Here are the top business stories in Cyprus from the week starting December 15:
Speaking to Entrepreneurial Limassol, Dimitriadis said the company has secured approval from the Ministry of Transport to proceed with the demolition of one of the two warehouses located within the port area. The move is expected to free up between 10,000 and 15,000 square metres, which will be used for container storage.
“This will give us a breather,” he said, estimating that once the works are completed, storage capacity at the terminal will increase by around 15 to 20 per cent.
According to Dimitriadis, the project has not yet started, as the relevant permits were only recently obtained. He said that if all goes according to plan, works are expected to begin in early 2026 and last approximately four months.
The cost of the project, he added, is estimated at around €1 million and will be covered by Eurogate Limassol.
During the interview, Karavias said that “the banking landscape will change dramatically in the coming years”, while outlining Eurobank’s strategy in Greece, Cyprus and beyond, and warning that Europe risks falling behind unless it accelerates investment and technological adoption.
He said the Greek economy, despite the scars of the crisis, has entered a period of solid growth, with expansion rates exceeding the EU average, even if they remain below the highest levels in the bloc.
Karavias said “growth of 2 to 2.5 per cent in recent years could arguably have been higher”, but added that many EU countries continue to grow at slower rates.
The statistical service said that 647 building permits were authorised in August 2025, covering projects with a total value of €252.8m and a combined area of 213.2 thousand square metres.
These permits provide for the construction of 1,147 dwelling units, pointing to continued residential development despite fewer approvals.
Over the eight-month period from January to August 2025, a total of 4,842 building permits were issued across Cyprus.
The 13-storey development, rising to 54 metres, will combine commercial and office space on land once occupied by the historic hotel, which was demolished in 2024 after efforts to save it failed, according to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel).
According to Limassol’s town planning authority, only a limited set of requested design modifications remain under review before the formal planning and building permits can be issued early next year.
The environmental regulator has already granted a positive reasoned determination with conditions, which is publicly available through the environment of department.
The agreement, signed at the finance ministry in Nicosia, aims to boost economic cooperation and prevent tax evasion on income taxes.
The agreement was signed by Finance Minister Makis Keravnos and Vietnam’s Deputy Minister of Finance Cao Anh Tuan.
“The signing of the agreement will undoubtedly strengthen the economic and political relations of the Republic of Cyprus with Vietnam, a country geographically distant from Cyprus but one with shared values, common goals and a willingness to cooperate in the economic sector,” Keravnos said after the signing.
Personal transfers, defined as flows of money sent by EU resident households to non-EU resident households, amounted to €52.10 billion across the EU in 2024, representing an increase of 6 per cent compared with €49.20 billion in 2023.
During the same year, inflows of personal transfers to EU resident households reached €14.80 bn, rising by 7 per cent from €13.80 bn in 2023.
Over the past 5 years, Eurostat recorded a substantial increase in outflows of personal transfers, which surged by 51 per cent, while inflows grew at a slower pace of 26 per cent.
In its announcement, the chamber said that the agreement “upgrades bilateral cooperation and creates tangible prospects for the Cypriot economy and business ecosystem” at a time of heightened regional and economic challenges.
The agreement, signed in Paris on December 15, broadens and deepens cooperation between the two countries, placing particular emphasis on defence and security while also extending into key economic and strategic areas with direct relevance for Cyprus-based businesses.
The chamber said the deal strengthens collaboration in energy and the green transition, with a clear focus on promoting investments in clean technologies, energy efficiency and smart infrastructure “that can enhance competitiveness and reinforce energy security“.
According to a joint report by the European Banking Authority (EBA) and the European Central Bank ECB), the value of fraudulent card transactions in Cyprus amounted to €2.3 million last year, representing 0.015 per cent of card transaction value.
Fraud involving credit transfers reached €2.7m, equivalent to 0.001 per cent, while losses linked to e-money transactions and cash withdrawals remained marginal, at €42,300 and €26,800 respectively.
