Here are the top business stories in Cyprus from the week starting April 14:
At the same time, the agency pointed out that an initiative by the European Union to boost pay transparency during the hiring process may affect the local job market.
The agency’s hiring report for the second quarter of 2026 found that Cyprus continues to attract the highest number of open roles worldwide, particularly among firms offering CFDs and cryptocurrencies.
The findings highlighted the country’s strong position as a key hub for online trading companies, supported by sustained demand across multiple segments of the industry.
Speaking to the Cyprus News Agency (CNA), Pasyle’s secretary general Marios Antoniou said that “the sector had faced different conditions this year compared with previous Easter periods, although retail had already weathered a series of crises in recent years.”
He added the supply chain had not been disrupted and there had been no shortages in the market.
“Despite all the concern, at least so far, the supply chain was not disrupted. There was an abundance of products in the market, we did not have any shortages,” he stated.
The findings, based on research by Solo Female Travelers, show that Cyprus ranks among the top-performing countries as British female tourists drive a surge in European travel spending.
The study found that female tourism spending in Cyprus increased by 25.41 per cent year-on-year, with average expenditure per visit rising from £632 in 2023 to £793 in 2024.
This places Cyprus fifth among European countries in terms of growth in female spending per visit and fourth overall in a composite ranking measuring performance across multiple indicators.
Across the dataset, which covered 27 European destinations using UK Office for National Statistics (ONS) data, 23 countries had complete year-on-year data, with 19 recording growth in female spending per visit.
The 140,000-tonne vessel is the second ship from the group to join the Cyprus registry, following the registration of ‘Spectrum of the Seas’ in January 2023.
According to the ministry, the move reflects Royal Caribbean’s continued commitment to Cyprus after its 2023 decision to establish a permanent headquarters in Limassol, which serves as the centre of its shipping activities in the eastern Mediterranean.
The ministry said the latest registration reinforces confidence in the Cyprus flag and further supports the island’s position as a reliable and competitive shipping centre.
Speaking to the Cyprus Agency News (CNA), Yiasemides said that, despite the ceasefire, uncertainty over how talks between the United States and Iran will develop is discouraging investors from taking new initiatives.
“It is the worst thing for an economy to have volatility,” he said, adding that investment decisions and new business initiatives require a stable economic and political environment.
He explained that this level of uncertainty is creating wider challenges for the global economy, while the repeated ups and downs, especially in such an energy-sensitive region, are affecting the decisions of both governments and businesses and slowing economic activity internationally.
Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), Evel president Andreas Tsouloftas, Pasyxe general manager Christos Angelides, and Stek general manager Chrysemily Psilogeni all pointed to the same problem, saying the image taking shape abroad has little to do with the reality on the ground in Cyprus.
Tsouloftas said the fallout was already being felt, with cancellations picking up as the impression spread overseas that Cyprus is somehow caught up in the conflict.
In his view, that perception was fed by extensive international coverage of an isolated incident in Akrotiri, along with wider attention given to developments in the region and visits by foreign leaders to Cyprus.
Speaking to the Cyprus News Agency (CNA), Zannetou explained that the tourism sector in Ayia Napa and the wider Famagusta district is facing significant pressure, as reflected in a noticeable slowdown in reservations.
“Unfortunately, the ongoing conflict in the Middle East is tempering expectations across the industry in the Famagusta district, especially as we have seen a reduction in April occupancy of around 40 per cent,” said the Ayia Napa mayor.
He highlighted that the freeze in bookings from international partners has forced many properties to stay shut.
“Several hotels have remained closed due to low occupancy and the suspension of bookings by foreign tour operators, resulting in accommodation providers delaying their opening until the end of April instead of the beginning of the month,” he said.
The projections place Cyprus among the stronger performing economies, despite a broader slowdown expected across Europe and globally.
The IMF warned that the global economy is entering a period of heightened uncertainty, with conflict driven disruptions testing recent resilience.
Global growth is now forecast at 3.1 per cent in 2026 and 3.2 per cent in 2027, under the assumption that the conflict remains limited in scope and duration.
One of these initiatives involved CySEC chairman George Theocharides delivering an online lecture at the Open University of Cyprus.
The lecture formed part of CySEC’s broader awareness campaign, which placed particular emphasis on improving financial knowledge among young people.
During the session, the importance and power of financial literacy was highlighted as a key foundation for informed decision-making in modern financial markets.
