Here are the top business stories in Cyprus from the week starting September 14:
In a piece of analysis published on the central bank’s website, Socratous argued that Cyprus had undergone one of the most dramatic transformations in European banking, moving from having NPL levels approaching half of total lending to a banking system whose asset-quality indicators are now broadly aligned with the European Union average.
However, he stressed that the improvement in bank balance sheets did not mean the underlying debt problem had disappeared.
“The problem of NPLs was never simply a banking ratio. It was a macroeconomic constraint,” Socratous stated.
The problem is that some of those escape routes are now coming under pressure too.
Saudi Arabia’s East-West oil pipeline, which carries crude across the kingdom to the Red Sea port of Yanbu and allows exports to avoid Hormuz, was temporarily shut following a drone attack over the weekend, Reuters reported on Monday. The disruption came as shipping through Hormuz remained a fraction of normal levels.
That has brought into sharper focus a change which has been building for months. Oil producers are no longer looking simply for the cheapest way to get crude to market. Increasingly, they need more than one way out.
In what he described as his final post as CySEC chairman, Theocharides said a few days had passed since he was informed that he would not continue at the regulator, bringing to a close a period which began when he became vice-chairman in July 2020 and later chairman in September 2021.
“A few days have passed since I was informed that I will no longer continue at CySEC,” he said, before thanking those he worked with over the past six years, from market participants and service providers to government officials, MPs and colleagues at European and international regulatory bodies.
The International chamber said Kazakos met Badar A. Almunayekh, Kuwait’s ambassador to the United Kingdom, at the country’s embassy in London, with discussions focusing on freedom of navigation and the ability of merchant ships to move through international waterways “safely, predictably and without unnecessary impediment”.
The meeting forms part of the ICS “No Tolls/No Control Change” campaign, which is pressing for freedom of navigation and a toll-free Strait of Hormuz.
At the heart of the campaign is the organisation’s position that merchant ships must be able to use international waterways without compulsory charges or measures controlling their passage.
The report, titled ‘A Short History of the Future of Shopping and Payments‘, combines Mastercard research with forecasts from four international experts on the future of artificial intelligence and commerce.
The experts are Magnus Lindkvist, Patrick Dixon, Katja Forbes and Theodora Lau, with the report examining how artificial intelligence could reshape shopping and payments by the end of the decade.
Mastercard said AI agents are expected to take on an increasing number of routine purchases, including potentially negotiating prices on behalf of consumers.
Smart devices such as watches and rings are also expected to provide consumers with personalised product information before and after purchases, while AI is likely to take on a more active role inside physical shops.
The letter, also sent to the Central Bank of Cyprus (CBC) and the European Central Bank (ECB), follows provisions backed by the European Parliament earlier this year calling for greater protection of first homes, particularly for vulnerable households.
According to Politis, Hadjipantela is now asking Cyprus’ banks to take those provisions into account when dealing with borrowers who have remained consistent with their repayments.
The issue centres on the European Parliament’s Banking Union report for 2025, on which Hadjipantela served as shadow rapporteur for the European People’s Party.
The meeting came during a two-day visit to Cyprus by Theoharis, who is responsible for economic diplomacy and extroversion, with his programme focused heavily on investment, trade and closer links between the two countries’ business communities. The visit runs from September 14 to 15, according to the Greek foreign ministry.
Kombos, writing on his personal account after the meeting, said the two sides had focused on “strengthening economic diplomacy, investments, and joint business extroversion in third markets”.
The talks therefore went beyond bilateral business ties, with Cyprus and Greece looking at how companies from both countries could work together in markets outside the two countries.
The Cyprus Human Resource Management Association (CyHRMA) opened talks with the government and the island’s two main business organisations, with its new board seeking a more active role in discussions affecting employers and their staff.
In recent weeks, representatives led by CyHRMA president Athena Neophytou met Labour Minister Marinos Mousiouttas, the Cyprus Chamber of Commerce and Industry (Keve) and the Employers and Industrialists Federation (Oev).
The common thread running through the meetings was how HR professionals could contribute more directly to discussions over productivity, competitiveness and the changing workplace.
The Tourism Deputy Ministry has unveiled the scheme for 2026-2029, covering conferences and meetings, incentive trips, international competitions and sales workshops. The programme carries an annual budget of €150,000.
Unlike its predecessor, which ran until 2025, the new scheme gives organisers an indication of the financial support available before an event takes place, allowing them to factor the incentive into their budgets when deciding where to hold it.
That is particularly important in the conference market, where major international events are often awarded through competitive bidding several years in advance.
