Here are the top business stories in Cyprus from the week starting April 14:
Despite facing persistent structural challenges, the Cypriot manufacturing industry continues to demonstrate remarkable resilience in the face of international turbulence, according to the Employers and Industrialists Federation (Oev).
Moreover, the organisation has stressed that bolstering the sector’s competitiveness through controlling production input costs is essential for unlocking its full potential.
These issues will be thoroughly examined during the Oev’s annual general assembly, set to take place on Wednesday, May 7, 2025, at the Hilton Nicosia.
The Environmental Impact Assessment (EIA) outlines a proposal for a single development combining office and residential uses on the 40,000 square metre plot once occupied by the KEAN soft drinks factory.
KEAN Soft Drinks Ltd, along with the land, was acquired by real estate developer bbf: (build better future) in the first few months of 2023, marking the end of KEAN’s 74 years of operation.
Cyprus airports are set for another record-breaking year, with 55 airlines scheduled to operate flights to and from 158 destinations across 39 countries this summer, according to Hermes Airports’ Maria Kouroupi.
The company, which manages Larnaca and Paphos airports, expects passenger traffic in 2025 to hit 13 million, up from 12.3 million last year, marking a third consecutive all-time high.
The increase would reflect a 5.6 per cent annual rise, in line with last year’s figures.
According to the announcement, the acquisition, valued at €29.5 million in cash, is subject to regulatory approvals and is expected to be completed in the second half of 2025.
“Ethniki Insurance Cyprus Ltd is an established market player in the life and non-life insurance sectors in Cyprus, with a market share of 2 per cent and 4 per cent respectively,” the bank said in its announcement.
This new initiative is aimed at supporting young women as they enter the workforce in the fields of science, technology, engineering, arts and mathematics (STEAM).
It will support the career development of 25 women through a two-part programme.
In doing so, the bank explained, it has established “a new benchmark for transparent and comprehensive sustainability reporting”, well ahead of the regulatory deadlines.
“Hellenic Bank is the first company in Cyprus to voluntarily adopt the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), setting a new benchmark for transparent and comprehensive sustainability reporting,” the bank said.
According to the announcement, the agreement follows a period of growth and delivery for Plum and is intended to support the company’s path to operational profitability by the end of 2025.
Plum, founded in 2016 by Cypriot-Canadian Victor Trokoudes, has expanded its user base to over 2 million customers and helped people set aside more than £5 billion.
The meeting will also include discussions on a potential dividend proposal and the convening of the Annual General Meeting (AGM).
According to the company’s Cyprus Stock Exchange (CSE) submission, the disclosure falls under the category of “meeting of the board of directors” relating to key financial matters, including dividends, interest, new financial instruments, or changes in share capital.
The company described MMFs as a “new low-risk investment option designed to offer smarter cash management for everyone”.
It added that “MMFs come as an additional option to the already very successful Treasury bills and government bonds”.
The report also highlights how the existing remuneration policy was applied during 2024, a year the company described as “one of the most challenging” in its history.
ASBIS, a leading distributor of IT products and solutions, said that it continued to operate under the remuneration policy approved by shareholders in 2020 and reaffirmed at the annual general meeting on May 8, 2024.
My Mall Limassol is moving ahead with an expansion plan worth over €60 million, while Leptos Estates’ residential development Limassol Park is nearing key delivery dates, according to reports that emerged this week.
The My Mall project will be carried out in three phases in the rapidly developing casino-resort area in western Limassol and is expected to include a 12-storey residential building.
In statements to the Limassol Chamber of Commerce & Industry’s (Evel), My Mall director Andreas Hadjimitsis pointed out that the first phase is already under way, covering a 2,500 square metre area south of the shopping centre.
Cyprus remains heavily reliant on imported medicines, with only around 40 per cent of authorised pharmaceutical products actually available on the island, according to a European Commission staff working document on the EU’s pharmaceutical strategy.
The same report notes that approximately 20 per cent of medicines in Cyprus are imported under Article 5 of Directive 2001/83/EC, which permits supply without marketing authorisation in cases of special medical need.
The European Commission acknowledged these constraints and is working with Cypriot authorities — alongside Malta and Ireland — to improve access.
These include the reconstruction of Anexartisias Street, the creation of two green routes and the development of 25 new parks.
As previously reported, the municipality will seek separate offers for the necessary studies to mature each project.
Cyprus continues to attract strong interest from Polish travellers, with 2024 marking an all-time record for arrivals from Poland, according to Deputy Tourism Minister Kostas Koumis.
