Here are the top business stories in Cyprus from the week starting July 20:
The estimate, based on prices reported by Politis, does not involve luxury spending. It covers two sunbeds, one umbrella, a meal and drinks for two adults and two children, a couple of coffees and the petrol required for the return journey.
Add a beer, a cocktail or another round of snacks and ice creams, and the cost can move closer to €140 or €150.
The calculation shows how Cyprus’ long-standing answer to an inexpensive family day out is becoming increasingly difficult to describe as affordable.
The first €10 is spent before the family has ordered anything. Following recently approved increases, sunbeds at organised beaches are now priced at €3.50 each, while an umbrella costs €3. A third sunbed would immediately lift the charge further.
“They asked us for €2,500 for four days in Protaras. With this money, I prefer to take the children and go to Greece”, a Cypriot said to Politis.
It is a complaint increasingly heard among families still trying to organise their summer break, turning the familiar choice between Cyprus and abroad into a calculation of airfares, hotel nights and what remains to be spent after arrival.
Greece remains the clear favourite. The latest official figures show that 35.3 per cent of Cyprus residents returning from an overseas trip in June had travelled from Greece, far ahead of the United Kingdom at 8.3 per cent, Italy at 6.3 per cent and Poland at 3.5 per cent. Overall, overseas trips by residents increased by 7.4 per cent from a year earlier.
The agreement was signed by University of Cyprus rector Tasos Christofides and Association of Cyprus Banks director general Marios Skandalis.
According to an announcement by the Cyprus Banks Association, the agreement provides for joint scientific and educational initiatives, collaborative research projects, and joint participation in European programmes.
In addition, it also includes partnerships in applied research, the provision of specialised scientific support, as well as the active involvement of representatives from both organisations in conferences, workshops, seminars and other activities of shared interest.
For years, fashion offered one response: buy another.
Elina Lemis offers a more interesting one: give the dress back.
Her company, Wear the Runway, was the first digital designer rental platform introduced in Cyprus. However, its appeal lies less in being first than in the contradiction it understands. Women have not stopped wanting glamour, novelty or the small transformation that occurs when the right dress changes how they enter a room. They are simply becoming less convinced that every transformation requires permanent ownership.
Lemis told the Cyprus Mail that “the biggest shift has been in how women view ownership”. When Wear the Runway launched, designer rental was still unfamiliar to much of the local market. Today, women are more open to the idea that “you don’t have to own something to enjoy it”.
In an interview with journalist and international author Andrea Busfield for The European, Hadjimanolis described an industry whose responsibilities have expanded far beyond the traditional management of vessels.
“When routes become unsafe, ship managers become crisis coordinators,” she told Busfield, noting that while public attention focuses on military and geopolitical developments, “the critical work undertaken by the civilian maritime sector often remains less visible”.
Commercial traffic through the Strait of Hormuz, which normally handles around a fifth of the world’s oil and gas supplies, has been severely disrupted. At the same time, continuing instability in the Red Sea has complicated one of the principal trade routes connecting Europe and Asia.
The nationwide campaign is examining whether businesses issue legal invoices and receipts and allow customers to pay by card, Tax Commissioner Sotiris Markides told the Cyprus News Agency (CNA).
Its purpose, he explained, is “to ascertain compliance with the legislative framework governing transactions, in relation to the issuance of legal invoices and receipts as well as the acceptance of card payment methods”.
Although inspections are being conducted across the island, the Tax Department is currently placing greater emphasis on coastal businesses, including those serving the busy tourism and hospitality markets.
After years of debate over rising rents, affordability and housing shortages, the national conversation has finally shifted towards increasing housing supply, the one factor most likely to bring lasting change to the market.
The commitment by Cyprus’ political parties deserves recognition because it acknowledges that boosting supply, rather than simply managing demand, is essential if housing affordability is to improve over the long term.
However, setting a target is only the beginning, with the greater challenge lying in removing the barriers that continue to slow residential development.
Cyprus, which assumed the rotating presidency on January 1 before handing it to Ireland on July 1, held the role for the second time after its first term in 2012.
“Cyprus delivered a presidency marked by decisive leadership, constructive diplomacy, and a clear strategic vision that strengthened Europe’s maritime agenda and reinforced the Union’s collective priorities,” CUS said in its official report.
During the 181-day term, Cyprus organised three summits, 19 informal ministerial meetings and 52 formal ministerial meetings, while more than 30,000 visitors travelled to the island for presidency-related events.
