Economy

Cyprus offers safe haven for Lebanese investors

Ever since the Lebanese civil war 1975-1990, Cyprus has been the refuge of many Lebanese. Proximity has always played a major role in the decision of every Lebanese to move out of his country. The hope of returning is always there for every immigrant! After the economic collapse started in October 2019, many investors are looking for a way out of Lebanon. And almost 1 out of 10 Lebanese you meet have considered Cyprus as a destination at least once. Read More

Signs of recovery in constructions in June, despite drop in the first half of 2020

A significant decrease in building permits was recorded in the first half of 2020, due to the restrictive measures against the spread of the coronavirus in Cyprus. However, data for June, published by CyStat, show signs of recovery. The number of building permits authorised by the municipal authorities and the district administration offices stood in June this year at 724, compared to 708 issued in the previous month and 573 issued in June 2019.   Continue reading at source: Read More

East Med Gas Forum could boost cross-border energy flow

By Dr. Charles Ellinas Egypt, Italy, Greece, Israel, Cyprus, Jordan and Palestinian Authority signed on Tuesday, through a teleconference, a charter turning the East Med Gas Forum (EMGF) into an international body. EMGF was originally founded in 2018 at the behest of Egypt, as part of its plans to turn the country into the gas hub of the region. The signing comes at a time of major regional disputes, ostensibly over gas exploration and Exclusive Economic Zone delineation in the Read More

East Med Gas Forum members sign statute officially establishing the regional forum

East Mediterranean Gas Forum (EMGF) members signed on Tuesday, during a ceremony held online, the statute establishing this regional intergovernmental forum. The founding members of the forum are Cyprus, Egypt, Greece, Israel, Italy, Jordan and the Palestinian Authority. Cyprus was represented by Energy, Commerce and Industry Minister Natasa Pilides, who in her speech noted that any country or organisation in the region who share the same principles could apply to join the Forum as long as all the founding members Read More

Attracting tourism to Cyprus post-Covid

With the fallout from the coronavirus pandemic expected to take a toll on tourism until 2023 or 2024 the deputy ministry of tourism on Monday made a number of suggestions to adapt the sector to the challenging times ahead, including placing more emphasis on nature. The article by the ministry was published ahead of September 27, World Tourism Day.   “This year will be a different Tourism Day, on which instead of achievements, we will refer more to the future Read More

Double-tax treaty with Russia ‘offers certainty’

On September 8, the Convention for the Avoidance of Double Taxation between the Republic of Cyprus and the Russian Federation was signed by Cyprus Finance Minister Constantinos Petrides and Russian Deputy Minister of Finance Alexey Sazanov. The signing followed a turbulent period of negotiations. Tax experts say that it is not likely to spark a major exodus of Russian companies from Cyprus, as many had feared. The advantages Cyprus offers to these companies are sufficient to offset the changes that Read More

Cyprus’ Sovereign Ratings Affirmed, Outlook Remains Stable

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Republic of Cyprus’ Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) at ‘BB+’ and ‘B’, respectively. At the same time, the Outlook for sovereign’s ratings was affirmed as Stable. Rating Rationale The ratings and Outlook reflect CI’s expectation that the economy will start to recover in the final quarter of this year from the disruption caused by the Covid-19 pandemic. The Read More

Israeli-Cyprus tourism links to be stepped up

Efforts to develop tourism between Cyprus and Israel are to be stepped up, the Cyprus Hoteliers’ Association (Pasyxe) and the Israeli ambassador said after a meeting on Friday. In 2019 around 294,000 tourists from Israel visited Cyprus, ranking the country third in terms of arrivals. Pasyxe president Haris Loizides and director general Philokypros Roussounides plus head of the Paphos Hotels Association Thanos Michaelides, also briefed Ambassador Sammy Revel about the situation with coronavirus in Cyprus and its effects on the Read More

Cabinet approves gas forum charter

The cabinet on Tuesday approved the founding charter for the East Mediterranean Gas Forum (Emgf), to be digitally signed on behalf of Cyprus by the energy minister on September 22. The signing ceremony will take place over the internet. Taking part will be the forum’s founding members: Cyprus, Egypt, Greece, Israel, Italy, Jordan and the Palestinian Authority. Speaking to reporters, Energy Minister Natasa Pilides said the forum’s objective is to leverage “the excellent relations and cooperation of the eastern Mediterranean Read More

Hoteliers’ plans prior to pandemic worth millions

By Theano Thiopoulou Hoteliers were making plans worth millions before the pandemic struck either to build new units or to expand existing ones. As the situation has evolved, hotel businesses have turned their attention by necessity to the coming years aiming to fill more than 87,000 rooms across the island, while plans provide for more than 3,000 new ones. Hoteliers see 2020 as a lost year and believe that any substantial income in the tourist sector can be expected from 2021 Read More

Passenger traffic reached close to 300,000 in August

UK and Swedish tour operators appear to be overcoming misgivings over a requirement that visitors present a negative Covid-19 test on arrival and are beginning to bring tourists to Cyprus, Transport Minister Yiannis Karousos said on Friday. Passenger traffic at Cyprus’ two airports was 39,874 in June, 196,000 in July and 294,000 in August. Projections for September are for 300,000 passengers of whom 70 per cent are tourists, 9 per cent business travellers and the remainder people travelling to visit Read More

Cyprus’ economic freedom index well above the world average

Cyprus’ economic freedom score is 70.1 making its economy the 37th freest in the 2020 Index, according to The Heritage Foundation. Its overall score has increased by 2.0 points due primarily to improvements in government integrity, the American conservative think tank which is based in Washington, D.C also said.   Continue reading at source: Read More

Energy Minister assures companies continue planning in Cyprus’ EEZ

Minister of Energy, Commerce and Industry Natasa Pilides has assured that companies active in Cyprus’ exclusive economic zone are moving forward with their planning. Addressing the members of the parliamentary Committee on Energy, Commerce, Industry and Tourism on Tuesday, Pilides said the government is in contact with all companies involved.   Continue reading at source: Read More

Petrides praises Cyprus Banks Progress And Adaptation To Modern Technology

The progress of the banks and their adaptation to modern technology and international standards is remarkable, stressed Minister of Finance Constantinos Petrides, speaking in the Annual General Meeting of the Association of Cyprus Banks (ACB). At the same time, Petrides said that efforts to get rid of the burden of non-performing loans (NPLs) in the banking system should be intensified. "Achieving this goal will significantly improve the prospects of banks and their ability to finance businesses and households," he said. Read More

EIB President visits Cyprus to discuss support for new investments

The President of the European Investment Bank (EIB), Werner Hoyer, is due to hold meetings with the Cypriot government in Nicosia on Monday, to discuss new ways to support the economy during the challenging conditions created by the Covid-19 pandemic. According to a press release by EIB, Hoyer is due to meet President Nicos Anastasiades at the Presidential Palace on Monday morning, followed by talks with the Ministers of Foreign Affairs Nikos Christodoulides, Energy, Natasa Pilides, as well as Finance Read More

Energy Sector In Cyprus Changing Drastically, President Says

The energy sector in Cyprus is changing drastically due to the creation of the energy centre in Vasiliko and the supply of natural gas, President Nicos Anastasiades has said. On Wednesday the President received the annual report submitted by Chair of the Cyprus Energy Regulatory Authority (CERA) Andreas Poulikkas who pointed out that the cost of electricity has decreased by 20 per cent since new pricing measures were introduced in 2017. The President praised the work done by CERA pointing Read More

Re-approval of Shipping Taxation System by EU Commission “an important success”

Τhe re-approval of the Cyprus Shipping Taxation System by the EU Commission at the end of 2019 was an important success for Cyprus Shipping, said the President of Cyprus’ Shipping Chamber (CSC) Philippos Philis, during the Chamber’s 31st Annual General Meeting on Monday. According to a press release, the CSC, hosted the Closed Session of its 31st Annual General Meeting online, at which only its Member-Companies participated, in view of the social distancing measures, due to the Covid-19 pandemic. During Read More

Cyprus’ Deputy Ministry of Tourism announces plan to support domestic tourism

Cyprus’ Deputy Ministry of Tourism announced the launch of an Extraordinary Plan for the Support of Domestic Tourism aiming to encourage holidays in Cyprus on Monday. According to a press release, the plan, approved by the Cabinet, is for permanent residents of Cyprus, and includes the provision of affordable prices for tourist accommodation, and subsidising part of the cost of accommodation to the citizens who decide to make use of it.   Continue reading at source: Read More

Hermes Airports CEO Eleni Kaloyirou plans expansion after the crisis

“Traffic will bounce back, it’s a matter of time” predicts Hermes Airports CEO Eleni Kaloyirou. “And growing traffic at Larnaka and Pafos airports is a key element of our strategy,” she told the Cyprus Mail in an interview. Kaloyirou sees the airports as gateways into an island that depends on tourism. “To this extent, we work closely with the Ministry of Tourism, which has its own strategic planning for promotion of Cyprus as a destination either directly to various markets Read More

Italy set to come aboard with Cyprus, Greece, Israel on EastMed project

After Cyprus, Greece and Israel, Italy is set to ratify the EastMed project agreement which is expected to alter the landscape of gas resources and routes in the eastern Mediterranean. This is what Philenews reported on Friday citing a report in Greek energy news portal “energypress” based on Israeli diplomatic sources. “Italy is ready to take a final stand in favour of EastMed and to confirm commitment in the project by signing imminently the agreement on the construction of the Read More

Savvas Perdios: No High Expectations From UK Market For Tourist Arrivals

There were no high expectations as regards tourist arrivals from the UK, since the country was placed in the Category B list and also because many visitors do not want to take the coronavirus test, Deputy Minister of Tourism Savvas Perdios told CNA. Furthermore, Perdios expressed satisfaction "with the high occupancy on WIZZ AIR flights", adding that this is one of the reasons why the Deputy Ministry sought to conclude an agreement with the company to establish a base in Read More

Hoteliers hope for more bookings in second, third week of August

Hotel bookings in August which is the traditional month for holidays in Cyprus is very low with the first week reaching only about 25%  of average occupancy. This is what Philenews reported on Thursday, adding that hoteliers are hopeful the month’s second and third week will pick up pace. These are the two weeks Cypriots prefer to go on holiday.   Continue reading at source: Read More

Tourism Ministry to launch “gamechanger for Cyprus” — Perdios

A new tourism product scheduled to launch in the beginning of 2021 will help spread tourism to the mountain and rural areas of the island, the Deputy Minister of Tourism Deputy Minister of Tourism Savvas Perdios told the Cyprus Mail on Friday.   Perdios revealed the launch of a new 300km authentic route in the mountain and rural areas of Cyprus which “is really going to change the game for Cyprus.”   “It’s a route which is also physical, so Read More

Cyprus raises €1b through reopening of bonds maturing in 2024 and 2040

The Republic of Cyprus raised on Tuesday €1 billion in a double -European bond issue through the reopening of existing bonds maturing on 3 December 2024 and 21 January 2040, with the total demand exceeding ten times the minimum amount announced. The minimum amount announced is €250 million for each transaction. In a written statement, Finance Minister Constantinos Petrides expressed his satisfaction with “the extremely positive response by the markets.”   Continue reading at source:  Read More

Cyprus economy on track, but has further to go — PwC

Has the Cyprus economy begun to recover from the novel coronavirus crisis and lockdown? We asked Michalis Stephanou, Partner in Advisory at PwC Cyprus, to assess progress. “There is definitely a sense, among many consumers, that the COVID-19 crisis is over. Many consumers are confident that their income will not be significantly affected, and altogether there is a general return to normalcy. This confidence will incite many consumers to spend, and that will give the Cyprus economy a welcome boost,” Read More

INVEST CYPRUS: Quality Investments for the Country

The facts may have changed the Cyprus Investment promotion agency’s action plan, but not the main core of its efforts, the attraction of quality investments from abroad. The new reality has brought significant changes to Invest Cyprus’ plans for the current year. As a result of the Covid-19 restrictions, the organization proceeded with the reshaping of its action plan, via the digital transformation of all its promotional activities. In particular, the new plan which is already being implemented since the Read More

Tourists book air tickets for Cyprus

The Cyprus Mail has taken an informal poll of how tourist airline bookings for the island are shaping up. Here’s what we found: Easyjet from the UK: Bookings from London were sold out from July 8, the date EasyJet puts seats on sale again, to July 28. Lufthansa: About half of flights available were sold out, and those with seats available had less than five that could still be purchased.   Continue reading at source:  Cyprus Read More

Leading company picks Cyprus to anchor six cruise ships

A leading cruise vessel operator has chosen to anchor six technically advanced cruise ships off Limassol in a significant boost to the economy, the deputy ministry of shipping said on Wednesday. “Following close consultation between the relevant/responsible government authorities  and the maritime private sector, we are pleased to announce that Cyprus has been chosen and awarded as a location (in the Limassol Moni anchorage) for the layup of currently 6 technically advanced cruise ships by one of the world’s leading Read More