Speaking during a press conference in Nicosia, held in the context of the Travel Expo Cyprus 2026 exhibition, Christou said that some airlines have reduced summer flights as a result of the ongoing developments in the Middle East.
Referring to outbound travel, he said that interest among Cypriots for summer bookings is currently increasing.
“There was a freeze initially, but in recent days, and particularly now with the exhibition, we expect interest to grow further and anticipate that all the seats we have secured will be filled,” he said.
The meeting, scheduled for April 23 and 24, 2026, will be hosted by president Nikos Christodoulides in Nicosia and Ayia Napa, bringing together EU heads of state and government at a critical moment for the bloc.
Von der Leyen said the conflict has already had a severe impact on the European economy, particularly through rising energy costs.
“For 44 days now, once again the Middle East has been engulfed in war, and these past six weeks have reminded us that peace cannot be taken for granted,” she said earlier this week.
In a circular sent to affected members, Oev said the Labour Ministry had provided further information on the application process and the procedures that businesses must follow in order to be included in the scheme.
It added that the ministry is expected to announce within the coming week when applications will open.
According to Oev, applications will be submitted through the Ergani information system, using the access codes that companies already hold for recruitment, termination and employment terms procedures.
Before applying, employers or their authorised representatives must update the actual monthly salary of each employee in the Ergani system by registering the relevant employment terms.
Even if calm returns in the coming days, however, there is a growing sense within the sector that part of the loss has already been done.
For many in the industry, repeating last year’s record arrivals and tourism revenues now looks increasingly out of reach.
The difficulty lies not only in the conflict itself, but in when it erupted.
For a large share of European travellers, the early spring period is when summer holiday decisions are made.
The event, organised by the Energy Ministry, in cooperation with the European Commission’s DG Trade & Economic Security and the Cyprus Chamber of Commerce and Industry (Keve), took place at the Limassol Chamber of Commerce and Industry (Evel).
According to the organisers, the Cyprus Market Access Day 2026 was held for the first time on the island and focused on helping Cypriot businesses better understand EU trade policy, make practical use of Free Trade Agreements, and access European Commission tools aimed at removing trade barriers and supporting exports.
At the same time, the event provided a platform for the exchange of experience and best practices among companies already active abroad, while also targeting businesses looking to enter markets outside Cyprus.
In its annual report on the Cypriot real estate market, the company set out the main developments and trends that shaped the sector in 2025, while noting that the findings relate to market activity before the outbreak of the war in the Middle East.
This landmark performance saw the market reach new highs in both volume and value, with the total value of properties transacted rising by 8 per cent from €6bn in 2024.
The total number of transactions increased by 4 per cent to 25,600, while the average monthly transaction value climbed to €543 million, emphasising the market’s continued strength.
Specifically, the data showed that Cyprus matched the second-lowest inflation rate in the EU, alongside Sweden and the Czech Republic, while only Denmark posted a lower rate at 1.0 per cent.
Across the euro area, annual inflation reached 2.6 per cent in March 2026, rising from 1.9 per cent in February, while in the wider European Union it increased to 2.8 per cent from 2.1 per cent the previous month.
A year earlier, inflation had stood at 2.2 per cent in the euro area and 2.5 per cent in the EU, highlighting a renewed upward trend in price pressures.
Speaking at the opening of the 4th European Maritime Space Forum in Limassol, Vafeades said the need for a reliable, robust and interconnected European transport network had become even more pressing at a time of heightened geopolitical tensions and repeated disruptions to global supply chains.
“The need for a reliable, robust and interconnected transport network has never been more evident,” the minister said, adding that maritime links are fundamental to the stability and resilience of Europe’s wider transport system.
The distinctions highlight the growing importance of technology-led innovation in European investment services, where scale, speed and regulatory rigour are increasingly shaping market leadership.
The company received awards for Most Innovative Digital Trading Platform 2026 and Most Innovative Integrated Investment Platform 2026, both attributed to Tradernet, as well as Most Innovative AI-Driven Compliance Technology 2026, awarded to Neo Compliance.
The deal will see the company invest approximately €5 million in the platform’s development, with a focus on artificial intelligence integration and digital expansion.
ChessBase is considered one of the oldest and largest platforms in the global chess industry, specialising in databases, analytical tools and content for professional and amateur players.