Speaking during promotional events held in Krakow, Poznan and Warsaw between April 7-11, 2025, Koumis confirmed that over 337,000 Polish tourists visited Cyprus last year.
“The Polish market has developed into a very important market for our country’s tourism,” said Koumis, according to an official announcement by the ministry.
Ioannou’s comments were delivered during during a roundtable discussion with real estate entrepreneurs at the 15th Nicosia Economic Congress.
Specifically, the minister highlighted several key initiatives, including proposals to simplify permit fees, a new bill concerning jointly-owned buildings, and legislation on urban land redistribution.
Supported by Hellenic Bank, this year’s congress showcased the ambitions of Cyprus’ millennial entrepreneurs and their drive to reshape the economic and technological landscape of the island.
The event brought together young leaders who demonstrated both the digital literacy and the social awareness required to lead the next era of economic growth.
The decision reflects the company’s commitment to blending cutting-edge technology with innovative gaming solutions, while tapping into Cyprus’ growing reputation as a strategic hub for the industry.
Positioned at the crossroads of Europe, Asia and the Middle East, the island has become a magnet for both established operators and tech-driven newcomers.
AstroBank Chief Executive Officer Aristidis Vourakis hailed 2024 as “a remarkable year”, crediting the strong performance to the bank’s strategy and a favourable macroeconomic backdrop.
“Systematic efforts over the past few years, towards a focused business model, streamlined operations, reshaping and derisking our balance sheet, together with favourable interest rates and macroeconomic environment, contributed to delivering a strong financial performance,” he said.
The €3.8 million project, excluding VAT, will be funded by KOA and is expected to be completed within 18 months, the organisation said on Tuesday.
The announcement followed a meeting at KOA’s headquarters between its president Yiannis Ioannou, the mountains commissioner Charalambos Christofinas, and Agros mayor leader Antonis Tsolakis.
The mission, which took place from April 3 to 9, included engagements in New York, Houston, and San Francisco.
Its aim was to strengthen economic ties between Cyprus and the United States and position Cyprus as a strategic destination for investment, innovation, and business growth.
The visit was confirmed on Wednesday by the Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou, following the conclusion of a Cabinet meeting.
Damianou stated that the Cabinet had been briefed on the outcomes of the meetings held in the United States, particularly in Silicon Valley, with global technology companies.
According to an official announcement, Shortly leverages artificial intelligence to generate and stream vertical mini-series and short-form videos designed to appeal to modern, mobile-first audiences.
The platform is built around interactive, non-linear narratives where users shape the storyline through choices, adding a layer of gamification that turns watching into an active, game-like experience.
According to a statement from the association, the event was attended by House president Annita Demetriou and the Minister of Energy, George Papanastasiou, representing the President, Nikos Christodoulides.
In his address, Demetriades laid out his vision for the future of CIBA, placing emphasis on stronger engagement from members and more active involvement in shaping EU policy.
The outlook for Cyprus’ tourism sector appears slightly brighter this year, with early bookings for the first half of 2025 showing a better trend than the same period in 2024, according to president of the Cyprus Hoteliers Association (Pasyxe) Thanos Michaelides
Speaking to the Cyprus News Agency (CNA), Michaelides said the flow of reservations so far is “satisfactory” and, if it continues, 2025 could see a modest improvement in performance compared to last year.
“Although we are cautiously optimistic, we must also be prepared for any changes,” he said, citing ongoing volatility in the global economy that may impact key markets such as the United Kingdom.
Ask Wire, which specialises in real estate data and analytics, is offering shares through the Crowdbase platform, with participation starting at €120.
According to the announcement, it is one of the first local tech companies to turn to crowdfunding, aiming to involve the public more directly in its growth.
Cyprus recorded a slight drop in tourist arrivals in March 2025, while maintaining a strong overall increase for the first quarter of the year, according to a report released on Thursday by the state statistical service.
Specifically, a total of 200,736 tourists arrived on the island in March, marking a decrease of 0.8 per cent when compared with the 202,256 arrivals recorded in March 2024.
Although March saw a slight year-on-year decline, tourist arrivals from January to March 2025 totalled 446,596.
According to an official announcement, “since the launch of the campaign in mid-February, more than five million promotional messages have been distributed across various communication channels”.
In addition, it stated that “over 2.5 million unique potential visitors from key strategic markets have been reached by the campaign’s digital messaging”.
At present, third-country nationals employed by Cypriot shipping firms must obtain a Schengen visa to travel to European ports, an added layer of bureaucracy that comes with both administrative hassle and cost.
Should Cyprus join the Schengen area, that requirement would be removed, simplifying the movement of technical staff and potentially encouraging more companies to consider relocating operations to the island.