The airlines announced that the agreement came into effect on July 7, 2026, with flight codes from both Air France and Cyprus Airways already appearing on services operated by Cyprus Airways.
Under the partnership, passengers will have access to up to six flights per week during the summer season between Larnaca and Paris Charles de Gaulle.
The companies said the agreement is intended to improve year-round connectivity by allowing travellers to connect through Air France’s extensive network via its Paris hub.
According to a report from Philenews, a decision by the Tenders Review Authority highlighted the unusually long procurement process and dismissed the latest legal challenge against the award.
The electronic payment service has been managed by JCC Payment Systems Ltd since 2010, allowing citizens and businesses to make online payments, including card payments, for a wide range of government services.
These transactions include the payment of direct taxes and outstanding obligations to the state, vehicle licence renewals, social insurance contributions, traffic fines and other fixed penalties, as well as various government fees.
The first special purpose company, Land of Tomorrow – Residential Towers Ltd, involves a 21 per cent participation by Petrolina (Holdings) Public Limited.
The second special purpose company, Land of Tomorrow – Ecovillage Ltd, features a 35 per cent participation by the holding company.
The third special purpose company, Land of Tomorrow – Resort Ltd, is fully owned with a 100 per cent participation by Petrolina (Holdings) Public Limited.
The latest data also show that Cyprus remained one of the few European Union countries to record a budget surplus, with Eurostat reporting a seasonally adjusted surplus equivalent to 0.4 per cent of GDP in the first quarter of 2026.
Cystat said the January to March 2026 surplus compared with €600.60m recorded during the same period of 2025.
Total government revenue increased by 5.8 per cent year-on-year to €3.82 billion, up from €3.61 billion in the corresponding quarter of last year.
The organisation said the new platform, available at shares.pccpc.cy, enables any eligible citizen to become a member by purchasing shares in the participation company established to create the new bank.
The minimum investment has been set at 100 shares, with each share priced at €1.
Payments of up to €10,000 can be made by bank card through JCC and will be transferred to a dedicated bank account held with the Bank of Cyprus.
Hadjimanolis met India’s High Commissioner to Cyprus, Manish Manish, on Tuesday to discuss the visit and identify areas in which companies from the two countries could work together across the maritime sector.
According to the Shipping Deputy Ministry, the mission will focus on business-to-business cooperation, bringing Cypriot maritime companies into direct contact with potential Indian partners and exploring commercial opportunities in key areas of shipping.
The two officials also discussed the next steps in implementing the existing Bilateral Agreement on Merchant Shipping, including plans to convene the first Cyprus–India Joint Maritime Committee. The mechanism is expected to provide a more structured framework for cooperation between the two governments and their maritime industries.
Through the activities of the PwC Foundation, the firm focused on three main areas: education and culture, youth entrepreneurship, and community support through its Offering Our Hearts & Minds programme.
The foundation said its work was guided by PwC’s wider purpose of building trust in society and addressing important challenges through long-term engagement.
Education remained a central priority during FY26, with the foundation supporting equal opportunities, academic excellence and the development of skills needed for the future workforce.
The promotion, which began on July 6, applies to purchases made at participating businesses across Greece, both in physical stores and online, through Eurobank’s €pistrofi card rewards programme.
Customers can take advantage of the offer at more than 8,500 partner businesses, ranging from major retailers such as Attica, Sephora and Hondos Center to hotels, restaurants, museums and other establishments.
Unlike rewards schemes based on points, €pistrofi provides cashback directly in euros, allowing customers to use the amount earned on subsequent purchases at participating businesses.
The latest Eurostat data, puts Cyprus’s restaurant and accommodation price index at 85.2, against an EU average of 100. That leaves the island fractionally cheaper than Spain and Greece, while Slovenia, Croatia, Malta, Italy and France are progressively more expensive. Portugal remains the notable western Mediterranean bargain, while Albania and Montenegro offer lower prices farther east.
Beyond the Mediterranean, the same figures place Bulgaria, Romania, Serbia, Bosnia and Herzegovina and North Macedonia below Cyprus for both general consumer prices and hospitality. Germany, Austria, Belgium, the Netherlands and the Nordic countries, meanwhile, are markedly more expensive.
The wider picture is similar. Across the full household basket, which includes everything from groceries and clothing to transport and services, prices in Cyprus were 10.8 per cent below the EU average. The island was cheaper than Spain, Malta, Italy and France, although Greece, Portugal and Croatia came in lower.
According to the announcement, the agreement confirms the two organisations’ shared commitment to promoting initiatives that enhance human health, social solidarity and humanitarian assistance.