TUI Germany said Greece, Cyprus among its chief travel destinations

Greece and Cyprus will be among the chief travel destinations for Germany’s TUI travel group which launches its programme for 2020 on June 17. Speaking to Business Insider after Germany said today it was lifting its travel warning from June 15, TUI Deutschland CEO Marek Andryszak said that the Balearic islands, the Canary Islands, Greece, Portugal and Cyprus will be the group’s main markets in 2020, while there will also be holiday packages for Croatia and Bulgaria.   Continue reading Read More

Lakkotrypis: Greece-Cyprus-Israel cooperation founded upon a joint vision

The American-Hellenic Chamber of Commerce organised on Tuesday, June 2, a virtual roundtable discussion, entitled “East Med the trilateral partnership (Greece-Israel-Cyprus) and its role in regional energy security and economic cooperation in the age of Covid-19 and beyond”. Speaking in the virtual roundtable discussion, Cyprus Minister of Energy, Commerce and Tourism, Georgios Lakkotrypis underlined that Cyprus, Greece and Israel, share common principles, as well as a joint vision for the future. As he said, the Cyprus-Greece-Israel trilateral cooperation instigated further Read More

Cabinet ratifies EastMed gas pipeline

The cabinet on Thursday ratified the EastMed gas pipeline project, which had been signed in January by Greece, Israel, and Cyprus. The project is also supported by Italy, which has not yet signed the agreement, however. The EastMed project entails a 1,900km natural gas pipeline to connect the gas reserves of the eastern Mediterranean to Greece.   Continue reading at source:  Cyprus Read More

Deputy Ministry of Tourism ready to reopen Cyprus to tourists on June 15 – Tourism committee

President of the House Standing Committee on Energy, Trade, Industry and Tourism Andreas Kyprianou said on Tuesday that the Deputy Ministry of Tourism is ready to reopen Cyprus to tourism on June 15 and that relevant protocols are ready. Speaking to CNA following a teleconference earlier today between the members of the Committee and Deputy Tourism Minister Savvas Perdios, Kyprianou said that the Ministry aims to recuperate 30% of the arrivals and tourism revenue that Cyprus recorded in 2019.   Read More

Cyprus Deputy Tourism Minister says 55% of 2020 actions on tourism has been completed

Cyprus` Deputy Tourism Minister Savvas Perdios said on Wednesday that 55% of the actions planned for 2020 in the sector of tourism has been completed. Perdios who briefed the cabinet on the implementation of the action plan for this year, said in statements at the Presidential Palace among other things, that the Deputy Ministry has been promoting incentives for the promotion of tourism in rural, mountainous and remote areas and is also in the process of reviewing all schemes to Read More

Coronavirus: Protaras and Paralimini preparing for summer season

Protaras and Paralimni are preparing for the summer season, while Ayia Napa tourism businesses are unsure whether they will operate or not this year. According to Paralimni Mayor, Theodoros Pirilis, both Paralimni and Protaras are “ready to welcome tourists” if the flight ban to Cyprus is lifted and scientists give the green light for summer vacations. But hoteliers and restaurant owners in the neighbouring town are conflicted on whether it will be profitable to open their businesses during the pandemic. Read More

Ship management industry contributed 5.2% of GDP in late 2019

Revenues from the ship management industry increased in the second half of 2019, reaching €581m, around 5.2 per cent of the island’s GDP, compared to the €523m (4.9 per cent) reached in the first half of 2019, a report published by the Statistics Department of the Central Bank of Cyprus showed on Tuesday.   Continue reading at source:  Cyprus Read More

Step by step re-opening of economy

With the number of coronavirus cases stabilising, all eyes now are on the lockdown exit strategy that will allow a gradual return to normal life. President Nicos Anastasiades has warned that even though the Council of Ministers has decided on the strategy for the gradual relaxation of the measures, no decision has been taken on the date. Finance Minister Constantinos Petrides has indicated that the first relaxation measures could come in early May.   Continue reading at source:  Read More

Moves to prepare study to create Paphos marina and docking for cruise ships underway

The ministry of tourism’s announcement that the process to open a tender to secure the services of a specialised consultant to examine the proposal of establishing a combined marina and cruise ship docking facility in Kissonerga in Paphos, with no mention of an environmental impact study, is being queried by the Cyprus Greens. “They have announced the development of infrastructure for the reception of cruise ships without the required environmental impact study,” a statement from the party said. In addition, Read More

Natasa Pilides: We Are Considering Appointing A Maritime Ambassador In Hong Kong

This year promises to be one of major change at the Deputy Ministry of Shipping, as major restructuring is underway to make the government’s maritime arm more efficient, while tax incentives are about to come into effect, making the Cyprus flag more attractive, the Financial Mirror reported. Deputy Shipping Minister Natasa Pilides, briefing journalists upon completing two years at the helm of the new junior ministry, said the aim is twofold, to promote Cyprus as a registry and also as Read More

10th Nicosia Economic Congress

The Nicosia Economic Congress has been established as one of the biggest economic events in Cyprus and this year celebrates ten years of its successful organization. The 10th Nicosia Economic Congress, presented by Alpha Bank Cyprus Ltd and organized by the Institute of Certified Public Accountants of Cyprus (ICPAC) and GOLD magazine, will be held on Thursday, 9 April 2020 at the Hilton Nicosia (former Hilton Park). The Congress aims to analyse, inter alia, the current state of the island's economy, Read More

Cyprus Government Determined To Continue Its Responsible Economic Policy

The government is determined to continue its serious and responsible policy on the economy, said on Wednesday Cyprus' Deputy Government Spokesman Panayiotis Sentonas. According to a statement by the Presidency, Sentonas who was speaking to journalists said that "it is obvious that the economy is continuing to grow and we are also replenishing what citizens have lost during the difficult years," the CNA reports. He added that recent figures from the Statistical Service and the European Commission for Cyprus confirm Read More

Port and marina project will change Larnaca's future

In the biggest facelift, Larnaca has witnessed the port and marina redevelopment project will change the town’s future landscape creating 4,000 jobs and generating billions for the economy. Cyprus has reached an agreement with Israeli investors for the long-awaited €1.2 bln redevelopment of Larnaca port and marina, the island’s largest infrastructure project of its kind. Earlier this week the tender-winning Cypriot-Israeli consortium Kition Ocean Holdings, presented their eco-viable plans to Larnaca municipality.   Continue reading at source:  Financial Read More

Shipping Chamber backs work of Shipping Deputy Ministry

The Cyprus Shipping Chamber said on Sunday it hoped to build an even closer cooperation with the Shipping Deputy Ministry, for the further growth of Cyprus Shipping, aiming for even more tangible results. In a press release to mark two years since the establishment of the Shipping Deputy Ministry, the Chamber pointed out that it is necessary to urgently finalise the ongoing effort to adequately staff the ministry, as well as to implement an integrated National Shipping Strategy to meet Read More

Hermes Airports: Passenger traffic to exceed 14 million by 2030

As part of efforts to increase Cyprus’ much-needed air connectivity, the Deputy Ministry of Tourism and Hermes Airports will participate at two upcoming specialised fairs. The ultimate goal is for Cyprus to become a more attractive destination for visitors from numerous markets, as well as to give residents of Cyprus the opportunity of direct flights to new destinations. Specifically, representatives of the two agencies will visit Routes Europe fair in Bergen in April, and the Route World in Milan in Read More

TUI's leading role in Cyprus after Thomas Cook's collapse

Cyprus’ tourism industry strongly depends on overseas giant travel and tourism companies considering that some 60% of arrivals over the recent past years are on package holidays, Phileleftheros reports. Last year’s collapse of Thomas Cook was a huge blow to Cyprus since the British giant used to fly over 5% of visitors annually, corresponding to about 250,000. But after its bankruptcy, Hanover-based TUI Group has taken up a leading role in the Mediterranean island’s tourism industry. And the travel and tourism Read More

Larnaca to see its fair share of new developments, projects in 2020 (photos)

Larnaca district will see its fair share of new developments and projects in 2020 including several luxury high-rise buildings, hotels, a shopping mall, an open air bazaar, a Club and a linear park. “2020 will be one of Larnaca’s most productive years in decades with grand developments and several other projects directly benefiting the tourism sector set to be completed and in operation,” Larnaca’s Tourism Board said in a written statement on Tuesday. Specifically, Larnaca, Zygi, Athienou and Lefkara will Read More

InvestCyprus Creates Specialized Unit To Help Achieve 2030 Tourist Targets

InvestCyprus, the island’s organization responsible for attracting foreign direct investment, announced the creation of a specialized unit in a bid to facilitate the efforts to achieve Cyprus’ National Tourist Strategy for 2030, which aims at attracting 5 million tourists by 2030, according to the CNA. Speaking to a press conference both InvestCyprus Chairman Michalis Michael and Director General George Campanellas stressed that the organization will place the attraction of investors in the tourism sector at the spotlight of its action Read More

Highest Volume of Tourist Arrivals Ever Recorded For The January Period

On the basis of the results of the Passengers Survey released by Cystat, arrivals of tourists reached 85.622 in January 2020 compared to 81.970 in January 2019, recording an increase of 4,5%. January 2020 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month. Analysis of changes Tourist arrivals from Israel increased by 58,0% in January 2020 compared to January 2019 while an increase of 91,9% was also recorded for tourists from Ukraine. Contrary to Read More

Pafos and Israel tourism prospects look positive

Tourism and business prospects between Pafos and Israel are looking positive for the coming period, according to people involved in the tourist industry in Cyprus who have recently participated in the tourist fair in Tel Aviv and had contacts with their Israeli counterparts. Tourist agents and businessmen from Pafos appear optimistic about developing further ties with Israel in areas such as services for wedding ceremonies, tourism in specific sectors of the industry and business deals.   Continue reading at source:  Read More

Cyprus ferry connection to Piraeus possible by this summer

There will be a ferry connection between Piraeus port and Limassol with the possibility of a stopover at a Greek island, following an initial agreement between Cyprus Shipping Deputy Minister Natasa Pilides and Greek shipping officials. And efforts are underway so that the ferry link is launched and available by this summer, Phileleftheros reports citing insiders. Pilides and Greece’s Shipping Minister, Ioannis Plakiotakis, discussed in detail the action-plan for the ferry trip during a meeting in Athens last week.   Read More

Joint Cypriot-Israeli Venture Proposes €1bn Marina Project For Larnaca

Cyprus has reached an agreement with Israeli, submitting a proposal for more than €1bn for the development of the existing marina and port at Larnaca, which it would be the largest investment in Cyprus to date, according to the International Boat Industry. Kition Ocean Holdings proposes expansion and modernisation to the port to serve its existing tenants more efficiently as well as becoming a magnate for new companies such as commercial cruises, transport and energy. On the marina side, Kition Read More

Cyprus GDP Set To Grow Over The Next Two-Year-Period According To Commission Forecast

The economy in Cyprus will grow by 3.2% in 2019, 2.8% in 2020 and 2.5% in 2021, according the European Commission`s Winter Economic Forecast, published today in Brussels, and presented by Commissioner Paolo Gentiloni. Inflation will be 0.8% in 2020 and 1.2% in 2021 and "downside risks are primarily external notably a potential slowdown in foreign demand for residences and tourism services," the CNA reported.More specifically, according to the European Commission "Cyprus’ real GDP grew Read More

Cyprus’ energy strategy being pursued as planned, says President

Cyprus’ is pursuing its energy strategy as planned, the President of the Republic Nicos Anastasiades has said. He also pointed out that goodwill dictates proceeding to a dialogue for a Cyprus solution, without any preconditions. Speaking to the press on Sunday following a mass to celebrate the Feast Day of St Maron in Nicosia, the President said that just because Turkey does not recognize the Cyprus Republic we are not going to give up our state sovereignty so that the Read More

Francis Fannon, US Assistant Secretary Of State For Energy Resources, To Visit Cyprus

A visit to Cyprus by US Assistant Secretary of State for Energy Resources, Francis Fannon, sends political messages, Government Spokesman Kyriacos Koushos said on Tuesday. He also noted that a drill ship is expected at the end of March or beginning of April, to start drilling in the exclusive economic zone. Speaking at the Presidential Palace, Koushos said that Fannon’s visit was very important, confirming the upgraded relations with the United States, as well as the interest of the US Read More

Slight Increase In The Arrival Of Travellers For November 2019

The arrivals of travellers in November 2019 reached 309.952 compared to 261.765 in November 2018, recording an increase of 18,4%. The increase is mainly attributed to the arrivals of tourists (6,7%) as well as the return of residents of Cyprus (14,7%), the press release from Cystat shows. An increase in the arrivals of travellers (3,0%) was also recorded in October 2019 when travellers reached 582.861.   Continue reading at source: Gold Read More

