Here are the top business stories in Cyprus from the week starting April 6:
The bank said the move comes in response to the impact of the Middle East crisis on the hospitality sector, which has created increased pressure on tourism businesses.
Through the initiative, the bank aims “to boost the hotel sector and strengthen the Cypriot economy” during a period of uncertainty.
“As part of the scheme, Bank of Cyprus cardholders will once again be rewarded through enhanced benefits linked to hotel stays,” the announcement mentioned.
It also reported that deposit rates in Cyprus remain among the lowest in the eurozone, primarily due to significant excess liquidity in the banking system.
The figures, published in the CBC’s March 2026 monetary and financial statistics report, cover average interest rates applied by monetary financial institutions on deposits and loans, as well as volumes of new euro-denominated lending to euro area residents.
The Labour Advisory Body, chaired by the minister, examined the transposition into national law of a European directive aimed at strengthening the principle of equal pay between men and women for the same or equivalent work, as well as an amending bill concerning the establishment and revision of administrative fines.
“Two important issues concerning the immediate rights of workers and the strengthening of the framework of social protection were discussed,” Moushiouttas said.
During the meeting, which was held at the Finance Ministry in Nicosia, both sides exchanged views on broader economic issues as well as matters relating to the smooth succession process for the presidency of the Fiscal Council.
On his part, Persianis thanked the minister for what he described as their “excellent collaboration” throughout his tenure.
He also congratulated Keravnos and the ministry for their policy decisions and their overall stance in ensuring the sound management of the country’s economy.
From his side, Keravnos praised the significant contribution of Persianis during his time as president of the Fiscal Council.
According to an official announcement from the organisers, the festival received the recognition at the Non-Profit Organisation Awards 2026, presented by UK-based Acquisition International Magazine, marking its second successive global distinction.
“Youth Tech Fest Cyprus has been challenging traditional education models by creating a dynamic platform where young people engage with technology, entrepreneurship, creativity, and innovation in a way that aligns with their natural interests and strengths,” said founder Sean Alimov.
“By focusing on passion-driven learning, our initiative welcomes all young people to explore pathways that resonate with who they are encouraging them build confidence, develop future-proof skills while prioritising their wellbeing and happiness,” he added.
According to the foundation, the new Software as a Service SaaS platform will cover all stages of project funding, from the announcement of calls to the disbursement of payments to the ecosystem.
It will also support expanded capabilities for the flexible development of functionalities and business workflows.
The objective of the project, the announcement explained, is the development of a modern and secure grants management system, which will significantly enhance the quality and efficiency of funding procedures.
Supporters of the bill, which passed with 23 votes in favour and 19 against, said would remove a distortion in the law and strengthen the island’s shipping competitiveness.
The amendment to the social cohesion fund law concerns foreign seafarers, including those engaged in inland navigation, who are employed outside Cyprus by a Cypriot company and pay social insurance contributions.
Under the current framework, employers pay a contribution of 2 per cent on the total remuneration of employees, without any upper limit, to the social cohesion fund. The fund is used to support vulnerable groups and social benefits.
The launch, held at the presidential palace in Nicosia, marks Cyprus’ entry into a global network spanning more than 60 locations, linking start-ups, investors, corporates and innovation partners.
The new centre is expected to support businesses and research organisations, while running six incubation and acceleration rounds aimed at backing around 60 start-ups and innovative companies in high-growth sectors.
In the medium term, the project is also expected to create around 500 jobs, while improving access for Cypriot firms to international markets, investment capital and specialist know-how.
The official launch of Plug and Play’s operations in Cyprus took place this week, at the presidential palace, in the presence of Deputy Minister to the President Irene Piki and Deputy Minister of Research Nicodemos Damianou.
The presence in Cyprus of one of the world’s leading innovation organisations, headquartered in Silicon Valley and active in more than 60 locations worldwide, is expected to strengthen the country’s position on the global innovation map, while also creating new prospects for startups, research organisations, investors and outward-looking businesses.
The initiative is considered of strategic importance for Cyprus’ future in technology and business growth, aiming to establish an Innovation Centre alongside comprehensive programmes to support startups and high-potential businesses.
As part of the initiative, Tototheo Global is contributing to the creation of an internationally oriented innovation platform designed to strengthen Cyprus’ access to global expertise, investment opportunities and international markets.
Headquartered in Silicon Valley and operating in more than 60 locations worldwide, Plug and Play connects startups, investors, corporations, universities and public-sector organisations.
This network creates an integrated innovation environment that accelerates business growth and facilitates access to global markets.
According to the company, passenger traffic fell to 599,218 travellers in March 2026, compared with 707,204 in March 2025.
The sharp drop marks a reversal from the consecutive record-breaking performance recorded in previous months.
