Here are the top business stories in Cyprus from the week starting March 30:
Nikolettos told the Cyprus News Agency (CNA) that he district is going through a particularly difficult period, as developments affecting tourism and hotels were testing the local economy.
He said the package announced by the government showed that the state understood the seriousness of the situation and the need for immediate intervention.
At the same time, he added that further steps could have been taken so that support was applied more broadly across the whole tourism sector.
In a statement, the association said the measures announced by President Nikos Christodoulides for the hospitality sector were bound to trigger reactions because leisure centres, “an equally important and integral part” of the same industry, were entirely absent from the package.
The association said the sector was dealing with the same disruption, economic strain and uncertainty caused by the regional conflict as other branches of hospitality, adding that the omission could not be seen as either accidental or insignificant.
It added that the matter became even more serious because selective support for only some parts of hospitality risked distorting competition within the same market.
The agency said disruptions to shipping and air travel are raising costs and weighing on both freight rates and tourist flows, with Cyprus seen as more vulnerable because of its proximity to the conflict zone.
It also warned of rising credit risks for banks, particularly in Cyprus, where lenders have a heavier concentration of loans tied to tourism.
At the same time, Morningstar DBRS said banking systems in both countries remain supported by strong profitability and solid capital buffers, leaving them better placed to absorb a tougher operating environment.
It was not played on a board, but across markets, technologies and continents.
Speaking to the Cyprus Mail on the sidelines of the opening ceremony of the 2026 FIDE Candidates Tournaments on March 28 at Cap St Georges Hotel and Resort, Freedom Holding chief executive officer Timur Turlov laid out an expansive vision that stretches far beyond finance.
It is a vision that connects artificial intelligence, digital infrastructure, global capital flows and, not unexpectedly to those who know him, chess.
According to an announcement released on Monday, the €1,980,450 payment, made on March 24, represents a financial compensation set by the Planning Authority for the licensing of a residential development undertaken by the group.
The development was approved under the framework of the Special Housing Incentive Scheme for Affordable Housing Production, which allows for enhanced development rights.
The payment is described as a tangible and measurable contribution to state efforts aimed at ensuring adequate and affordable housing for all segments of the population.
Specifically, Cyprus’ Deputy Shipping Ministry issued a circular to its fleet advising the use of the comprehensive medical guide, joining a growing number of flag states that recognise the guide’s value in protecting seafarer and fisher health and safety.
The circular also recommends that all approved training establishments incorporate the ICS guide into STCW medical courses, ensuring that maritime personnel receive consistent and practical medical training.
Cyprus now joins the Panama Maritime Authority, Republic of the Marshall Islands Registry, and The Bahamas Maritime Authority in endorsing this essential maritime medical resource.
Based on current data and business planning, hotels in the district are gradually reopening as part of the start of the new tourism season.
Approximately 25,000 beds out of a total of 30,000 will be in operation by the end of March, the board said, reflecting a steady return to activity across the hospitality sector.
At the same time, the broader tourism ecosystem in the region is returning to operation, including restaurants, attractions, museums, tourism services and activities.
The bank said that its innovative programme continues to run successfully, engaging young people in real-world challenges related to digital security and resilience.
According to the bank, “the new generation of Limassol demonstrated its ability to respond to modern challenges by actively taking part in the initiative focused on cybersecurity and the protection of critical infrastructure”.
It added that through the programme, students were asked to confront realistic cyberattack scenarios, developing ideas and approaches that highlighted their creativity, responsibility and technological readiness.
Speaking to the Cyprus News Agency (CNA), Papacharalambous said that the main problem facing Cyprus as a tourist destination is the negative perception of safety overseas, which is being reinforced by travel advisories issued by various countries.
He explained that developments related to the war will be decisive for the course of tourism in Cyprus, while travel agents are also awaiting further government measures to address the crisis.
He added that “current support measures are focused on airlines and hotels”, while other sectors of the economy affected by the crisis have not been included, with agents expecting broader government support across the economy.
