Here are the top business stories in Cyprus from the week starting March 10:
According to data from the Deputy Ministry of Tourism, shared on Monday by Stockwatch, this licensing shortfall is evident across all districts.
Specifically, only 13 of 253 hotels in Famagusta are licensed, 20 out of 184 in Paphos, 26 out of 114 in Limassol, 22 out of 112 in Larnaca, and 19 out of 78 in Nicosia.
Furthermore, an additional 15 to 20 units are still in the process of obtaining licences.
In a statement, the exchange said that this “ongoing dedication to inclusivity aligns with the global initiative Ring the Bell for Gender Equality”, which promotes gender balance in corporate leadership.
In its efforts to foster a workplace that values respect and equality, the CSE said, it encourages listed companies to adopt similar principles through its corporate governance code.
The code recommends that company boards maintain a diverse composition in terms of age, gender, educational background, and professional experience to ensure a broad spectrum of perspectives and independent decision-making.
According to preliminary results released by the two largest Cypriot banks and the four largest Greek banks, all institutions reported solid profit growth and improved financial stability.
Net interest income, the primary source of revenue, increased at a steady rate of around 4 per cent, with Hellenic Bank standing out with a 12 per cent rise.
The statement, posted on social media platform X, mentioned that there has been a drop in unemployment to 4.9 per cent in 2024, the lowest since 2008.
At the same time, there was an increase in employment rates to 79.8 per cent, the highest recorded over time.
According to the presidency, “this major labour achievement was made possible by strengthening the link between human resources and the labour market, promoting vocational training, and utilising employment support programmes”.
Vehicle registrations in Cyprus saw a significant decrease in February 2025, with total registrations dropping 13.6 per cent to 3,757, down from 4,346 in February 2024, according to Monday’s report from the statistical service.
Passenger saloon car registrations experienced a sharper decline, falling by 15.5 per cent to 2,908 from 3,443 the previous year.
According to the report, for the January-February 2025 period, total vehicle registrations decreased by 8.8 per cent to 7,834, compared to 8,589 during the same period in 2024.
The committee discussed on Monday whether to exempt the state-owned asset management company Kedipes from this requirement, aiming to streamline processes and align with governmental procedures.
The Finance Ministry highlighted that the proposed regulation would enhance the approval rate of plan applications.
“Responsibilities on the property owner, both administrative and potentially criminal, if there is no certificate of final approval,” it stated.
“If the government is a landlord, it is not required to have certificates of approval,” the ministry added.
The project focuses on integrating work-life balance solutions and gender-equal workplace policies.
The event will take place on Thursday, March 20, 2025, from 15:00 to 17:30 at the chamber’s headquarters in Nicosia.
It will bring together employers, managers, HR professionals, representatives of labour market authorities, social partners, policymakers, and other relevant stakeholders.
The discussion will explore how work-life balance solutions and gender-equal workplace policies can enhance organisational performance.
The association explained that that this challenge, combined with the generally low availability of housing units, demands immediate resolution.
According to the association, a “critical concern is maintaining Cyprus’ appeal as a destination for corporate headquarters, which necessitates prioritising housing for employees of large companies”.
It said that “the current housing shortage has become a major deterrent to relocating corporate headquarters to Cyprus”.
“The benefits of headquarters are undeniable,” the association stated.
The event featured key figures from the tax and financial sectors, who emphasised the importance of a modernised and efficient tax framework.
Kyriakos Iordanou, general manager of the Institute of Certified Public Accountants of Cyprus (Selk), stressed that, after years of anticipation, there is now a concrete plan for tax reform.
“This plan serves as the starting point for a constructive dialogue among stakeholders,” he said.
Specifically, the company announced that it achieved a 27 per cent rise in sales in its Cyprus stores compared to the same month last year.
This growth is part of a broader trend that saw sales for the first two months of the year climb by 16 per cent compared to the previous year in Cyprus.
The commission’s presentation focused on legislative and technological developments shaping the capital markets in 2025.
The commission highlighted increasing institutional and regulatory requirements, digital transformation, and sustainable investing as critical factors affecting securities markets and investment funds both in Cyprus and across Europe.
Protecting investors and fostering a healthy market remain central to CySEC’s mission, with efforts directed at strengthening market stability and confidence in the financial services sector.
The bank explained that this is in response to the latest interest rate cut by ECB, which cut its three key interest rates by 25 basis points, marking a shift in its monetary policy stance.
“The ongoing ECB rate reductions have also affected loan interest rates linked to interbank Euribor rates, benefiting more than 6,000 borrowers,” the bank stated.
“Furthermore, it is worth noting that Hellenic Bank recently lowered its base rate by 0.16 per cent, bringing it to 1.75 per cent,” it added.
