Here are the top business stories in Cyprus from the week starting March 2:
According to the European Commission’s Winter 2026 Forecast, Cyprus is expected to maintain solid growth momentum, supported primarily by services exports and private consumption.
In particular, full access to the European single market, combined with a competitive institutional framework, has enabled the island to position itself as a bridge for capital and corporate activity at a time of geopolitical shifts and technological transformation.
According to the report, Cyprus achieved an overall maturity score of 94.6 per cent, which placed it within the ‘trend-setters’ cluster of European countries.
This classification indicated that Cyprus possessed an advanced open data policy reflecting technical and policy developments at the EU level, including those regarding high-value datasets.
In Cyprus, the Deputy Ministry of Shipping over the weekend urged owners and operators of Cyprus-flagged vessels to avoid calls and commercial transactions in ports or countries where political instability, armed conflict or civil unrest prevail, or where such risks appear imminent.
In a circular signed by Acting Permanent Secretary Theodoulos Mesimeris, the ministry called on owners, managers, directors and masters operating in or transiting through affected areas to maintain heightened vigilance and close communication with port authorities, the flag state and local agents, in line with the ISPS Code.
Speaking to the Cyprus News Agency (CNA), Rousounides said that such a development would create disruptions in the supply chain and in the country’s commercial activity, pointing to delays, rising transport costs and sharply higher insurance premiums due to the war.
“It will be an additional cost and challenge for the supply chain,” he said, stressing that timely delivery of goods and the increase in overall costs would be the main concerns.
The report, titled “Navigating Change: The Cyprus Securities and Exchange Commission Social Impact Annual Review 2025”, outlined the regulator’s stated commitment to transparency by listing and tracking its activities on a yearly basis.
“As a regulator, we have a duty to lead by example,” stated CySEC chairman George Theocharides.
“Responsible governance is not limited to supervision; it extends to how we operate as an organisation and how we contribute to society,” Theocharides added.
“As part of its institutional role, Keve is monitoring with particular attention the developments in the Middle East and their potential impact on the Cypriot economy,” the chamber said, stressing that it has been on constant alert from the outset of the situation.
“From the very first moment we have been in continuous vigilance and in open communication with the competent state authorities, with the aim of the timely identification of problems and challenges and the shaping of coordinated interventions where required,” the chamber stated.
According to a statement from the general accounting office, the meeting was chaired last week, by the director of the Directorate of Financial Control of European Funds, emphasising Cyprus’ role in steering discussions on safeguarding the Union’s financial interests.
“The protection of the European Union’s financial interests is a matter of shared responsibility,” the Presidency said, adding that “it requires political will, institutional coherence and even closer cooperation between Member States and European institutions.”
Klement, attending the working party for the first time in his new capacity, called for closer cooperation between Member States and Olaf, while placing particular emphasis on strengthening ties with the European Public Prosecutor’s Office (EPPO).
Based on the results, revenues for the January to December 2025 period reached €3.69 million, compared with €3.2m in the corresponding period of 2024, an increase of €486m.
December also recorded solid growth. Tourism receipts for the month rose to €96.7m, up 11.3 per cent from €86.9m in December 2024.
However, on a per capita basis, spending showed a decline. Average expenditure per tourist in December 2025 fell to €616.29, compared with €653.27 a year earlier, representing a decrease of 5.7 per cent.
In Athens, Shipping Minister Vassilis Kikilias said seagoing shipping “should be out of military conflicts”, describing the targeting of sailors as unacceptable, as missile and drone strikes on merchant vessels were reported in the Gulf region.
He told Skai television that developments were directly affecting international shipping and, by extension, the global economy, noting that roughly 20 per cent of the world’s oil and between 20 and 25 per cent of global natural gas pass through the Strait of Hormuz.
Attacks on commercial ships, strikes on three port facilities and one offshore installation, injuries to sailors and one reported death have already been recorded.
In a comprehensive piece of analysis highlighting the urgency of the issue, she argued that digital finance is already embedded in young people’s daily lives, making early understanding essential rather than optional.