In volume terms, fraudulent card transactions accounted for around 0.01 per cent of total card payments, with even lower shares recorded for other payment instruments.
The data shows that business travel in both 2023 and 2024 remained broadly stable and at higher levels than earlier years, reflecting a continued recovery from the sharp disruption caused by the pandemic, which had led to a steep decline in travel overall, including for professional reasons.
In detail, residents of Cyprus made a total of 3,366,862 trips in 2024.
Of these, 262,666 were for business purposes. The vast majority involved travel abroad, with 237,874 trips, while 24,792 concerned movements within the island.
The aim, according to the bank, is to promote accountability and sustainable practices across the business community.
The forum, held in Nicosia earlier this month with the support of Eurobank, focused on the modern challenges and opportunities created by ESG for businesses and the decisive role companies play in shaping a more sustainable economic and entrepreneurial environment.
Discussions centred on the urgent need to integrate sustainability strategies into key business operations, the implementation of effective ESG frameworks and the way artificial intelligence is transforming sustainable development.
Eurostat on Tuesday reported that 32.7 per cent of people aged 16 to 74 across the European Union had used generative AI tools in 2025, reflecting the rapid spread of technologies such as text, image and content generation in everyday life.
Meanwhile, the share of people in Cyprus using generative AI tools reached 44.2 per cent, placing the country well above the EU average and among the top performers in the bloc.
The company explained that the success of Ludus: Merge Arena reflects sustained investment in gameplay updates, strategic collaborations and close engagement with its global player community.
“Reaching 8 million installs worldwide is a milestone that reflects the hard work of our team and the passion of our community,” said Vladimir Markov, CEO of Top App Games Ltd.
“We’re excited to continue expanding the Ludus universe with new collaborations and innovative gameplay features,” he added.
The agreement was signed this week by the Cyprus Shipping Chamber (CSC), acting as the employers’ association, together with the two maritime unions, Sek and Peo.
It is also endorsed by the Employers and industrialists federation (Oev), according to a statement by the chamber.
Valid from January 1, 2026 until December 31, 2028, the renewed agreement follows international collective bargaining frameworks and recognised core labour standards.
As part of the renewal, wage scales and compensation levels, including payments linked to loss of life or disability, have been adjusted to reflect the newly agreed International Labour Organisation (ILO) minimum wage for able seafarers.
In the mid of 2025, the International Maritime Organisation’s Day of the Seafarer campaign, themed “My Harassment-Free Ship”, was actively promoted across Cyprus’ maritime sector, emphasising the need to eliminate bullying and harassment onboard vessels and to foster a culture of respect and psychological safety at sea.
The campaign, echoed across international maritime media, called on shipping companies, regulators and crews to move beyond pledges and translate awareness into protection, training and reporting mechanisms.
At the same time, Cyprus-based maritime stakeholders have increasingly linked respectful onboard culture with broader safety outcomes.
The initiative forms part of the bank’s multi-year cloud strategy, developed in close cooperation with Microsoft, and is aimed at accelerating digital modernisation, strengthening resilience and enabling more intelligent and personalised customer services across all touchpoints.
Within this framework, the BoC officially positions itself once again at the forefront of innovation, officially unveiling its Conversational Banking initiative, a transformative project that will redefine how customers interact with the Bank.
The new platform will allow customers to use natural language to interact directly with the bank via the BoC mobile app. Through conversational, AI-powered interactions, users will be able to perform transactions, access services, receive guidance and obtain support, aligning closely with the bank’s customer-centric strategy.
The initiative was first announced by President Nikos Christodoulides in December 2024, with the official inauguration following in May 2025.
The aim, as the President had said at the time, is to ensure faster state responses and to address long-standing bottlenecks linked to business development and licensing procedures.
The effort has been backed by the Employers and Industrialists federation (Oev), which this week, held an information session outlining the services offered by the centre.
