Here are the top business stories in Cyprus from the week starting May 11:
The comprehensive report reveals a resilient adjusted net profit of €351 million for the three-month period ending in March 2026.
The group demonstrated sustained solid performance and organic growth during the first quarter of the year despite navigating a volatile geopolitical environment.
A primary driver of this success was the strong contribution from international operations, which accounted for 47 per cent of the total adjusted net profit.
Speaking to the Cyprus News Agency (CNA), Antoniades said that the platform, based on Microsoft Power BI, forms part of the wider digital transformation of fiscal management and is designed to improve transparency, accountability and public access to financial information.
Antoniades said the initiative marks a new stage for the general accounting office, as it gives the public direct access to reliable and regularly updated data on the execution of the state budget.
He stated that “the use of modern digital tools is a basic prerequisite for enhancing transparency and accountability in fiscal management.”
Now in its eighth cycle, the programme is designed to support fintech growth, strengthen digital payment solutions and accelerate innovation in financial services, with this year’s edition placing particular emphasis on artificial intelligence, agentic commerce, B2B solutions, money movement, open finance and data.
Following a competitive selection process, the seven startups chosen for the Greece, Cyprus and Malta programme are AgriNow, Better, Cloudigo, Paytic, GYST, Outfindo and Peanuds.
The bank also posted a return on tangible equity (ROTE) of 18.0 per cent during the first quarter of 2026, while basic earnings per share reached €0.28.
The lender said that new lending reached €829m during the quarter, marking a 9 per cent increase compared with the previous quarter.
At the same time, gross performing loans rose to €11.1 billion, up 2 per cent quarter-on-quarter, while the mainly retail-funded deposit base remained stable at €22.3 billion.
According to Politis, both sides remain in favour of continuing the cooperation, recognising the scale of Limassol’s housing problem and the need for more affordable rental options. However, new financial, planning and design issues have complicated the project, which was first discussed around a decade ago and was originally intended to deliver about 600 apartments.
The scheme has so far moved ahead with a 36-apartment building in Ayios Nikolaos, while another four buildings are expected to begin within the next 12 months, bringing the total to 138 units.
Speaking after the recent RealtyOn Conference in Limassol, an event he described as the biggest annual conference for real estate professionals in the country, Cyprus Property Developers Association chairman Yiannis Misirlis observed that while capital traditionally seeks stability during times of uncertainty, the current trend in Cyprus goes far beyond mere risk mitigation.
According to Misirlis, international investors are “no longer looking solely for investment opportunities”.
Increasingly, he said, “they come to stay, to live, to operate and to grow in the comfort of the European environment”.
He further mentioned that geopolitics and efficiency remain part of the picture.
Speaking during a press conference on the bank’s first-quarter 2026 financial results, Nicolaou said that despite international crises and geopolitical instability, the Cypriot economy continues to record strong growth rates and compares favourably with the rest of the eurozone economies.
“There is economic activity even during periods of crisis,” Nicolaou said.
The presentation took place at Cyta’s headquarters as part of activities linked to World Telecommunication and Information Society Day, which this year follows the international theme of ‘Digital Lifelines: Strengthening Resilience in a Connected World’.
The new programmes are designed to bring technology closer to those who need it most, while simultaneously strengthening access, knowledge, and participation in the digital world.
As part of the strategic rollout, the organisation announced key collaborations with several partners focusing on digital skills, artificial intelligence education, and accessibility solutions.
Speaking at the 1st Mare Forum Chios, Prokopiou delivered a sharp assessment of Europe’s response to the energy crisis, the war in Ukraine and the shift towards LNG, saying, according to newmoney, that “political decisions often create consequences that businesses are later forced to absorb.”
Drawing a distinction between politics and business, he said politicians often promise “wishes” to win votes, while businessmen are obliged to tell clients the truth, even when it is uncomfortable.
According to an announcement released thsi week, the meeting was held on May 5, as part of a broader series of contacts carried out by the Oev committee with competent bodies on issues related to education, training, skills development and the strengthening of Cyprus’ human capital competitiveness.
