innovation playing an increasingly important role.
The event, organised by Tototheo Global and Plug and Play Cyprus, brought together shipowners, operators, technology providers and innovators to examine whether technological advances are delivering tangible benefits to the industry.
Data from the Department of Lands and Surveys showed that property transfers to EU buyers increased by 42.7 per cent compared with the corresponding period of 2025, while transfers to buyers from outside the bloc rose by 16.2 per cent.
“The Cypriot property market is demonstrating its attractiveness on an international level,” said Marinos Kineyirou, president of the Cyprus Real Estate Agents Registration Council, pointing to the changing composition of foreign demand.
Addressing the Cyprus Games Summit 2026 in Limassol, Damianou said the country had already established a significant presence in the international gaming industry, but that the next step was to ensure more of the value created by the sector originated locally.
“Our ambition is not simply to host video game companies. Our goal is to build an ecosystem in which more games are created, financed and developed from Cyprus,” he said.
Both countries are exploring ways to bring more homes onto the market, not only by making better use of existing properties but also by introducing incentives for new developments designed specifically for long-term rental.
Importantly, this is not simply a technical change. Renting is starting to be treated as an important part of housing policy, not as a temporary solution.
The change in leadership was confirmed during the chamber’s 64th Annual General Meeting, held this week in Limassol, bringing Tsouloftas’ presidency, which began in 2020, to a close.
Theocharous, who previously served as the chamber’s vice-president for tourism, will now lead its newly appointed board of directors for the next three years, marking a change in the leadership of one of Cyprus’ main regional business organisations.
The two organisations met this week to discuss the country’s growing housing challenges, with particular emphasis on increasing the supply of affordable housing and addressing the difficulties faced by people seeking suitable homes within their budgets.
The meeting brought together Koag chairman Nicolas Diomidous and Property Developers Association president Yiannis Misirlis, alongside other representatives of the two organisations.
Speaking at the 17th Pension Forum in Nicosia, Mousiouttas said the reform aimed to strengthen pension adequacy, protect the long-term viability of the social insurance fund and address inequalities that have left many retirees struggling to make ends meet.
The legislation has already undergone consultation with social partners and is now in the final stages before being submitted to the Council of Ministers and the House of Representatives.
He also warned that the combination of geopolitical disruption and rapidly expanding technology investment is creating increasingly complex challenges for policymakers.
Addressing an MNI Connect video conference with economists, investors and financial market participants on November 11, Patsalides, who is also a member of the European Central Bank’s Governing Council, said the persistence of the energy shock and the rise of artificial intelligence were two developments requiring particular attention.
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