“Twelve years of continuous presidency and a prospect of 15 years without institutional limits” were cited as primary points of concern by Nicolaou, who serves as the challenger for the elective seat.
“The announcement of elections in December, while the current term is officially set to expire on April 12, 2026,” was questioned by the Skek president as a tactical move.
Moreover, “allegations regarding the non-renewal of professional licences without court decisions, leading to the deprivation of voting rights,” were raised as serious procedural grievances by the candidate.
Specifically, tourist arrivals reached 234,580 in November 2025, compared with 179,941 in November 2024, recording a 30.4 per cent increase, according to official data released by Cystat.
For the period from January to November 2025, total tourist arrivals amounted to 4,377,114, up from 3,907,137 in the corresponding period of 2024, reflecting a 12 per cent rise year on year.
The United Kingdom remained the largest source of tourism for Cyprus in November, accounting for 22.7 per cent of total arrivals, or 53,267 visitors, reinforcing its long-standing role as the island’s key market.
Eurostat said the euro area’s annual inflation rate stood at 2.1 per cent in November 2025, unchanged from October and slightly lower than the 2.2 per cent recorded a year earlier.
Across the European Union, annual inflation slowed to 2.4 per cent in November 2025, down from 2.5 per cent in October and matching the rate recorded in the same month of 2024.
Cyprus registered an annual inflation rate of just 0.1 per cent, the lowest among all EU member states, underscoring a sharp moderation in consumer price growth compared with the bloc as a whole.
Syprodat explained that young people and first-time borrowers are struggling to access home ownership amid rising prices, rents and tighter lending conditions.
The association said the European proposal underlines how “the housing crisis in Cyprus has reached particularly worrying levels”.
It added that it “directly affects young workers and young families seeking to purchase their first home in an environment marked by escalating property prices, high rental costs and strict banking criteria”.
SYMEPA chairman Sotiris Ktoridis told Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel), that the body is in the final stages of examining the two applications.
He noted that SYMEPA’s reasoned recommendations will be forwarded to the cabinet, which holds the final decision-making authority, while only cabinet decisions are made public.
Ktoridis said that at its session beginning of December, SYMEPA reviewed and approved the minutes of two public hearings, the October 10 hearing concerning the application by The Mall of Limassol Ltd, and the October 24 hearing for the application submitted by C.A.C. Papantoniou Ltd, Souzana and Yiannakis Christodoulou, and Jumbo Trading Ltd.
He added that a preliminary discussion on both developments will now follow, with final positions to be formulated in the new year.
According to an announcement from the ministry, the meeting, part of its engagement efforts with local authorities, brought together officials from the Deputy Ministry, the Municipality of Nicosia and the Nicosia regional tourism board (Etap).
Participants agreed that, with targeted planning, Nicosia could develop into a tourism offering unique within Cyprus, built around its cultural identity and historical character.
Koumis said it was not in the country’s interest that the capital had remained outside the tourism growth seen in coastal areas, adding that “it is the responsibility of all of us to upgrade the capital’s tourism.”
He noted that a number of developments were now moving in the right direction, creating a basis for strengthening Nicosia’s profile as an urban destination.
Speaking to the Cyprus News Agency (CNA), Persianis said that while there may be logical explanations for some projects continuing to carry” funds in subsequent budgets despite appearing completed, the broader concern is the absence of “close monitoring and a continuous, clear picture of public projects in general”.
In his view, the problem is most acute in projects involving more than one ministry or department, where coordination often breaks down.
That lack of coordination, he said, is precisely what risks turning into delays or cost overruns.
The change of commercial name and identity was officially presented to the company’s retail network partners and employees during a recent dedicated event.
The strategy and planning behind the rebranding were outlined by OPAP Cyprus chief executive Alexandros Davos, alongside senior company executives, who also spoke about the opportunities and prospects opening up in what they described as a new era for the organisation.