“This reduction”, the bank explained, “has a positive impact on over 90,000 borrowers, both individuals and businesses, helping them better manage their borrowing costs.”
The bank intends to proceed with the necessary steps to delist Hellenic Bank’s shares from the Cyprus Stock Exchange (CSE) upon completion of the offer.
The public offer aims to secure the remaining shares of Hellenic Bank Public Company Limited, with Eurobank already holding 93.47 per cent of the issued share capital and voting rights.
The offer seeks to acquire the remaining 26,958,229 shares, which account for 6.53 per cent of Hellenic Bank’s share capital not yet owned by Eurobank.
This initiative, according to the ministry, seeks to position Cyprus as a “destination accessible to every visitor.”
In the statement, the ministry clarified the scheme’s objective to promote projects aimed at substantially enhancing both the functionality and aesthetic appeal of the beaches.
Moreover, the plan serves as a foundation for targeted public support, enabling local authorities to boost safety, better organise beach areas, and enhance the services provided.
Additionally, it supports the implementation of projects and the acquisition of equipment to improve the quality of beach infrastructure.
Deputy Minister of Tourism, Kostas Koumis, emphasised the importance of this initiative, saying that “Beaches are undoubtedly one of the comparative advantages of our country, and the frequent awards some of them receive annually underscore this fact.”
The plan, introduced amid the bank’s acquisition by Eurobank and the upcoming merger of the two entities, saw around 150 employees opt for voluntary redundancy.
Despite a one-week extension granted by Hellenic Bank after the initial deadline, the level of interest remained largely unchanged.
According to reports that emerged on Wednesday, which the Cyprus Mail verified, only a small number of additional employees applied during the extension period, leaving the final figure well below expectations.
Hellenic Bank is now assessing the financial impact of the voluntary exit plan, calculating the costs associated with the departures.
Popular mobile strategy RPG Ludus: Merge Arena has surpassed five million players worldwide and is generating nearly $3 million in monthly revenue, according to an announcement released on Wednesday.
The game is published by Top App Games Ltd., a Cyprus-based studio specialising in strategy-based mobile titles.
The company has now introduced a major update, Clan Wars, which expands the game’s clan mechanics and is set to launch at the end of March.
The latest update introduces three new features: Clan Shop, Clan Battle Pass, and Clan War. The central element, Clan War, occurs twice a month, running for eight days—five days of active competition followed by a three-day wrap-up phase.
Players earn points in Clan War, which they can spend in the Clan Shop on exclusive items available only during these events.
In each Clan War, six clans compete to accumulate the highest number of points by using flags for attacks.
In contrast, Limassol and Nicosia are experiencing the most significant slowdowns in the housing market.
According to the report, the overall House Price Index (HPI) noted a modest quarterly rise of 0.9 per cent, down from 1.6 per cent in Q2 2024.
Year-over-year, the increase stands at 6.5 per cent, a decrease from 8 per cent in the prior quarter.
The apartment sector experienced a sharp slowdown, with year-on-year price growth decreasing from 12 per cent to 8.8 per cent.
According to an official announcement from the bank, this four-day visit “reaffirms its commitment to strengthening its presence in Cyprus, positioning its subsidiary as a leading banking choice for businesses and households”.
The high-level delegation included Alpha Bank Group Chairman Dimitris Tsitsiragos and Group CEO Vassilis Psaltis, who met with Cyprus President Nikos Christodoulides, House Speaker Annita Demetriou, and leading business representatives.
Preliminary data from the association indicates a 9 per cent rise in early bookings from these markets compared to the same period last year.
During the prestigious ITB Berlin travel exhibition, held from 4 to 6 March 2025, Pasyxe president Thanos Michaelides and general director Christos Angelides engaged in a series of meetings with travel agents and tourism stakeholders operating in the Cypriot market.
These discussions, according to a Pasyxe announcement, involved representatives from Germany, Poland, Switzerland, the United Kingdom, and other key tourism markets.
Developments in Limassol and Larnaca were the primary driver behind this surge.
According to the land department, property sales nationwide rose to 1,371 in February 2025, up from 1,284 in the same month last year.
Over the January-February period, transactions increased by 13 per cent, with 2,646 sales documents filed compared to 2,340 in the corresponding period of 2024.
Limassol maintained its lead, recording a 3 per cent increase with 389 sales in February this year, up from 378 last year.
A new issuance of Cyprus Treasury Bills (T-bills) will take place on Monday, March 17, 2025.
The 13-week T-bills, maturing on June 20, 2025, are expected to attract strong demand once again, following recent trends of heightened investor interest.
Investments in T-bills continue to gain traction among both individual investors and businesses.
In the last auction for €50 million in Treasury Bills, total bids reached €122 million, with a weighted average yield of 2.48 per cent.