Iereidis said the region was facing unprecedented environmental challenges, with climate change already affecting coastal communities, the economy and everyday life.
He argued that shipping, as one of the most important pillars of both the global and local economy, was undergoing a historic transformation as the sector moved towards alternative fuels, digital applications and technologies designed to reduce emissions.
“This shift is not simply a technical or business adjustment, but an imperative for the future of our environment,” Iereidis stated.
The Greek carrier’s first-half revenue rose 4 per cent to €816.6m, from €787m a year earlier, while passenger traffic increased 3 per cent to 7.77m despite four months of flight suspensions across parts of the Middle East.
Profitability, however, moved in the opposite direction. EBITDA fell 7 per cent to €145.3m, EBIT dropped 35 per cent to €38.5m and Aegean moved from a €66m pre-tax profit a year earlier to a €5.7m loss.
The bottom line also swung sharply, from a €47.9m profit in the first half of 2025 to a €3.3m loss this year.
The result nevertheless shows a marked improvement from the first quarter, when Aegean reported a €21.7m loss after tax, compared with €6.6m a year earlier, as rising fuel prices, foreign exchange movements and the suspension of Middle East flights hit performance.
In a regulatory announcement on Tuesday, Safe Bulkers said Moutoulas Shipping Corporation, an entity controlled by and closely associated with Hajioannou, acquired 1.5m common shares at €6.70 each on September 11.
The transaction confirms Hajioannou’s final participation in the placement, which had already been outlined when the company completed the accelerated bookbuilding process last week. His initial subscription was for 2m shares but the allocation was reduced to 1.5m to allow shares to be distributed to other investors, according to the company’s earlier filing.
The bilateral meeting focused on issues of shared interest, including the competitiveness of the shipping industry, the green transition and the challenges currently facing global shipping, with both sides reaffirming their commitment to strengthening cooperation between the two countries.
Hadjimanolis said particular attention was given to implementation of the Memorandum of Understanding (MoU) between their maritime administrations, with the two sides agreeing how to take the agreement forward.
The strategy, centred on the message “Stability with Prospects”, was presented during a working meeting with members of the Limassol business community on Tuesday at the Parklane Resort & Spa.
Invest Cyprus said the initiative was designed to project a modern image of Cyprus that combined economic stability and credibility with growth prospects, innovation and a high quality of life.
The agency said the strategy sought to strengthen Cyprus’ international positioning as a reliable partner in a complex region, a country developing a future-oriented economy and a location where talent and quality of life come together.
The commission also confirmed the appointment of Loukas Lagoudis as vice chairman, with Andrea Moundis Savvides also joining the commission’s board.
Karatzias returned to the leadership of CySEC after previously serving as the organisation’s vice chairman from September 2021 until April 2024.
From May 2024 until his appointment as chairman, he served as an executive member of the board of directors of the Central Bank of Cyprus (CBC).
Speaking on Tuesday at the University of Cyprus, in what was the first in a series of public lectures and open discussions, titled “Artificial Intelligence Today and Tomorrow – Risk or Opportunity; Ally or Enemy?”, Damianou said he did not believe AI would eventually take control of the world or destroy humanity.
“I want to start directly with my own answer to the question in the title of these lectures,” Damianou said.
Speaking at a conference on pay transparency and job evaluation at the University of Cyprus in Nicosia, Christodoulou said greater openness over how salaries are set would be central to tackling differences in pay between women and men.
“Businesses should not view pay transparency as an administrative ‘burden’, but as an opportunity,” she said, adding that equality across an organisation could improve employee satisfaction and strengthen both profitability and competitiveness.
Keravnos said the budget, which will be submitted to the House of Representatives for approval in December, was designed to support development while maintaining fiscal discipline.
The 2027 budget is approximately €470 million higher than the 2026 budget.
“Growth in 2027 is expected to be around 2.9 per cent,” Keravnos said, adding that there were encouraging indications that it could exceed 3 per cent.
The four-year scheme, running from 2026 to 2029, forms part of a wider package of tourism incentives approved by the cabinet last week.
Under the revised programme, foreign teams and athletes will receive a financial incentive calculated according to where and when they train, rather than reimbursement for specific eligible expenses, as was the case under the previous scheme which ran until 2025.
The change means teams, sports associations and travel organisers will be able to determine in advance the financial benefit of choosing Cyprus for a training camp.
The September 17-19 visit will see Hadjimanolis combine meetings with shipping companies with a series of industry and seafarer events, as Cyprus steps up efforts to strengthen its position as an international maritime centre and attract more vessels to its registry.
