The Minister of Energy, Yiorgos Papanastasiou, recently stated on the ALPHA News programme that he had been in contact with the surveyor employed by the Chinese company CPP on the construction project of the Floating Storage and Regasification Unit (FSRU) Prometheus. He was informed that the ship is ready, and its final certification is a […]

In February 2024, the Retail Trade Turnover Value Index increased by 5.8% compared to the same month in 2023. During the same month, according to the Statistical Service, the Retail Trade Turnover Volume Index rose by 5.1% compared to the corresponding month of the previous year. Furthermore, for the period of January-February 2024, the Turnover […]

The Cabinet this week approved a circular economy scheme for small and medium enterprises (SMEs), following a proposal by a proposal by the Minister of Energy, Commerce and Industry George Papanastasiou. The scheme is included in the Cyprus Recovery and Resilience Plan for the period 2021-2026 and will be financed by the Recovery and Resilience Facility of the […]

Cypriot authorities must capitalise on the economy’s robust performance and promote structural changes that will further unlock the country’s potential growth and development outlook, an official of the International Monetary Fund (IMF) said on Thursday. Speaking to the Cyprus News Agency (CNA), on the occasion of the completion of discussions with the Cypriot authorities under […]

Ten people from Cyprus made it to the Forbes World’s Billionaires List for 2024, from industries ranging from shipping to real estate and software, as well as easyJet’s Haji-Ioannou family. At 88th place, making him the top-ranking Cypriot on the list, is Vinod Adani with a net worth of $23 billion. Aged 75, Adani is named as […]

BBF is widely recognised as a leader among the top three development companies in Cyprus, specialising in high-end residential and commercial developments. Headquartered in Limassol, Cyprus, with additional branches in Larnaca, Paphos, Nicosia, and Athens, BBF is a leading real estate and development company in Cyprus, with over 145 developments at various stages of design […]

During 2023, guests spent 678.6 million nights in short-term rental accommodation in the EU booked via Airbnb, Booking, Expedia Group or TripAdvisor, which corresponds to a 13.8% increase compared with 2022 (596.5 million), according to data published by Eurostat. This data, collected by the four online platforms, is shared in accordance to an agreement with […]

The Cyprus Association of Nursing Home Owners has decided to become a member of the Cyprus Chamber of Commerce and Industry (Keve), according to a statement released this week. According to the announcement, the primary objective of this decision “is to elevate and refine the standards of care provided in more suitable and dignified living environments for the elderly facing health issues, […]

The Neocleous Tower, an office building located in the centre of Limassol, will set new standards for environment-focused, commercial real estate in Cyprus. ‘Our idea to develop a ‘green’ sustainable building originates from a deep awareness of the growing concerns about global climate change and the depletion of our natural resources’ The Neocleous Tower, an […]

BusinessCyprus Business News Applications open for Cyprus Exports Award By Kyriacos NicolaouApril 3, 20240 Comments138SHARE0 The Cyprus Chamber of Commerce and Industry (Keve) in collaboration with the Ministry of Energy, Commerce, and Industry this week announced the start of applications for the latest edition of the Cyprus Exports Award. “The Cyprus Exports Award was launched in 1982 to recognise and reward […]

BusinessCyprusCyprus Business NewsCyprus by the Numbers Cyprus retail trade grows in February By Souzana PsaraApril 3, 20240 Comments73SHARE0 Cyprus’ retail trade cycle value index experienced a notable increase of 5.8 per cent in February, compared to the corresponding month in 2023, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat). Similarly, during the […]

The average gross monthly earnings of employees during the fourth quarter of 2023, amounted to €2,693 compared to €2,535 during the fourth quarter of 2022, recording an increase of 6.2%, according to provisional data published by CySTAT. The average gross monthly earnings during the fourth quarter of 2023, seasonally adjusted, are estimated at €2,402 and compared […]

The accommodation and food services sector in Cyprus had the second biggest contribution to the economy as well as to employment in 2021, according to data released by Eurostat. In 2021, the country where the accommodation and food service activities had the highest contribution to the value added of the business economy was Greece (6.5% […]

Τhe Cyprus government will request from Greece’s Independent Power Transmission Operator to carry out a cost-benefit study as regards the Cyprus-Greece electricity interconnection (Great Sea Interconnector), Energy Minister George Papanastasiou said following a House Energy Committee meeting. Papanastasiou explained that the project, with a total value of €1.9 billion, was previously under a different implementation […]

The goal of the Ministry of Agriculture, Rural Development and Environment is to increase the share of the primary sector in the country’s GDP, expand and upgrade the sector in terms of sustainability to meet domestic needs and promote local Cypriot products to new markets. Minister Maria Panayiotou noted the above at a 2 April […]

Cypriot Energy Minister George Papanastasiou announced on Wednesday that the obstacles in the development plan for the Aphrodite gas field have been overcome, marking progress in Cyprus’ energy ambitions. Papanastasiou revealed that ENI’s CEO is scheduled to visit Cyprus by the end of April to discuss the Cronos I and Cronos II fields, with hopes […]