According to data released by the Central Bank of Cyprus (CBC), the interest rate for household time deposits of up to one year fell to 1.34 per cent in January, compared to 1.79 per cent in the previous month.
“This highlights the significantly higher returns offered by Treasury Bills compared to traditional bank deposits in Cyprus,” said investment platform Sophic.
The total amount of loans held by credit acquisition companies in Cyprus stood at €20.3 billion at the end of 2024, down from €21 billion at the end of the first half of the year, according to data from the Central Bank of Cyprus (CBC).
Of this total, €10.3 billion comprised loans to individuals, while around €10 billion were loans to legal entities as of December 2024.
According to the CBC, non-performing loans accounted for €19.1 billion, representing 94 per cent of the total, compared to €19.6 billion in June 2024.
Meanwhile, the stock of properties held by credit acquisition companies reached 8,118 units by the end of 2024, with a total value of €1 billion.
Built specifically to cater to players’ tastes, Skich Store offers a personalised experience that goes beyond traditional app marketplaces, positioning itself as a major disruptor in mobile game discovery.
Following Apple’s recent regulatory changes in the European Union, which allow alternative app stores to operate, Skich Store is accessible exclusively through its official website.
This shift has significantly boosted Skich’s web presence, attracting 100,000 organic visitors per month and growing at an average rate of 20 per cent.
This growth has been fueled by a 6 per cent increase in air travel routes, including a significant 9 per cent rise in flights to and from Germany, Europe’s largest economy.
Additionally, the complete resumption of services by an airline that hadn’t fully returned after the pandemic is now offering regular flights again, further enhancing the island’s global connectivity and boosting optimism for the tourist season.
According to the announcement, these include a variety of informative and educational activities.
“Global Money Week is the annual international campaign, aimed at raising awareness about the importance of financial education for young people”, the commission noted.
It added that “its goal is to help them gradually acquire the knowledge, skills, attitudes, and behaviours necessary to make sound financial decisions and to achieve financial well-being and resilience”.
Spearheaded by the Organisation for Economic Co-operation and Development (OECD), GMW 2025 will run from March 17-23, 2025.
Limassol has emerged as the main hub for financial, legal, and technological services, attracting foreign investment and solidifying Cyprus’ position as a business centre in Europe and the Middle East.
Due to this, the city has been informally dubbed the economic capital of Cyprus, according to the Vice President of Services at the Limassol Chamber of Commerce and Industry, Elias Neocleous.
Speaking to “Entrepreneurial Limassol,” the chamber’s monthly briefing, Neocleous stated that the emergence of new sectors such as financial technology (FinTech), legal technology (LegalTech), and regulatory technology (RegTech) presents opportunities for innovation and diversification.
However, according to energy professor Andreas Poullikkas, the plan lacks the necessary depth, clear targets, and concrete implementation measures needed for a robust national strategy.
The former chairman of the Cyprus Energy Regulatory Authority (CERA) noted that the EU has established a comprehensive hydrogen strategy, setting specific goals for renewable hydrogen production and usage by 2030 and 2050.
Poullikkas noted that Cyprus’ draft strategy attempts to align with these objectives but remains far more limited in scope and detail compared to similar plans adopted by other EU member states.
The breakthrough follows the direct intervention of President Nikos Christodoulides, who played a crucial role in settling an issue that had remained unresolved for years. Under the agreement, CyBC’s indefinite contract employees will be included in the new pension scheme established by legislation passed in 2022.
In a statement, CyBC welcomed the deal, calling it a “positive outcome” that ends a long-running challenge for the affected employees. The agreement was reached through cooperation between CyBC, the Sek and Peo trade unions, as well as the ministries of finance and interior.
“The use of LNG as a marine fuel contributes to the reduction of gas emissions and air pollution, as well as to a cleaner and greener future for maritime transport,” port authorities at the Eurogate Container Terminal said, adding that “sustainable development” was a priority.
Officials said that the use of LNG was an important step for “green transition in the shipping sector”.
Foreign Minister Constantinos Kombos said the states bore a common “strong will to reinvigorate” convening of the ‘3+1’ format [with +1 being the US].
The drive was based on the rationale that “the expanded format is a multiplier of US regional architecture potential in the Eastern Mediterranean,” Kombos said.
Discussions had focused on the theme of interconnectivity and the three ministers had discussed the IMEC initiative (an India-Middle East-Europe trade corridor).
All recent revisions indicate a more optimistic outlook compared to previous estimates.
A key factor driving these upward adjustments is the bank’s updated profit distribution policy.
In its preliminary results announcement, the Bank of Cyprus stated its intention to improve its profit distribution ratio for the 2025-2027 period, setting it between 50 and 70 per cent.
