Here are the top business stories in Cyprus from the week starting September 1:
Chief Scientist Demetris Skourides recently carried out an introductory visit to the SOZO Brain Center in Cyprus, according to an announcement released on Monday.
The visit allowed Skourides to review the organisation’s research activities, clinical practices, and international collaborations in the field of neuromodulation and AI-enabled medicine.
The announcement added that the visit formed part of a broader effort of engaging with Cyprus’ research and innovation ecosystem and supporting applied research, commercialisation, and global partnerships.
He was hosted by SOZO Brain Center chief executive officer Matthew Papadopoulos and brain.space chief executive officer Yair Levy, together with SOZO’s multidisciplinary research team.
The draft law, prepared by the commissioner for legislation and pending before the House Interior committee, sets out rules for the registration and management of apartment blocks, according to Philenews.
With around 70,000 co-owned buildings and more than 200,000 units across Cyprus, Oev said the framework is urgently needed to ensure smoother administration at both legal and practical level.
Meanwhile, the Cyprus association of co-owned building managers, an Oev affiliate, described the proposal as a good starting point.
In a memorandum to parliament, it called for clearer provisions on how each owner’s share is calculated and for fines on those who repeatedly fail to pay their common expenses.
Freedom Holding Corp., listed on NASDAQ under the ticker FRHC, is a global financial services and technology company and the parent firm of the Freedom24 investment platform.
The move places BlackRock behind only founder and chief executive officer Timur Turlov in terms of shareholding.
According to Bloomberg, BlackRock acquired an additional 443,965 shares of Freedom Holding during the latest reporting period, bringing its total ownership to 520,565 shares.
The legislation aligns Cyprus with European practices by tightening controls on investments of strategic importance, while aiming to keep the country attractive to reliable investors.
A Finance Ministry representative said key changes include defining what constitutes a strategic enterprise, covering both local and foreign-registered firms operating in Cyprus, and exempting investors from EU, EEA and Switzerland.
The bill also introduces a €2 million notification threshold, obliges foreign investors to provide timely information, and allows for ex officio reviews even when no notification has been filed.
The disposal, finalised on Monday, forms part of a broader restructuring strategy aimed at streamlining operations and reducing exposure to loss-making ventures. In 2024 alone, the ERA stores recorded operating losses of €1.3 million.
Under the agreement, Gencom will assume the long-term lease obligations of the four ERA stores, as well as supplier purchase orders worth around €4.5m for the Spring–Summer 2025 season.
All store employees, fixtures, equipment and the UNIQUE customer loyalty programme have also been transferred, while remaining stock will be provided on a consignment basis.
The discussions were revealed during Politis’ podcast ‘Matia stin Economia‘ (A look at the economy), where Keve director general Philokypros Roussounides spoke about recent consultations.
“We recently had a constructive meeting with the tax commissioner,” Roussounides said.
He added that “we had some concerns which we expressed, but also some suggestions.”
Moreover, Roussounides explained that “we are certainly concerned first and foremost about the timing of implementation and also specific parameters of the proposed bills which strengthen government tax collection and the fight against tax evasion, which is also something we want because it creates unfair competition between businesses”.
According to analysts at Xclusiv Shipbrokers, the June–August period often acts as a barometer for demand and sets the tone for the final quarter of the year.
This summer confirmed a threefold trend: intense swings in Capesize, fluctuations with relative stability in Panamax, and resilience among smaller ship sizes, as it was mentioned in Newmoney.
Capesizes struggled for a third consecutive year to hold on to profits. In 2023, they recovered from a weak start to double earnings by August.
The RIF, a key pillar of Cyprus’s research and innovation ecosystem, aims to support competitiveness, extroversion, and innovation through its funding programmes.
Following the recent launch of a series of funding programmes with a total budget of €18,015,000, RIF plans to organise information sessions in all districts to inform the business community about the available opportunities.
“We would like to inform you that a representative of the Research and Innovation Foundation will be present at the Keve offices from 08:00 to 15:00 on the following dates for one-to-one informative and support meetings with company representatives 4 and 18 September, 2, 16 and 30 October, 13 and 27 November, and 11 December,” they said.