She pointed out that in Cyprus around 75 per cent of transaction volume is carried out through cards and other non-cash instruments, according to the Central Bank of Cyprus, meaning that cash is no longer the default for everyday transactions.
Karkoti pointed out that “for children and teenagers, money is already invisible, instant, and embedded in apps, games, subscriptions, and online platforms they use daily”.
Addressing the summit organised by the High Commission of India in Cyprus, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou told Indian investors, by saying that “If you are planning your European strategy today, Cyprus should not be an afterthought, but the starting point.”
He described India as a “defining force of the 21st century”, reshaping technology, supply chains and global capital flows. In a more complex international environment, he added, “stability has become a competitive advantage”, arguing that this is where Cyprus positions itself.
According to a statement issued by the Nicosia Regional Tourism Board (Etap), the distinction emerged through a global online vote involving more than 1.3 million participants, who were asked to choose the European destination they most want to visit in 2026.
At the same time, Nicosia was also awarded the title of European Best Cultural Capital 2026 by the Brussels-based organisation, outperforming major cultural cities such as Florence and Krakow through the same international vote.
According to the announcement, the recognition confirms Nicosia’s potential as a modern cultural capital while further strengthening its presence on the European cultural and tourism map.
The discussion, titled ‘Limassol Real Estate – The Next 10 Years’, will examine the forces reshaping the coastal city’s property market, including rising demand for high-quality residential and office space, shifting investment patterns and growing interest in affordable housing and sustainable development.
The panel will explore how international demand, investment flows and local planning strategy are influencing the market and what integrated, long-term approaches may be required to support Limassol’s next phase of growth.
“The range of these recognitions reflects strong results across key performance areas, including speed, video and gaming experience,” the company said.
“Maintaining the fastest mobile network position for five consecutive years further reflects sustained excellence in mobile speed performance, based on independent measurements from real users through the Speedtest platform,” it added.
Among the distinctions, Cyta was named Fastest Mobile Network for five years in a row, in recognition of the highest overall mobile speeds in Cyprus.
According to Eurostat, the total number of nights spent across the EU rose by 2.2 per cent compared with 2024, representing an increase of 66.4 million nights.
Nights spent by international guests increased by 3.4 per cent, equivalent to 49.7 million additional nights, while domestic guest nights rose by 1.1 per cent, or 16.7 million more nights year-on-year.
Speaking to the Cyprus News Agency (CNA) on Wednesday, Yiasemides said it is possible that energy prices for households and businesses will rise, as electricity generation in Cyprus relies heavily on fossil fuels and imported supplies.
“The key issue is for the whole matter to be temporary,” said Yiasemides.
He pointed out that during the previous 12-day war, fuel price increases were temporary and could be managed in a similar way.
“This time, however, more countries are involved and Cyprus has to manage the events of recent days stemming from the attack on the British bases,” he stressed.
The Association of Cyprus Tourism Enterprises (Stek) said that “several cancellations of reservations” have already been recorded for April and May, while new reservations for the rest of the period have dropped sharply, raising concerns across the sector.
Stek president Akis Vavlitis said the Cypriot government is expected to make representations to the US Embassy in Cyprus and the US Department of State in order “to lift the unfair travel advisory” issued for Cyprus.
At the same time, he warned that the decline in new bookings from June onwards is particularly worrying, noting that March and April are traditionally the strongest months for reservations for the rest of the tourist season.
The post described Oev as the largest and truly independent employers’ organisation in the country, a statement that has unsettled parts of the business community.
According to a report in Politis, Keve president Stavros Stavrou responded in a lengthy internal letter dated February 26, addressed to collaborators and members, many of whom are also Oev members.
Stavrou said members had been calling him to ask what Antoniou meant by truly independent and whether it implied Keve lacked independence.
The summit emphasised the strengthening of bilateral relations between India and Cyprus, the positioning of Cyprus as a regional services hub, and the bank’s role in supporting economic connectivity between Europe and India.
Eurobank said its participation reflected its position as a key financial enabler of India-Greece-Cyprus cooperation, highlighting its growing involvement in one of the world’s fastest-growing major economies.
