Business & economy wrap-up from the day before

Cyprus maintained stronger economic growth than both the euro area and the European Union in the first quarter of 2026, according to estimates released by Eurostat, despite a slowdown from the previous quarter.

The figures published by the European Union’s statistical office showed that Cyprus’ gross domestic product (GDP) expanded by 0.2 per cent quarter-on-quarter in the January to March period.

This marked a slowdown from the 1.2 per cent increase recorded in the fourth quarter of 2025.

Compared with the same period of the previous year, the Cypriot economy grew by 3 per cent, down from 4.3 per cent in the fourth quarter of 2025.

Annual growth in Cyprus had stood at 3.6 per cent in the third quarter of 2025 and 3.7 per cent in the second quarter of 2025.

Satellite operator Eutelsat and Cyprus-based Tototheo Global have signed a new partnership agreement aimed at expanding Low Earth Orbit (LEO) connectivity services across the maritime, enterprise and government sectors.

Under the agreement, Tototheo Global will provide Eutelsat’s OneWeb LEO services to maritime customers around the world while also acting as a key partner for enterprise, civil and military government connectivity requirements in Greece and Cyprus.

The companies said the collaboration is intended to support resilient communications and mission-critical operations, where secure and dependable connectivity is essential.

Headquartered in Cyprus, Tototheo Global specialises in advanced connectivity and technology solutions for organisations operating in demanding environments across the maritime, enterprise and government sectors.

The company said the agreement with Eutelsat will strengthen its connectivity portfolio and enhance its ability to provide safe and resilient operations for customers.

Eurobank reiterated its commitment to sustainable development and the green transition during the the recently-held Green Agenda Summit, with the bank participating for the third consecutive year as a platinum sponsor.

The conference, held on June 4 under the theme “Transition as a Responsibility (not a trend)”, brought together academics, senior executives and leading experts from Cyprus and abroad to discuss the challenges and opportunities arising from the shift towards a more sustainable economy.

The event served as a platform for exchanging views on how both the public and private sectors can respond to the demands of the green transition.

Speakers stressed that the transition should no longer be viewed as a temporary trend, but rather as a necessity that will provide the foundations for a sustainable future.

Particular emphasis was placed on the need for businesses to demonstrate readiness and adaptability in managing the risks associated with the transition process.

Limassol Greens officially inaugurated its integrated golf resort and residential development this week, 2026, marking a major milestone for one of Cyprus’ most ambitious tourism, lifestyle and investment projects.

The ceremony, held on June 3, celebrated the evolution of the development, which first opened its doors in October 2025 and has since begun establishing a new model of premium living and year-round hospitality on the island.

The project combines a championship 18-hole golf course, luxury residences, extensive landscaped green areas, lifestyle facilities and future wellness and dining amenities within a single destination.

The inauguration ceremony was attended by government officials, members of parliament, mayors, ambassadors, business leaders, partners, homeowners, clients and other distinguished guests.

President Nikos Christodoulides was represented at the event by Interior Minister Constantinos Ioannou, highlighting the project’s significance for Cyprus’ tourism, development and investment sectors.

Designed as a year-round community, Limassol Greens seeks to integrate residential, leisure and lifestyle experiences within a natural environment.

Alpha Bank Cyprus this week held a business-focused event at the Amarande hotel in Ayia Napa, bringing together local stakeholders to underline the strategic role of the Famagusta district in the Cypriot economy and the bank’s continued support for its business community.

The gathering, held on June 3, placed emphasis on local economic prospects, the upgrading of the tourism product, and the role of bank financing in driving new investment projects, with representatives of local authorities, business leaders, professionals and bank executives in attendance.

In his address, Alpha Bank Cyprus chief executive Miltos Michaelas highlighted the importance of the district, pointing to its strong footprint in tourism, hospitality, trade and services, as well as its contribution to outward-looking growth and national competitiveness.

He also stressed the bank’s approach to supporting enterprises. “Behind every business there are decisions, risks, plans, people and daily effort,” he said.

“Our role is to understand this reality and stand by our customers with experience, clear judgement and solutions that have practical value,” Michaelas added.

The Larnaca tourism board (Etap) won five awards at the Cyprus Tourism Awards, held this week, in recognition of its strategy for sustainable, innovative and quality tourism development in the district.

According to an announcement, Etap Larnaca received one platinum and four gold awards, covering initiatives linked to rural tourism, accessibility, culture, digital innovation and religious heritage.

The top platinum award was given for its work on the Beekeeping Villages of Mountainous Larnaca, a sustainable thematic tourism cluster involving nine mountain communities in the district.

