Cyprus is buzzing with excitement as the European Researchers’ Night highlighted innovation, while the Women in STEM Cyprus Forum pushes for gender equality in tech. With Limassol’s booming real estate market and a focus on financial literacy from the Bank of Cyprus, the island is solidifying its position as a thriving hub for business and tourism.

What are the key highlights of the Cyprus business landscape according to the latest weekly wrap-up?

• The European Researchers’ Night showcased science and tech innovation in Cyprus.
• Advocacy for gender equality in tech is growing, with events like the Women in STEM Cyprus Forum.
• Tourism is a vital economic pillar, celebrated on World Tourism Day.
• Limassol led high-value real estate transactions, indicating a strong sector.
• Cyprus Asset Management Company extended its repayment plan for state aid to 2030.
• The Bank of Cyprus launched a Funding Amount Calculator to improve financial literacy.
• Cyprus is witnessing a startup culture boom, attracting investors and talent.
• TEDxMolos Women 2024 event emphasized the role of “Soft Power” in leadership.
• Deloitte Cyprus published its 13th Transparency Report, reinforcing its commitment to ethical practices.
• Cyprus is enhancing international relations, notably with a business delegation visit to Qatar.
• The Central Bank of Cyprus reported a drop in bounced cheques, signaling financial stability.

Sparking Curiosity in Science and Tech

In a vibrant display of innovation, the European Researchers’ Night captivated attendees with a variety of activities and exhibits on September 27. Held at the Cyprus State Fair under the theme “Mission Possible,” the event highlighted the dynamism of research and innovation in Cyprus. The Cyprus Research and Innovation Foundation (RIF) masterfully organized the night to foster a sense of wonder and demonstrate the practical implications of science in day-to-day life.

Parallel to this, the advocacy for gender equality in the tech sphere is gaining momentum, thanks to figures like Tanya Romanyukha, the General Manager of TechIsland. With the upcoming Women in STEM Cyprus Forum, Romanyukha and her colleagues are paving the way for a more inclusive tech environment. The initiative reaffirms Cyprus’ commitment to empowering women in this fast-evolving sector.

Tourism and Real Estate: Pillars of the Economy

Tourism, a cornerstone of Cyprus’ fiscal prosperity, was celebrated once again during World Tourism Day. Deputy Minister of Tourism Costas Koumis, in his address in Nicosia, underscored the significance of sustaining and adapting tourism in the face of global challenges such as climate change. The theme “Tourism and Peace” underscored how tourism bridges cultures and fosters mutual respect.

In August 2024, the real estate market, particularly in Limassol, experienced a surge in high-value transactions. Limassol’s contributions were paramount, with sales reaching €10.3 million, followed by Paphos at €7.5 million. These figures are a testament to Cyprus’ robust real estate sector which continues to attract significant investment, bolstering the overall economy.

Financial Sector and Entrepreneurial Progress

The Cyprus Asset Management Company (Kedipes) has announced an extension to its lifespan, now aiming to repay €3.54 billion in state aid by 2030. This adjustment, as articulated by the company’s Chairman Lambros Papadopoulos, is in response to unforeseen delays primarily induced by inflation, geopolitical tensions, and the impacts of the pandemic.

The Bank of Cyprus remains a leader in financial education, unveiling the Funding Amount Calculator to empower clients in their borrowing decisions. This innovation is part of a broader vision to enhance financial literacy and help consumers navigate their finances with greater confidence.

Furthermore, Cyprus is experiencing an entrepreneurial renaissance, with industry experts like Stepan Kuzmin from TellYourStartup acknowledging the country’s burgeoning startup culture. This shift is transforming Cyprus into a hotbed of innovative activity, attracting talent and investors alike.

Embracing Leadership and Transparency

The TEDxMolos Women 2024 event in Limassol showcased the transformative power of “Soft Power” in contemporary leadership. Proponents of empathy, collaborative efforts, and strategic influence gathered to discuss these qualities as drivers of societal advancement, particularly within the context of female leadership.

Deloitte Cyprus has also shared its commitment to transparency and quality with the publication of its 13th Transparency Report. This document offers insight into the firm’s financial performance in 2024 and solidifies its dedication to ethical and responsible business practices.

On an international note, Cyprus continues to strengthen its ties abroad. A delegation from the Cyprus Chamber of Commerce and Industry (Keve) visited Qatar, aiming to foster collaborations in various sectors. These efforts reinforce Cyprus’ strategic position as a gateway between Europe and the Eastern Mediterranean.

Lastly, economic stability indicators are looking positive, with the Central Bank of Cyprus reporting a decrease in bounced cheques. This trend reflects the country’s improving financial discipline and overall economic health.

Cyprus’ business landscape is undoubtedly evolving, with advancements in research, technology, and financial sectors paving the way for a prosperous future. As the island embraces change, its potential for growth and innovation continues to flourish.

FAQ – Cyprus Business Now: Weekly Wrap-up

What are the key highlights of the Cyprus business landscape according to the latest weekly wrap-up?

The latest wrap-up showcases several significant developments:
– The European Researchers’ Night emphasized innovation in science and technology.
– The Women in STEM Cyprus Forum is advocating for gender equality in the tech industry.
– Tourism remains a critical pillar of the economy, highlighted during World Tourism Day.
– Limassol has seen a surge in high-value real estate transactions, further strengthening this sector.
– The Cyprus Asset Management Company has extended its repayment plan for state aid to 2030.
– The Bank of Cyprus introduced a Funding Amount Calculator aimed at improving financial literacy.
– A growing startup culture is attracting investment and talent to Cyprus.
– Events like TEDxMolos Women 2024 focus on the importance of “Soft Power” in leadership.
– Deloitte Cyprus published its 13th Transparency Report, emphasizing its commitment to ethical practices.
– Cyprus is enhancing international relations through a business delegation visit to Qatar.
– The Central Bank of Cyprus reported a decrease in bounced cheques, indicating improved financial stability.

How is Cyprus promoting gender equality in the tech industry?

Cyprus is taking significant steps to promote gender equality through initiatives like the Women in STEM Cyprus Forum. Led by influential figures such as Tanya Romanyukha, General Manager of TechIsland, the forum aims to create a more inclusive environment within the tech sector. This growing advocacy reinforces Cyprus’ commitment to empowering women and fostering diversity in a rapidly evolving industry.

What are the latest trends in the real estate market in Cyprus?

The real estate market in Cyprus, particularly in Limassol, is experiencing robust growth. In August 2024, Limassol recorded high-value transactions totaling €10.3 million, followed closely by Paphos at €7.5 million. This surge indicates a strong demand for property investment in Cyprus, making it an attractive location for both domestic and international investors. The positive trends in real estate are essential for the overall economic health of the island.

What efforts are being made to enhance financial literacy in Cyprus?

The Bank of Cyprus is at the forefront of enhancing financial literacy in the region. They recently launched a Funding Amount Calculator designed to assist clients in understanding their borrowing options and making informed financial decisions. This initiative is part of a broader commitment to empower consumers with the knowledge necessary to navigate their finances confidently. Additionally, the entrepreneurial ecosystem in Cyprus is growing, attracting talent and fostering innovation, which further contributes to the financial education landscape.