Private, public development proof of economic impetus

President Nicos Anastasiades said that multi-billion private developments and expenditure on public utilities, also amounting to several billion euros, are proof of the economy’s dynamic development and of restored confidence. Speaking on Wednesday evening at the In Business Awards in Nicosia, he said they come as a result of a stable economic environment after prudent and targeted actions by the government, which lends an ear to business people. The progress achieved so far strengthens our willingness for the target we Read More

Arrivals, departures to and from Cyprus on the rise

Total arrivals of travellers last November reached 309,952 compared to 261,765 in November 2018, recording an increase of 18.4%, according to the Cyprus Statistical Service. The increase is mainly attributed to arrivals of tourists (6.7%) as well as returns of residents of Cyprus (14.7%). An increase in arrivals of travellers (3.0%) was also recorded in October 2019 when they reached a total of 582,861.   Continue reading at source:  Read More

1342 civil weddings in Paphos Municipality in 2019

Paphos Municipality generated €722,000 from 1372 civil weddings in 2019, municipality official Lia Costi told the Cyprus News Agency on Monday. She said that there were 104 fewer civil weddings than the previous year, primarily because of Brexit and the collapse of Thomas Cook. In 2017, a total of 1,270 civil weddings were carried out at Paphos Municipality venues. Of the 1342 couples choosing to tie the knot in Paphos, 80% were from the UK, 15% from Israel and remaining Read More

Larnaca development starting to take shape

Larnaca will see its fair share of new developments with several luxury high-rise building projects, hotels and a shopping mall being built by local and foreign investors. Once lagging behind other towns in Cyprus construction activity, Larnaca is catching up with redeveloping the marina, its first shopping mall, while building luxury apartments and hotels.   Continue reading at source:  Financial Mirror Read More

Cyprus Surpasses Its 2020 Renewable Energy Target

In 2018, the share of energy from renewable sources in gross final energy consumption reached 18.0% in the European Union (EU), up from 17.5% in 2017 and more than double the share in 2004 (8.5%), the first year for which the data are available. These figures are published by Eurostat, the statistical office of the European Union. The increase in the share of renewables is essential to reach the EU climate and energy goals. The EU's target Read More

Yiorgos Lakkortypis: Cyprus The 5th Cheapest In EU For Gasoline Despite Slight Increase

Despite an increase in the price of gasoline, Cyprus remains in the 5th place of EU countries with the cheapest gasoline, Energy Minister Yiorgos Lakkortypis said on Tuesday. He was speaking after briefing the House Committee on Energy about the country’s progress in implementing renewable energy commitments in transportation, the CNA reported. Cyprus is obliged to secure 10% of RES in transportation by the end of this year, in line with a goal set in 2009. According to the Energy Read More

Savvas Perdios: The Aim Is to Turn Cyprus into an All Year Destination

Cyprus Deputy Minister of Tourism Savvas Perdios briefed on Tuesday parliamentarians on Cyprus’ ten-year tourism strategy 2020-2030 which aims to an increase of the income by30% and an increase in arrivals from 4 mln to 5,15 mln in 2030. Perdios told the House’s Committee on Energy, Trade, Industry and Tourism that the strategy is based on both quality and quantity goals which will be met in a ten-year period, adding that the vision is for sustainable growth of Cyprus’ tourism Read More

Mining Industry Creates New Prospects for Cyprus

Peter van der Borgh, Managing Director of Venus Minerals Ltd, a Cyprus-based mining and exploration company, analyses the important role that copper plays in tackling climate change and the reasons behind its rising demand worldwide, in an interview with Goldnews. Peter van der Borgh also refers to the prospects for mining copper in Cyprus and the benefits of developing the sector, explaining that current mining practices are different compared to previous years. With extensive experience in Cyprus and abroad, Venus Read More

Tourist Arrivals For December 2019

On the basis of the results of the Passengers Survey, the press release from CyStat notes, arrivals of tourists reached 110.330 in December 2019 compared to 106.563 in December 2018, recording an increase of 3,5%. December 2019 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month. For the period of January – December 2019 arrivals of tourists totalled 3.976.777 compared to 3.938.625 in the corresponding period of 2018, Read More

Energy Minister to sign East Mediterranean Gas Forum Foundation Charter in Cairo

Energy Minister YiorgosLakkotrypis travels to Cairo on Wednesday to attend the third ministerial meeting of the East Mediterranean Gas Forum (EMGF) during which he will sign the Foundation Charter of the Forum along with his counterparts from Egypt, Greece, Israel, Italy, Jordan and Palestine, the CNA reports. A press release says that the Forum will also be attended by representatives from the European Commission, the US government and the World Bank. The Foundation Charter is a result of numerous meetings Read More

Cyprus looks ahead after breaking more tourist records

Cyprus Deputy Ministry of Tourism is satisfied as 2019 ended with a bang, breaking last year’s record for tourist arrivals after efforts to recover lost airline seats from major markets such as Germany and Britain. Deputy Tourism Minister Savvas Perdios while presenting the junior ministry’s achievements for 2019, said that deals with airlines such as Condor and other smaller British carriers have closed the gap created by the collapse of other companies. Perdios noted that the Deputy Ministry along with all stakeholders in Read More

Cyprus real estate sector marked by positive sentiment in 2019

Despite external pressure and warnings by supervisory authorities over a real estate bubble in Cyprus the sector has proved to be resilient and sentiment was positive in 2019. In fact, 2019 closed with a 12% increase in sales documents, exceeding 10,300 in number and marking the industry’s best performance since 2008. The districts of Nicosia and Larnaca were steadily on the rise, while Limassol’s  momentum was maintained.   Continue reading at source: in-cyprus Read More

Savvas Perdios: Cyprus Sets Goal To Be Among 30 Top Tourist Destinations By 2030

Deputy Tourism Minister Savvas Perdios has said that a goal has been set for Cyprus to be among the 30 most competitive tourist destinations by 2030, the CNA reported.In statements after a meeting of the Cabinet, on Wednesday, during which the national strategy for tourism until 2030 was submitted, Perdios said that the aim is to increase tourism’s contribution in the Cypriot economy from €2.9 billion per year to €4.5 billion per year.Cyprus ranks 44th in the Read More

Kyriakos Mitsotakis: EastMed 'Very Important' Energy And Geopolitical Project

Greece`s Prime Minister Kyriakos Mitsotakis has said that the EastMed is a very important energy but also geopolitical project, which will allow Europe to have access to new hydrocarbon reserves to be discovered in the Eastern Mediterranean, the CNA reported.Mitsotakis was addressing on Sunday evening an American Hellenic Educational Progressive Association (AHEPA) event at Tarpon Springs in Florida, a briefing issued by his press office says.   Continue reading at source:  Gold Read More

President Anastasiades: EastMed Pipeline Agreement Constitutes A Historic Milestone

The intergovernmental agreement for the construction of the EastMed natural gas pipeline, according to the CNA, was signed at Zappeion Megaron, in Athens, by Greece`s Environment and Energy Minister Kostis Hadzidakis, Cyprus` Energy Minister Yiorgos Lakkotrypis and Israeli Energy Minister Yuval Steiniz. The agreement was signed in the presence of Greece`s and Israel`s Prime Ministers Kyriakos Mitsotakis and Benjamin Netanyahu, and President of the Republic of Cyprus, Nicos Anastasiades. During the joint press conference that followed the signing of the Read More

Gas finds have created opportunity for co-operation

President Nicos Anastasiades will on Thursday hold separate meetings with Greek Prime Minister Kyriakos Mitsotakis and Israeli Prime Minister Benjamin Netanyahu in Athens, where the three leaders will sign an intergovernmental agreement for the EastMed pipeline project. Government spokesman Kyriakos Koushios told the Cyprus News Agency (CNA) that the Cyprus problem, the current state of affairs in the eastern Mediterranean and developments in light of the signing of the MoU between Turkey and Libya for the delimitation of their respective Read More

Savvas Perdios: Emphasis On New Tourist Markets in Next Two Years

Cyprus` Tourism Deputy Minister Savvas Perdios has said that in the next two years emphasis will be placed in attracting tourists from new markets such as France, Belgium, Holland, Norway, Sweden and Israel, the CNA reported.In statements after a meeting with Cyprus Greens President Giorgos Perdikis, Perdios assured that a new national tourism strategy set to be launched in the beginning of 2020, will take environmental issues seriously thus differentiating Cyprus from other competitors.   Continue reading at source:  Read More

Syllouris: A Study on the for Launching Direct Flights Between China and Cyprus to Be Carried Out

Cyprus House President Demetris Syllouris and the delegation accompanying him during his visit to China discussed on Monday with the Chairperson of Guangdong Provincial People’s Congress the possibility of launching direct flights between China and Cyprus, and more specifically between Guangdong Province and Cyprus, the CNA reports. Syllouris said that the proposal to look into this issue was welcomed on the part of China and that a study will be conducted by a Chinese company on this issue. Moreover, he Read More

Revenue from Tourism Recording Minor Increase

On the basis of the results of the Passenger Survey, data released by CyStat show that revenue from tourism reached €431,6 mn in August 2019 compared to €428,2 mn in the corresponding month of the previous year, recording an increase of 0,8%.For the period of January – August 2019 revenue from tourism is estimated at €1.856,8 mn compared to €1.889,7 mn in the corresponding period of 2018, recording a decrease of 1,7%. Continue reading at source:  Gold Read More

From sea to sky

Shipping, yes, but Cyprus also has the potential to become a preferred jurisdiction for aircraft registrations within the EUBy Andreas ChristofidesCyprus is widely recognised as a leading forum in the international maritime industry. This global success story may sometimes overshadow the significant advantages and benefits that Cyprus offers in other sectors. Aviation is one such example.Aviation experts will say a country’s gold standard for registering aircraft, be it commercial or private, is high regulatory standards, a high level of Read More

Funds Summits Praises Significant Progress in The Cyprus Investment Funds Sector

The significant progress achieved in the Cyprus investment funds industry was highlighted in the two-day International Funds Summits that began on Monday in Nicosia with 580 participants of which 120 from abroad, the CNA reported. In the Summit’s opening, Cyprus Finance Minister Harris Georgiades, Central Bank Governor Consantinos Herodotou and Cyprus Investment Funds Agency Angelos Gregorides highlighted the sector’s significant growth in the past years and stressed they will continue to cooperate for the progress of the industry that saw Read More

Cyprus Deputy Ministry of Tourism will Announce Final Version of National Tourism Strategy

Cyprus Deputy Minister for Tourism Savvas Perdios has said that the Deputy Ministry will soon announce the final version of the 2020 – 2030 National Tourism Strategy, the Cyprus News Agency reports.Tourism is among the Government’s top priorities, Perdios underlined on Friday, speaking at an event of the Cyprus Hotels Association in Famagusta.According to Perdios, for the years 2020 – 2021 the Deputy Ministry was planning to put emphasis on Cyprus’ connectivity, its branding which would be launched Read More

Nicos Anastasiades: Cyprus Is Determined to Proceed with Its Energy Plans

President of Cyprus Nicos Anastasiades stressed that the Republic of Cyprus is determined to proceed unhindered with its energy plans and to make good use of the gas reserves that have been discovered, as a source of regional economic cooperation, growth and prosperity, the CNA reported.Speaking at the 4th Euro-Arab World Summit, in Athens, Anastasiades said that the Cypriot government never disregarded the interests of the Turkish Cypriots, and for that reason relevant proposals have been tabled until the Read More

Andreas Neocleous: Undertaking A Major Role in The Digital Transformation of Cyprus Economy

What is the significance of the annual Limassol Economic Forum?The annual Limassol Economic Forum is probably the most important gathering of its kind in Cyprus, as it has become a platform for prominent experts and analysts from across the international economic sphere to set out their views and forecast the future in front of an audience comprising major local and international businessmen, investors, policymakers and economists.What made you decide to become a sponsor of the event?As the Read More

Cyprus shipping industry ready for blockchain

By Jonathan ShkurkoBlockchain technology has made strong inroads into the shipping industry all over the world, and Cyprus is following suit.A draft bill to regulate blockchain technology is expected to be ready before the end of the year, Finance Minister Harris Georgiades said in July.House President Demetris Syllouris said the move will have a massive impact in various sectors in Cyprus. “Full implementation of this technology across the public and private sector is expected to radically change the Read More

Steering a sector that never sleeps

The shipping sector which has proved to be a bastion of strength even through times of crisis, is sailing through waters with a newly formed structure under the flagship of the deputy shipping ministry, headed by Natasa Pilides. Andria Kades meets herThe Cyprus shipping industry, which contributes around seven per cent of GDP, acquired its own deputy ministry in March 2018 but a year and half later, its chief Natasa Pilides (L) said there is a long road ahead. With Read More

House Prices Up by 42 in the Euro Area

House prices, as measured by the House Price Index, rose by 4.2% in both the euro area and the EU in the second quarter of 2019 compared with the same quarter of the previous year, according to Eurostat, the statistical office of the European Union.Compared with the first quarter of 2019, house prices rose by 1.7% in the euro area and 1.6% in the EU in the second quarter of 2019. In Cyprus house prices increased Read More