The bank reported that over the past two years the Eurobank Group has become one of the most active European banking organisations operating in connection with India, drawing on its strong capital base, expertise across banking, investment and insurance services, and its broad European footprint.
In a written statement, Pantelidis said the government has assured that Cyprus does not participate and will not be involved in military operations in the region.
He noted that the island’s proximity to the area of operations, combined with the recent drone incident at the RAF Akrotiri base, led to the immediate mobilisation of state mechanisms and the strengthening of defensive measures with the assistance of allied countries, primarily Greece.
Speaking at the Teachers for STEM conference organised by the Cyprus Computer Society (CCS), George Malekkos, president of Cyprus IT Enterprises Association (CITEA), said the issue extends beyond the school curriculum and directly concerns the competitiveness of the Cypriot economy.
Malekkos said Cyprus also continues to lag behind the rest of Europe in the participation of women in STEM professions, warning that the country cannot afford to overlook a large share of its potential workforce.
“We cannot talk about innovation when we leave out half of the country’s talent,” he said.
Speaking during a briefing at the presidential palace, Letymbiotis explained that preliminary evaluations have already been carried out by the government.
“It is an issue that concerns the entire region, I think the whole world and the European Union,” said Letymbiotis.
“At the level of the Republic of Cyprus, initial estimates have obviously been made,” he added.
The new rules aim to drastically reduce administrative burdens and strengthen the outward-looking nature of small businesses within the single market.
Under the previous system, a small business could only receive a VAT exemption in the member state where it was established.
With the new regime, eligible small and medium-sized enterprises (SMEs) can now benefit from VAT exemptions in other EU member states where they make sales, even if they do not maintain a permanent establishment there.
Koumis said it was still too early to make firm estimates for the 2026 tourism season, noting that conflicts of this kind inevitably create uncertainty depending on their duration and escalation.
“It is too early for safe estimates. Such conflicts always create uncertainty, which evolves depending on the duration and escalation of tension,” he said.
He said Cyprus, as a tourism destination, is facing a geopolitical crisis of a different nature from those it has dealt with in previous years, while discussions with key tourism partners in Berlin suggested that confidence in the destination remains intact.
As part of that effort, beaches, hotels and leisure venues are already undergoing preparations and upgrades aimed at improving services and further enhancing the visitor experience.
Meanwhile, the municipality said it is continuing with projects and interventions designed to improve infrastructure, upgrade public spaces and make beaches, recreation areas and tourist zones more accessible to both residents and visitors.
The strategies aim to reinforce the competitiveness, sustainability and resilience of Europe’s maritime sector, focusing on shipping, ports and shipbuilding as key pillars of the bloc’s economy.
In a statement, the chamber said the strategies place emphasis on investments in clean fuels, digitalisation and decarbonisation technologies, as Europe seeks to modernise the maritime sector and support its transition towards more sustainable operations.
At the same time, the EU Ports Strategy aims to enhance the sustainability and competitiveness of European ports, while expanding their broader social role with a focus on safety, security and more efficient digital operations, as well as stronger and more integrated supply chains.
The federation said that the initiative forms part of its ongoing efforts to reinforce the capabilities of the country’s human capital and to ensure that companies in Cyprus remain competitive in a rapidly evolving economic environment.
According to the announcement, the committee is composed of representatives from businesses and organisations operating in key sectors of the economy.
Speaking to Cyprus News Agency (CNA), Iosifidis said some chamber members had ships affected in the area, including large cruise vessels carrying thousands of passengers and crew, although none had reported injuries or damage so far.
“The good news,” he said, “is that no one has informed us that their ships were either hit directly or there was collateral damage, they have not informed us that they had any crew losses.”
He said the chamber’s main concern remained the safety of seafarers trapped in the region, adding that companies were trying to support both crews and their families.
Under the decree, students may only take up employment after completing their first academic semester and enrolling in the second, a provision aimed at ensuring the smooth continuation of their studies while allowing limited access to the labour market.
Oev said employers must submit specific documents in order to hire foreign students, including a certificate of full-time study and the student’s programme from a recognised educational institution, as well as a monthly work schedule prepared by the employer.
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