Cyprus Business Now: Weekly Wrap-Up

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Cyprus’ energy sector has reached a milestone with an agreement between the government and Chevron for the development of the ‘Aphrodite’ gas field, indicating a significant advancement in the country’s energy initiatives. Additionally, the tourism sector is expected to see a boost from Polish tourists, with Deputy Minister of Tourism Kostas Koumis forecasting over 300,000 arrivals in 2024.

What recent developments have occurred in Cyprus’ energy sector?

Cyprus’ energy sector has reached a milestone with an agreement between the government and Chevron for the development of the ‘Aphrodite’ gas field, indicating a significant advancement in the country’s energy initiatives.

Aphrodite Gas Field Developments

In a significant move for Cyprus’ energy sector, the government, alongside international energy giant Chevron, has cemented an agreement for the development of the ‘Aphrodite’ gas field. Located in block 12 of Cyprus’ exclusive economic zone (EEZ), the deal was finalized after several months of discussions. The energy ministry hailed this step as a pivotal moment, following a period where the government had turned down amendments proposed by Chevron, the company spearheading the ‘Aphrodite’ project.

Boost in Tourism from Poland

The tourism sector in Cyprus is set to see a vibrant rise in numbers, specifically with Polish tourists, as forecasted by Deputy Minister of Tourism Kostas Koumis. He anticipates a promising surge exceeding 300,000 arrivals in 2024. These expectations come on the heels of productive meetings with key tourism stakeholders over a span of two days.

Cyprus Real Estate Shows Grit

Amidst various challenges, the real estate market in Cyprus has exhibited remarkable fortitude. From January through September 2023, the industry has achieved notable milestones, as observed by the Real Estate Agents Registration Council of Cyprus. This resilience underscores the sector’s potential for sustained growth.

Tototheo Maritime Expands Horizons

Tototheo Maritime, a visionary maritime technology company based in Cyprus, has recently announced a strategic extension of its services into the land enterprise market. This move signifies the firm’s commitment to growth and diversification within the industry.

Hotel Industry Insights

Leaders from the Cyprus Hoteliers Association (Pasyxe) have gained valuable insights into the latest challenges and trends in the Greek hotel industry. This knowledge exchange occurred during the 11th General Assembly of the Hellenic Chamber of Hotels, providing a broader perspective on the evolving hospitality landscape.

Eurobank Cyprus’ Green Strategy

In an eco-conscious stride, Eurobank Cyprus has achieved certification for its Environmental Management System. This step aligns with the international standard ISO 14001:2015, reinforcing the bank’s dedication to environmental stewardship.

Rise in CySEC-Supervised Entities

Cyprus Securities and Exchange Commission (CySEC) has reported a significant uptick, with a 12% increase in supervised entities over the past four years. Vice Chairman George Karatzias highlighted this growth, indicative of the commission’s expanding oversight.

Cyprus Government Fiscal Surplus

For the period from January to October 2023, the Cyprus general government has recorded a fiscal surplus of €918.9 million. This figure represents 3.1% of the country’s Gross Domestic Product (GDP), demonstrating a robust economic stance as reported by the Cyprus Statistical Service.

ARIS and XM Partnership

ARIS, a Cypriot startup accelerator known for fostering innovation, has recently penned a Memorandum of Understanding (MoU) with finance firm XM. This collaboration marks XM as an official sponsor, setting a precedent for future partnerships that support the startup ecosystem.

Economic Climate on the Upswing

A study conducted by the University of Cyprus’ Economic Research Centre, in collaboration with RAI Consultants Ltd, indicates a positive shift in Cyprus’ economic climate for November 2023. This uptick is primarily thanks to the service and construction sectors, signaling a healthy economic trajectory.

Residential Sales in Nicosia District

The Nicosia district has seen residential sales reach €118.8 million in the third quarter of 2023. This data, released by a local firm, underscores the vitality of the property market within Cyprus’ capital district.

RIF Announces New Sponsorship Programs

The Research and Innovation Foundation (RIF) has introduced two new sponsorship programs designed to energize the energy sector and support Cyprus’ transition to greener alternatives. These initiatives reflect the country’s commitment to sustainable development.

Women in Tech® Cyprus Chapter Launch

TechIsland and Adsterra, both non-profit technology organizations, have inaugurated the Women in Tech® Cyprus Chapter. This initiative aims to empower women within the tech industry, fostering an environment of inclusivity and growth.

Central Bank of Cyprus Monetary Report

The Central Bank of Cyprus disclosed its Monetary Financial Institutions (MFIs) deposits and loans statistics for October 2023, revealing a dip in both categories. These statistics provide crucial insights into Cyprus’ financial health and economic trends.

CBC Governor Addresses European Economy

Constantinos Herodotou, the Governor of the Central Bank of Cyprus, discussed the subtleties of the evolving European economy and the impact of current monetary policies. His address occurred during a conference that featured Joachim Nagel, president of Deutsche Bundesbank, who also offered his perspective on the euro area’s economic outlook and inflation dynamics, emphasizing the importance of price stability.

Hotel Industry Braces for Low Occupancy

According to Thanos Michaelides, the head of the Cyprus Hotels’ Association (Pasyxe), hotels in Cyprus are bracing for low occupancy rates in December. Predictions suggest that operational hotels will have occupancy rates hovering between 35-40%, with limited tourism traffic expected during the Christmas and New Year’s period.

Quick Recap

  • Cyprus has reached an agreement with Chevron for the development of the ‘Aphrodite’ gas field, a major milestone in the country’s energy sector.
  • Deputy Minister of Tourism Kostas Koumis predicts over 300,000 Polish tourists arriving in Cyprus in 2024, boosting the tourism sector.
  • The real estate market in Cyprus has shown resilience and potential for growth.
  • Tototheo Maritime, a maritime technology company, is expanding its services into the land enterprise market.
  • Eurobank Cyprus has achieved certification for its Environmental Management System, demonstrating its commitment to environmental stewardship.

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