Maritime Cyprus 2019 conference kicks off in Limassol

The Maritime Cyprus 2019 conference kicks off on Monday in Limassol with the participation of more than 800 shipping executives from around the globe.The conference will run until Wednesday under the slogan Sea Change, and will be opened by President Nicos Anastasiades.Maritime Cyprus is celebrating 30 years since it was first held in 1989. Since then, it has grown into one of the world’s most significant and well attended shipping conferences. Its status now gives it a prominent Read More

Paphos can cater for 250,000 visitors this winter

Despite winter closures, around 12,000 tourist beds in Paphos will remain available to accommodate 250,000 visitors between December and March, according to the Paphos regional board of tourism.“The Paphos district will have several thousand full-service beds available and will offer a wide range of accommodation with the capacity to accommodate tens of thousands of visitors in the winter of December 2019 – March 2020,” a regional board of tourism spokesman announced.A preliminary survey completed by the Paphos regional Read More

Deposits in Cyprus Banks at The Highest Level of the Last 11 Months, While Loans Remain Low

Total deposits in Cyprus banking system reached their highest level in the past eleven months in August 2019, according to figures released by the Central Bank of Cyprus (CBC) on Thursday, while loans remained at historically low levels, despite a net increase in the eighth month of this year. Household loans declined by almost €6 billion in August 2019 and loans to non-financial corporations by almost €5 billion, the CNA reports. Total deposits in August 2019 recorded a net decrease Read More

Cyprus Drafts National Plan for Tourism Aiming at Five Million Tourist Arrivals by 2030

The opening of new markets and the upgrading of the quality of the Cyprus tourist product that could boost tourist arrivals up to 5 million by 2030, are the main targets of Cyprus’ Strategic Plan on tourism for the period of 2020-2030, drafted by the Deputy Ministry for Tourism and presented to the parliamentary committee on Tourism.Deputy Minister for Tourism, Savvas Perdios, said he presented the operational plan for 2020-2030, an integral part of the National Strategy for Tourism Read More

Cyprus Airways Signs Interline Agreement with Sky Express

Cyprus Airways has officially signed an interline agreement with the Greek-based carrier, Sky Express. The agreement, which came into effect this September, will offer more travel opportunities to Cyprus Airways passengers as they can continue their journey from Athens or Thessaloniki to other places in Greece and the Greek islands.More specifically, passengers who fly with Cyprus Airways flights to Athens or Thessaloniki can now continue their journey to 29 airports in Greece and Greek islands with Sky Express flights. Read More

National wealth of Cyprus on the rise

Cyprus’ national wealth is on the rise again with GDP getting higher and higher following the harsh years of the economic crisis. The crisis resulted in reduced salaries and reduced business turnover that followed unavoidably led to the loss of national wealth.But the push by foreign investors in the construction sector and related services as a result of the island’s citizenship by investment scheme has helped in sustaining the Cypriot economy’s development at relatively high levels. In recent years, Read More

Highest Volume of Tourist Arrivals Ever Recorded for August

According to the Statistical Service, on the basis of the results of the Passengers Survey, arrivals of tourists reached 553.845 in August 2019 compared to 534.847 in August 2018, recording an increase of 3,6%. August 2019 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month.For the period of January – August 2019 arrivals of tourists totalled 2.735.839 compared to 2.719.622 in the corresponding period of 2018, recording Read More

Cyprus signs contracts with Eni and Total on five EEZ blocks Updated

Cyprus on Wednesday signed agreements with France’s Total and Italy’s Eni for exploration in block 7 of Cyprus’ exclusive economic zone (EEZ).The contracts were signed at the energy ministry by Energy Minister Giorgos Lakkotrypis in Nicosia with representatives of the two companies in the presences of the ambassadors of France and Italy.In July the cabinet announced that the Total-Eni consortium had been granted a licence for exploratory drillings in block 7. Total was also granted a licence for Read More

Fleet Management Ltd celebrates its 25th anniversary

As part of its anniversary celebrations, Fleet organised a remarkable Gala Dinner on September 6 in Nicosia with many esteemed guests, including H.E the President of the Republic of Cyprus, Nicos Anastasiades, the High Commissioner of India R K Raghvanand, Constantinos Yiorkadjis the Mayor of Nicosia and Deputy Shipping Deputy Minister  Natasa Pilides.The Chairman of Caravel Group, Harry Banga and Managing Director of Fleet Management Ltd, Kishore Rajvanshy, along with 300 distinguished ship owners and key stakeholders travelled Read More

Paphos maintains its position as the most popular spot to overseas buyers investors

Paphos is in the lead as the most popular district for overseas buyers from Europe and Non-Europeans by 37.6% in comparison to Limassol which follows with 33.1%.   Larnaca is 3rd with 17.5% and lastly Famagusta with 6.8 % and Nicosia with just 5.0%.During the first eight months of 2019, the number of sales has increased by 17% to reach 7,044 compared to 6,016 in the corresponding period last year. In percentage terms, sales in Paphos have risen by 27% Read More

Cyprus' Sovereign Ratings Affirmed with A Positive Outlook

Capital Intelligence Ratings (CI Ratings or CI), the international credit rating agency, today announced that it has affirmed the Republic of Cyprus’ Long-Term Foreign Currency Rating (LT FCR) at ‘BB+’ and its Short-Term Foreign Currency Rating (ST FCR) at ‘B’. The LT FCR Outlook remains Positive.RATING RATIONALEThe ratings and outlook reflect the continued strong performance of the economy, declining unemployment, improving public finances and the ongoing recovery of the banking sector. In addition, legislative and structural reforms have helped to Read More

Serious increase of cruise tourism in Cyprus expected in coming years

Deputy Minister for Tourism Savvas Perdios said on Thursday that a serious increase of cruise tourism was expected in Cyprus in the coming years.Perdios is leading a Cypriot delegation at “Seatrade Europe”, Europe’s largest international cruise and river cruise fair, which is held at the Hamburg trade fair grounds.“We have presented the product of Cyprus, our competitive advantages and if everything goes right with geopolitics in the area, I think that in the coming years there will be Read More

EIB Approves New Loans Totalling €170 Million for Cyprus

The European Investment Bank (EIB) Board of Directors approved two loans for Cyprus totalling €170 million, strengthening the government’s efforts to support small and medium sized enterprises (SMEs) and the growth and competitiveness of the private sector, the CNA reports.A press release issued by the Finance Ministry notes that the first loan amounting to €130 million lies in the context of the well-known EIB scheme implemented in Cyprus since 2014 providing cheap and long-term funding to the private sector Read More

European Commission Releases €7.9 Million for Cyprus Rural Development Programme

The European Commission is set to release €7.9 million for Cyprus` rural development programme, the CNA reports.The amount was initially withheld pending intermediate targets that needed to be met, an announcement by the Cyprus Press and Information Office issued on Monday says.From the beginning of the programming period over €105 million have been disbursed and payments are expected to intensify in the coming months, given that important investments are implemented this period on the part of beneficiaries, Read More

Vasiliki Anastasiadou: Space Technology a Unique way to Promote Blue Growth in Cyprus

Space technology is a unique way to promote blue growth in Cyprus, Transport, Communications and Works Minister Vasiliki Anastasiadou has said, according to the Cyprus News Agency.She was addressing the International Space Forum which took place in Italy, a press and information office announcement issued here today says.Blue economy sectors in Cyprus employ over 20,000 people who produce approximately €623 million, representing 3.2% of national economy and 5.4% of jobs, while coastal tourism represents 74% of Read More

Cyprus Considers Updating Tonnage Tax System and Pricing Policy for Ship Registration

Cyprus is considering updating its tonnage tax system and its pricing policy for the registration of ships as part of targeted measures to enhance the competitiveness of the Cyprus shipping industry, President of the Republic Nicos Anastasiades said on Friday. Addressing a ceremony for the 25th anniversary of Fleet Management Ltd, Anastasiades said that enhancing the strategic advantages of the Cyprus maritime cluster remains a high priority for the government, as “we are all aware that our shipping industry operates Read More

'More US energy companies to operate in Cyprus'

US Ambassador to Cyprus Judith Garber has said more US energy companies will operate in Cyprus, joining ExxonMobil and Noble Energy.Speaking at a business dinner of the American Chamber of Commerce in Cyprus, in Nicosia on Wednesday evening, she also said that US national security, Cyprus’ national security and the security and stability in the Eastern Mediterranean are inextricably linked, and reiterated the position of the United States that it recognises the right of the Republic of Cyprus to Read More

Deposits Rise to the Highest Level in 10 Months

Deposits in Cyprus Banks rose in July 2019 to the highest level of the last 10 months, while overall loans fell to a new low, according to data released by the Central Bank of Cyprus on Wednesday, August, 28.Total deposits in July 2019 recorded a net increase of €201.9 million, compared with a net increase of €46 million in June 2019. The annual growth rate reached 2.1%, compared with 3.3% in June 2019.The outstanding amount Read More

Power generated by natural gas expected in 2021

Natural gas for power generation should be expected on the island late in 2021, the head of the natural gas public company (Defa) said on Tuesday.Symeon Kassianides briefed President Nicos Anastasiades on Tuesday on the successful completion of the tender procedure for the construction of the infrastructure necessary to import gas for power generation.A multinational consortium made up of China Petroleum Pipeline Engineering, Aktor and Metron S.A., with Hudong-Zhonghua Shipbuilding, and Wilhelmsen Ship Management has ranked Read More

Greece, Israel, US, Cyprus to boost energy cooperation (Updated)

Greece, Israel and USA expressed their full support to Cyprus’ sovereign right to exploit its energy resources, during the First Energy Ministerial Conference, that took place on Wednesday in Athens.Greek Energy Minister Kostis Hatzidakis welcomed his counterparts from Cyprus and Israel Georgios Lakkotrypis and Yuval Steinitz and US Assistant Secretary of State for Energy Resources Francis Fannon.During their joint statements, the four ministers expressed their common will to strengthen their cooperation in the energy and environmental fields.Lakkotrypis Read More

Number of new hotels in Cyprus on the rise

The ever rising number of tourists to Cyprus in recent years has led to an increase in the number of new hotels, according to a KPMG Cyprus report released recently.Specifically, new hotels accounted for 12% of overall building permits issued in 2018. Hotels made up 20% of ‘big projects’ value which, in absolute numbers, this is as high as €250 million.The upward trend in the number of new hotels continued during the months of January-April 2019 as well, Read More

Cyprus Casinos ‘C2’ Enhances Ayia Napa’s Tourism

Following the successful opening of Cyprus Casinos “C2” Ayia Napa (C2 Ayia Napa) earlier this month, the Mayor of Ayia Napa officially inaugurated the new facilities on Wednesday, 31 July 2019. C2 Ayia Napa is the third licensed satellite casino to open its doors in Cyprus following C2 Nicosia and C2 Larnaca and the original C2 Limassol temporary casino.C2 Ayia Napa opened its doors on 15 July 2019, marking a new era for the Municipality’s tourism sector. Located in Read More

New licences will strengthen gas consortium says minister

Energy Minister Giorgos Lakkotrypis said on Tuesday that a cabinet decision the previous day granting licences to France’s Total and Italy’s Eni for block 7 of Cyprus’ exclusive economic zone (EEZ) would strengthen the consortium in several ways.The cabinet on Monday announced that the Total-Eni consortium had been granted a licence for exploratory drillings in block 7. Lakkotrypis said Total had also been granted a licence for blocks 2, 3, 9 and 8, where ENI has been operating.In Read More

Licences for ENI and Total to explore block seven

The cabinet on Monday licensed energy companies ENI and Total to explore block seven of Cyprus’ exclusive economic zone (EEZ) and approved a partnership between the two in five other blocks.The cabinet also approved nine other drills inside the EEZ within the next couple of years.Block seven neighbours the Calypso field in block six where ENI carried out an exploratory drill early in 2018 and is believed to hold between six and eight trillion cubic feet.Total and Read More

Halloumi Exports Reached 29 Thousand Tons in 2018

Halloumi exports reached 29,000 tons in 2018, acting permanent secretary of Agriculture Ministry Andreas Louca says, the Cyprus News Agency reports.Louca, who was addressing on Friday a halloumi traditional festival, in Prastio Avdimou village in Limassol district, said that the Cyprus cheese’s export momentum has increased in recent years, adding that in 2018 exports reached about 29,000 tons.He also noted that an important component of its success is maintaining its high quality. Continue reading at source:  Gold Read More

Lakkotrypis leaves for Cairo for Gas Forum

Energy Minister Giorgos Lakkotrypis left on Wednesday for Cairo to take part in the 2nd ministerial meeting of East Mediterranean Gas Forum, together with his counterparts of Egypt, Greece, Israel, Italy, Jordan and Palestine.US Energy Minister Rick Perry and European Commission and World Bank representatives will also be present at the meeting. In the morning, a joint meeting between all ministers chaired by Egypt’s President Abdel Fattah El-Sisi will take place. Continue reading at source:  Cyprus Read More

What's Next for the Cyprus Investor Programme?

