The Cyprus Investment Promotion Agency, commonly known as Invest Cyprus, welcomed on Tuesday the recent signing of the Agreement on the Avoidance of Double Taxation and the Prevention of Tax Evasion, applicable to income taxes, between the Republic of Cyprus and the Kingdom of Jordan.

The agreement was signed by Minister of Finance Constantinos Petrides and the Jordanian Deputy Prime Minister and Minister of Foreign Affairs Ayman Al-Safadi, within the framework of the official visit of King Abdullah to Cyprus.

“In addition to the development of bilateral trade and economic relations, this agreement is expected to contribute positively to the promotion of investments between Cyprus and Jordan, as it now ensures clear tax management of trade between the two countries, creating stability and confidence in investors,” Invest Cyprus said.

Invest Cyprus said that the effective policy of the Ministry of Finance for expanding, maintaining and updating the network of Double Taxation Avoidance Agreements, with the addition of another important new agreement, contributes to the effort of establishing Cyprus as an international business centre.

“The wider region of the Middle East and the Gulf countries is offered for significant investment synergies, which is why we intend to intensify our actions in these markets in the near future,” Invest Cyprus’ chairman Ioannis Matsis said.

“We want to assure that our country can be the ideal gateway to the European market, as it is already emerging as a regional business and financial centre but also an investment destination,” Matsis added.

The Sewerage Board of Limassol (Sala) announced this week the contract signing for a massive anti-flood project with construction company Atlas Pantou.

The project, which will cost €6.95 million and is scheduled to take 20 months to complete, was first announced and showcased on June 30.

The contract was signed by Limassol mayor Nicos Nicolaides and Atlas Pantou CEO Marios Pontikis.

“I would like to assure the residents but also the shopkeepers and other professionals located at the city centre, that Sala will do what is and is not humanly possible to minimise any inconvenience during the construction work,” Nicolaides said in a speech.

“In this regard, Sala will very soon provide detailed information to all interested residents and professionals at the Limassol city centre and will work closely with Povek (small shopkeepers union) and other representatives of our affected fellow citizens, throughout the project,” Nicolaides added, explaining that at the request of shopkeepers and other merchants in the city centre, construction work will begin immediately after the Christmas and New Year holidays.

The Cyprus Stock Exchange (CSE) ended Wednesday, December 22 with losses.

The main Cyprus Stock Market Index was at 66.37 points at 13:00 during the day, reflecting a drop of 0.2 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 39.75 points, which represents a 0.18 per cent decrease.

The total value of transactions came up to €27,249.

In terms of sub-indexes, the main index fell by 0.38 per cent, while the hotel and alternative indexes remained stable. Meanwhile, the investment firm index rose by 1.43 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (-0.99 per cent), Demetra (+1.56 per cent), Logicom (-1.21 per cent) and KEO (no change).