Here are the top business stories in Cyprus from the week starting February 23:
“In this context, we agreed on the signing of a Memorandum of Cooperation in the field of tourism, which will be signed in Cyprus in the coming months, in the presence of the Serbian Tourism Minister Husein Memic,” said Deputy Minister of Tourism Kostas Koumis.
According to an announcement by the Deputy Ministry of Tourism, Cyprus’ participation as the honoured country had been agreed between President Nikos Christodoulides and Serbian President Aleksandar Vucic during the Cypriot president’s visit to Belgrade last April.
The conference will be held under the auspices of the Cyprus Ministry of Education, Sports and Youth.
The event, titled Strengthening Career Guidance especially those of girls in the fields of Information Technology and STEM, will take place from 08:00 to 14:00 and will be conducted in Greek.
It is being organised by the Cyprus Computer Society (CCS) and the Council of European Professional Informatics Societies (CEPIS) in cooperation with ten public and private universities in Cyprus.
According to the CBC, the initiative forms part of a broader effort by the central bank to enhance public information and transparency around economic developments and the role of central banks more generally.
Through the new blog, the bank seeks to provide timely and accessible analysis on matters relating to the economy, financial stability, monetary policy and the wider field of central banking.
The blog will feature technical and signed articles authored by members of the bank’s staff, offering insight grounded in professional expertise and institutional experience.
The CBC added that the objective is to deliver credible, well-documented and comprehensible information to specialists, journalists and the wider public.
Founder and owner of ELIDI Securities Ltd since 2016, he has overseen the growth of a Cyprus-based, EU-regulated brokerage serving international investors, family offices and entrepreneurs seeking stable access to European markets.
Having arrived in Cyprus ten years ago, Adilbaev has witnessed first-hand the island’s transformation into a hub for technology firms, high-net-worth individuals and cross-border capital flows.
The decision clears the financing granted by the Republic to the Cyprus Sports Organisation (KOA), which owns and manages the stadium, as well as the licensing terms agreed with Apollon Limassol, AEL Limassol and Aris Limassol.
The first measure concerns public funding amounting to €44.5m for the construction of the stadium, completed in 2022.
The new facility replaced the city’s old ground, which no longer met modern safety and technical standards and could not be upgraded to host international competitions.
According to the commission, the stadium “offers a modern and safe sports facility for professional football,” while at the same time it “can also host events of public interest, such as educational and cultural activities,” thereby enhancing sports infrastructure and the broader cultural life of Limassol.
In a statement, the chamber described the convention, which turned 20 on February 23, 2026, as a milestone that has reshaped global shipping by setting comprehensive standards for the working and living conditions of seafarers.
It said the MLC is now widely regarded as the most successful international maritime labour convention implemented to date.
The chamber added that the MLC 2006 has become the “fourth pillar” of the international regulatory framework for shipping, complementing the core conventions on safety and environmental protection.
Over the past two decades, it continued, the convention has played a decisive role in promoting decent work at sea, safeguarding seafarers’ rights and fostering fair competition among shipowners through a harmonised global framework.
Once dismissed as a passing trend, influencer marketing has evolved into a dominant advertising channel.
Globally, the sector is expected to surpass $30bn this year, up from around $24bn in 2024, reflecting how strongly online personalities now shape consumer behaviour and purchasing decisions.
In the past, product promotion was largely the domain of celebrities, artists and athletes who appeared in traditional advertisements.
Today’s influencers, however, hold a different kind of power. They may not be household names, yet they maintain daily, direct interaction with their followers, cultivating a relationship that is intimate, two-way and commercially effective.
The first session, titled ‘Women in science: when equality strengthens innovation’, examined the persistent underrepresentation of women in Science, Technology, Engineering, and Mathematics (STEM), the impact of visible role models on career choices and the structural barriers that continue to affect research and innovation.
The initiative is intended as an open channel between institutions and society, with a particular emphasis on youth engagement.
Organisers said the inclusion of media representatives recognised the press’s influence in shaping perceptions around gender roles and professional opportunity.
Addressing the event, gender equality commissioner, Josie Christodoulou, said the ‘Gender equality dialogues’ aim to move equality policy beyond formal commitments and into everyday realities.
The proposed Adequate Minimum Wages Law of 2025 aims to improve living and working conditions by ensuring that statutory minimum wages are sufficient to secure a decent standard of living, contribute to upward social convergence and reduce wage inequality.
The revised bill was discussed before representatives of employers and trade unions, following earlier meetings in January under the auspices of the director of the Department of Labour Relations, when strong reservations were first voiced by employer organisations.
At that stage, the Labour Ministry was racing to align Cyprus with the EU directive on adequate minimum wages, as the country remains among the few member states yet to formally adopt it, with the government targeting submission of the bill to parliament before the May elections.