Over the past couple of years there has been extensive speculation about the future of the Cyprus Investor Programme in the industry of immigration agents. However, Cyprus has made sure that the continious improvements imposed on the programme are pointing in the right direction creating a transparent and solid environment for investors and industry professionals.On the 15th May 2019 the Cyprus government revised the Cyprus Investment Programme for the 5th time in its history, since it was originally launched back in Read More

Chinese investors moving beyond citizenship scheme

By Demetris TheodorouEast Asian investments in Cyprus appear to be gathering momentum, but the nature of the assets bought is shifting to non-urban investments, outside the citizenship scheme.Initially, in the immediate aftermath of the 2013 crisis, there was a big demand in the Paphos area where the purchase of high-value, luxury villas made buyers eligible for the citizenship by investment scheme. Well-off Chinese seeking ‘access to Europe’ became a key target group for developers seeking new markets and quick Read More

DP World Limassol: New Investments Upgrade the Limassol Port

Two and a half years after undertaking the operations of the Multi-Purpose and the New Cruise Terminals at the Limassol port, DP World Limassol presented the upgrades and investments that have been made in infrastructure and equipment.In a media event that was organised by DP World Limassol, on Wednesday, 17 July 2019, journalists had the opportunity to gain valuable insights on the recent developments at the Limassol port, tour the DP World Limassol terminal and observe its operations and Read More

Five exploratory and five appraisal wells to be drilled in next two years (Updated)

Five exploratory and five appraisal wells will be drilled in the next two years in offshore concessions inside Cyprus’ exclusive economic zone (EEZ), Energy Minister Giorgos Lakkotrypis said on Wednesday.The announcement came amid tensions with Turkey over its drilling activities in Cyprus’ exclusive economic zone and the censuring of Ankara by the EU, a development which angered Turkey and also irked Russia. Turkey warned it was sending a fourth ship to the region shortly. The announcement also comes as Read More

DP World Limassol Awarded as the "Most Efficient Cruise Terminal"

DP World Limassol was honoured with the “Most Efficient Cruise Terminal” in the maiden MedCruise Awards. The prestigious cruise industry event was held in Genoa, bringing together MedCruise members and associate members as well as their partners, local authorities, cruise line executives and members of the international press.DP World Limassol port is the main cruise port of Cyprus and is designed to accommodate the largest operating cruise vessels. The brand new 7,000 sqm Passenger Terminal inaugurated in May 2018, Read More

Naguib Sawiris: How Ayia Napa Marina Will Change the Cyprus Coastline

The Egyptian billionaire businessman tells GOLD why he chose to invest in Ayia Napa and the impact he expects the Marina project to have on Cyprus.What made you consider Cyprus as an investment destination?Naguib Sawiris: I set up Ora Developers with the objective of building inspirational developments in unique and exceptional locations. I had visited Cyprus as a young child and have always loved the country and its people, so when the opportunity to build Ayia Napa Marina came along, I Read More

Cyprus Promotes Common Tourism Packages With Neighboring Countries

Cyprus Tourism Deputy Minister Savvas Perdios has had meetings in Lebanon and Jordan and will also visit Greece, Egypt and Israel aiming to reach an agreement on the creation of common tourism packages.In the context of the meetings he had, a press release by the deputy ministry says, Perdios submitted specific proposals aiming to reach agreement for common thematic routes.Continue reading at souce:  Gold Read More

Natasa Pilides: hopes Cyprus-Greece ferry link to start next summer

Deputy Minister of Shipping, Natasa Pilides, told a House Committee on Tuesday, July 9 that she hopes that the ferry connection between Cyprus and Greece will begin next summer, the Cyprus News Agency reports. The issue was discussed before the Parliament`s Committee on Energy, Commerce, Industry and Tourism in the presence of Pilides and Deputy Minister of Tourism Savvas Perdios.Pilides said that the feasibility study is concluded and she expects that the state funding needed will be approved, followed Read More

Michalis P. Michael: 'We are Expanding Our Efforts to New Markets'

Michalis P. Michael, Chairman of Invest Cyprus, spoke at the 8th Invest Cyprus International Investment Awards which took place at the Presidential Palace on July 3 about the ‘miracle’ of Cyprus’ economic recovery.Although many people refer to Cyprus’ economic recovery as a great success story, Michalis Michael considers it as more of a tremendous economic effort from the whole of our society and that’s how it became a miracle. “The growth path the Cyprus economy is following is quite Read More

Pochanis: Cyprus is Establishing Itself as one of The Most Attractive and International Business Centres in the World

For the 4th consecutive year, Invest Cyprus organized the Cyprus International Investors Summit on 27th-29th of June at the Parklane Resort and Spa in Limassol, where a diverse audience of professionals was gathered. This year’s Investors Summit showcased the advantages of International Business Headquartering in Cyprus, as well as the competitive edge Cyprus holds as a funds jurisdiction.Louis Pochanis, the Director of the International Banking, Wealth & Markets Division at Bank of Cyprus welcomed all attendees, and presented several subjects such Read More

HB: Positive Growth Dynamics Continue

Hellenic Bank assesses that Cyprus' macroeconomic outlook is positive and is accompanied by a significant increase in real gross domestic product during 2018, robust employment growth and further improvement in key domestic indicators. Growth is expected to be supported by private consumption and investment and by an improving and robust labour market. Public expenditure is also expected to contribute positively to growth through higher investment expenditures. According to the baseline macroeconomic scenario of Hellenic Bank’s Economic Research Department, growth is Read More

Building Permits Rise by 5% in January - March

Building permits issued in Cyprus in the period of January - March 2019 increased by an annual 5.01% reaching 1,591 compared with 1,515 in the respective period of last year, the Cyprus Statistical Service (Cystat) said on Tuesday 11 June. The value of the permits issued in the first quarter of 2019 increased by an annual 13% amounting to €464.4 million compared with €410.3 million in January – March of 2018. Continue reading at source:  Gold Read More

KPMG Cyprus Launches Credit Institute

Addressed to business executives from the financial and business worlds, KPMG in Cyprus organised the launch event of its newly-formed Credit Institute on the 10th June 2019 at the Royal Hall, Nicosia.KPMG Cyprus Credit Institute aspires to become a professional point-of-reference hub, by bringing the financial and corporate communities together, exchanging ideas, knowledge-sharing and best international practices and aligning their interests towards economic sustainability and prosperity.The inaugural event theme revolved around the Necessity of Corporate Rescue and Turnaround. The Read More

Cypriot Economy Grows by 3.2% in Q1 2019

The Cypriot economy grew by a rate of 3.2% in the first quarter of 2019, data released by the Cyprus Statistical Service on Friday, June 7.GDP growth rate in real terms during the first quarter of 2019 is positive and estimated at 3.2% over the corresponding quarter of 2018, the Statistical Service says. Continue reading at source:  Gold Read More

Kissonerga eyes lucrative cruise ship tourism

By Bejay BrowneKissonerga has welcomed the recent suggestion by President Nicos Anastasiades that the long-proposed new marina at nearby Potima bay could include a docking facility for cruise ships.The Paphos village community leader described it as a logical suggestion that would massively boost tourism in the area.“We welcome the president’s idea to combine the new marina and a dock for the cruise ships in one area. This will be good for us and for Paphos as a whole. Read More

Cyprus property sales surge in May

MAY saw another surge in the number of Cyprus property sales during May compared to the corresponding month last year, with the number of contacts deposited at Land Registry offices up 72% according to official figures published by the Department of Lands and Surveys.During May 2019 a total of 1,423 contracts were deposited for the sale of commercial and residential properties and land compared with 828 in May 2018 – and the largest monthly figure recorded since July 2008 Read More

Revenue from 'Aphrodite' Estimated to Exceed $9 Billion

Cyprus’ revenues from the exploitation of the “Aphrodite” natural gas field are expected to exceed $9 billion over an 18-year period, based on the agreement the Republic has reached with the consortium of companies that holds the license for the “Aphrodite”, Energy Minister Yiorgos Lakkotrypis revealed on June 5, after the Cabinet’s meeting.According to the Cyprus News Agency, Lakkotrypis said that negotiations with the licensees, namely Noble Energy, Shell and Delek Drilling, have been concluded, adding that they aimed Read More

Government strikes new deal with Noble over Aphrodite gas (Updated)

Cyprus has struck a production-sharing deal for the Aphrodite gas reservoir worth over $9 billon (€7.9bn) over 18 years with Noble Energy and its partners, it was announced on Wednesday.Energy Minister Giorgos Lakkotrypis said negotiations have finished with Cyprus getting a good deal under the circumstances that is worth over $9bn or around $500 million (€443m) per year over 18 years, depending on the international price of oil. The revenues are based on an average price of oil Read More

DP World Limassol: Driving Cyprus' Growth of Cruise Tourism

DP World Limassol hosted leading cruise sector executives at the 2nd Limassol Cruise Executive Summit. The aim of this event was to promote Cyprus and Limassol as an attractive cruise destination and elevating cruise tourism.Eleven large cruise operating companies based in Europe and the United States took part in the cruise executive Summit that was held between 29-31 of May. The initiative was carried out by DP World Limassol as the operator of the New Cruise Terminal in cooperation with Read More

Arrivals of Travelers Increase in April

The arrivals of travelers in April 2019 reached 474.610 compared to 448.228 in April 2018, recording an increase of 5.9%, the Statistical Service announced on Monday, June 3, the Cyprus News Agency reports.“The increase is mainly attributed to the arrivals of tourists (4.8%) and to the return of the residents of Cyprus (3.1%)”, said Cystat.It added that departures of travelers increased by 2.1% in April 2019 compared with the corresponding month of Read More

Cyprus to Carry Out Eight Drillings in its EEZ in the Next 24 Months

Energy Minister Yiorgos Lakkotrypis has announced that Cyprus is planning to carry out eight drillings in its Exclusive Economic Zone (EEZ), during the next 24 months.The Minister said that six of those will be exploratory, while two will be confirmatory."Activities in the Cyprus EEZ continue. Eight drillings have been scheduled for the next 24 months. Six exploratory and two confirmatory”, said the Minister, during a presentation of the work of his Ministry from March 2018 through April 2019. Read More

Record arrivals in April

Contrary to what was expected, tourist arrivals rose by 4.8 per cent in April compared to last year, a new record. Arrivals from the UK increased by 5.4 per cent, while it was expected that numbers would drop due to the uncertainties surrounding Brexit.A passenger survey published on Friday by the statistical service shows that while 314,143 travellers arrived in April 2018, the number for this year was 329,308.For the period from January to April 2019 Read More

Ten-year plan for the mountains presented to president

The comprehensive ten-year strategy to develop the mountain regions which will cost €150 million was officially presented to President Nicos Anastasiades on Wednesday.The 18 studies comprising the strategy were presented by the commissioner for the development of the communities Yiannakis Papadouris and ministers and technical committees involved.The timetable, the proposed projects and the budgets were discussed.The plan involves mountain tourism, how to keep residents from leaving the region, the creation of new jobs and sustainable growth. Continue Read More

Cyprus property sales at eleven year high

Cyprus property sales in April reached the highest monthly figure recorded since September 2008 following a 61 per cent surge according to official figures from the Department of Lands and Surveys.APRIL saw a sharp rise in Cyprus property sales compared to the numbers sold in the corresponding month last year, with the number of contracts deposited at Land Registry offices up 61% according to the Department of Lands & Surveys.During April a total of 1,057 contracts were deposited Read More

Tourism revenue up despite drop in spending

Revenue from tourism rose 1 per cent to €92m in the first two months of the year despite a drop in per capita spending, the statistical service said on Wednesday.On a yearly basis, revenue from tourism fell slightly in February, from €52.7m to €52.4m. January saw a 3.2 per cent annual rise to €39.6m.Per capita spending in the first two months of the year dropped to €490.9 from €513.9 the previous year, Read More

Revenue from Ship-Management Companies Reaches €528M

The Cyprus Shpping Chamber has welcomed the results of the newest “Ship Management Report”, published by the Statistics Department of the Central Bank of Cyprus, for the second half of 2018, which covers the period 1 July – 31 December.The results indicate that industry revenues from Ship-management companies further increased during the second half of 2018, reaching €528 million, recording an increase of €22 million when compared with the first half of 2018, a percentage of 5% of Cyprus’s Read More

European Commission sees economic growth staying strong

Cyprus’ economic growth is expected to remain strong, driven by domestic demand, but downside risks are on the rise, according to the European Commission’s Spring Economic Forecasts, which were released on Tuesday.According to the forecast for the Cypriot economy, GDP will continue to grow at 3.9 per cent in 2018, 3.1 per cent in 2019, and 2.7 per cent in 2020. Unemployment will drop from 8.4 per cent last year to 6.7 per cent Read More

