Here are the top business stories in Cyprus from the week starting April 21:
Workplace equality, support for vulnerable groups, and social enterprises are becoming key priorities under ESG’s social pillar, according to Andreas Alexi of the Cyprus Chamber of Commerce and Industry (Keve).
Alexi said the concept of ESG, Environmental, Social and Governance criteria, is becoming increasingly embedded in the business world, as companies recognise that long-term sustainability depends on this threefold framework.
While environmental and governance issues have traditionally dominated the ESG agenda, he mentioned the social pillar is now, “fortunately”, gaining more ground.
Speaking to Philenews, Cyprus Hoteliers Association (Pasyxe) president Thanos Michaelides said the first half of 2025 is shaping up to surpass the same period last year, with current booking trends suggesting a potential new record, even if by a small margin.
He noted that, barring any unforeseen international developments, the outlook for the summer season remains very positive.
The ECB last week announced it would lower all three of its key interest rates by 25 basis points, bringing the deposit facility rate—the rate that guides the ECB’s monetary stance—to 2.25 per cent.
This marks the seventh rate cut in the current easing cycle and places rates at their lowest since 2022.
In an interview with Philenews, Patsalides said that “the Global Uncertainty Indices have surged to levels higher even than those recorded during the pandemic.”
He pointed out that this environment is increasing the likelihood of deviations from the central bank’s baseline macroeconomic scenario for both the eurozone and Cyprus.
Cyprus recorded the second highest budget surplus among European Union member states in 2024, according to data released by Eurostat on Tuesday.
The island tied with Ireland, with both countries reporting a surplus of 4.3 per cent of GDP, just behind Denmark, which led with a surplus of 4.5 per cent.
Eurostat reported that 21 of the EU’s 27 member states recorded budget deficits during the year.
He said the organisation is investing in extroversion, pluralism and inclusiveness, with an emphasis on linking culture to citizens’ daily lives.
The aim, he added, is to create initiatives that will engage every resident, foster a strong sense of belonging, and unite communities across different generations, backgrounds and cultures.
In an interview with InBusinessNews, Υiannis Misirlis, he mentioned that the real estate and construction sector continues to be a cornerstone of the Cypriot economy, contributing nearly 15 per cent of GDP and employing over 40,000 people across the island.
Moreover, he described the criticism levelled at the industry over isolated incidents as “unfair and indiscriminate”.
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In its announcement, the company said the aircraft reflects its commitment to sustainable air travel, describing it as “a modern marvel that combines comfort, innovation, and environmental care”.
The aircraft, officially unveiled today at Larnaca airport, will help the airline in its efforts to modernise its fleet while embracing eco-conscious practices.
In addition, according a report released by the statistical service on Wednesday, real GDP, measured in volume terms, stood at €28.75 billion.
These updated figures incorporate revised data from the balance of payments and public finance statistics, as well as the change in the base year for volume calculations, which has shifted from 2010 to 2019.
Running until Sunday, the exhibition comes at a time when demand for travel continues to climb, with early forecasts pointing to nearly two million outbound trips in 2025.
Speaking at a press conference ahead of the event, Harris Papacharalambous, president of the Association of Cyprus Travel and Tourist Agents (Actta), said the expo “offers travellers a rare chance to compare packages, talk to professionals, and take advantage of exclusive offers, all in one place”.
Cyprus is set to slightly revise its growth forecast for the Medium-Term Fiscal Framework, Finance Minister Makis Keravnos said on Wednesday.
Speaking to the Cyprus News Agency (CNA), Keravnos pointed to a lack of stability on the global stage and a fluid economic environment as key influencing factors.
Responding to the International Monetary Fund’s (IMF) revised April outlook, which lowered its projection for Cyprus’ GDP growth in 2025 to 2.5 per cent from its October estimate of 3.1 per cent, Keravnos explained that the adjustment reflects broader economic uncertainty.
One of the latest examples is George Teriakidis, recently appointed regional manager for Southeast Europe at DNV Maritime, the Norwegian classification society with its strong base in Piraeus and deepening ties with Cyprus, especially in Limassol.
In an interview with newmoney’s ‘Business Stories’, Teriakidis laid out his priorities, building on the work of his predecessor, Ioannis Chiotopoulos.
The company, which manages the Shacolas Emporium Park, recorded revenue of €19.57 million for the year, compared to €18.83 million the previous year.
Operating profit surged to €18.32 million from €15.75 million, reflecting what the board of directors called a “compelling narrative of growth and adaptability.”
The company’s revenue rose to €4.04 million, up from €3.82 million in the previous year, driven by increased footfall and a strong retail performance among its licensees.