Specifically, the board said that it is taking part in an educational meeting held in Breda, Netherlands, coordinated by Breda University, from March 30 to April 2, 2026.
According to the announcement, partners will be trained in a range of digital techniques and tools, while also having the opportunity to examine in practice how gamification is created and how it contributes to the overall tourism experience.
The project is being implemented with the participation of nine partners from seven European countries and has as its main objective the strengthening of digital transformation in tourism through the development of skills, digital readiness, and resilience.
Held for the third consecutive year in cooperation with the counselling and vocational education service of the ministry of education, sports and youth, the event aimed to give students a first-hand look at a sector that remains one of the island’s most important industries, while also pointing to the range of career opportunities it offers.
The students were introduced to shipping professions and future career prospects, while also learning more about the structure and operation of shipping companies.
The latest round of contacts came as government officials, hotel representatives and unions stepped up consultations over the past 24 hours in a bid to shape a proposal acceptable to all sides.
Trade unions, which met Labour Minister Yiannis Panayiotou in the presence of director of labour relations Andis Apostolou and the ministry’s director general Stelios Chimonas, said any final scheme must be built around the full protection of workers’ rights, the safeguarding of earnings and the continuation of employment.
They also insisted on the equal treatment of all workers, warning against practices that could lead to the substitution or exclusion of Cypriot and other EU nationals through the hiring of third-country workers.
In a written statement, Nikolettos welcomed the government’s recently announced support measures, but said additional steps could still be taken so that assistance is applied more broadly across the tourism industry.
He said the district’s economy was being “severely tested” by the regional situation, adding that the municipality was in constant contact with hoteliers, Ayia Napa municipality, Pasyxe, Etap Famagusta, airlines and tour agencies in an effort to push for targeted interventions at decision-making centres.
According to Nikolettos, the priority now is to ensure that the state’s response is timely, substantial and effective, particularly as uncertainty continues to weigh on bookings and business planning ahead of the summer season.
In an article originally featured in Eurofi magazine, Vakkou stated that for the SIU to successfully offer EU citizens broader access to capital markets and redirect savings into productive cross-border investments, the bloc must be honest about the factors currently hindering progress.
He clarified that the issue is not a lack of capital, but rather a financial system that is too difficult to navigate across borders, characterized by market fragmentation, high distribution costs, uneven product access, and compliance burdens that discourage international business.
According to a CIBA statement, the meeting was held in a constructive atmosphere and included a broad exchange of views on the role, challenges and prospects of international businesses operating in Cyprus.
CIBA president Vasilis Demetriades told Christodoulides that the association, as the main representative body of international businesses based on the island, stood behind the government’s efforts to reinforce Cyprus’ position as a reliable and resilient business centre.
The event will take place on April 7, 2026, between 14:00 and 16:00, offering participants a focused introduction to careers in the maritime sector.
Organisers said the initiative is designed to provide students with insight into the maritime profession and training pathways, particularly through the university’s specialised academic programmes.
Specifically, the figures showed that Cyprus unemployment rate stood at 4.20 per cent in February 2026, down from 4.50 per cent in February 2025, reflecting continued improvement in the country’s labour market.
In absolute terms, the number of unemployed in Cyprus fell to approximately 22,000 people in February 2026 from approximately 23,000 a year earlier.
The Deputy Ministry of Shipping said it had contributed actively to discussions on maritime education and the development of human resources in the European shipping industry, while stressing that investment in people remains essential to the sector’s resilience and competitiveness.
It added that the Cyprus Presidency of the Council of the EU has, from the outset, placed seafarers at the heart of maritime competitiveness, promoting initiatives such as the Nicosia Declaration to upgrade skills, strengthen inclusion and create development prospects in support of the green and digital transition.
The two associations said the proposal, discussed earlier this week by the House tourism committee, would do little to improve or upgrade the tourism product and instead risked undermining it.