Perdios Satisfied with Contacts in China and Dubai

Deputy Minister for Tourism Savvas Perdios held contacts with Tourist Organizations in China and Dubai, in the context of the Ministry’s main objectives to attract tourist flows from distant destinations and the counties of the Persian Gulf and the Middle East which are considered suitable for short-term holidays to Cyprus.According to a press release issued by the Deputy Ministry, Perdios said he was absolutely satisfied with the results of the contacts both in China and Dubai.The contacts in Read More

Cyprus expects first gas output from Aphrodite field by 2025

By Devika Krishna KumarCyprus expects initial natural gas production from the Aphrodite field will begin between 2024 and 2025, Cyprus’ Minister of Energy Yiorgos Lakkotrypis said on Friday, after negotiations with operators and an ownership squabble delayed output.Cyprus’ Aphrodite was first discovered in 2011, but production has been delayed since as stakeholders Noble Energy, Israel’s Delek Drilling and Royal Dutch Shell renegotiate a production-sharing agreement with the government. Continue reading at source:  Cyprus Read More

Investment of Cypriot-Owned Businesses in Egypt Reaches $400M

The presence of companies linked to Cypriot interests in Egypt is deemed as particularly important, since, according to reports in the local financial press, their investments are said to amount to 400 million US dollars. These investments originate from 224 companies linked to Cypriot interests, which are active in Egypt, the Cyprus News Agency reports.A relevant reference is also made by the Office of Economic and Commercial Affairs of the Greek Embassy in Cairo, in its newsletter, following the Read More

Economic Sentiment Improves in April

Economic sentiment in Cyprus improved in April 2019 as the Economic Sentiment Indicator (ESI-CypERC) increased by 2.4 points compared with March 2019, the Economics Research Centre of the University of Cyprus has said.“The increase was driven by stronger business confidence in services and, to a smaller degree, confidence improvements in industry among consumers,” said the ERC.According to the survey, “the Services Confidence Indicator increased as a result of firms’ more positive assessments of past business situation and Read More

Industrial Turnover Increases by 12.6% in January

The Industrial Turnover Index for January 2019 reached 129.0 units (base 2015=100), recording an increase of 12.6% compared to January 2018, according to official data released by the Statistical Service of Cyprus.For Manufacturing, the index for January 2019 reached 124.2 units, recording an increase of 7.3% compared to January 2018. Source:  Gold News Read More

Panda City Development Plc Tops the Bidding Process for Elea Estate and Golf Course

Following a Bank of Cyprus invitation to tenders, Panda City Development Plc, based in the United Kingdom, ran up the highest bidders for the acquisition of the Elea Estate & Golf Course, offering 49 million euro.The process will be completed in around two months and Panda City Development estimates that the ensuing infrastructure will attract sale investments of over a billion euro in the next three years. The Elea Estate & Golf Course, situated in the Paphos area of Read More

House ratifies Cyprus-Egypt deal on subsea gas pipeline

An agreement between Cyprus and Egypt on a direct subsea natural gas pipeline between the two countries was ratified on Friday by the House plenary.The agreement was ratified with 34 votes in favour and 16 abstentions.The bill which was urgently tabled for a vote on Friday, was discussed earlier at parliamentary committee level.  Both MPs and actors involved said it was a “milestone” agreement.The bilateral agreement was signed in Nicosia on September 19, 2018 at the Read More

House Prices Up by 4.2% in the Euro Area and the EU

House prices, as measured by the House Price Index, rose by 4.2% in both the euro area and the EU in the fourth quarter of 2018 compared with the same quarter of the previous year. These figures come from Eurostat, the statistical office of the European Union.Compared with the third quarter of 2018, house prices rose by 0.7% in the euro area and by 0.6% in the EU in the fourth quarter of 2018. Continue reading Read More

Aphrodite gas talks at 'advanced stage'

The Cyprus Hydrocarbons Company (CHC) is in “advanced talks” with Noble Energy and its partners over the renegotiation of the production-sharing contract for the Aphrodite gas reservoir, the organisation’s chairman said on Tuesday.Toula Onoufriou was speaking to reporters after a meeting with President Nicos Anastasiades, where she handed over a report recapping the CHC’s activities over the past five years.Other major challenges going forward, she said, included ongoing negotiations for a gas sale agreement between the Aphrodite partners Read More

Paphos Named the Most Popular District for Overseas Buyers and Investors

Paphos is in the lead as the most popular district for overseas buyers and investors especially from Europe and Non-Europeans for the period January- March 2019 by 40.6% in comparison to Limassol which follows with 29.7%.  Larnaca is 3rd with 17.2% and lastly Famagusta with 6.6% and Nicosia with just 5.6%.According to a press release issued by Leptos Estates, sales during the first quarter of 2019 rose 11% compared to the same period last year. Total sales Read More

DP World Limassol Welcomes the First Batch of Cruise Ships for The 2019 Season

The spring cruise season for 2019 has officially opened with four cruise ships arriving at DP World Limassol. On Thursday, 4th April 2019, Queen Mary 2, one of the largest cruise ships in the world and the impressive Costa Victoria arrived. Viking Jupiter made its maiden call on April 1st and AIDAblu along with MSC Lirica, berthed at DP World Limassol  on the 27th and 29th of March respectively.Over 7,000 passengers arrived in Limassol where the cruise ships berthed for one day transit Read More

Tourism revenue up 3.1 per cent in January

Revenue from tourism reached €39.6m in January 2019 compared with €38.4m in the same month of the previous year, recording an increase of 3.1 per cent, the statistical service said on Thursday.According to Cystat, expenditure per person per visit fell on average to €483.26 in January compared with €506.49 in the same month last year, a decrease of 4.6 per cent.Expenditure per person/per day fell by 3.5 per cent from €56. Read More

Paphos seeking to woo more Polish visitors

Representatives from the Paphos’ tourist sector will visit Poland next week to boost the district’s profile as an all-year tourist destination.The Paphos regional board of tourism, along with hoteliers from across the region will participate in workshops and presentations in three cities in Poland, Krakow, Katowice, and Varsovia, next week April 9-11, said a spokesman for the board.“These are important actions with the view to ensuring Paphos is an all-year tourist destination and the region is popular with Read More

Airport passenger growth boosting all-year tourism

Airport passenger numbers in January and February increased by 7.6 per cent compared to the same period last year, while a record number of almost 11 million passengers were handled by the island’s two airports last year.According to a new report by anna.aero (Airline Network News and Analysis) aviation experts, Cyprus’ aviation industry is showing strong signs of growth despite the adverse market conditions, such as the recent collapse of a number of airlines, including Cobalt, Germania Read More

Tender awarded for construction of City of Dreams casino resort

Integrated Casino Resort Cyprus (ICR) announced on Tuesday that it had awarded the tender for construction of Limassol’s City of Dreams Mediterranean Integrated Casino Resort to Avax – Terna JV – formerly known as J&P Avax – Terna JV)- a joint venture which is 60 per cent owned by AVAX SA and 40 per cent owned by Terna SA.According to the principal contract, construction is set to begin this month and is scheduled to be completed within 2021, ICR Read More

Pilides Aims at Establishing Cyprus as a Shipping Centre

Deputy Minister for Shipping Natasa Pilides is aiming at establishing Cyprus as a shipping center through a series of actions, which she informed the parliamentary Committee on Transport, Communications and Works about on Friday. During the Committee’s meeting and in statements afterwards, Pilides referred to actions which would lead to expanding Cyprus’ register, efforts to open the register to Asian shipping companies, securing Cyprus ranks first in systems to protect the environment, and attracting Cypriots to the sector’s jobs. Pilides Read More

Push to bring more German tourists, cabinet approves upping promotions (Updated)

The cabinet on Wednesday approved the upping of promotions and incentives to attract more German tourists as the industry hopes to maintain or increase somewhat on last year’s record of almost four million visitors given new challenges.Speaking after the cabinet meeting, Deputy Minister of Tourism. Savvas Perdios said that indications from the Berlin Tourism Fair were that there were challenges this year from the German market.“The German market is dominated by general insecurity, with perhaps fewer visitor arrivals numbers,” Read More

Cyprus and Portugal to Enhance Cooperation in Maritime Transport

Cyprus and Portugal have underlined their wish to further enhance their cooperation in the sector of maritime transport during an official visit by Deputy Minister of Shipping Natasa Pilides, in Lisbon, on March 20 and 21.Pilides had separate meetings with Portuguese Minister of the Sea Ana Paula Vitorin and the European Maritime Safety Agency`s Executive Director Maja Markovčić Kostelac, a press release issued by the press and information office, says.During the meeting with Vitorin matters of mutual interest Read More

Two thousand new tourist beds for the 2019 season

Around two thousand extra beds will be available this summer in the tourist resorts of free Famagusta.According to data from the Famagusta Tourism Development Board, this summer in the tourist resorts of the region, around two thousand more beds than in 2018 will be available to tourists.The director of the Famagusta Tourism Development Board, Lakis Avraamides, explained that the increase in the number of tourist beds is due to the operation of newly built hotels in addition to Read More

Invest Cyprus and Cyprus-East and South East Asia Business Association Explore Opportunities in Southeast Asian Market

The Cyprus Investment Promotion Agency (Invest Cyprus) and the Cyprus-East and South East Asia Business Association are exploring the investment and business opportunities opening up for Cyprus in the Southeast Asian market.The two are holding a joint event on the matter, on Thursday 21 March 2019 at Hilton Park in Nicosia under the title “Exploring Business Avenues in East and South East Asia”, with keynote speaker, Nikos Christodoulides, Minister of Foreign Affairs.In a statement, George Campanellas, Director General Read More

Cyprus in Talks with EIB for €150M Financing of Natural Gas Infrastructure

Finance Minister Harris Georgiades has said that the government is in talks with the European Investment Bank (EIB) over financing of the order of €150 million for the construction of infrastructure which in order for natural gas to be transported in Cyprus.On his part EIB President Werner Hoyer confirmed that that and appeared optimistic that the credit institution will be able to take part in the project, the Cyprus News Agency reports.Georgiades and Hoyer were talking during a Read More

CI: Cyprus' Sovereign Rating Upgraded and Outlook Remains Positive

Capital Intelligence Ratings (CI Ratings or CI), the international credit rating agency, announced that it has upgraded the Republic of Cyprus’ Long-Term Foreign Currency (LT FC) Issuer Rating to ‘BB+’ from ‘BB’ and affirmed its Short-Term Foreign Currency (ST FC) Rating at ‘B’. The Outlook for the Long-Term ratings remains Positive. RATING RATIONALEThe rating upgrade reflects the continued strong performance of the economy, as well as improving public finances and the ongoing recovery of the banking sector. In addition, legislative Read More

Tourist Arrivals Increase by 4% in February

On the basis of the results of the Passengers Survey, arrivals of tourists reached 105,571 in February 2019 compared to 101,481 in February 2018, recording an increase of 4.0%. February 2019 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month.For the period of January – February 2019 arrivals of tourists totaled 187,541 compared to 177,348 in the corresponding period of 2018, recording an increase of 5.7% and outnumbering the total arrivals Read More

Diplomatic Delegation Visits Ayia Napa Marina

International diplomats, comprised of financial and commercial representatives from various foreign embassies in Athens, in collaboration with the Enterprise Greece organization under the auspices of the Embassy of Cyprus in Athens, visited the construction site of the iconic Ayia Napa Marina on March 15th, 2019. The visit took place within the framework of a wider initiative to enhance and promote business opportunities in Cyprus.The high-profile visitors were welcomed by Stavros Caramondanis, CEO of M.M Makronisos Marina Ltd, who Read More

Exports in January 2019 Reach €532M

On the basis of preliminary estimates for the foreign trade of Cyprus in January 2019, total imports were €803.6 mn as compared to €621.9 mn in January 2018. Imports from other EU Member States in January 2019 were €363.3 mn as compared to €382.8 mn in January 2018. Imports from Third Countries in January 2019 were €440.3 mn as compared to €239.0 mn in January 2018. Total exports in January 2019 were €532.0 Read More

Perdios: Cyprus Aims to Maintain the Same Number of Tourists as in 2018

Deputy Minister for Tourism Savvas Perdios has said that Cyprus is aiming to maintain the same numbers of tourists as in the previous year with the right marketing and joint efforts by all stakeholders in the tourism industry."With joint efforts we will be at the same levels as last year," he told Cyprus News Agency after the conclusion of his contacts at the ITB Tourism Fair in Berlin, where Cyprus, as he noted, gave its best.Cyprus recorded the Read More

Revenue-sharing talks for Aphrodite gas find going well

Talks aimed at recalibrating the revenue-sharing agreement for the Aphrodite gas reservoir appear to be going well, reports said on Tuesday.Daily Politis said progress was made during the latest round of negotiations held last week between the government and the consortium (Noble Energy, Delek, Shell) holding the concession on Aphrodite.The paper reported that sometime in the next few days Noble – the operator – is expected to come back with a revised production-sharing agreement. The government will then Read More

