Here are the top business stories in Cyprus from the week starting June 22:
Speaking on CyBC’s daytime show ‘Apo Mera se Mera‘, Michaelides said the sector had come under pressure after developments in March triggered disruption across tourism, leading to mass cancellations and a sharp slowdown in bookings, particularly for hotels.
Since then, the picture has improved. Cancellation rates, he said, have now returned to more normal levels, while bookings have started moving again at a more satisfactory pace.
Michaelides warned that the recovery remains fragile. “The important thing is that reservations have started to move to a more satisfactory level,” he said.
The effort is not a blanket price-cutting exercise. Instead, hotels are moving carefully, with targeted offers, domestic tourism campaigns and last-minute deals aimed at filling rooms without undermining margins at a time when energy, wages and other operating costs remain high.
The pressure has been building since spring. Tourist arrivals fell sharply in March and April, after geopolitical tensions in the region hit confidence in several eastern Mediterranean destinations. May brought some relief, with arrivals reaching 455,680, down 4.9 per cent from 479,160 in May 2025, according to the Statistical Service (Cystat).
That was a marked improvement on the 30.7 per cent drop recorded in March and the 27.6 per cent fall in April. However, the first five months of the year were still 13.3 per cent lower than in 2025, leaving hotels heavily dependent on late bookings, domestic demand and a steadier flow from key foreign markets.
The 16th annual awards ceremony was held in Athens, bringing together representatives from the technology and innovation ecosystem, the National Bank in Greece and Cyprus, investment organisations, chambers of commerce and universities.
The event also featured champion swimmer Apostolos Siskos, who spoke about his remarkable career journey.
Meanwhile, Wealthyhood chief executive Alexandros Christodoulakis shared his experience as the winner of last year’s competition and reflected on the progress achieved since securing the distinction.
A total of 12 teams and companies were recognised in this year’s competition, representing sectors including healthcare, artificial intelligence, fintech and sustainable development.
The agreement, announced on June 22, 2026, and signed with the BCM Group, covers the first nine years of mining operations and represents the largest operational contract to date for the project, signalling a further step towards full-scale production.
The development carries direct implications for Mithril Royalties, which is headquartered in Cyprus and holds a $10 million gold royalty over future output from Tulu Kapi, giving it structured exposure to revenues generated by the mine once production begins.
The index reached 54.6 points this year, marking an increase of approximately four points compared to the findings in 2024.
Despite this upward trend, the data indicates that four in ten Cypriots, roughly 38.4 per cent of the population, remain in the two lowest categories of financial wellbeing.
The findings, presented by the president of the Financial Wellbeing Institute, Panayiotis C. Andreou, categorise citizens into five distinct profiles ranging from the most vulnerable to the most thriving.
The decision was taken unanimously by the ICS Board of Directors at the organisation’s Annual General Meeting, held at Palazzo Valentini in Rome on June 22.
Denholm, a qualified chartered accountant, joined the family-owned shipping business J. & J. Denholm before becoming chief executive in 1993. He currently serves as executive chairman of J. & J. Denholm and Denholm Energy Services.
His appointment comes at a difficult moment for the shipping industry, with geopolitical tensions, security threats, the energy transition and changing trade patterns continuing to shape global maritime operations.
Denholm has also held several senior roles across the industry, including president of both the UK Chamber of Shipping and BIMCO.
Speaking on CyBC’s daytime show ‘Apo Mera se Mera’, deputy secretary general of the Cyprus Chamber of Commerce and Industry (Keve) Andreas Andreou said Cypriot companies had presented defence and technology products that “have nothing to envy” from similar products abroad.
The exhibition, held in Paris last week, is one of the world’s largest defence and security events, bringing together companies, governments, armed forces and industry bodies from across the sector.
For Cyprus, however, this year’s participation carried wider significance. The island’s national pavilion brought together Cypriot companies active in defence, security, space, telecommunications, energy and related technologies, at a time when the government is seeking to strengthen the sector’s international reach.
The event, organised by the International Chamber of Shipping (ICS) in cooperation with Confitarma, the Italian Confederation of Shipowners, brought together senior industry figures, government officials and maritime stakeholders at a time when shipping is facing mounting pressure from geopolitical tension, regulatory change and the energy transition.
According to the Shipping Deputy Ministry, Hadjimanolis attended the dinner together with her associates, with the evening offering an opportunity to exchange views with industry leaders and further reinforce the spirit of cooperation that supports the global maritime community.
The Rome summit, held under the title ‘Shaping the Future of Shipping Summit 2026 – Forging Partnerships for Resilience’, forms part of a wider ICS series aimed at bringing governments, shipowners and maritime organisations closer together.
The scholarships were given to seven students from each university, based on both their academic performance after completing their first year of studies and their socio-economic background.
In this way, the programme seeks to reward students who have shown effort, excellence and commitment, while also supporting young people who may face financial or social barriers in their studies.