In a joint statement, Stek and Pasyxe said the bill introduced what they described as an unnecessary and fragmented licensing framework, including a requirement for an additional operating licence for restaurants within hotel units, even though these are already covered by the existing institutional framework.
Christodoulou took part in ‘The power of accountability and action centred leadership’, a session under the conference’s Leadership and Development stream, which focused on how leaders in the energy sector can drive growth through accountability, clarity and empowered teams.
In her intervention, Christodoulou said modern leadership in energy requires accountability, clear vision and action, arguing that these qualities strengthen innovation, resilience and cooperation within organisations.
According to an announcement released on Thursday from the port operator, the docking of the vessel “reaffirmed the island’s key position in the regional maritime tourism industry“.
The voyage also marked the second consecutive full ‘Fly and Cruise’ package to Cyprus, further strengthening the island’s appeal as an integrated travel destination.
Marella Discovery II will use DP World Limassol’s cruise terminal as its home port throughout the 2026 season, signalling continued confidence in the port’s infrastructure.
In a statement, the department said the campaign will focus on the main causes of work accidents and occupational diseases recorded in those sectors.
These include risks linked to the use of sharp objects, falls on the same level and from a height, contact with hot surfaces, overturning shelves or falling objects, contact with biological agents, the storage and use of chemical substances, manual handling of loads, and the movement of motorcycles on the road network.
“The aim of the campaign is to raise awareness among all those involved in these sectors, in order to minimise occupational accidents, occupational diseases and dangerous incidents,” the department said.
The event was held at the premises of UNIC Athens, bringing together key stakeholders from both countries.
It was organised by the Cyprus Commercial Centre in Athens, operating under the commercial section of the Embassy of the Republic of Cyprus in Greece, in cooperation with Keve, the Athens Chamber of Commerce and Industry, the Association of Cypriot Professionals in Greece, and with the support of the Enterprise Europe Network.
The conference brought together 22 companies from Cyprus and 51 from Greece, highlighting the scale of participation from both markets.
The warning came after a meeting between the federation’s board of directors and the finance minister, during which both sides discussed economic activity and the implications of the continuing conflict in the region.
The discussion came as uncertainty deepened in the hotel sector, where the new tourist season began under a cloud, with hoteliers and unions still waiting for details of the government’s wage subsidy scheme for April.
The government had announced a 30 per cent subsidy on the wages of hotel employees for units and tourist accommodation operating throughout the period from April 1 to April 30, as part of a broader package aimed at easing the pressure on businesses and consumers.
Speaking to CNN, Angelides said the sector had not experienced “100 per cent cancellation”, but was hit by “a 40 per cent” drop in March and a similar picture in April, describing the Easter period as particularly challenging.
“From then on, we are experiencing a balance, an even situation between cancellations and bookings for the rest of the summer,” he said, adding that “the April and Easter period looks challenging and we are doing our best to reverse the situation.”
Angelides made clear that Cyprus would not respond with heavy discounting, warning that cutting prices too aggressively would damage the island’s long-built reputation as a quality destination.
The bill, tabled by Akel MPs Andreas Kafkalias, Christos Christofias and Giorgos Koukoumas, amends the occupational safety and health law to tighten employers’ obligations on workplace instruction, education, training and supervision.
The event is being organised by Enterprise Europe Network Berlin-Brandenburg. It should be noted that the Cyprus Chamber of Commerce acts as the coordinator of Enterprise Europe Network on the island.
Keve described this as a leading global networking event in the field of technology and startups, bringing together companies, buyers and suppliers from across Europe.
According to the announcement, the initiative offers a unique opportunity to expand business networks and establish strategic partnerships through structured business-to-business meetings.
That is adding to concern in Cyprus’ most tourism-dependent district, where the impact of the war in the Middle East is continuing to filter through the local economy, from hotels to the many businesses that rely on visitor traffic.
While a small number of hotels have pushed back their reopening as they wait for developments in the region, the vast majority are expected to open either in the coming days or by mid-April, sticking to their original plans despite the weaker picture on bookings.
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