The chamber explained that the memorandum is founded on the common principles of protecting every person’s right to health, prevention, medical and psychosocial care, and a dignified standard of living without discrimination.
Under the partnership, the two organisations will develop joint initiatives in the fields of public awareness, education, humanitarian assistance, medical and psychosocial care, as well as palliative support.
The latest Eurostat figures showed that the price of fuels and lubricants for personal transport in Cyprus increased by 18.6 per cent in June 2026 compared with June 2025, placing the island among the countries with the sharpest annual rises in the bloc.
Across the EU, fuel and lubricant prices increased by 13.7 per cent year on year in June 2026, following even stronger annual increases of 20.8 per cent in April and 20.7 per cent in May.
Although prices continued to rise in every EU member state compared with a year earlier, the pace of annual inflation slowed in June, after four countries had recorded increases exceeding 30 per cent in May.
The campaign received a gold award at the Cyprus Tourism Awards 2025 in the Strategy & Innovation – Timeless Presence category and a bronze award at the Marketing Achievements Awards 2025 in the Integrated Marketing category.
The tourism board said the awards represented recognition not only of an individual promotional campaign but also of a wider collaborative model developed over the past seven years.
The strategy was built around a shared long-term vision bringing together public and private sector partners to promote the Paphos region under a unified destination marketing approach.
Speaking at the official launch of the TechIsland Wildfire Initiative in Limassol, Ioannou said the partnership would give local communities a vital tool for responding during the first critical moments of a fire, before the arrival of the Fire Service and other emergency crews.
He thanked TechIsland president Valentinos Polykarpou, the association’s board and management, the members of the initiative’s committee, and the companies, donors, partners and volunteers who supported the effort. “TechIsland is the largest association of technology companies in Cyprus”, Ioannou said.
The Geosfire project, funded by TechIsland, was presented on Thursday by Anna Zenonos, a researcher at the Cyprus Institute’s Climate and Atmosphere Research Centre, as part of the TechIsland Wildfire Initiative.
Geosfire stands for Geospatial Earth Observation System for Fire Intelligence and Real-time Evaluation and is being developed specifically for Cyprus.
Explaining its mission, Zenonos said that “this project aims to develop a satellite-based, machine-learning fire detection and alert system tailored to the geographic and climatic conditions of Cyprus, while addressing the operational needs of first responders”.
Unlike traditional monitoring, which largely depends on someone seeing smoke or flames, Geosfire uses satellite data to monitor locations across the island.
Developed by Brickworks Games as part of the TechIsland Wildfire Initiative, the app was presented to the public for the first time on July 23, at The Warehouse by IT Quarter in Limassol.
Vladimir Polianskii, chief marketing officer of Brickworks Games, presented SafeIsland CY as “a public-safety tool that helps people in Cyprus report wildfire signs, receive nearby alerts and access key fire-related information, all on one interactive map”.
The community-powered tool was created particularly for residents in rural, mountain and high-risk areas, where early local information can make a real difference.
Explaining the problem the app seeks to address, Polianskii noted that “during the first minutes of a wildfire, information is fragmented”, while “residents nearby notice smoke, blocked roads or changing wind long before it becomes widely visible”.
According to figures included in the presentation, the fires burned more than 100 square kilometres of forest, destroyed 191 homes across 15 villages and claimed two lives, making them among the most destructive in Cyprus’ history.
The scale of the disaster prompted an immediate response from the technology community. Within just a few days, more than 60 companies and individuals answered TechIsland’s call, raising approximately €2 million to support affected residents and communities.
However, as the immediate needs began to change, so did the initiative. What started with emergency assistance gradually expanded into a wider social impact programme, bringing together the private sector, the state, scientists, local authorities and volunteers.
The report, titled ‘Transport and tourism in the European Union – Current trends and issues’, provides an overview of recent developments across the bloc, assessing competitiveness through sustainability, resilience, connectivity, safety, security and the social dimension of mobility.
It also presents detailed country factsheets for each member state, allowing Cyprus’ transport performance to be compared with EU averages across a broad range of indicators.
According to the report, 83.5 per cent of inland passenger transport in Cyprus was carried out by passenger cars in 2023, slightly above the EU average of 82.0 per cent.
The ECB said the total number of non-cash payment transactions in the euro area increased by 6.9 per cent year on year to 83.5 billion during the second half of 2025.
The total value of those payments reached €117.8 trillion, representing an increase of 0.8 per cent compared with the same period of 2024.