Etyk said that it is particularly concerned about the future of the bank and the security of its employees.
“Our organisation is following with strong interest the developments around CDB bank and its future, both as an institution and in particular concerning the staff it employs today,” the union said.
It emphasised that safeguarding jobs and employee rights would remain its priority in any change of ownership.
“As in all similar cases of a change in the ownership structure of a bank, our organisation’s primary concern is to create the conditions for the survival of the bank in its new form and, of course, the protection of the rights and jobs of all its staff,” Etyk said.
According to the Department of Lands and Surveys (DLS), 11,689 sales documents were filed between January and August, compared with 10,345 in the same period of 2024.
Although August marked the first decline of the year, the losses were almost imperceptible. A total of 1,128 sales documents were filed across Cyprus compared with 1,135 a year earlier, a modest drop of 1 per cent.
This followed a strong summer, with sales up 11 per cent in July and 17 per cent in June. Overall, the market remained broadly stable, with signs of further consolidation.
Limassol, long the leader of the Cypriot real estate market, again topped the list. It was also the only district to post growth in August, with sales rising 20 per cent to 416 from 346.
The book, ‘70 Interest and a Hole in the Shoe’, written by author Maria Loizidou, will be included in the Health Education curriculum, accompanied by classroom activities.
It introduces concepts such as income, expenses, budgeting, saving for the future and emergencies, as well as borrowing and repaying loans.
Students will also learn to distinguish between needs and wants, discuss social and economic inequalities, and be warned about online fraud.
Professor of Finance at the University of Cyprus and member of the Cyprus Financial Literacy and Education Committee (CyFLEC), Andreas Milidonis, said the early development of money management skills would “contribute to the formation of financially responsible individuals and households for the future”.
Revenue from tourism in Cyprus rose by 9.6 per cent in June 2025, reaching €422.3 million compared with €385.2 million in the same month last year, according to the state statistical service (Cystat).
For the first half of the year, tourism revenue climbed to €1.38 billion, up 21.3 per cent from €1.14 billion in January–June 2024.
At the same time, the average expenditure per person stood at €847.01 in June 2025 compared with €798.77 a year earlier, recording an increase of 6 per cent.
On a daily basis, spending averaged €99.65, up from €93.97 in June 2024.
Tourists from the United Kingdom (the largest tourist market with 36.4 per cent of the total tourists in June 2025) spent on average €103,92 per day.
It was further announced that the schemes cover a total of 2,110 individuals and carry a budget of €18 million.
Speaking after the meeting, Labour Minister Yiannis Panayiotou said that the Cabinet was briefed on the achievement of objectives relating to the improvement of the labour market and the consolidation of full employment conditions established over the past two years.
The minister said that four targeted incentive schemes were approved for the recruitment of citizens who are still outside the productive process.
Panayiotou explained that the unemployment rate has now fallen below 5 per cent, reaching levels last seen in 2008, while the employment rate has exceeded 80 per cent, the highest ever recorded.
Consumer credit costs in Cyprus rose in July 2025 while overall new lending volumes fell sharply, according to the latest statistics released by the Central Bank of Cyprus.
The figures, published this week, form part of the August 2025 edition of the CBC’s monetary and financial statistics report.
They include average interest rates on deposits and loans, as well as data on the amounts of new euro denominated lending to euro area residents.
The figures are presented alongside comparative data for the euro area through the European Central Bank’s data portal.
The interest rate on household deposits with an agreed maturity of up to one year decreased to 1.08 per cent, compared with 1.13 per cent in June 2025.
By contrast, the corresponding rate on deposits from non-financial corporations rose to 1.21 per cent, up from 1.18 per cent the previous month.
The company stated that the transaction was carried out in line with the relevant regulations of the Cyprus Stock Exchange (CySEC) and the circulars of the Cyprus Securities and Exchange Commission (CySEC).
It explained that the repurchase was made under the authorisation granted by the Annual General Meeting held on June 24, 2025, and in accordance with Article 57A of the Companies Law, Chapter 113.
During the meeting of September 3, 2025, Demetra Holdings, acting through CISCO, executed the buyback of its shares at a price of €0.0171 each.
