Cyprus Business Now: weekly wrap-up

Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting October 21: A significant share of Cypriot wealth continues to languish in low-interest bank deposits, despite alternative investment options, according to Phanos Vladimirou, senior investment specialist at Athlos Capital. He attributed this persistent trend to excess liquidity, low competition, and a lack of financial […]

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How ETYFA succeeded releasing ‘Prometheus,’ opening the way for the arrival of natural gas in Cyprus

How ETYFA succeeded releasing ‘Prometheus,’ opening the way for the arrival of natural gas in Cyprus

Intensive and persistent consultations and negotiations between Cyprus’ Natural Gas Infrastructure Company (ETYFA) as China’s CMC consortium have ‘unblocked; the procedures relating to the “Prometheus” floating natural gas gasification unit, which, based on the agreement reached, will be delivered to the Cypriot side within 60 days. This development is characterised as very important, both by […]

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CSE and Invest Cyprus forge strategic partnership

CSE and Invest Cyprus forge strategic partnership

The Cyprus Stock Exchange (CSE) and Invest Cyprus, the country’s official investment promotion agency, signed a Memorandum of Understanding (MoU) on Friday. According to a joint statement from the two organisations, the agreement aims to strengthen their collaborative efforts in attracting investments to Cyprus. In addition, the announcement said that “the partnership will focus on […]

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Cyprus economic index grows in September

Cyprus economic index grows in September

Cyprus’ Composite Leading Economic Index (CCLEI), maintained by the University of Cyprus’ Economics Research Centre (CypERC), recorded a year-on-year increase of 1.1 per cent in September 2024. This follows annual growth rates of 0.8 per cent and 0.4 per cent in August and July 2024, respectively, according to recently revised data. The Economics Research Centre […]

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Cyprus launches first zero-emission vessel

Cyprus launches first zero-emission vessel

Cyprus introduced its first zero-emission vessel, Evploia Aphrodite, at Larnaca Marina this week, with the support of Deputy Shipping Minister Marina Hadjimanolis. Evploia Aphrodite, developed by the Cyprus Marine and Maritime Institute (CMMI) with funding from the EU’s Co-Develop programme, is a fully electric vessel that reduces emissions along Cyprus’ coastline. It’s part of the […]

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Reduced supply pushing Cyprus real estate prices up

Reduced supply pushing Cyprus real estate prices up

An increase in property sales reported yesterday by the Ministry of Interior has sparked concerns about the sector’s future trajectory, particularly for 2025, despite current positive growth indicators. Industry professionals warn that the combination of high demand, reduced supply, and delays in new stock entering the market could trigger further price increases. According to Land Registry data […]

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Morningstar DBRS: Strong revenue growth drives Cyprus’ improved fiscal outcome

Morningstar DBRS: Strong revenue growth drives Cyprus’ improved fiscal outcome

Strong revenue growth, mainly stemming from social security contributions and corporate income tax, have been the main driver of Cyprus’ strong fiscal outcomes which have “improved markedly in recent years,” international ratings agency, Morningstar DBRS has said. The agency said in commentary that Cyprus’ strong fiscal outcomes were a key-driver for the trend change of […]

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Amendments to Cyprus’ Recovery Plan

Amendments to Cyprus’ Recovery Plan

The Cyprus Recovery and Resilience Plan Directorate is currently working with the European Commission to make amendments to the Recovery and Resilience Plan. The goal is to ensure timely implementation and to redirect funds from less popular projects to more promising ones. Initially, 40 projects worth 350 million euros were approved, but some, such as […]

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