Cyprus Business Now

The Association of Large Developments (Sma) on Friday said that Cyprus should strive to become an international development and business centre, noting that large projects have been the cornerstone of the economy.

“Some of the benefits that Cyprus saw directly or indirectly, through the implementation of major development projects, were tens of thousands of jobs, foreign and domestic investment, promotion and creation of new professions and the upgrading of the services sector,” the association said.

“The establishment of the Association of Large Developments in 2013 aimed to create an organised ensemble that would strengthen the existing dynamics of the construction industry in Cyprus, as well as promote issues related to the economic, business, social and environmental development of the country,” it added.

Moreover, the association noted that 15 of its members are responsible for development projects worth an estimated €8 billion.

These include high-end developments such as golf courses, marinas, medical and diagnostics centres, health and wellness businesses, theme parks, research facilities, schools and universities, as well as residential and commercial properties.

“The association aims to attract foreign investment through contacts abroad, including with countries such as the United Kingdom, United States, Lebanon, Egypt, Jordan, Israel, India and China,” the association explained.

“At the same time, through intensive efforts and communication channels that the association maintains with the competent government departments and bodies, it also aims to create a friendly business climate not only for international investors but also for locals,” it added.

The association concluded by saying that it firmly believes that the design and implementation of major development projects will provide great momentum to the Cypriot economy.

The Deputy Ministry of Shipping on Friday, on account of the International Maritime Organisation’s (IMO) Day of the Seafarer, which takes place on June 25 every year, praised the contribution of seafarers to the world maritime industry.

In a statement, the ministry said that Cyprus honours and recognises the role of seafarers through specific actions and initiatives, showing its appreciation to seafarers, who are the most important aspect of the global shipping industry.

“Our appreciation of sailors is not limited to verbal remarks but is proven by actions, even through periods of crisis and difficulties that we have been called to face,” Shipping Deputy Minister Vassilios Demetriades said.

He noted that these actions focus on how Cyprus facilitated crew changes and the repatriation of more than 60,000 seafarers since the outbreak of the Covid-19 pandemic, as well as the vaccination coverage of 40,000 seafarers through the implementation of a national programme.

Regarding the war in Ukraine and the thousands of sailors who do not have access to their salaries, the minister said that he has listened to the demands of the shipping industry.

In cooperation with Cypriot banks, the ministry implemented a framework that facilitates the opening of current accounts for seafarers, who are now able to receive their salaries and support their families.

“In the near future, we will be launching initiatives to highlight at the European and international level another major issue that plagues seafarers,” Demetriades said.

“This is regarding the criminalisation of the seafaring profession, as there are many cases of seafarers being involved in court cases and facing unnecessary criminal charges,” he added.

The Cyprus Stock Exchange (CSE) ended Friday, June 24 with losses.

The general Cyprus Stock Market Index was at 69.28 points at 12:41 during the day, reflecting a drop of 0.17 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.47 points, which represents a decrease of 0.19 per cent.

The total value of transactions came up to €13,341.

In terms of the sub-indexes, the main, investment firm and alternative indexes fell by 0.27 per cent, 2.41 per cent and 0.01 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Cyprus Cement Company (+1.56 per cent), the Bank of Cyprus (-0.48 per cent), Logicom (+2.19 per cent), Demetra Holdings (-2.58 per cent) and Pandora (-7.08 per cent).