Upbeat vision of gas future in wake of block 10 find

The gas find in Glafcos (Glaucus) 1 well in Block 10 of the island’s exclusive economic zone (EEZ) is expected to yield large revenues, the energy minister Giorgos Lakkotrypis said on Wednesday.Speaking at the Sixth Eastern Mediterranean Gas Conference in Nicosia, Lakkotrypis said in the coming weeks further work to confirm the ExxonMobil discovery, which was announced on 28 February to be between 5-8 trillion cubic feet (tcf), will be necessary.Further discoveries in the Calypso well in Block Read More

Gas discovery puts Cyprus on the map, president says

The natural gas discovery in an offshore field inside the island exclusive economic zone (EEZ) has put Cyprus on the map with strong footholds, President Nicos Anastasiades said on Friday.“We need to be serious,” he told reporters following a national council meeting. “It is, of course, a joyful event that puts Cyprus on the map with strong footholds.”His comments came a day after ExxonMobil announced a gas find estimated between 5-8 trillion cubic feet in an offshore field Read More

Revenue from tourism up 2.7% in 2018

Revenue from tourism rose to a new high in 2018 according to data released on Friday by the Statistical Service.For January – December 2018 revenue from tourism is estimated at €2,710.6 million compared to €2,639.1 million in 2017, an increase of 2.7 per cent.However, the expenditure per person reached €688.22 compared to €722.62 the previous year, a decrease of 4.8 per cent. The expenditure per person/per day for 2018 compared to 2017 Read More

The 9th Nicosia Economic Congress

Over the recent past years, Cyprus has performed remarkably, delivering an impressive turnaround as unemployment continues to fall and economic growth continues to rise. And these positive trends have been reflected in repeated upgrades by all major international credit rating agencies. Gold magazine and the Institute of Certified Public Accountants of Cyprus (ICPAC) are proud to announce the organization of the 9th Nicosia Economic Congress on April 18, 2019 at the Hilton Park Hotel in Nicosia.This year’s economic congress aims Read More

Anastasiades arrives in Sharm el Sheikh for EU-Arab League Summit (Updated)

President of Egypt Abdel Fattah al-Sisi has expressed his gratitude to President Nicos Anastasiades for his contribution in establishing relations between his country and the EU.Anastasiades who arrived Sunday at the Egyptian resort of Sharm el Sheikh for the first EU-Arab league Summit, was received by President Sisi in the morning. President Anastasiades told the press that the Egyptian President expressed absolute support to his initiative on climate change. He described the meeting as warm and productive which covered Read More

International hydrocarbons interest in Cyprus confirmed

Dr Charles EllinasThe biggest and most important hydrocarbons conference and exhibition in Egypt and the East Med region, EGYPS 2019, took place in Cairo earlier this month, and Cyprus took part with a country pavilion showing the Cyprus Hydrocarbons Company (CHC) and natural gas public company (DEFA) among others.In a wide-ranging interview about the conference, Egypt’s Petroleum Minister Tarek El Molla spoke about the country’s oil and gas achievements in 2018 and plans for 2019. The great success of Read More

New Profiler Published on Large-Scale Projects in Cyprus

The Large Investment Projects Association has published and circulated to the international markets a new Profiler for large-scale investment projects with a total value of €8b, in order to promote Cyprus as an ideal investment destination.The primary objective of the new Profiler is to enhance the business environment of Cyprus and attract foreign direct investment, which is necessary for the completion and development of specific projects. The 21 large-scale development projects that are presented in the Profiler include among Read More

Tourist Arrivals up by 8% in January Due to Increase in UK Flow

The significant increase in arrivals mainly from the United Kingdom has boosted tourist arrivals in Cyprus in January 2019.The Travelers Survey conducted by the Statistical Service of Cyprus and published on Monday, showed that arrivals of tourists in January 2019 reached 81,970 compared to 75,867 in January 2018, recording an increase of 8.0% and were the highest ever recorded in January. Arrivals from the United Kingdom increased by 17.6% in January 2019 compared to January 2018 from Read More

Pilides: Sharp Rise in Companies Since the Deputy Ministry was set up

Cyprus has seen a significant increase in the number of companies that choose the island for their operations in the shipping sector since the set-up of the Deputy Ministry for Shipping, a year ago, Deputy Minister Natasa Pilides has said. Pilides appeared optimistic over the future of shipping in Cyprus, during a reception for ship owners and representatives of shipping companies hosted by the Deputy Ministry for Shipping, in Limassol, on Thursday. The Deputy Ministry, Pilides noted, has been working Read More

Cabinet Approves Changes in Cyprus Investment Program

The Cabinet approved Wednesday 13 February a series of changes to make the Cyprus Investment Program even more targeted and trustworthy, Finance Minister Harris Georgiades said. In statements at the Presidential Palace, the Minister of Finance said that the Cabinet was informed Wednesday about the results of an economic impact study in relation to the Cyprus Investment Program. Since the start of the project in 2013, 1864 cases of naturalization have been approved and 6.6 transactions have been made. Read More

Egypt-Cyprus deal on Aphrodite field is attracting great investor interest

The intergovernmental agreement signed between Egypt and Cyprus for Aphrodite gas field resulted to great interest from International oil companies, down-streamers and financial institutions, Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla said.In an interview with CNA, the Egyptian minister said that after the important umbrella agreement for building a gas pipeline between the two countries, discussions are now taking place to accelerate the process after completing the constitutional and legal procedures in each country, which should then Read More

Paphos Has the Lead in Sales to Overseas Property Buyers in 2018

The area of Paphos, one of the most beautiful regions in the Mediterranean, has once again come out on top for attracting the majority of European and Non-European buyers and entrepreneurs. The town of Paphos and the entire picturesque province is the safest and most secure area on the Island, where one can live, work and holiday.Paphos had the lead in purchase contracts to overseas buyers, especially from Europe, for the whole of 2018 by 40.4 % in comparison to Limassol which follows Read More

EC: Cyprus' GDP Expected to Reach 3.3% in 2019

Cyprus’ GDP growth is expected to reach 3.8% in 2018 following 4.2% in 2017, according to the winter interim economic forecast, issued today by the European Commission. According to the forecast GDP growth is expected at 3.3% in 2019 and 2.7% in 2020. Meanwhile inflation is expected at 0.8% for 2018, 0.7% for 2019 and 1.2% for 2020. In 2019 and 2020, growth is projected to slow down to 3.3% and 2.7%, Read More

Tourist Arrivals Increase by 9.9% in December 2018

The arrivals of travelers in December 2018 reached 234,214 compared to 213,082 in December 2017, recording an increase of 9.9%. The increase is mainly attributed to the arrivals of tourists (7.7%) and to the return of the residents of Cyprus (10.2%). An increase in the arrivals of travelers (3.3%) was also recorded in November 2018 when travelers reached 261,765, according to official data released by the Statistical Service of Cyprus.Concerning the departures of travelers, an Read More

Cabinet approves bill for Egypt pipeline deal

The cabinet on Thursday approved a bill governing an inter-state agreement with Egypt for the construction of a subsea natural gas pipeline crossing through the exclusive economic zones of the two nations.The legislation follows through from, and sanctions, the inter-state pipeline agreement signed between Cyprus and Egypt in September 2018.Energy minister Giorgos Lakkotrypis was authorised to submit the bill to parliament. Continue reading at source:  Cyprus Read More

How will property values change in 2019?

The Cyprus property portal Zyprus, which enables business to advertise their properties for sale and rent, has recently added a forecasting tool that helps owners of property assess how its value may change in 2019.FOLLOWING the rising demand in the Cypriot property market, a question that naturally arises is how much will property prices in Cyprus change in 2019?The Zyprus.com ZyForecast tool provides a starting point to gauge how much the price of the residential units by Read More

Short-term lettings, real estate & tourism

Short-term Airbnb style property lettings will have a positive impact on the Cyprus real estate market and tourism industry, but balanced legislation is needed to ensure those positive impacts are achieved.THE TREND in short-term lettings in Cyprus is gaining ground in 2019 and in the wider region in countries such as Israel and Greece. Since 2018 there has been a significant increase in the number of properties listed for short-term rent on Airbnb and other rental platforms; the response Read More

Motor vehicle sales rise for fifth consecutive year

Motor vehicles sales in Cyprus rose by 13.3 per cent in 2018 marking the fifth consecutive annual increase since 2014.According to data released by the Cyprus Statistical Service (Cystat), total new registration of motor vehicles reached 49,450 in 2018 compared with 43,640 the year before, reaching the highest point in the last ten years.Sales of passenger saloon cars rose by 12.8 per cent in 2018 amounting to 40,683 cars compared with 36,067 in 2017. Of the Read More

Cyprus: Real Estate Market 2018 - 2019

By Panos Danos, Danos Group    January 07, 2019 - Cyprus is seeing new office developments to accommodate expanding local and new International companies - Increasing demand for Grade A office premises- Government incentives are stimulating investment for development sites and income producing assets - Residential Rents are on the rise Increasing demand for Grade A office premisesNicosia, being the capital and financial centre of Cyprus, is home to the public sector and most of the large businesses operating on the island. Traditionally, office Read More

Economic Climate Improves in December 2018

The economic climate improved in December 2018 by 3.4 points, assisted by the improvement of the business climate in services and manufacturing industry. The Economic Sentiment Indicator, composed by the Economics Research Centre of the University of Cyprus, stood during the last month of 2018 at 118.6 points, compared to 115.2 points in November 2018. The Index reached a record high on January 2018 with 119.8 points. According to the Economics Research Centre, the Index reached Read More

Revenue From Tourism Up By 6% in October 2018

Revenue from tourism reached €293,8 mn in October 2018 compared to €277,1 mn in the corresponding month of the previous year, recording an increase of 6,0%, according to the results of the Passenger Survey, published on Monday by the Statistical Service. Between January – October 2018 revenue from tourism stood at €2.562,3 mn compared with €2.493,8 mn in the corresponding period of 2017, recording an increase of 2,7%, said Cystat. Continue reading at source:  Gold News Read More

Businesses moderately optimistic over economic growth

Cypriot businesses are facing the new year with optimism as regards prospects for growth but remain concerned over red tape and energy prices, the chamber of commerce (Keve) said on Thursday.Keve announced the Cyprus-related results of a pan-European survey carried out by chambers of commerce on the business climate in Europe held towards the end of each year.The survey covered over 45,000 businesses in 26 countries.“The findings for Cyprus showed increased but moderate optimism for 2019 confirming Read More

Cyprus GDP Grows by 3.7% in Q3

GDP growth rate in real terms, during the third quarter of 2018, is estimated at 3.7% over the corresponding quarter of 2017, according to data released on Friday by the Statistical Service of Cyprus.Based on seasonally and working day adjusted data, GDP growth rate in real terms is also estimated at 3.7%. Continue reading at source:  Gold News Read More

Air traffic growth in Cyprus double the EU average

Air traffic to and from Cyprus increased by 14.3 per cent from 2016 to 2017, nearly double the EU average of 7.3 per cent, a Eurostat report published on Thursday revealed.For the first time, the numbers surpassed 10 million in Cyprus, reaching 10,239,000. While 6,811,000 of those travelling to and from Cyprus travelled within the EU, another 3,428,000 flew to other destinations.2017 was also the first year more than one billion travelled by air in the Read More

Vassiliki Anastassiadou: Cyprus will be Included in Major Road Projects Funded by the EU

Cyprus will be included in the EU funding scheme for major road projects in the upcoming planning period 2021-2027, Minister of Transport, Communications and Public Works Vassiliki Anastassiadou, said speaking to the Press And Information Office (PIO) after the conclusion of the marathon Transport Ministers Council and just before the start of the telecoms meeting this morning in Brussels.The road funding project is of course part of the next multiannual financial framework (2021-27), for which discussions continue between the Read More

Michael: Foreign Investment is Key for LongTerm Economic Growth

In the framework of this year’s Annual General Meeting, the Cyprus Investment Promotion Agency (Invest Cyprus) pledged to continue working tirelessly to promote Cyprus as an attractive investment destination and business centre of excellence.Invest Cyprus’ Annual General Meeting took place in the presence of the President of the Republic, Nicos Anastasiades, members of the Council of Ministers, businesspeople, foreign investors and diplomats. In his welcome address, the President congratulated Invest Cyprus for its work, underlining that Cyprus’ return to Read More

Panel discussion: growth strategies for Greece and Cyprus

The Hellenic Observatory in collaboration with the school of economics and management of the University of Cyprus and with the support of the LSE alumni association of Cyprus, is organising a panel discussion on ‘Development strategies for Greece and Cyprus’.As economies have begun to recover and started growing again after the painful crisis that both Greece and Cyprus went through, the speakers will focus on the countries’ growth prospects and on the priorities for economic policy and reforms. Continue Read More