Skourides, serving as Chief Scientist for Research, Innovation and Technology of the Republic of Cyprus, represented the country as an emerging hub for deep-tech innovation during the event held at Marina Bay Sands.
According to an announcement released on Thursday, his participation highlighted Cyprus’ growing role in global dialogue on AI governance, digital identity and cybersecurity challenges.
At the event, he took part in two fireside discussions addressing the dual challenges of rapid AI deployment and the erosion of digital identity.
Addressing the Great Britain Cyprus Business Association (GBCY) investment conference in Limassol, he described the delegates’ presence as a “clear vote of confidence” in the island’s standing as a resilient and competitive international business centre.
He also expressed the government’s appreciation for their contribution to expanding Cyprus’ economic reach and creating new investment opportunities on the island.
Referring to the role of capital inflows, he stressed that foreign direct investment remains a cornerstone of economic growth, particularly for smaller economies.
In meetings with hoteliers and industry representatives in Limassol that took place this week, he stressed that tourism remains a key pillar of development for Limassol, underlining its central role in the city’s economic growth.
According to an announcement by the Limassol regional tourism board, the meetings emphasised that close cooperation between the state, local authorities and the private sector is essential to enhance the city’s competitiveness.
“The tourism industry of Cyprus is undergoing a phase of restructuring and strategic restart, with Limassol playing a central role in efforts to strengthen and extend the tourist season,” the organisation said.
“Through coordinated initiatives by stakeholders and businesses, a more modern, sustainable and competitive tourism model is gradually taking shape,” the organisation added.
The company acknowledged that ongoing news coverage surrounding the Middle East has created uncertainty for some couples planning to marry abroad.
However, it stressed that Cyprus continues to welcome thousands of UK travellers each week, including those attending weddings and events.
The announcement confirmed that resorts, venues, and wedding suppliers are operating as normal, with ceremonies taking place as scheduled across the island.
The report said staff were informed on Thursday through an internal email from chairman Heinrich Schoeller.
Andreas Hadjipetrou, the group’s chief commercial officer and managing director of Columbia Shipmanagement, will take over on an interim basis.
Welcoming the meeting of the Heads of Transport Administration of the EU Member States in Limassol on Thursday, Vafeades said the impact of higher fuel prices and fuel adequacy would be discussed at a videoconference of EU transport ministers on April 21, before returning to the agenda at the Informal Council on April 27-28.
He also welcomed the fact that the situation in the Middle East and its impact on transport had been included on the meeting’s agenda.
“Although we are not currently facing fuel shortages in the European Union, the ongoing instability in global energy markets is already affecting transporters, supply chains and connectivity,” the minister said.
The chamber said the event underscored the need for practical support and targeted guidance to help businesses expand internationally and navigate trade barriers.
The event took place on Thursday in Limassol and was organised by the Ministry of Energy, Commerce and Industry and the European Commission DG Trade and Economic Security, in close cooperation with the Cyprus Chamber of Commerce and Industry (Keve) and the Limassol Chamber of Commerce and Industry (Evel).
For the first three months of the year, arrivals totalled 407,339, compared with 446,596 in the corresponding period of 2025, marking a decline of 8.8 per cent.
The United Kingdom remained the biggest source of tourism in March, accounting for 32.9 per cent of total arrivals with 45,763 visitors.
It was followed by Poland with 17,604 arrivals and a share of 12.6 per cent, Germany with 14,999 or 10.8 per cent, and Greece with 9,009, representing 6.5 per cent of the total.
The meeting, organised by Cyprus’ Deputy Ministry of Tourism at the Filoxenia Conference Centre, was chaired by Deputy Tourism Minister Kostas Koumis, as ministers and senior officials exchanged views on the challenges facing European tourism with the aim of strengthening coordination and helping shape future policy.
The meeting focused on the European Strategy for Sustainable Tourism, which is expected to play a central role in improving the sector’s resilience and competitiveness while also promoting more responsible and sustainable development.
The second part of the meeting turned to small and medium-sized enterprises, widely seen as the backbone of European tourism, and examined how they can be supported through the green and digital transition.
The company said the board approved the expansion following a recommendation from its corporate governance, nominating and compensation committee.
The move brings in capital markets expertise through Bunzel, while also furthering generational succession at the company through the appointment of Hajioannou, the son of founder and chief executive Polys V. Hajioannou.
Click here to change your cookie preferences