The committee was chaired by Yangos Hadjiyannis, who heads the Education, Training and Young Talent Attraction Committee of Oev.
According to Maritime Cyprus, a joint report submitted by the International Chamber of Shipping (ICS) and the International Transport Workers’ Federation (ITF) warned that seafarers are increasingly being detained for long periods, in some cases for years, while authorities investigate alleged crimes despite the absence of reliable evidence.
The report said the problem has exposed a “critical gap” between national governments and local judicial systems. Although many IMO member states support international fair treatment guidelines, local prosecutors and courts may not be aware of them or may fail to apply them when dealing with maritime accidents or criminal investigations.
The agreement, described as the first and largest public-private partnership (PPP) in Cyprus, ushered in what the company called a new era for travel experience and Cypriot tourism, while also leaving a significant imprint on the wider economy.
Through the agreement, Cyprus gained two new state-of-the-art airports in Larnaca and Paphos, following investments exceeding €640 million, the operator stated.
The figure compares with €323.2m in the corresponding period of 2024, confirming the continued expansion of the sector.
On an annual basis, total gross revenue for 2025 reached €1.33 billion, marking an 8 per cent increase compared with €1.22bn in 2024.
According to the authority, online betting continued to account for the largest share of activity during the October–December period.
The agreement was signed during the event ‘From Brazil to Europe & MENA: Unlocking Business & Investment Opportunities through Portugal and Cyprus’, held on April 28, at WTC Lisbon.
The event brought together business leaders, investors, policymakers and representatives of the innovation ecosystem, with discussions focusing on new strategic routes connecting Brazil, Portugal, Cyprus, Europe and the MENA region.
Hadjimanolis first travelled to Chios on May 7, where she took part in the 1st Mare Forum Chios and delivered the conference’s keynote address.
During her remarks, she referred to the major challenges facing global shipping, stressing the need for cooperation, collective action and joint initiatives at a time when the sector is being tested by geopolitical uncertainty, regulatory pressure and rapid technological change.
She said Cyprus must help ensure that Europe speaks with a clear and coordinated voice in global maritime affairs, while remaining aligned with international frameworks and the International Maritime Organisation, which she described as the main forum for developing global maritime rules.
The approval allows Admie, as the project promoter, to proceed with clarifying the updated techno-economic parameters of the interconnection, including potential changes in cost and feasibility.
The same sources cited by the agency indicate that the green light was confirmed on Tuesday afternoon during a meeting involving Cyprus Energy Minister Michael Damianos, Greek Energy Minister Stavros Papastavrou, and EU Energy Commissioner Dan Jorgensen.
The drop in profitability was primarily driven by a sharp fall in net interest income, reflecting the impact of lower interest rates and a slight contraction in interest-earning assets.
Net interest income stood at €13.8m, down 28 per cent year-on-year from €19.1m, as interest income fell significantly.
Speaking at the High-Level Conference on Equal Opportunities and Inclusion in Shipping in Brussels this week, organised by the Shipping Deputy Ministry, Christodoulou said “the future of shipping must be built on equal opportunities, merit and inclusion, rather than on systems that continue to exclude women.”
The conference was held in the context of the Cyprus Presidency of the Council of the European Union and brought together representatives of European institutions, international organisations and senior executives from the shipping industry.
According to figures from both the Cyprus Statistical Service (Cystat) and Eurostat, the seasonally adjusted GDP growth rate in Cyprus was driven primarily by the sectors of wholesale and retail trade, information and communication, and financial and insurance activities.
This reflects the continued importance of the technology and services sectors to the country’s economic performance.
On a quarter-on-quarter basis, Cyprus’ GDP expanded by 0.2 per cent, matching the EU average growth rate, while the euro area recorded a more modest increase of 0.1 per cent.
“The preliminary estimate of a 3 per cent growth rate in the first quarter of 2026, the highest in the European Union, confirms the resilience and dynamism of the Cypriot economy,” Christodoulides said.