The conference, organised by Invest Cyprus in collaboration with the Financial Times’, will take place on February 26 at Bracken House.
The event will bring together fund managers, private market investors, institutional representatives and business executives from the United Kingdom and across Europe, as part of the government’s effort to strengthen Cyprus’ international footprint and attract quality foreign investment.
Piki will join discussions on the investment landscape of the Eastern Mediterranean and the prospects for foreign direct investment in a changing global economic environment.
“Geography cannot determine opportunities,” Keravnos underlined during the opening of the session.
“Agriculture and livestock farming must remain a key element of Cohesion Policy,” he stressed while closing the meeting with a reference to the foot and mouth disease crisis currently affecting Cyprus.
“Products start from these sectors, there is production related to the food chain, health, human protection, and environmental protection, and from there it is also related to industrial production, exports, and general prosperity,” he emphasised.
“Over these last two or three days, we had a tragic episode in Cyprus, where foot and mouth disease appeared in sheep, goats, and cows, and at this moment thousands of animals must be culled,” he noted.
The surveys revealed that 33 per cent of people experienced a cyberattack over the last year, while almost half of companies reported at least one breach.
The first survey targeted businesses and was conducted between September and November 2025 on a sample of 459 companies spanning industry, trade and services.
The second survey targeted regular individuals and was carried out during August and September 2025 on a sample of 1,043 individuals.
Speaking upon his arrival in Brussels, Keravnos described the meeting as particularly significant for Cyprus’ six-month term at the helm of the Council.
“It is a great pleasure for me to chair today’s meeting on Cohesion Policy, which is the first since Cyprus took over the Presidency,” Keravnos said.
“The motto of the Cyprus Presidency is an autonomous Union, open to the world,” he added.
He further stated that “Strategic autonomy goes through competitiveness and economic resilience, while cohesion policy is directly linked to strengthening the competitiveness and resilience of the economy”.
Presenting the Deputy Ministry’s annual report, Koumis said the industry had once again proven its resilience despite “continuous challenges and an ever-changing international environment”, reinforcing its position as a key driver of economic growth.
Tourist arrivals surpassed 4.5 million for the first time, marking a 12.2 per cent increase year-on-year and a 41.6 per cent rise over three years.
Revenues also rose sharply, rising 15.3 per cent year-on-year in the January–November period and 51.1 per cent over three years.
In absolute terms, total revenues for 2023 – 2025 reached €9.9 billion, capping what Koumis described as a historic cycle for the sector.
According to an update from the chamber on Thursday, the meeting provided an opportunity for participants to gain insight into the legislative changes and their expected impact on businesses active within the shipping sector.
The state telecommunications authority’s budget forecasts revenues of €450.6m, including €438m from services and products, €9.87m from operating activities and €2.7m from investment activities.
During the debate, Dipa MP Alekos Tryfonidis welcomed Cyta’s financial results and the implementation of its investment and infrastructure programme.
He referred to plans to expand network coverage in mountainous areas and to modernise IT systems.
Committee chairman Aristos Damianou (Akel) said his party had prepared a comprehensive bill to address property acquisitions by third-country nationals and companies with foreign interests, warning that the current framework had allowed excessive concentration of land in foreign hands.
“It is a given that a large part of our homeland has been sold to foreign hands and this is dangerous for the semi-occupied Cyprus,” he said.
At the same time, he added, property prices “have taken off through a real estate ‘bubble’ as a result of the purchase of large areas or high-value real estate, especially in urban centers”.
The president of CYFA, Costas Christoforou, and the director general, Christoforos Ioannou, briefed the media on the association’s work and mission.
They outlined the strategic objectives for the coming period, which focus on the further enhancement of the quality and reliability of administrative services in Cyprus.
The association also aims to promote best practices and high standards of compliance across the sector.
Another priority is to strengthen cooperation between CYFA and competent authorities and institutions both in Cyprus and abroad.
The CBC said the total number of withdrawals fell compared with the same period in 2024.
However, the total value remained broadly unchanged, reflecting a steady rise in the average amount withdrawn.
The average cash withdrawal increased by 28 per cent between the first half of 2022 and the first half of 2025, rising from €291 to €372.
The figures indicate that consumers are withdrawing cash less frequently but in larger amounts.
Addressing delegates, Koumis said tourism reflects its “strategic importance for economic growth, social cohesion and regional development, particularly for Mediterranean and island destinations”.
He described Cyprus’ six-month term as coming at a “historic moment” for the bloc, not only for coordinating legislation, but also for shaping longer-term political direction.
“Our Presidency places particular emphasis on strengthening the resilience and sustainability of the tourism sector,” he said, adding that climate action, environmental protection and balanced, inclusive development across Europe would form the core of the agenda.
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