Cyprus Business Now’s weekly wrap-up for March 4 featured key updates including PwC Cyprus’ real estate report, Central Bank of Cyprus’ banking reforms, and Kedipes’ financial milestone. Platres’ Forest Park Hotel acquisition by XM for renovation and Larnaca’s emergence as an investment hub were notable highlights, reflecting the dynamic business landscape in Cyprus.
What were the key highlights of the Cyprus Business Now weekly wrap-up for March 4?
- PwC Cyprus showcased a real estate report emphasizing reforms for market growth.
- The 15th Informatics Day highlighted educational partnerships in informatics.
- Central Bank of Cyprus updated the bounced cheques directive for financial clarity.
- Platres’ Forest Park Hotel was acquired by XM for renovation, boosting tourism.
- Kedipes achieved record annual inflows, indicating financial progress.
- Hermes Airports is preparing for high summer season traffic.
- Registered unemployment in Cyprus dropped by 13.8 percent.
- Two Cypriot companies were recognized as fast-growing by the Financial Times.
- The Cyprus Shipping Forum discussed the maritime sector’s resilience.
- Larnaca was spotlighted as an emerging investment hub.
PwC Cyprus Real Estate Report
Recently, PwC Cyprus held a pivotal event that provided crucial insights into the Cypriot real estate market for the past year. The annual report titled “Evolving landscape and the need for new policies and reforms” was presented at PwC’s Experience Centre in Nicosia. It highlighted the dynamic changes within the market and emphasized the importance of strategic policy reforms to encourage sustainable growth. The event not only reflected on past performance but also set the stage for future prospects in real estate development.
Informatics Day Achievements
The 15th Informatics Day saw enthusiastic participation from students representing diverse educational sectors, including Middle and High Schools, Private Education, and Technical Schools from various cities like Famagusta and Larnaca. Organized by the University of Cyprus’s Computer Science Department, in collaboration with the Cyprus Ministry of Education, Sport, and Youth and the Cyprus Computer Society, the event underlined the commitment to educational excellence in the field of informatics. It aimed to stimulate growth and forge strong educational partnerships.
Banking Sector Reforms
In a significant move, the Central Bank of Cyprus introduced updates to the “Directive on the Central Registry of Information for Issuers of Bounced Cheques 2024.” The directive, which maintains its core provisions, comes with procedural enhancements for clarity and efficiency. This initiative is part of ongoing efforts to streamline financial practices in Cyprus, particularly those pertaining to bounced cheque transactions, thereby ensuring a more robust and transparent financial environment.
Hospitality and Tourism Developments
Platres’ Forest Park Hotel has embarked on a new journey under the ownership of forex and CFD brokerage firm XM. The sale, amounting to over €10 million, is just the beginning of an ambitious €15 million renovation plan. This plan aims to upgrade the hotel to echo the grandeur of Swiss resorts like St. Moritz. The acquisition by XM was confirmed by Panayiotis Papadopoulos and is indicative of the growing interest of international firms in Cyprus’ tourism sector.
Kedipes’ Financial Milestone
State-owned asset management company Kedipes has reported significant financial progress, achieving its highest annual inflows since its inception in 2018. With revenues totaling €440.8 million as of the end of December 2023, the figures demonstrate the successful management strategies and operational efficiency that have put the company on a positive financial trajectory.
Hermes Airports’ Seasonal Preparations
With the summer season on the horizon, Hermes Airports is gearing up for a bustling period. The airports currently employ over 3,000 workers, a number that is expected to rise to more than 5,000 to handle the anticipated passenger volume. This preparation is a testament to the vital role of tourism in the Cypriot economy and showcases the readiness to provide exceptional service during the peak travel months.
Labor Market Improvements
The Cyprus Statistical Service brought some good news this week, announcing a 13.8 percent decline in registered unemployment in February 2024 compared to the previous year. This trend marks an improvement in the employment landscape, showcasing the results of constructive strategies undertaken by the government and the private sector focused on job creation and economic stability.
Cypriot Companies’ International Recognition
Two Cypriot companies have made it to the Financial Times’ list of the 1,000 fastest-growing European businesses, underscoring the innovative prowess of the Cypriot business community. Theon International and Intergo Telecom, having made strides in the aerospace, defence, media, and telecommunications sectors, represent Cyprus’ potential to foster high-growth enterprises and contribute to the broader European economy.
Maritime Sector and Shipping Forum
The 7th Annual Capital Link Cyprus Shipping Forum, with support from Hellenic Bank, offered an optimistic outlook on the global and Cypriot shipping industries. Despite global economic challenges, the forum highlighted the maritime sector’s resilience and the strategic significance of Cyprus as a leading maritime hub.
Larnaca’s Investment Prospects
The Great Britain-Cyprus Business Association has spotlighted Larnaca as an emerging investment hub. This initiative seeks to attract local and global investors by demonstrating Larnaca’s strategic benefits and its potential to become an investment epicenter alongside cities like Limassol and Paphos.
What were the key highlights of the Cyprus Business Now weekly wrap-up for March 4?
- PwC Cyprus showcased a real estate report emphasizing reforms for market growth.
- The 15th Informatics Day highlighted educational partnerships in informatics.
- Central Bank of Cyprus updated the bounced cheques directive for financial clarity.
- Platres’ Forest Park Hotel was acquired by XM for renovation, boosting tourism.
- Kedipes achieved record annual inflows, indicating financial progress.
- Hermes Airports is preparing for high summer season traffic.
- Registered unemployment in Cyprus dropped by 13.8 percent.
- Two Cypriot companies were recognized as fast-growing by the Financial Times.
- The Cyprus Shipping Forum discussed the maritime sector’s resilience.
- Larnaca was spotlighted as an emerging investment hub.
What insights were shared during PwC Cyprus’s real estate report presentation?
The PwC Cyprus real estate report titled “Evolving landscape and the need for new policies and reforms” provided crucial insights into the Cypriot real estate market for the past year. It highlighted dynamic changes within the market and emphasized the importance of strategic policy reforms to encourage sustainable growth. The event not only reflected on past performance but also set the stage for future prospects in real estate development.
How did the Central Bank of Cyprus contribute to financial clarity with banking reforms?
The Central Bank of Cyprus introduced updates to the “Directive on the Central Registry of Information for Issuers of Bounced Cheques 2024,” maintaining core provisions while enhancing procedures for clarity and efficiency. This initiative is part of ongoing efforts to streamline financial practices in Cyprus, particularly those pertaining to bounced cheque transactions, ensuring a more robust and transparent financial environment.
What financial milestone did Kedipes achieve recently?
State-owned asset management company Kedipes reported significant financial progress, achieving its highest annual inflows since its inception in 2018. With revenues totaling €440.8 million as of the end of December 2023, the figures demonstrate successful management strategies and operational efficiency that have put the company on a positive financial trajectory.
