The Ministry of Energy has today published guidelines for its €35 million energy storage scheme, previously approved by the Council of Ministers, aimed at promoting energy storage solutions across the country. The scheme, funded through the ‘THALIA 2021-2027’ Cohesion Policy Programme and the Just Transition Fund, targets approximately 150MW of storage capacity with total storage capabilities of […]
Passenger traffic at Larnaca and Paphos airports recorded a 6.81% increase in January 2025 compared to the same month in 2024, according to a press release by the Ministry of Transport, Communications and Works on Monday, thanks to a 12.7% increase recorded in Larnaca and despite a 7.24% drop at Paphos Airport.
S&P Global Ratings has upgraded the long-term issuer credit rating of Bank of Cyprus Public Co. Ltd. (BoC) to ‘BBB-’ from ‘BB+’, reflecting improvements in the Cypriot banking sector’s funding stability. “Cypriot banks have further reduced their dependence on less stable non-resident depositors and improved their loans-to-core-deposits ratio, increasing funding stability in Cyprus’ banking system,” the credit agency stated. The outlook for […]
The Cypriot village of Pissouri will be honoured as one of the world’s best tourism villages at a celebration event on 15 February, following its recognition by the World Tourism Organization (UNWTO). The accolade, shared with fellow Cypriot village Kalopanayiotis, acknowledges Pissouri’s dedication to sustainable tourism development and promotion of local products, traditions, and natural […]
Cyprus may be famed for sun, sea and “sheftalia”, but it is also home to a dynamic art scene. Come late spring 2025, the Mediterranean island will open a new chapter in its creative journey: enter VIMA, Cyprus’s first international contemporary art fair. “The time has come.” This was the sentiment Lara Kotreleva heard over […]
The Bank of Cyprus on Friday announced that it has introduced a new operational model for its branch network. According to the bank, this aims to enhance customer service through a combination of modernisation, efficiency, and personalised support. The updated structure includes four distinct types of branches designed to cater to different banking needs. Under […]
Cyprus’s new housing incentive programme has secured its first developer, with CYFIELD signing an agreement to build an apartment complex in Strovolos, the Cyprus Land Development Corporation (CLDC) announced on Friday. The project will utilise the Special Housing Incentive for Affordable Housing Production, which allows developers to exceed standard building coefficients by 45 percent. Under […]
The environment department has officially approved the expansion plans for both the Larnaca and Paphos international airports, it emerged on Thursday. The approval follows an agreement signed on December 23, 2024, extending Hermes Airports’ management until 2033, a move that paved the way for major infrastructure upgrades. The deal resolved long-standing financial disputes and facilitated the launch of Phase 2 […]
Cyprus has long been a shipping powerhouse, but its role is evolving fast to meet the needs of the digital age, according to Christoph Stork, CEO of Cyprus-based bunker trading platform XMAR. “When it comes to global shipping, Cyprus is bigger than it looks,” Stork told the Cyprus Mail. “It has built a reputation as one […]
Bank of Cyprus has launched a €2 million rewards programme for mortgage holders affected by recent European Central Bank interest rate hikes, the bank announced. The scheme targets 13,000 eligible customers who are members of the bank’s Pronomia loyalty programme, with more than 8,500 already responding to claim their benefits, primarily opting for cash payments. Diamond […]
Energy Minister George Papanastasiou is at the forefront of government initiatives designed to strengthen support for small and medium-sized enterprises (SMEs). These initiatives primarily focus on enhancing their access to finance, as well as the streamlining of procedures through the better use of technology. Currently, the Ministries of Finance and Energy are collaboratively advancing procedures […]
Eurobank Cyprus has renewed its cooperation agreement with Cyprus Seeds, a non-profit organisation focused on the commercialisation of innovative academic research. This is the sixth consecutive year of Eurobank supporting the organisation, something which the bank said “confirms its commitment to promoting innovation and entrepreneurship”. According to the announcement, this partnership aims to bolster the startup ecosystem and ensure […]
Both apartment prices and rental costs in Cyprus increased during the fourth quarter of 2024, rising by 1.3 per cent and 1.5 per cent year-on-year, respectively, according to real estate analytics firm Ask Wire. In its latest report, the company explained that this latest increase in prices is a reflection of strong demand. A closer look at the firm’s fourth-quarter report reveals growth in specific segments, with annual sale […]
Cyprus Airways will launch direct flights between Larnaca and Venice from May 30 to September 29, 2025, with fares starting at €86 one way, the airline announced on Monday. The twice-weekly service, operating on Mondays and Fridays, adds to the carrier’s expanding Mediterranean network, which includes major European cities and Middle Eastern destinations. The new route […]
The Paphos Leisure Centre Owners Association (SIKAP) has secured significant labour agreements to increase the number of third-country nationals working in the hospitality sector, the organisation’s president and Paphos Deputy Mayor Angelos Onisiforou said. The association has successfully negotiated with the Ministry of Labour to increase the hiring quota for non-EU workers, with approval times expected to […]
A contract for works that will enhance the production capacity of the Asprokremmos refinery by an additional 10,000 cubic metres per day over a period of 12 months, has been signed by the Agriculture Ministry’s Water Development Department and the company Mekel Limited. According to an announcement by the Department, the contract for the ‘Supply, […]