Etap said the initiative aims to promote the area’s beekeeping tradition, while also strengthening local entrepreneurship, preserving cultural identity and supporting the sustainable development of the countryside.

The project is being implemented through cooperation with local communities, the Deputy Ministry of Tourism, the Honey Network, related businesses and the Troodos Network.

Demetra Holdings Plc on Friday informed the investment community of its latest share buyback activity and provided a timeline for the release of its quarterly financial results.

According to the announcement, the board of directors is scheduled to convene on June 16, 2026, to examine the quarterly financial results of the group for the period ending March 31, 2026.

Following this meeting, the company intends to announce its performance figures on Wednesday, June 17, 2026, prior to the commencement of the trading session.

In a separate update regarding its capital management, the company reported that it had proceeded with the purchase of own shares at the session held on June 4, 2026.

The buyback was authorised by the annual general meeting held on June 24, 2025, the company explained.

In addition, the firm carried out the repurchase programme through the Cyprus Investment & Securities Corporation Ltd (CISCO).

A total of 15,650 own shares were acquired by Demetra Holdings Plc during the session on June 4, 2026.

Cyprus’ Industrial Turnover Index rose by 5.6 per cent in March 2026, reaching 144.7 units, according to figures released by the Cyprus Statistical Service (Cystat).

For the first three months of the year, the index recorded a cumulative increase of 2.8 per cent compared with the corresponding period of 2025.

The figures are calculated using 2021 as the base year, meaning the index measures monthly turnover changes in relation to the average monthly turnover recorded during that year.

The manufacturing sector was the main driver of March’s increase, with its index reaching 148.7 units, reflecting an annual rise of 8.2 per cent. For the period from January to March, manufacturing turnover was up 3 per cent year-on-year.

Eurobank S.A. has updated its financial calendar for 2026, informing the investment community of revisions to key reporting and shareholder dates following an earlier announcement made on May 7, 2026.

According to the revised timetable, the ex dividend date has been moved to June 10, 2026, revised from the previously communicated June 8, 2026.

The dividend beneficiaries record date has been revised to June 11, 2026, compared with the earlier date of June 9, 2026.

The dividend payment starting date has been set for June 15, 2026, also adjusted from the previously announced June 12, 2026.

Looking further ahead, the bank will announce its first half 2026 financial results on July 30, 2026, followed by an analysts’ briefing.

Low-cost carrier Wizz Air has announced that it will increase capacity from its Larnaca base earlier than originally planned, adding 57,500 extra seats during August and September in response to stronger-than-expected passenger demand.

The airline said the move underlines its “commitment to the Cypriot market” and supports a significant expansion of its flight programme.

According to the company, the accelerated increase will provide 24,500 additional seats in August and a further 33,000 seats in September, compared with the original schedule.

The expanded programme will strengthen connectivity between Cyprus and a number of key destinations across Europe and the wider region.

Wizz Air said the additional capacity will be deployed on routes experiencing particularly strong demand, including Athens, Barcelona, Bucharest, Tel Aviv, Kutaisi and Iasi.

A major tourism development in Pentakomo is moving through the licensing process, with The Rocks project expected to bring a luxury hotel, villas, apartments and a beach club to one of eastern Limassol’s most prominent coastal locations.

One of the largest investment projects currently proposed along the coastal zone between Limassol and Zygi, the development is under review by the relevant authorities and aims to reshape the wider Governor’s Beach area in the coming years.

Beyond the scale of the investment, attention is also being drawn to the proposed location of the project in one of the Republic of Cyprus’ most strategically important areas, where critical state and energy infrastructure coexist, including the Evangelos Florakis naval base at Mari.

The project, planned within the administrative boundaries of Pentakomo, concerns the seaside area known as Argaki tou Mavrou and is being promoted by DRL5COMOS Properties Ltd.

The Deputy Ministry of Shipping hosted a reception during the international shipping exhibition Posidonia 2026, bringing together representatives of the global shipping community, institutional bodies, partners and industry professionals.

The event, held in the context of one of the world’s leading maritime exhibitions, offered an evening of networking and dialogue, while also reaffirming Cyprus’ continued role in the international shipping sector.

In her address, Deputy Minister of Shipping Marina Hadjimanolis referred to the challenges facing the sector, saying that “despite the difficulties and uncertainties of the time, shipping continues to prove its strength and resilience.”

She said this was mainly due to the people of the industry, who continue to support its development even during periods of wider uncertainty.