Among the main events on her programme is ‘Women, Shipping, Social Contribution’, organised by the Shipping Deputy Ministry as part of activities surrounding World Maritime Day.
Hadjimanolis will deliver the opening address, while First Lady Philippa Karsera Christodoulides will also attend.
The workshop, organised by Cyta in cooperation with Connect Europe, focused on the proposed Digital Networks Act (DNA) and the revision of the Cybersecurity Act, known as Cybersecurity Act 2 (CSA2).
Cyta CEO George Metzakis and Connect Europe Director General Alessandro Gropelli welcomed participants, while Commissioner of Communications Marios Pieris and Director of Digital Policy and Communications Kyriaki Pantziarou delivered opening remarks.
The talks formed part of Theoharis’ September 14-15 visit to Cyprus, during which economic diplomacy, investment and the expansion of businesses into third markets featured prominently in meetings with government officials and the business community.
According to the Cyprus-Greece business association, Theoharis told its leadership that economic cooperation between the two countries had grown considerably in recent years, making it increasingly easier for Cypriot and Greek companies to establish a presence in each other’s markets.
A total of 581,880 tourist arrivals were recorded during the month, compared with 602,026 in August 2025, according to figures released on Thursday by the statistical service (Cystat).
Despite the annual decline, August remained 4.9 per cent above the same month in 2024, when Cyprus received 554,923 tourist arrivals.
For the January to August period, arrivals reached 2,820,649, down by 7 per cent from 3,034,155 during the corresponding period of 2025. Cyprus therefore received 213,506 fewer tourists during the first eight months of the year.
Keravnos is attending the meetings taking place on September 18 and 19 as part of Ireland’s presidency of the Council of the European Union.
The Eurogroup meeting on Friday will include an exchange of views on recent economic developments and economic policy priorities, with the participation of the chair of the European Parliament’s Economic and Monetary Affairs Committee.
Ministers will also discuss ways to improve productivity and competitiveness in the euro area, based on a presentation by OECD Secretary-General Mathias Cormann.
The CBC projected GDP growth of 2.9 per cent in 2026, down from 3.8 per cent in 2025, before growth accelerates to 3.1 per cent in both 2027 and 2028.
The forecasts, prepared by the CBC’s Division of Economic Analysis and Monetary Policy, cover GDP, unemployment, inflation and core inflation, while also assessing the main risks to the economic outlook.
The September projections incorporate the economic effects of the ongoing conflict in the Middle East, including higher international oil prices, elevated refining margins and increased geopolitical uncertainty.
The meeting focused on Cyprus’ digital transformation and the country’s National Artificial Intelligence Strategy, as well as the challenges facing Cypriot businesses as they adopt new technologies.
The two sides discussed the need to accelerate the uptake of AI and the role that business and technology organisations can play in supporting its wider use across the economy.
During the meeting, CITEA presented its main positions and recommendations on the National AI Strategy.
The conference, held under the title “The present and future of property in Cyprus”, brought together government officials and representatives of the property, construction, engineering and investment sectors to discuss the market’s performance and challenges.
The event heard that 21,387 property transfers were recorded across Cyprus in 2025, broadly unchanged from 2024, while the total value of transactions increased by about 10 per cent to €4.73 billion.
Interior Minister Konstantinos Ioannou said the property sector extended well beyond construction and sales, linking it directly with the economy, investment, urban and rural development and quality of life.
The scholarships will be awarded through the University of Cyprus Student Welfare Association on the basis of academic and socioeconomic criteria.
The scheme is aimed at supporting students who demonstrate strong academic performance while also experiencing financial difficulties that could affect their ability to continue their studies.
The agreement was signed on behalf of the University of Cyprus by rector Professor Tasos Christofides and on behalf of the foundation by its founder, Sievert Larsson.
The four-day exhibition, held in Hamburg from September 1 to 4, attracted more than 50,000 participants from 134 countries, marking the highest attendance in SMM’s history.
Around 2,300 companies from 66 countries exhibited across more than 90,000 square metres in 12 exhibition halls, while more than 70 per cent of exhibitors came from outside Germany.
The figures are preliminary, according to the organisers, and are based on an extrapolation carried out during the final day of the exhibition.
Mousiouttas and Stavrakis attended a regular meeting of the Oev board at the federation’s offices, where they briefed board members on the pension reform being advanced by the government and provided clarifications on individual aspects of the proposals.
Oev president George Pantelides reiterated that adequate pensions and the long-term sustainability of the system were priorities for the business community.