The initiative falls under the foundation’s Education and Culture pillar, one of its three main areas of activity, through which it aims to support local communities and help improve people’s quality of life.
For partner and chief operating officer at Oesterreichischer Lloyd Shipping Group Sunil Kapoor, however, it became something more personal, bringing together the country he came from, the island he chose and a partnership now clearly coming of age.
In his account of the visit, Kapoor recalled that there are “phone calls that change your afternoon, and phone calls that change your year”.
When Marios Tannousis, CEO of Invest Cyprus and, as Kapoor put it, “a man on a mission”, rang him one ordinary afternoon, he assumed it was the former. It was not.
Within two minutes, Tannousis had informed him that he would be joining President Nikos Christodoulides on a state visit to India and participating in a high-level investors’ roundtable at the Taj Mahal Palace Hotel in Mumbai.
Speaking at the annual general meeting of the Association of Cyprus Banks (ACB), Patsalides said the Cypriot banking sector currently enjoys the strongest fundamentals in its history, with capital adequacy, liquidity, profitability and asset quality all showing significant improvement.
He explained that Cypriot banks rank among the strongest in the European Union in terms of their Common Equity Tier 1 (CET1) capital ratios, while liquidity levels are substantially above both regulatory requirements and the European average.
He added that profitability has recovered strongly, largely reflecting the monetary policy environment created by the European Central Bank (ECB).
Speaking to the Cyprus News Agency (CNA), Georgakis explained that the digital euro is essentially an additional payment option and represents the digital equivalent of banknotes and coins already in circulation.
He stressed that the new form of money will not replace cash, with both banknotes and coins continuing to circulate alongside the digital euro.
Georgakis added that its use will be entirely voluntary and that all services associated with it will be free of charge.
He also explained that the exchange rate will always remain fixed, meaning that one euro will always equal one digital euro.
In an interview with the Cyprus News Agency (CNA), Tsanos said that Limassol hoteliers are increasingly depending on domestic visitors and last-minute reservations to fill their rooms, while also calling on the government to provide practical support to the hotel industry.
He said that up to May 31, Limassol had recorded an estimated 30 per cent decline in bookings compared with 2025, broadly in line with other districts across the island.
Following positive developments linked to the Iran-United States conflict and revisions in several countries’ travel advisories, June showed encouraging signs, with the drop in bookings now reduced to around 20 per cent, he pointed out.
Indeed, Association of Cyprus Banks chairman Panicos Nicolaou used his address to send what he described as a message of cooperation to both the government and members of the newly elected parliament.
He stressed that the banking sector’s longstanding positions on the need to preserve a stable foreclosure framework are based on economic realities rather than subjective assessments.
Nicolaou said these views had been reinforced by the recent and strongly worded opinion issued by the European Central Bank (ECB).
The newest figures already show why. In Cyprus, property sales rose 11.9 per cent in the first five months of 2026, with 8,043 sales documents filed between January and May, compared with 7,185 in the same period last year. Limassol remained the largest district by volume, recording 2,537 sales contracts, up 11.2 per cent year on year.
In Greece, the latest bank figures, published on June 9, showed apartment prices still rising, although at a slower pace. Prices increased 5.7 per cent year on year in the first quarter of 2026, with Athens up 5.2 per cent, Thessaloniki up 6.4 per cent, other cities up 5.4 per cent and other areas of Greece up 6.9 per cent.
Across Europe, meanwhile, investment is recovering, but selectively. CBRE said European real estate investment reached €52.6 billion in the first quarter of 2026, up 3 per cent year on year, while volumes on a trailing 12-month basis were 13 per cent higher.
According to an announcement released on Wednesday, the initiative aims to provide students with hands-on exposure to real-world technologies, bringing together education, research and practical technological applications at a time when industries are becoming increasingly data-driven and technology-enabled.
Under the agreement, students will engage directly with automation systems, connected technologies and scientific experimentation, allowing them to develop skills in coding, data analysis and applied science through practical learning experiences.
At the heart of the programme is the deployment of FarmBot robotic systems, which will enable students to explore coding, automation, plant science and data analysis through interactive experiments.
The survey is being conducted by the Digital Security Authority, which also serves as Cyprus’ National Cybersecurity Coordination Centre (NCC-CY).
According to the chamber, the initiative aims to record and assess the requirements of startups active in the field of cybersecurity, with the findings expected to help shape future support measures for the sector.
The survey forms part of preparations for a grant scheme designed to support startup companies, which will be implemented through the European N4CY2 project.
The meeting brought together Kikilias, Cyprus Shipping Deputy Minister Marina Hadjimanolis, Italy’s Deputy Minister for Infrastructure and Transport Edoardo Rixi and Malta’s Minister for Sustainable Mobility Chris Bonett.
Writing on his personal platform, Kikilias said the discussion had taken place “in a particularly warm atmosphere”, noting that cooperation between the four countries had now become an established tradition.