The company disclosed that on that date, it purchased 1,401 shares at €0.0171, followed by an additional 388 shares at the same price.
The scheme, to be carried out by the Cyprus Land Development Corporation (Koag), will see 54 two-bedroom apartments built, with construction due to begin by the end of the year and completed within 24 months.
The ministry said the decision forms part of a broader housing policy aimed at boosting affordable housing stock and easing pressure on low- and middle-income households.
A separate Koag project is already under way in Limassol’s Ayios Nikolaos area, backed by €16 million in state funding, which includes 138 apartments for affordable rent.
According to a report from Philenews, the municipality is treating them as interconnected developments that could reshape the capital.
As mentioned in the report, the redevelopment of the Sopaz will proceed through a strategic investor, saying that there is already great interest.
For years, the future of the state fair grounds has been debated. Initial government plans to turn the area into a technology park met with strong opposition from residents, political parties and the municipality itself, which insisted the site should become a metropolitan park.
Now, that proposal now appears to be gaining ground, with the government, local community and parliamentary parties expressing support.
Cyprus is on track to surpass last year’s record tourism revenues and arrivals, after posting the strongest growth among its Euro-Mediterranean peers in the first half of 2025, as mentioned in Philenews.
The statistical service said tourism revenues rose by 21.3 per cent year-on-year in the first six months, reaching €1.38 billion compared with €1.14 billion in the same period of 2024.
In June alone, revenues climbed 9.6 per cent to €422.3 million.
Per capita tourist spending in June increased by 6 per cent to €847. British visitors, who made up 36.4 per cent of arrivals, spent €103.92 per day, while Polish tourists (7.3 per cent of arrivals) spent €90.91. Israeli visitors, the third largest market at 6.1 per cent, spent €149.44 daily.
Across Europe, Cyprus posted the highest revenue growth rate. For the first half of 2025, its 21.3 per cent increase outpaced Malta (21.1 per cent), Greece (11 per cent), Spain (8 per cent), Turkey (7.4 per cent) and Italy (5.7 per cent).
The initiative was funded through contributions from member companies and professionals across the tech sector, and it underscored the ecosystem’s commitment to providing both immediate relief and long-term support.
Furthermore, the air purifiers were delivered in coordination with local administrations and volunteers from the group We Stand Together, who helped identify needs and organise the distribution.
Deliveries reached Agios Georgios (55 units), Malia (40), Lofou (90), Monagri (94), Souni (177), Agios Therapon (51), Vouni (58) and Silikou (50).
In each case, priority was given to families with children, elderly residents and those with health conditions.
“There is nothing specific to announce,” the bank stated in response to the reports.
It added that in the event of any significant developments concerning its future, it would issue the necessary announcements to the Cyprus Stock Exchange (CSE) and the Cyprus Securities and Exchange Commission (CySEC) in line with applicable legislation.
The clarification comes amid growing speculation about the bank’s future ownership.
“I welcome the introduction of financial education topics in the sixth grade of primary school, as well as the expansion of the financial literacy and education programme to all grades of secondary school during the 2025–2026 academic year,” he said.
“This is another substantial step in the effort to strengthen financial literacy among young people, based on the objectives of the National Strategy for the promotion of financial literacy and education in Cyprus,” he added.
“My congratulations go to the Minister and the Ministry of Education, Sport and Youth,” he stated.
Each proposal may receive up to €20,000, provided it relates to the chamber’s remit, demonstrates an outward-looking approach, delivers a tangible result, and generates social value.
Proposals of an exclusively research nature will not be considered.
If positively evaluated submissions exceed the available budget, members will be invited via the chamber’s website to prioritise and vote.
The unified schedule has already been published on the bank’s website.
The development follows the merger between Hellenic Bank and Eurobank Cyprus, which formally began on September 1, 2025, with the transfer of all assets and liabilities of Eurobank Cyprus to Hellenic Bank.
At the same time, the process has started to change the name of Hellenic Bank Public Company Ltd to Eurobank Limited.
“The new name reflects the shared vision, dynamism and innovation that characterise the Eurobank Group, mirroring the strategy of the unified organisation for sustainable growth and a customer-focused approach,” Hellenic Bank said.
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