The president’s remarks come as official figures confirm that Cyprus significantly outperformed both the euro area and the EU average, where growth stood at 0.8 per cent and 1.0 per cent respectively on an annual basis.
One of the most important annual gatherings for the island’s shipping industry, the general meeting focused on the chamber’s continued work to support, promote and strengthen Cyprus shipping internationally, at a time when the sector is facing growing geopolitical, regulatory and competitiveness pressures.
The meeting was addressed by President Nikos Christodoulides, who referred to the strategic importance his government places on shipping, recognising both its contribution to the Cyprus economy and its role in strengthening the country’s international standing.
The appointment, announced this week, follows the creation of the chair through a donation by XM Group, which will finance the position for the next decade.
The initiative is designed to strengthen research, education and innovation in artificial intelligence, while linking academic expertise with business needs and Cyprus’ wider technology ambitions.
Through the XM Chair, the University of Cyprus aims to promote AI research, develop partnerships with research centres and universities abroad, and create internship, training and specialisation opportunities for students and professionals.
The remarks were made in the context of an interview with financial news agency MNI, which was subsequently cited in coverage by Bloomberg.
Patsalides pointed to a deteriorating backdrop marked by rising oil prices and heightened uncertainty, which are increasing inflation risks across the euro area.
“As things stand, things are worsening,” he said.
The retreat was organised by the Permanent Mission of the Republic of Cyprus to the United Nations (UN) and the World Trade Organisation (WTO), bringing together officials, academics and industry representatives to discuss the future of global trade, supply chains and Europe’s strategic role in an increasingly fragmented world.
Hajioannou, who is also president of the Cyprus Union of Shipowners (CUS), took part in the second working session, which focused on resilient and open supply chains in a fragmenting world.
According to a filing on the Cyprus Stock Exchange (CSE), the transaction was carried out by Bank of Cyprus Holdings Public Limited Company together with its subsidiary Bank of Cyprus Public Company Limited and the wider group.
The notes were priced at 99.822 per cent with a fixed coupon of 3.875 per cent per annum, payable annually in arrear until the optional redemption date of May 20, 2030.
The issuance achieved a yield of 3.924 per cent, reflecting favourable market conditions and investor appetite.
The group’s revenues rose by €4.7 million, while company revenues increased by €4.15 million, helping operating profit climb by 54 per cent at group level and 81 per cent at company level.
According to the report, the improvement was mainly driven by the group’s successful commercial policy and the continued upgrade of services across its hotel units.
CSC president Andreas Neophytou said “the industry continues to benefit from strong foundations and significant prospects for further development, at a time when global shipping is being reshaped by geopolitical uncertainty, regulatory pressure and rising competitiveness challenges.”
According to a statement by the chamber, Neophytou said that, from local initiatives to international representation, the chamber continues to work tirelessly to ensure that Cyprus shipping remains competitive and resilient on the global stage.
The exchange celebrated 30 years of operation and contribution to the economy, emphasising its role in supporting businesses and strengthening Cyprus’ capital market.
The event was attended by president Nikos Christodoulides, Finance Minister Makis Keravnos, Labour Minister Yiannis Panayiotou, the House finance committee leadership, representatives of Athens Stock Exchange and Hellenic Energy Exchange, as well as institutional and business stakeholders.
According to the announcement, “the agreement marks the start of a new strategic partnership focused on housing and sustainable development, with both organisations seeking to support national policy objectives”.
It further explained that memorandum establishes a framework for cooperation between the two bodies, enabling structured collaboration on key economic and development issues.
Under the agreement, the two sides will promote the exchange of expertise and information, aiming to improve policy formulation and implementation.
At the same time, the central bank said that deposit rates for households and businesses in Cyprus remained lower than eurozone levels, reflecting continued divergence in savings returns.
For household term deposits with a maturity of up to one year, the weighted average interest rate stood at 1.18 per cent, compared with 1.82 per cent in the euro area.