Card payments remained the most widely used payment instrument, accounting for 57 per cent of all non-cash transactions, followed by credit transfers at 21 per cent, direct debits at 14 per cent and electronic money payments at 6 per cent, while the remaining 1 per cent consisted of cheques, money remittances and other payment services.
The report found that the total volume of non-cash payments in Cyprus rose by 8 per cent year on year to 174 million transactions during the second half of 2025, while the total value increased by 9 per cent to €148 billion.
Across the euro area, the number of non-cash payments also increased by 7 per cent to 83 billion transactions, although the total value remained broadly unchanged at €118 trillion.
“Cypriots continue to shift towards digital payment methods, with non-cash payment transactions increasing in both volume and value during the second half of 2025,” the CBC said.
At the centre of the discussions was the creation of a strategic cooperation framework that would support the secure, responsible and innovative adoption of AI across society, the economy and the public sector.
The two officials examined practical ways of working together, with particular attention given to the implementation of the European Union’s AI Act and the proposed development of an AI Act Implementation Playbook. They also discussed organising joint technical meetings and roundtables with ISO/IEC experts, bringing international expertise on AI governance and recognised standards into Cyprus’ preparations.
Beyond the immediate regulatory work, the meeting also considered initiatives intended to future-proof Cyprus against emerging challenges in AI and cybersecurity, while strengthening the country’s wider digital resilience.
Outlining the proposed National Artificial Intelligence Strategy 2032, Skourides, who also chairs the National AI Taskforce, said the country’s direction was built around one central principle, with “AI must serve people. People must remain in control.”
That principle shaped the Taskforce’s discussions from the outset, as its members considered how AI could strengthen people rather than diminish their role, raise productivity and contribute to economic growth, better serve citizens and customers, and remain trustworthy and appropriately governed.
However, the strategy is not presented simply as a plan for new systems and infrastructure. Instead, it begins with the people whose everyday lives could be changed by them. Behind every proposal, Skourides said, was “a child learning, a patient waiting, an employee adapting, an entrepreneur trying to grow or a citizen seeking a service that should be simpler.”
Trade unions Ouxeka-Sek and Syxka-Peo raised the alarm in letters sent to labour minister Marinos Mousiouttas, Labour relations department director Andis Apostolou and Labour department director Alexandros Alexandrou.
The unions said a significant increase in temporary or “rented” workers had recently been recorded in hotels and leisure centres, describing the practice as a serious and growing concern.
Alexey Garyunov, general partner at FinSight Ventures, has been positioning ahead of that moment.
FinSight’s portfolio spans generative AI unicorns like Databricks and Scale AI, and fintech plays in Uzbekistan and India.
Based in Cyprus, the fund sits at the crossroads of international capital, operating where most institutional investors won’t look, which, according to Garyunov, is precisely the point.
In an interview with the Cyprus Mail, Garyunov explained why the aforementioned IPOs could serve as market milestones, while also discussing the unique investment landscape of Cyprus as an emerging innovation hub, and the high-growth potential of generative AI and fintech across overlooked global markets.
The online consultation follows the ECB’s unveiling of ten shortlisted design proposals, marking the next stage in what will become the first complete redesign of euro banknotes since their introduction in 2002.
In a statement, the CBC encouraged people in Cyprus to participate in the ECB’s online survey and contribute their views on the future appearance of Europe’s common currency.
The CBC said the shortlisted proposals emerged from a European Union-wide design competition that attracted more than 1,200 graphic designers.
From those entries, 25 designers were invited to develop proposals based on one or both of the two selected themes, European culture and Rivers and birds.
Patsalides, who sits on the ECB’s Governing Council, said the decision reflected continued uncertainty surrounding the economic outlook and the potential consequences of higher energy prices.
“We kept key interest rates unchanged,” Patsalides said.
“So far, broader effects from the energy shock remain contained,” he added.
The CBC chief further explained that “the economic outlook continues to be shaped by heightened geopolitical uncertainty“.
“Risks to inflation continue to be tilted to the upside, whereas risks to growth remain on the downside,” he continued.
Total development expenditure budgeted for 2026 stands at €1.62bn, of which €412.39m had been implemented by the end of June.
Meanwhile, state revenue reached €4.44bn, corresponding to 41 per cent of the annual target, compared with €4.21bn and the same implementation rate a year earlier.
Actual expenditure rose to €4.63bn, representing 40 per cent of the annual budget, from €4.41bn and 40 per cent in the first half of 2025.
The increase in revenue was mainly driven by higher tax receipts, with indirect taxes rising by €170m and direct taxes by €90m.
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