“Our countries are leading European shipping and share a unique common understanding due to their location in the Mediterranean,” he said.
The board expressed satisfaction with the results of its ongoing digital transformation programme, which replaces static information boards with smart, environmentally friendly and interactive signage.
According to data collected through QR codes between January and June 2026, more than 43,000 scans were recorded across 150 smart signs installed throughout the district.
For the full year 2025, the system recorded more than 140,000 scans between January 2025 and December 2025, indicating sustained visitor engagement with the platform.
Addressing the annual official dinner of the Cyprus’ real estate developers association in Limassol, Ioanou said that the reform of development licensing was among the most important interventions implemented in recent years.
The event, which the association described as one of the most important institutional gatherings of Cyprus’ business community, was attended by Ioannou on behalf of President Nikos Christodoulides.
In his address, the minister congratulated the association for “its long-standing and substantial contribution to one of the most important and productive sectors of the Cypriot economy”, saying land and real estate development played a crucial role in the modernisation of cities and communities, the upgrading of infrastructure, job creation, the attraction of strategic investment and the strengthening of Cyprus’ competitiveness.
His comments came at a time when the property sector remains one of the island’s strongest economic drivers, but also one of the most closely watched, as rising prices, tight supply and affordability concerns continue to dominate the housing debate.
Kaloyirou took part in a panel discussion at the ACI Europe annual congress and general assembly, hosted by Prague Airport from June 22 to 24, which brought together more than 500 airport executives, policymakers and aviation stakeholders.
The discussion, titled Eurasian markets, focused on the way shifting traffic patterns, geopolitical pressure and new demand are redrawing the aviation map across Europe, Central Asia and the wider region.
For Cyprus, the debate comes at a delicate but important moment.
Although Larnaca and Paphos airports recorded an all-time high of 13.75 million passengers in 2025, the island’s air connectivity has been tested this year by instability in the Middle East, changes in airline capacity and a more cautious travel market.
The awards, which recognise excellence in academic research and innovation, were presented to students whose work was judged the best in fields related to finance and capital markets.
CySEC explained that the initiative aims to reward outstanding academic achievement, encourage research efforts and promote innovative thinking among young scholars.
The regulator also said that the programme seeks to strengthen ties between the academic community and the financial sector, particularly in matters concerning capital markets.
The Cyprus Shipping Chamber (CSC) said seafarers remain at the centre of global supply chains, even if their role is rarely visible in everyday life.
“Behind every shipment delivered, every supermarket stocked and every economy connected, there is a #Seafarer making it possible,” the chamber said.
This year’s theme, ‘Carrying world trade. Carrying the risks’, comes at a particularly difficult moment for the industry, as crews continue to face long periods away from home, demanding working conditions, security threats at sea and the wider impact of geopolitical tensions on global shipping.
Due to this change, the Customs Department has issued some practical examples to explain how the new rules will work in practice.
The guidance comes ahead of the implementation of a new European Union customs framework that abolishes the longstanding exemption from customs duties on low-value consignments worth less than €150 arriving from non-EU countries.
Under the new system, a temporary flat-rate duty of €3 per product category included in a shipment will apply to goods purchased online from third countries.
The UN shipping agency said the decision was taken after a vessel that had passed through the Strait of Hormuz was attacked. The vessel was not travelling under the IMO evacuation framework, but the incident was enough to halt an operation that had only just begun moving stranded ships and crews out of the region.
IMO Secretary-General Arsenio Dominguez said several vessels had already been successfully evacuated, but that the organisation now needed to reconfirm that the necessary safety guarantees remained in place.
“I have always reiterated that the safety of the seafarers remains paramount,” Dominguez said, adding that the evacuation plan would remain paused “until further clarity is obtained”.
Speaking at the university’s graduation ceremony, Damianou said the rise of AI is no longer a distant or theoretical issue, but one already affecting Cyprus’ economy, labour market, education system and ability to compete for investment and talent.
“The essential question remains the same and more important than ever: how do we ensure that technology serves humans and not the other way around?” he said.
Damianou referred to recent discussions at the G7, where heads of state met senior figures from major AI companies, including OpenAI, Google DeepMind and Anthropic.
He also cited OpenAI chief executive Sam Altman’s warning to governments not to hand over their responsibilities to AI companies, saying the real challenge is not simply to develop more powerful systems, but to ensure they serve people, democracy and society.
The development was presented at an event in Limassol, attended by the Cyprus Mail, with the company framing Zoia not simply as another apartment complex, but as a community-led scheme built around convenience, shared facilities and long-term value.
That is the pitch. The more interesting story is where it is happening.
Zoia is located in the Berengaria area, on land tied to the former British military camp that operated for decades and was once one of the best-known military sites in Cyprus. After its closure, the area gradually opened up for redevelopment, creating space for a very different kind of neighbourhood.
Click here to change your cookie preferences