Cyprus will resolve all technical issues necessary to join the Schengen area by 2025, President Nikos Christodoulides said on Friday. The political aspects of the matter have already been addressed, he added. Cyprus and Ireland remain the only EU member states outside the Schengen area, as they have no land borders with other EU countries. Speaking […]
The Deputy Ministry of Tourism has set a January 25 deadline for stakeholders to submit suggestions regarding the Paphos Marina project, following the publication of its basic specifications. George Mais, president of the Paphos Chamber of Commerce and Industry, said the ministry published the marina’s key characteristics before Christmas to allow potential consortia and bidders to […]
Beer deliveries in Cyprus grew by 1.8 per cent in 2024, reaching a total of 42.9 million litres, according to figures released on Thursday by the Cyprus Statistical Service (Cystat). Domestic beer deliveries rose by 1.1 per cent year-on-year, amounting to 39.7 million litres. Meanwhile, exports saw significant growth, climbing by 8.9 per cent to […]
Cyprus surpassed other European countries like Croatia, Bulgaria, and Slovenia in short-term rental growth during 2024, according to Eurostat. The EU’s statistical office reported this week that short-term bookings in Cyprus jumped to 759,315 in September 2024, up from 642,601 the previous year. From January to September 2024, Cyprus recorded a total of 4,8 million […]
Cyprus’ shopping malls reported record-breaking performance in 2024, with December emerging as a standout month for both footfall and sales. George Georgiou, general manager of Nicosia Mall, told local outlet Stockwatch that annual visitor numbers increased by 3 per cent compared to 2023, reaching nearly 5.7 million. Preliminary data suggest an 8 per cent-10 per cent rise […]
Cyprus is set to intensify its appeal to Chinese tourists, aiming to secure a greater share of one of the world’s largest outbound travel markets, Deputy Minister of Tourism Kostas Koumis said this week. This announcement came during a strategic dialogue with a visiting delegation from Shanghai, led by Fumo Ji, the Athens-based General Manager […]
The Ministry of Labour and social partners are set to prioritise updating the employment strategy for third-country workers, following recent developments in the labour market. Sources indicate that after yesterday’s Labour Advisory Body meeting, this issue emerged as the most likely to progress swiftly, with the Ministry of Labour’s apparent support. The Technical Committee of the […]
The Sihanoukville Special Economic Zone (SSEZ) achieved a total import and export volume of $4.07 billion in 2024, up 21.3 percent compared to the same period in the previous year, according to data released by the SSEZ on Monday. SSEZ reported that the total import and export volume in 2024 marked a new peak. Throughout […]
€9.3 billion milestone reached in 2024 The Cyprus Investment Funds Association (CIFA) on Wednesday released a statement saying that it views 2025 “as a year of strategic growth and opportunity in the investment funds sector”. “Cyprus’ investment funds sector exemplifies resilience and innovation, driving our collective vision for sustainable economic progress,” stated CIFA. CIFA expanded […]
Hong Kong investor Balram Chainrai has increased his stake in Agros Development Company ‘Proodos’ Public Ltd, the owner of the Rodon hotel in Agros. On January 7, Chainrai purchased an additional 319 shares of ‘Proodos’ at €3.00 each, raising his direct ownership to 102,353 shares, representing 2.85 per cent of the company’s issued share capital. This follows a series of acquisitions […]
Nicosia and Larnaca led the way in Cyprus’ property market in 2024, driving a 1.5 per cent overall increase in sales documents compared to the previous year, according to data from the land registry. Nicosia recorded a 14 per cent surge in filings, totaling 3,527 for the year, with its peak in June (348 documents) […]
The Economic Sentiment Index (ESI) in Cyprus recorded a modest improvement in December 2024, rising by one point compared to November, according to the Economics Research Centre of the University of Cyprus (CypERC). This increase was driven primarily by a significant boost in consumer confidence and, to a lesser extent, an uptick in the manufacturing […]
The Economic Sentiment Index (ESI) in Cyprus recorded a modest improvement in December 2024, rising by one point compared to November, according to the Economics Research Centre of the University of Cyprus (CypERC). This increase was driven primarily by a significant boost in consumer confidence and, to a lesser extent, an uptick in the manufacturing sector’s business sentiment. Consumer confidence reached its highest level in three […]
Cypriot retailers are gearing up for a wave of winter sales starting this week, following a robust holiday shopping season. While there is no formal or set sales period, it has become customary for discounts to be announced after the Christmas holidays, typically beginning in early January. Some retailers have already launched their promotions earlier […]
Cyprus has made significant strides in its journey towards digital transformation and green innovation in 2024, primarily by leveraging €1.2 billion from the European Recovery and Resilience Plan. This substantial investment is primarily allocated to enhance energy efficiency and expand the use of renewable energy, thereby facilitating the digital transition of businesses. In light of […]
A trial operation period for Cyprus’s competitive electricity market begins today, the country’s Transmission System Operator (TSO) announced. The operator will host two training seminars on the Market Management System (MMS), with Energy, Commerce and Industry Minister George Papanastasiou attending the first session. The seminars, scheduled for 7 and 9 January at TSO’s new building, will be […]