At Larnaca Airport, passenger traffic decreased to 415,686 from 501,594 a year earlier, representing a 17.1 per cent decline.
At Paphos Airport, traffic dropped to 183,532 from 205,610, reflecting a 10.7 per cent decrease.
The annual event is being organised by the European Commission, the Shipping Deputy Ministry and the Limassol municipality, and will take place at the Carob Mill in Limassol’s old town, with additional workshop sessions due to be held in nearby venues.
According to the official programme, the event will feature an opening session with addresses by European Commissioner for Fisheries and Oceans Costas Kadis, Deputy Shipping Minister Marina Hadjimanolis and Limassol mayor Yiannis Armeftis.
As families prepare celebrations over the Easter period, the group said, this can be a stark reminder to seafarers of what they are missing out on. In that context, it urged companies not to miss signs of silent distress, warning that these can lead to a mental health crisis among crew members.
The platform, which includes WellAtSea, Marine Medical Solutions, Mental Health Support Solutions, and OneLearn Global, said that while seafaring has always required resilience, companies must also acknowledge the hardship that key celebrations in the calendar can bring.
“As an industry, we must ensure that crew members are not only physically safe but emotionally supported,” said Marinos Kokkinis, chief executive of OneCare Group, adding that proactive communication, accessible wellbeing services, and visible leadership empathy can make a measurable difference.
The move brings 30 stores in Greece and 18 in Cyprus under Alshaya’s management, with the network employing around 500 people across the two markets.
In Greece, the new operating entity will be called Alshaya Hellas SMSA, while in Cyprus it will operate under the name Murgab Cyprus Ltd.
The Starbucks chain in Greece and Cyprus began operating in 2002.
Kadis warned that “the Eastern Mediterranean, where communities have long depended on the sea, is already facing the consequences of warming waters, shifting fish stocks and growing pressure on coastal livelihoods”.
Addressing the conference, Kadis said it was a privilege to attend both in his role as commissioner and “as a native of Cyprus”, describing the Eastern Mediterranean as a cradle of civilisation where the fate of millions remains closely tied to the health of the sea.
He said climate change is now putting that relationship at risk, with marine resources and the very fabric of coastal communities increasingly under pressure. In that context, he said the region offers clear evidence that “the climate crisis is an ocean crisis”, adding that the response must be bold and collective.
Addressing the audience at the 16th Nicosia Economic Congress, which took place in Nicosia, Keravnos touched on three years of economic policy implementation, which, as he said, coincided with a period of alternating global crises that shaped decision-making.
Keravnos said globalisation trends could be traced back to the post-war period, noting that exports of goods and services rose from around 8 per cent of global GDP in 1950 to approximately 30 per cent in 2024.
This shift, he explained, reflected the transition from closed national economies to interconnected markets and international production networks.
This marked a decline compared with a surplus of €663.4m, corresponding to 1.8 per cent of GDP recorded during the same period in 2025.
The figures reflect the fiscal performance of the general government, based on preliminary estimates compiled by the statistical service.
Total revenue for the period reached €2.71 billion, reflecting an increase of €23.4 million, a rise of 0.9 per cent, compared with €2.68 billion in the corresponding period of 2025.
The visit, which began on April 6, involved meetings with representatives of the tourism industry aimed at strengthening Cyprus’ presence in one of its most important markets.
Koumis has also recently engaged with journalists from across Europe who were hosted in Cyprus as part of efforts to promote the country’s tourism sector.
“The tourism activity in the country continues uninterrupted,” the Deputy Minister said, addressing foreign media representatives.
Christis Demetriou, municipal councillor and representative of shop owners in Limassol’s historic commercial centre, told the Cyprus News Agency (CNA) that the decline was relatively small and largely in line with current conditions affecting the market.
He said “recent low temperatures and rainfall had kept people away from the city centre and also held back purchases of spring and summer goods,” although he voiced confidence that this would ease as the weather improves.
Beyond the weather, Demetriou said market activity had also been weighed down by what he described as negative public sentiment over the cost of living, the war in a neighbouring country and tourist arrivals that fell short of expectations for the Easter period.
Speaking to the Cyprus News Agency (CNA), Kyriacos Kyriacou, a long-standing retailer and active member of shopping centre committees, said the market had effectively “frozen”, as geopolitical tensions and broader economic pressure continued to weigh on consumer behaviour.
He said that public concern over developments in the region, coupled with the rising cost of goods and supermarket shopping, had dampened spending, while bookings remained particularly weak and expectations for the near term were low.
Kyriacou also pointed to the timing of Easter, which falls relatively early this year, as well as weather conditions that have yet to support stronger demand for clothing and footwear.
He stated that discussions will be held with ENI and Total to reach an agreement before the end of April for the first utilisation of Cypriot natural gas by 2027.