The rebranding to Allwyn was described as a strategic decision taken after an in-depth assessment of market data, with a particular focus on engaging younger generations of customers.
Speaking during a briefing with media representatives in Nicosia this week, Skourides said the progress reflected “measurable excellence” and a more outward-looking innovation policy, as Cyprus prepares for its Presidency of the Council of the European Union in 2026.
Reviewing his activities since assuming office in September 2023, Skourides said he had held around 1,700 meetings, both domestically and abroad, aimed at positioning Cyprus as a credible partner for advanced research and innovation.
In this context, he explained that these efforts focused on building structured cooperation with countries such as the US, Japan, Australia, India and Israel, alongside other technologically advanced economies, creating opportunities for Cyprus’ research base and its innovation-driven businesses.
In addition, the report highlighted persistent salary gaps based on gender, occupation and citizenship.
Specifically, the mean hourly earnings of full-time employees in Cyprus stood at €12.23, representing an increase of 13.4 per cent compared with 2018, when the figure was €10.78, and continuing a steady upward trend from €10.46 in 2014 and €11.32 in 2010.
Mean earnings, often described as the average, are calculated by adding up all hourly earnings and dividing the total by the number of employees, which can be influenced by very high or very low salaries.
Poullikkas said the central objective of the package is to narrow Europe’s widening gap with the United States and Asia, while continuing the green transition.
He noted that industrial electricity prices in Europe remain “two to three times higher than in the US and significantly higher than in China and Southeast Asia”, a cost difference that is increasingly prompting industries to consider relocating outside the EU in search of cheaper energy.
For countries such as Cyprus, Poullikkas explained, where electricity tariffs remain above the EU average and the market is small and relatively isolated, the situation places considerable pressure on households and weighs on the competitiveness of businesses.
In a statement issued after its meeting this week, the CPC said that, having assessed the final commitments proposed by Petrolina alongside the findings of its in-depth probe, it concluded that the remedies offered were sufficient to address competition concerns identified during the review.
“The commission unanimously decided to declare the merger compatible with the functioning of competition in the market,” it said, acting under Article 28(1)(a) of the law and subject to the agreed conditions and commitments.
The concentration had been notified to the CPC’s service on February 17, 2025.
What emerges from the survey is not a picture of a sudden downturn, but rather one of persistent pressure. Problems that businesses have been flagging for years now appear more deeply embedded, shaping day-to-day operations and limiting scope for expansion.
At the centre of those pressures remains the shortage of skilled labour, which once again tops the list of concerns, accounting for 22.5 per cent of responses.
Companies across sectors report that demand continues to outstrip supply for technicians, engineers, professional drivers, skilled manual workers and specialised sales staff.
In many cases, vacancies remain open for extended periods, forcing firms to stretch existing staff or delay projects.
Speaking at Slush in Helsinki, Research and Innovation Foundation Director General Theodoros Loukaidis outlined how Cyprus is building an environment that supports startups from idea stage to global scale.
According to Loukaidis, Cyprus’ advantage starts with policy. The country offers strong tax incentives, one of Europe’s most competitive IP box regimes, and funding programmes designed to cover every stage of company growth. These are combined with a growing pool of local and international talent.
The Research and Innovation Foundation plays a central role. Its programmes begin with grants of €25,000 for future founders and move through pre-seed and seed funding of up to €500,000. Support can reach €2 million for more mature companies.
The aim of this initiative is to further strengthen oversight under the EU’s MiCAR framework.
Published in June 2023 as a cornerstone of the European Commission’s Digital Finance Strategy, the Markets in Crypto-Assets Regulation (MiCAR) provides a unified EU framework to protect investors and ensure financial stability.
It specifically regulates activities not previously addressed by EU law, including the issuance, custody, and exchange of crypto-assets.
The regulation followed a phased implementation, first applying to issuers of asset-referenced and e-money tokens in June 2024, followed by its application to crypto-asset service providers at the end of December 2024.
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