Cyprus Business Now: Weekly Wrap-Up

cruise ship operations flights to larnaca and athens

In October 2023, Limassol Port saw a record-breaking 31 cruise ship calls, bringing in 48,000 passengers. Gulf Air also increased flights to Larnaca and Athens to enhance air connectivity. The Bank of Cyprus reported a strong financial performance with €349 million after-tax profit, and the Cypriot economy showed resilience with a growth rate of 2.5% in Q3 2023.

What recent achievements have highlighted Cyprus’ economic growth and business development?

Limassol Port Sets New Record for Cruise Ship Calls

Limassol port, managed by DP World Limassol, has recently achieved a milestone in its cruise ship operations. With a staggering 31 cruise ships docking in October 2023, the port has broken its previous records. This surge brought approximately 48,000 passengers to the shores of Cyprus, marking the best performance for the company since taking control of the cruise terminal in 2017.

Gulf Air Boosts Flights to Larnaca and Athens

In a strategic move to expand its presence in Europe, Gulf Air, the national carrier of the Kingdom of Bahrain, has ramped up the number of flights to Larnaca. Starting December 20, Larnaca will see three weekly flights. Additionally, from December 17, Athens will enjoy a boost with 10 weekly flights.

ARIS and Frederick University Join Forces

Aiming to nurture the next generation of entrepreneurs, ARIS (A Really Inspiring Space) has signed a memorandum of understanding with Frederick University. This collaboration is dedicated to fostering youth entrepreneurship and promoting a thriving knowledge exchange ecosystem.

Bank of Cyprus Announces Strong Financial Performance

The Bank of Cyprus has a reason to celebrate, with an impressive after-tax profit of €349 million reported for the period ending September 30, 2023. This robust financial result is complemented by a strong quarterly performance and a resilient balance sheet that speaks of the bank’s liquidity and robustness.

Larnaca’s Economic Recovery Takes Centre Stage

At the annual assembly of the Larnaca Chamber of Commerce & Industry, president Stavros Stavrou took the opportunity to highlight Larnaca’s significant economic advancements. After years of stagnation, the city is now experiencing a dynamic course of revitalisation.

European Commission Affirms Cypriot Economy’s Resilience

The Finance Ministry has shed light on the European Commission’s autumn forecast, which underscores the Cypriot economy’s resilience and adaptability. Despite global economic challenges, the country maintains a flexible stance, navigating through the difficulties with strategic grace.

Property Sector Shows Impressive Robustness

Michalis Hadjipanayiotou, president of the Cyprus Land and Building Developers Association, recently praised the resilience of the local property market. Despite facing numerous challenges, the sector continues to play a pivotal role in the nation’s economic growth.

Cypriot Economy Demonstrates Growth

The Cypriot economy has experienced a healthy growth rate of 2.5 percent in the third quarter of 2023, outperforming the 2.2 percent growth in the preceding quarter. This progression reflects the country’s ability to sustain economic development year over year.

Keve Participates in European Chambers Event

The Cyprus Chamber of Commerce and Industry is participating in the European Parliament of Enterprises. The biennial event, organized by the European Chambers of Commerce, along with the General Assembly of European Chambers, took place in Brussels on November 14 and 15.

Cyprus Pitches as an Attractive Tech Hub

George Papanastasiou, Minister of Energy, Commerce, and Industry, presented Cyprus as an alluring hub for technology and innovative enterprises at an event in London. The strategic advantages of the country were highlighted, positioning Cyprus as a competitive player on the technological world stage.

Bank of Cyprus Ahead of MREL Target

On the path towards sustainable profitability, the Bank of Cyprus has announced its progress in meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) target, a significant financial milestone set to be achieved one year ahead of schedule.

UK Trade Commissioner Visits Consulco Group

The Consulco Group played host to UK Trade Commissioner for Europe, Chris Barton CMG, at their Nicosia headquarters. The event, orchestrated by CEO Marios Hadjiroussos, saw a gathering of notable individuals such as the British High Commissioner to Cyprus, among other distinguished guests.

Idek Wraps Up Pre-Seed Program Submissions

The Research and Innovation Foundation (Idek) has concluded the proposal submission period for its latest pre-seed program. A remarkable 134 startups competed for funding, a testament to the vibrant entrepreneurial spirit seeking to advance through the initial stages of development.

Quick Recap

  • Limassol Port broke records with 31 cruise ship calls in October 2023.
  • Gulf Air increased flights to Larnaca and Athens, enhancing air connectivity.
  • ARIS and Frederick University partnered to foster youth entrepreneurship.
  • Bank of Cyprus reported a strong financial performance with €349 million after-tax profit.
  • The Cypriot economy showed resilience with a growth rate of 2.5% in Q3 2023.

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