Highlighting energy challenges and costs, Christodoulides said “we are not satisfied with the results so far”.
“We are working; we have a plan regarding energy in our country,” he added.
The president explained that plans for renewable energy storage are expected soon, in order to enable “a higher share of renewables in the national energy mix”.
In his address at the 16th Nicosia Economic Congress, Damianos identified energy security as a top priority for the Republic in response to dramatic geopolitical developments in the Middle East, which he said have caused the largest disruption in the history of the oil market.
He underlined that the conflict in Iran and disruptions in the Strait of Hormuz, through which around 20 per cent of global oil and LNG trade passes, highlight the system’s vulnerability and are placing pressure on citizens’ purchasing power.
The agreement sets out a framework for closer cooperation between the two organisations, with a focus on supporting foreign direct investment (FDI), promoting sustainable economic growth and improving Cyprus’ visibility as a competitive destination for international investors.
Under the memorandum, CIBA and Invest Cyprus will work together on the exchange of investment-related information, the organisation of joint events and business missions, and the provision of coordinated support to both existing and prospective investors.
In a piece of analysis released this week, Vrachimis explained that although the economy entered the year on a strong footing, conditions have become increasingly demanding due to geopolitical developments in the Middle East, which have heightened uncertainty and shifted risks to the downside.
“The Cyprus economy entered March 2026 in a position of relative strength, yet the external environment has become more demanding,” he said.
Vrachimis indicated that Cyprus still compares favourably with the euro area, pointing out that its growth performance, labour market strength and pace of disinflation remain relatively robust.
The minister used his address at the international climate conference in Nicosia to present Cyprus’ energy strategy and argue that the country’s vulnerabilities can be turned into a driver of reform.
Speaking at the conference, held under the framework of the Cyprus Presidency of the Council of the European Union and co-organised by the Cyprus Institute and the Deputy Ministry of Research, Innovation and Digital Policy, Damianos pointed to the scale of the challenge facing Cyprus.
He said the country remains “the only EU member state without electricity interconnection with another country”, a structural weakness that has contributed to some of the highest electricity prices in Europe.
The event was held on Wednesday at the Landmark Hotel in Nicosia, bringing together political leaders, business representatives and investors to discuss the country’s economic outlook.
“The Nicosia Economic Congress has long been regarded as a key platform for dialogue on the Cypriot economy, providing a space for discussions on investment, growth prospects and national priorities,” the bank said in a statement on Thursday.
“Against a backdrop of increasing geopolitical tensions and energy market volatility, the congress highlighted the importance of resilience, stability and strategic direction for Cyprus’ economy,” it added.
The committee convened to assess the impact of geopolitical developments in the Middle East on Cyprus’ economy and tourism industry, highlighting growing risks for the sector.
Despite a recent temporary ceasefire in the region, it stressed that “there is no room for complacency”, as uncertainty continues to affect market confidence and tourist flows to Cyprus.
The committee warned that “failure to take immediate action could trigger a chain reaction“, leading to reduced activity, loss of income and jobs, and broader social and economic consequences.
According to the Department of Lands and Surveys, this growth outpaced the annual increases of 11 per cent and 12 per cent recorded in January and February, respectively.
Sales to foreign buyers, from both within and outside the EU, rose to 732 in March from 607 a year earlier, accounting for 41.6 per cent of total sales, against 40.7 per cent in March 2025.
In the first quarter, sales to overseas buyers increased to 2,044 from 1,671.
The softer pace comes as Cyprus’ wider travel market is also feeling pressure, with Hermes Airports reporting a 15.3 per cent drop in passenger traffic in March, reflecting the impact of the Middle East crisis on tourism flows.
Speaking to Philenews, Antonis Orthodoxou, the association’s press spokesman, said the market was not performing badly, although agencies had expected stronger demand before the war in the Middle East affected the pace of bookings.
“We certainly expected more work, however, due to the war, bookings slowed down,” he said, adding that booking numbers were not lower than last year.
The findings revealed that online social networks remain highly popular among young Europeans, with 89.3 per cent of individuals aged 16 to 29 across the EU using such platforms in 2025.
This figure stood significantly above the general population usage rate of 67.3 per cent, highlighting a clear generational divide in digital engagement.
In Cyprus, the gap between young people and the broader population was relatively limited, with 86.5 per cent of the general population using social networks, compared with 98.3 per cent among youth.
The session provided a detailed overview of Freedom24’s ten-year journey as a regulated broker, focusing on its operations serving retail clients across the European Union.
The company operates with local teams and national regulatory oversight in each market, ensuring compliance with country-specific requirements while maintaining a unified service offering.
Tiapkin highlighted that the European regulatory environment plays a defining role in shaping the company’s business quality, emphasising its importance for long-term growth and stability.
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