PwC Cyprus, in collaboration with Multimarine Services Ltd, SignalGeneriX Ltd, and Theophrastus Research Institute, has been awarded Project Symbiosis by the European Defence Agency (EDA). Announced this week, the initiative will explore how offshore renewable energy can coexist with defence operations across Europe’s maritime zones, addressing challenges and opportunities in sustainable energy integration. Project Symbiosis, […]
The first mobile desalination units will be ready in October 2025, the water development department said on Tuesday. The department added that Cyprus was top of Europe regarding per capita storage of rainwater and the use of non-conventional resources, with 110 dams – of which 57 are large – five desalination plants covering over 70 […]
Despite recent inflation-driven cost of living concerns, Cyprus’s middle class appears to be thriving based on consumption patterns, even as social inequalities widen, new data suggests. Key economic indicators show growth across multiple sectors, with increases in retail turnover, property sales, foreign travel, vehicle purchases, and particularly strong growth in food service and delivery sectors. However, […]
Tourist arrivals edged close to 3.73 million in the period of January to October 2024, recording an annual increase of 4.6% as well as a small increase of 0.81% compared with the respective period of 2019, a record year for Cypriot tourism. Furthermore, based on data by CySTAT, tourist arrivals in October 2024 amounted to 459,106 […]
The Bank of Cyprus on Tuesday announced that it has repurchased 50,000 of its ordinary shares with a nominal value of €0.10 each. The transactions were executed on November 18 on the Cyprus Stock Exchange (CSE) and the Main Market of the Athens Stock Exchange (ATHEX) through the company’s broker, the Cyprus Investment and Securities […]
The IDEA Innovation Centre, an initiative by the Bank of Cyprus, this week announced that it is now accepting applications for the tenth cycle of its startup programme. Aspiring entrepreneurs with innovative ideas are encouraged to apply by February 14, 2025. As the largest innovation and business support organisation in Cyprus, IDEA is calling for […]
Rental property investments in Cyprus are generating significantly higher returns than bank deposits, with rental yields ranging from 4 to 6 per cent compared to the average bank deposit rate of 1.98 per cent for one-year household deposits, according to October data. Property consultancy Danos International reports that Limassol, which has seen the highest rent increases in recent […]
It takes around eight months to complete a house purchase in Greece, while in Italy it takes 120 days and in Cyprus only up to four days. Issuing a property identification number without the competent authorities having been digitized is the biggest problem. Almost one in two residences shows some surface discrepancy, between how it […]
The total weight of goods transported by road within Cyprus increased by 9.1 per cent during the second quarter of 2024 compared to the same period in 2023, according to a report from the Cyprus Statistical Service (Cystat). In addition, the report showed that road freight to and from Cyprus also saw a rise, with […]
Tourist arrivals in Cyprus reached 3.73 million visitors in the first ten months of 2024, reflecting a 4.6 per cent increase compared to the same period in 2023. This also represents a modest 0.81 per cent rise compared to the record-breaking year of 2019, according to a report released on Monday by the Cyprus Statistical Service (Cystat). October […]
Revellers flocked to both sides of the Tonle Sap River in front of the Royal Palace to witness the thrilling boat races on the final day of the three-day Water Festival. Despite the scorching heat, many spectators shielded themselves with hats and umbrellas as excitement filled the air. Authorities reported that over 1 million people […]
In the cruise industry, there’s often a “bigger is better” mentality. In fact, this year, the Royal Caribbean launched the world’s largest cruise ship and announced that its next megaship of the same size would be setting sail next year. There’s no denying that megaships with upward of 7,000 passengers have a lot to offer, but there are tradeoffs […]
The European Commission expects growth in Cyprus to remain robust in 2025 and 2026, according to the Autumn 2024 Economic Forecast which was presented in Brussels on Friday. The Commission expects annual growth in Cyprus to be at 3.6 per cent for 2024, and growth to continue by 2.8 per cent and 2.5 per cent […]
As part of its efforts to enhance the transportation sector and drive economic growth, the Cambodian government is rolling out plans for the development of eight major railway projects, with a projected total investment of over $10 billion. Experts and economists have highlighted how the expansion of the rail network will play a key role […]
Cyprus recorded a record-breaking €3.2 billion in foreign direct investment (FDI) for 2023, according to Invest Cyprus, the agency tasked with driving investments to the island. This figure was reported during the organisation’s annual general meeting on November 14. The meeting took place at the premises of the Finance Ministry in Nicosia, where it unveiled and […]
Property prices in Limassol surged in 2024, with apartment prices up by over 20 per cent and house prices rising by 30 per cent, according to a report from Nicosia-based firm Landbank Analytics. The report, which reviewed data from the Department of Lands and Surveys from January to September 2024, shed light on variations in […]