While recognising positive elements in the proposed reform, Pantelides stressed the need for sufficient time to allow for a meaningful assessment of the measures and their future impact.
The Shipping Deputy Ministry has put forward changes to legislation whose foundations date back to 1963, saying practical difficulties encountered under the existing system have created obstacles in some cases for vessels seeking registration.
The proposed amendments would make some of the most significant changes to ship ownership eligibility, opening the register more widely to owners outside the European Union while also updating rules covering mortgages, financing, provisional registration and parallel registration.
Under the existing legislation, more than 50 per cent of a vessel must generally be owned by Cypriot citizens or citizens of another EU member state, subject to the conditions set out in the law.
The expectations come after a difficult year for the French market, which has been among the hardest hit of Cyprus’ main tourism sources during 2026.
In August alone, arrivals from France almost halved to 8,453, down 46 per cent from 15,663 a year earlier, according to figures released this week by the statistical service (Cystat).
French arrivals were also almost 50 per cent below August 2024, when Cyprus welcomed 16,798 visitors from the country.
‘Tourism Cares: Unite for Cleaner Destinations‘ will bring together tourism workers, visitors, diving centres, local communities, environmental organisations and volunteers in Cyprus and Greece for clean-up and awareness activities ahead of World Tourism Day on September 27.
The initiative has also been included in the UN Tourism programme of events for World Tourism Day 2026, giving the Cyprus-born campaign an international platform.
Almost 100 tourism businesses and organisations from Cyprus and Greece have already registered for this year’s initiative, according to the organisers.
The conference, which took place on Thursday, examined the challenges and opportunities facing healthcare, with discussions focusing on digital transformation and artificial intelligence and the development of a sustainable healthcare services ecosystem in Cyprus.
Speaking at the event, Eurobank Wholesale Banking general manager Phivos Stasopoulos said that a modern healthcare system could not develop without investment and access to capital.
He argued that banks’ role extended beyond conventional lending, with financial institutions acting as strategic partners supporting growth, innovation and transformation across the sector.
The message was at the heart of the “Women, Shipping, Social Contribution” event organised by the Shipping Deputy Ministry at the Onassis Stegi in Athens, ahead of World Maritime Day.
The gathering brought together First Lady Philippa Karsera Christodoulides, Shipping Deputy Minister Marina Hadjimanolis, Cyprus Union of Shipowners (CUS) president Polys V. Hajioannou and senior figures from the Greek and Cypriot maritime communities.
As reported by mononews, those attending included Andreas Hadjiyiannis, Ioanna Prokopiou, Charikleia Mylona, Ioanna Martinou, Liona Bacha, Alexandra Gana, Chrysanthi Stefanou, Eleni Polychronopoulou, Irene Daifa and Despina Panayiotou Theodosiou, as well as Cyprus’ ambassador to Greece Stavros Avgoustides.
Invest Cyprus chairman Evgenios Evgeniou and chief executive Marios Tannousis met Theoharis for discussions on strengthening investment and business cooperation between Cyprus and Greece, the agency said.
The meeting was also attended by Greece’s ambassador to Cyprus, Konstantinos Kollias, and the head of economic and commercial affairs, Eva Vokou.
Discussions focused on creating new investment opportunities, bringing the two countries’ business ecosystems closer together and exploring joint initiatives in sectors considered strategically important.
The agreement establishes a structured framework for collaboration and coordination between the two organisations and their members, with the shared objective of creating conditions that can strengthen Cyprus’ innovation ecosystem and the growth potential of the economy.
Under the memorandum, Oev and TechIsland will develop joint initiatives and policy proposals in areas directly affecting the business environment and the development of innovation.
These will include efforts to improve the regulatory and tax framework, develop physical and digital infrastructure, and create more favourable conditions for attracting and retaining investment, businesses, entrepreneurs and skilled workers.
The disagreement has sharpened in recent weeks, with Greece, Cyprus, Italy and Malta raising concerns over the economic consequences of the proposed rules, particularly the cost of alternative fuels, emissions pricing and the competitiveness of European shipping.
Newmoney reported on Friday, citing Euractiv, that the European Commission was pressing for a united EU position ahead of the next round of IMO negotiations, while Greece continued to resist the current approach.
The report said Cyprus, Italy and Malta had also voiced reservations during European discussions, placing the four Mediterranean shipping countries increasingly on the same side of the argument.
Climate Commissioner Wopke Hoekstra told Euractiv that European unity at the IMO was “imperative”, adding that the expectation was for the “European family” to be on the same page.
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