Among banks, the National Bank of Greece (NBG) Cyprus offered a rate of around 1.57 per cent, while the Bank of Cyprus provided approximately 0.87 per cent, with Eurobank Cyprus and Alpha Bank Cyprus offering 1.17 per cent and 1.39 per cent respectively.
Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel), Armeftis said the project, which was initially scheduled to be delivered in early May, is now expected to be completed by June 15.
The main difference in the new layout of the historic square in central Limassol, he said, is that the stairs have been removed, creating a single unified surface.
The road in front of the Rialto Theatre is currently being completed, while the new design has also improved the connection between the theatre’s stairs and the square.
Speaking to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce (Evel), the Deputy Ministry is currently in consultations with the Finance Ministry over the project concept note it has submitted for the development, which is now under review by the relevant department.
According to the Shipping Deputy Ministry, efforts are being made to move the project forward as quickly as possible, with approval from the Directorate General Growth of the Finance Ministry expected within about a month.
The relocation is considered particularly important, as the Deputy Ministry’s services are currently housed in different buildings which no longer adequately meet its operational needs.
The resurgence comes after two difficult months for the industry, with renewed fears over attacks on vessels in the Red Sea and escalating tensions involving the US, Israel and Iran adding further pressure to key maritime routes.
Even before the latest crisis, around half of vessels travelling from Asia and the Gulf to Europe were already avoiding the Red Sea and the Suez Canal because of earlier attacks by the Iran-backed Houthis.
As a result, major shipping companies have been taking the longer route around southern Africa, avoiding the Bab el-Mandeb Strait, the narrow chokepoint between the Red Sea and the Gulf of Aden.
Ask Wire analysed the 50 highest-value property sales completed between January and March, as well as their distribution across Cyprus’ districts.
The 10 largest transactions alone reached €83.9m, with the most expensive sale involving a building and six adjacent fields in Moni, in the Limassol district, which changed hands for €19.7m.
The workshop, titled ‘Getting to know the world of shipping’, gave pupils the opportunity to learn how shipping affects everyday life, while also offering a first look at the wide range of professions linked to the maritime sector.
Deputy Minister of Shipping Marina Hadjimanolis, who attended the event, spoke to the children about the role of shipping in daily life, noting that “90 per cent of the products we have in our homes arrived by ship”.
She also referred to Cyprus’ standing as an international maritime centre, saying that although the island is a small country, “it is a pioneer in shipping and is one of the largest shipping countries in the world”.
The agreement, formalised through a memorandum of understanding (MoU), was signed at the chamber’s offices in Nicosia.
The MoU was signed on behalf of Keve by secretary general Philokypros Roussounides and on behalf of CITEA by president George Malekkos.
The agreement is designed to promote the digital transformation of the economy, support businesses, particularly small and medium-sized enterprises, and enhance innovation, extroversion and competitiveness.
The event, organised by the Institute of Chartered Accountants in England and Wales( ICAEW), along with the Institute of Certified Public Accountants of Cyprus (ICPAC), placed the Cyprus EU Presidency agenda, economic competitiveness strategy and regional connectivity ambitions at the centre of discussions.
Speaking at the conference on behalf of the president Christodoulides, Deputy Minister to the President Irene Piki said that Cyprus intends to contribute substantially to a European agenda focused on competitiveness, resilience and economic security and autonomy.
The minister delivered his remarks in Nicosia during a keynote address at the “Shaping Europe’s Growth and Competitiveness” conference.
The event was organised by the Institute of Chartered Accountants in England and Wales (ICAEW) along with the Institute of Certified Public Accountants of Cyprus (ICPAC).
The minister told the conference that Europe stands at a decisive crossroads, shaped by a rapidly evolving global environment.
Operating across 190 countries, the group currently serves more than 20 million clients in over 30 languages through an extensive network of regulated entities and advanced technological infrastructure.
The organisation offers comprehensive access to international financial markets, enabling the trading of Contracts for Difference (CFDs) across asset classes including foreign exchange, indices, commodities and shares.
This strong market presence is reflected in the fact that the company is among the most highly awarded brokers globally, having secured a total of 53 awards since its inception.
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