Limassol port management company DP World Limassol on Tuesday said that its aim is to re-establish Cyprus as a key cruise hub in the Eastern Mediterranean.

Speaking at the 2nd Limassol Business and Investment Conference, DP World Limassol CEO Nawaf Abdulla described the advantages and prospects of the city, especially in the shipping and cruise sectors.

“Limassol hosts the largest port on the island and is, therefore, the centre of shipping companies in Cyprus,” Abdulla said.

“Besides, it is one of the largest ship management centres in the world and the largest in Europe,” he added.

Abdulla also said that Limassol is an international business centre with modern infrastructure and extensive port facilities, including a new, state-of-the-art cruise ship terminal and two marinas.

“It is a modern and developed city that has the necessary communications and transport infrastructure, as well as a specialized workforce,” the DP World Limassol CEO said.

Moreover, Abdulla added that “historically, Cyprus has been the main cruise station in the Mediterranean, so the management company’s goal is to once again establish the island as a regional hub”.

During the conference, where Limassol Mayor Nicos Nicolaides was also in attendance, executives from the business world discussed strategies for establishing the city as a tourist and leisure centre.

DP World Limassol stated that it expects more than 150 cruise ships to arrive in Limassol this year.

This would represent a significant increase compared to 2021, when 90 cruise ships arrived at the port.

“The upward trend is expected to continue in 2023, with the company seeing its efforts to strengthen partnerships with leading international cruise companies, bear fruit,” DP World Limassol explained.

Government employment increased by 360 people or 0.7 per cent in May 2022, compared to the corresponding month of 2021, and reached 53,668 people, according to a report released on Tuesday by the Cyprus Statistical Service (Cystat).

This is despite a reduction of 683 people to permanent staff, which coincided with an increase of more than 1,000 temporary staff being hired.

The reduction in permanent staff corresponded to 2.6 per cent of all permanent staff, bringing the staff down to 26,003 from its previous figure of 26,686.

On the contrary, the temporary staff is increased by 1,056 people (5.8 per cent) reaching 19,251 compared to 18,195 people in May 2021.

Compared to May 2021, there was an increase in public service staff by 0.2 per cent, as well as public education by 2.4 per cent. Security forces staff decreased by 0.1 per cent.

According to the Statistical Service, there was a decrease in the permanent staff in all three categories, with the largest being observed in the staff of the public service with a fall of 3.4 per cent.

Moreover, there was an increase in the temporary staff in all three categories with the staff in public education experiencing the sharpest rise with 9.4 per cent. The hourly wage was reduced by 0.2 per cent year-on-year in May.

The Cyprus Stock Exchange (CSE) ended Tuesday, June 14 with losses.

The main Cyprus Stock Market Index was at 70.57 points at 13:07 during the day, reflecting a drop of 0.51 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 42.34 points, which represents a decrease of 0.49 per cent.

The total value of transactions came up to €77,802.

In terms of the sub-indexes, the main, alternative, and investment firm indexes fell by 0.51 per cent, 0.03 per cent and 1.94 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-2.24 per cent), Hellenic Bank (+1.83 per cent), Demetra Holdings (-2.09 per cent) and Pandora (-0.96 per cent).