The company, which operates the popular shopping centre in Engomi, Nicosia, maintained its principal activity of granting rights of use for retail and commercial purposes.
The company’s performance highlights the increasing prominence of Cyprus within the region’s technology and innovation ecosystem.
The fourth edition of Deloitte’s Fast 50 programme saw a record-breaking 200-plus applications from across the Middle East and Cyprus, underlining growing maturity and engagement in the regional start-up landscape.
Limassol hosts 57 active agrotourism businesses offering quality stays in traditional and character-filled properties, according to Annita Dimitriadou, president of the Cyprus Agrotourism Company (Kea).
Speaking to the Limassol Chamber of Commerce and Industry (Evel), Dimitriadou said these businesses bring real value to Limassol’s tourism product, investing in traditional hospitality and the natural landscape.
Of the 57 businesses, 35 are Kea members. Eighteen offer accommodation, several operate more than one unit, while 17 provide related activities such as cultural experiences, nature-based excursions, or hands-on workshops.
According to the announcement, the initiative, supported by the Deputy Ministry of Tourism, forms part of a broader support programme for Akamas communities announced by president Nikos Christodoulides.
The board stated that the tours will take place every Saturday throughout May and June 2025.
Cyprus has signed an agreement with the Kingdom of the Netherlands to eliminate double taxation concerning Curacao, according to an official announcement released on Thursday.
The announcement mentioned that the agreement aims to improve transparency, strengthen economic cooperation, and facilitate cross-border business activities.
The agreement was signed on April 23 in Washington, D.C., following negotiations concluded in September 2024.
According to an announcement issued on Thursday, ACEMPI chairman Ioannis Georgoulas delivered a detailed review of the association’s activities over the past year and outlined strategic priorities for 2025.
Moreover, he underlined the importance of ACEMPI’s consistent presence in public dialogue and its growing engagement with regulators.
The vessel, which flies the Cypriot flag, is the 47th ship in the company’s fleet.
According to the announcement released on Thursday, the New York-listed company confirmed that six more vessels are currently under construction, reinforcing its trust in Japanese shipbuilding expertise and long-standing collaboration with Oshima.
The future of maritime transport depends on suppliers and service firms, especially amid the shift to green and digital solutions, according to Deputy Shipping Minister Marina Hadjimanolis.
Speaking at the East Med Marine and Offshore Exhibition in Limassol, Hadjimanolis reaffirmed Cyprus’ strong commitment to backing the sector.
Organised by Fameline Holding Group, the two-day exhibition gathered over 80 exhibitors from across the globe.
Girls aged 16 to 19 in the EU showed stronger digital content creation skills than the general population in 2023, a trend also seen in Cyprus, according to Eurostat.
However, the percentage of girls involved in computer programming remained significantly lower than that of boys across Europe, with Cyprus ranking near the bottom for both genders.
According to an announcement published this week to mark the International Day of Girls in ICT, girls in the EU were far more likely than the general population to carry out a range of digital tasks.
Larnaca has been ranked the number one European destination for baby boomers, according to a new survey released this week by global travel operator TUI.
In addition, two Greek islands also made the list, which includes seven locations in total.
As mentioned on the company’s website, the ranking was based on reviews of activities booked by travellers aged 65 and over, a demographic TUI said is shaping new tourism patterns across Europe.
The Cyprus property market has recorded a robust performance in the first quarter of 2025, with both transaction volumes and sales values reflecting strong momentum, according to a report by the Cyprus Real Estate Agents Registration Council.
In its report, the council noted that Paphos is currently enjoying strong interest from international buyers, while Limassol continues to play a central role in Cyprus’ real estate market.
Council president Marinos Kineyirou commented positively on the outlook, saying that “it is a fact that 2025 has started on the right foot for the property market”.
The purchases were executed through the Cyprus Stock Exchange (CSE) and the Main Market of the Regulated Securities Market of the Athens Stock Exchange (ATHEX), using its appointed broker, the Cyprus Investment and Securities Corporation Limited (CISCO).
Of the total shares bought, 48,500 were acquired on the CSE, while 178,883 were purchased on the ATHEX.
This includes the group’s and the parent company’s audited consolidated financial statements, the management report, and the corporate governance report.
These will be presented at the company’s annual general meeting (AGM), which is scheduled to take place on June 19, 2025 at 18:30 at the Olympic House in Nicosia.
The Republic of Cyprus significantly narrowed its fiscal deficit in the fourth quarter of 2024, according to preliminary figures published by the Cyprus Statistical Service (Cystat) on Friday.
The general government recorded a deficit of €6 million between October and December 2024, compared with a deficit of €117.9 million during the same period in 2023.
This marks a substantial improvement in the country’s public finances and reflects a positive fiscal trend heading into 2025.