Anastasiades: Tourism in Cyprus will Continue its Upward Trend

The tourist industry in Cyprus is on the rise President of Cyprus Nicos Anastasiades has said, pointing out that it can face all the challenges that arise and can strengthen its competitive advantages. He also expressed his confidence that the growth rate of 4% recorded will remain high. The President addressed on Saturday evening an event organized by the Association of Hotelier Managers (PASYDIXE) in Limassol. The President praised the actions of the leaders of the tourist industry saying that Read More

EastMed pipeline deal to be reached very soon government says

Cyprus is very close to reaching an agreement with the countries involved in the construction of the East Med pipeline to transfer natural gas from the Eastern Mediterranean to Europe, a government source said on Sunday.The government source was commenting on reports in The Times of Israel this week, which, citing reports of Hadashot TV, said that Greece, Italy, and Cyprus have reached an agreement with Israel to lay a pipeline connecting the latter’s gas reserves to the three countries to supply Read More

Island's economy now in growth phase says Hellenic

Cyprus’ macroeconomic outlook is positive with growth expected to reach 4 per cent in 2018 and 3.9 per cent in 2019, Hellenic Bank said on Tuesday.In its review for the fourth quarter of the year, Hellenic’s department of economic research said the island’s phase of recovery from the 2013 collapse has passed and the economy was now entering its growth phase.In a news release, the bank said it expects a positive macroeconomic outlook accompanied by “a significant Read More

US supports Cyprus' right to develop its natural wealth

By George Psyllides US Assistant Secretary of State for Energy Resources Francis Fannon reiterated his government’s support to the Republic of Cyprus’ right to develop its natural wealth, adding that his country promotes energy developments in the Eastern Mediterranean region as a matter of priority.Fannon, who was visiting Energy Minister Giorgos Lakkotrypis, made the comments came as ExxonMobil and Qatar Petroleum started drilling in block 10 of Cyprus’ Exclusive Economic Zone.The American diplomat said his visit was part of Read More

Lakkotrypis Holds Talks with Big Energy Firms in London

The Minister for Energy Yiorgos Lakkotrypis has held meetings in London with international energy firms that are involved in gas production at the Republic of Cyprus’ Exclusive Economic Zone, the Cyprus News Agency understands.Lakkotrypis has been in the UK capital since the beginning of the week to lead the Cypriot delegation at this year’s World Travel Market, under his capacity as Minister for Tourism. Continue reading at source:  Gold News Read More

Ship Management Generates 5.1% of Cyprus GDP in H1

The Cyprus ship management industry in the first half of 2018 generated revenue of EUR506m ($571m), or 5.1% of the island nation's GDP, the highest level in five years. The result consolidated Cyprus ship management as the world¹s third largest hub while the maritime cluster contributes around 7% to the island¹s GDP.Income was up EUR30m in the January / June period compared to the same 2017 period as global shipping and freight markets continue to recover from the Read More

Hotel projects grow as Airbnb is to be regulated

New hotels are sustaining a construction industry boom as hoteliers also go ahead with renovations and expansions, despite challenges posed by private self-service accommodation units.ACCORDING to data released by the Cyprus Statistical Service, hotels are at the heart of the progress the building sector is witnessing. New hotels, refurbishments and expansion projects have multiplied by eight times in the first seven months of the year, compared to the same period in 2017. From January to July, hotel projects corresponding Read More

9th Limassol Economic Forum Current Issues on Economics Politics Business in Europe and Beyond

IMH and IN Business magazine are organizing The 9th Limassol Economic Forum on Friday, 19 October 2018 at the Four Seasons Hotel in Limassol, Cyprus. This is considered to be the biggest and most prestigious business gathering in Cyprus with renowned personalities presenting every year.The Limassol Economic Forum is a much anticipated annual event where the latest trends and developments in global politics and economies in Europe and the Eastern Mediterranean are discussed. The Forum engages political, economic, business and academic leaders alike in wide-ranging presentations that Read More

Government to continue work to consolidate sustainable development assures Cyprus President

President of the Republic of Cyprus Nicos Anastasiades assured Thursday 11 October that Government will continue to work with the same determination and responsibility to consolidate sustainable development of the economy and to boost the excellent prospects of Cyprus’ main productive sectors, in his speech at an official dinner of Cyprus Employers and Industrial Federation.He also said that upgrading of research and innovation issues under a Deputy Ministry, would significantly contribute to the necessary modernization of the sector.The Read More

Four firms express interest in gas pipeline

Four major investment firms have expressed an interest in financing the construction of a pipeline that would transport natural gas from Cyprus to Egypt, Bloomberg reported on Wednesday.The banks and investment houses asked the Cypriot government for more information on the progress of the Aphrodite reservoir, whose gas Royal Dutch Shell Plc is considering buying for its facility in Egypt, Sofronis Papageorgiou, head of commercial affairs at the Cypriot embassy in Israel told Bloomberg, though he declined to disclose Read More

FM says deal close to export gas to Egypt

The consortium with the licence on the Aphrodite gas field in block 12 is “very close” to a deal to export natural gas to a liquefaction terminal in Egypt, Foreign Minister Nicos Christodoulides has said.Speaking to an Egyptian newspaper, Christodoulides said the companies – Noble Energy, Delek and Shell – are in talks with an LNG facility in Egypt, adding that negotiations have reached “an advanced state and are nearing completion.”He did not provide more details.Last month Read More

IMF Upgrades Cypriot Economy Growth Projections

The International Monetary Fund (IMF) has significantly upgraded its projections on the Cypriot economy`s growth for 2018 and 2019 at the World Economic Outlook published this October, expecting a growth rate of 4.0% and 4.2% respectively.For 2019 in particular, the IMF’s review is greater by 1.2 percentage units while for 2018 it is higher by 0.4 of a percentage unit, compared to the spring projections published last April. The international body expected then that the Read More

Cabinet looking for gas licensees for Block 7 (Updated)

The energy minister announced on Monday Cyprus will be seeking bidders for a €300m project to facilitate natural gas imports and will also invite energy companies to express interest in another offshore field inside the island’s exclusive economic zone.Yiorgos Lakkotrypis said the cabinet had approved the tender documents for the projects, which will be published immediately.“It concerns the creation of the necessary infrastructure to import liquified natural gas to Cyprus, at an estimated cost of around €300m,” he Read More

'Cypriot economy out of 2013 cardiac arrest'

Cyprus’ economy has come out of the 2013 “cardiac arrest” and posted four years of growth, Bank of Cyprus CEO John Patrick Hourican said in an interview with Bloomberg television on Friday night, a statement echoed both by the Hellenic Bank CEO Ioannis Matsis and Finance Minister Harris Georgiades in similar interviews.Asked why now is the right time to invest in Cyprus, Hourican said: “We moved from a junk status backed to investment grade.”He added that the island’s Read More

Limassol gearing up for winter cruise visitors

Limassol municipality announced on Friday it was organising welcome events at the port to greet the thousands of cruise ship passengers expected to visit the cosmopolitan resort during the fall.During a press conference at the Municipal Palace, the Mayor of Limassol, Nicos Nicolaides, said that around 13,000 tourists are expected to participate in these events. The aim is to help develop cruise tourism.The main theme of the events, scheduled to take place between September 17 and November 19 Read More

Economy expands 39 per cent in Q2 Cystat says

The economy expanded in the second quarter of this year 3.9 per cent compared to the same period of 2017, the statistical service said on Monday.Compared to the first quarter, economic output rose in April to June 0.8 per cent in real terms. The seasonally adjusted growth rate in the second quarter was also 3.9 per cent. Continue readng at source:  Cyprus Read More

More hotels open for winter tourism in Paphos

Ten per cent more hotel beds will be available in Paphos for the upcoming winter season compared to last year’s figures, officials said on Tuesday.Head of the Paphos regional board of tourism Nasos Hadjigeorgiou, told the Cyprus Mail that this is just one of the many positive steps being implemented with the aim of re-establishing Paphos as an all year round tourist destination.“The entire region is on the right track and the priority for us now is that Read More

Real estate transactions up 14 per cent in August

The number of property transactions rose in August an annual 14 per cent to 653 mainly on a strong performance of the property market in Limassol, the Department of Lands and Surveys said on Monday.The number of properties that changed owner in the Limassol district rose 30 per cent last month to 262 compared to August 2017. Continue reading at source:  Cyprus Read More

CBC: Cypriot Banks Expect Growth in Demand for New Loans

Cyprus banks foresee a continued rise in demand for new loans both by households and companies in the coming months, according to the Bank Lending Survey complied by the Central Bank of Cyprus for the second quarter of 2018.According to the expectations of banks in Cyprus and in the euro area for the third quarter of 2018, net demand for new loans is expected to increase further in all loan categories.“The expectations for further increase in the net Read More

Georgiades The Growth Rate of 3.9% Proves The Hard Work of our Productive Forces

Cyprus Economy has recorded 3.9% of growth rates in the second quarter of 2018, according to the Flash Estimate of the Statistical Service, compared to the corresponding quarter of 2017. After correcting GDP in terms of seasonal fluctuations and working days, the growth rate is calculated + 3.9%.Growth rates are mainly attributable to the domains of "Hotels and Restaurants", "Retail and Wholesale", "Construction", "Processing", "Professional, Scientific and Technical Activities" and "Administrative and Support Activities". A negative growth Read More

Building permit expected soon for Troodos observatory

Construction of the observatory in Troodos is expected to start in the near future, with the building permit expected to be issued soon, the Cyprus News Agency reported on Wednesday.The site of the astronomical research centre on top of a 1,200 metre hill near Agridia, Chandria, was chosen because there is little light pollution, and humidity is usually at low levels.Agridia is considered to be a convenient location, as it is a 45-minute drive from both Limassol and Read More

Nicosia Mall 100% Occupancy

The wait for Nicosia’s most ambitious retail landmark is soon to be over and its impressive space is rightfully promising. With 100% of its real estate already booked by leading brands, Nicosia Mall is now set to deliver on its mission to offer an elevated one-stop destination. Its masterfully blended brand-mix and carefully planned area will surely translate into a brand-new fashion, food and fun experience for the young, old and everyone in between.SHOPPING MADE PHENOMENALWith shopping at the Read More

Cruise Industry a Driver of Tourism Growth

The cruise industry is steadily rising internationally, as a key driver of tourism growth, while the tourism sector is of vital importance to the Cyprus economy. According to a recent study by the World Travel & Tourism Council (WTTC), tourism is expected to become the cornerstone of the Cyprus economy, contributing 29% to the country’s GDP by 2028.The Mediterranean region has always been a popular choice for tourists, with cruise travellers taking up an important share of the tourism Read More

Energean gas offer to Cyprus

By Charles EllinasGreek oil and gas company Energean is seeking approval from the Cyprus government to build a pipeline from its Israeli offshore gas fields and import 0.5 to 1 billion cubic metres (bcm) of gas per year to the island, Reuters news agency reported this week.Such a deal would help Cyprus meet its obligations to switch to cleaner energy such as natural gas and renewables by 2020 if it is to avoid hefty fines by the European Read More

Building Permits Up By 144 in April

The number of building permits issued this April compared to last April was up by 14.4%, data released by the Cyprus Statistical Service show. At the same time, an increase of 6.6% is recorded during the first four months of this year. The number of building permits issued by local authorities this April was 469, compared to 410 in April 2017, recording an increase of 14.4%. The total value of these permits was up by €17 million Read More

Anastasiades Discusses Totals Energy Plans in Cyprus EEZ

French energy giant TOTAL’s plans in Cyprus’ exclusive economic zone (EEZ) were discussed during a meeting President Nicos Anastasiades had with chairman and CEO of the company, Patrick Pouyanne, in Paris, on June 30. The President was in the French capital to attend the Pantheon burial of Simon Veil, Holocaust survivor and women’s rights icon who passed away a year ago at age 89.Government Spokesman Prodromos Prodromou, who attended the meeting along with Energy Minister Yiorgos Lakkotrypis, told the Read More

President meets Total chief in Paris

Total’s energy programme was discussed during a meeting in Paris between President Nicos Anastasiades and the general director of the company Patrick Pouyanne, during which he reiterated Total’s interest in increasing its presence in Cyprus.Government Spokesman Prodromos Prodromou said during the meeting on Saturday evening “the company’s commitment to Cyprus was repeated”. Continue reading at source:  Cyprus Read More

Marios Kalochoritis An Insight into The Capitals Newest Commercial Landmark

Nicosia Mall is one of the most significant projects currently under construction in the capital and its completion and official launch are eagerly awaited. The Chairman of Nicosia Mall Holdings (ΝΜH), Marios Kalochoritis, Senior Advisor to the CEO of Bank of Cyprus and a former Member of the Bank’s Board of Directors, explains how an abandoned project is being transformed into an ultra-modern shopping centre and offers his insight on the positive impact it is expected to have on the Read More

Anastasiades Cyprus Economy is on the Right Track

President Nicos Anastasiades spoke at the 7th CIPA International Investment Awards on June 19 about the importance of investment in Cyprus.“I feel obliged to express my gratitude to our valued investors for their vote of confidence and trust, for their ongoing support and determination to develop their businesses in our country, in line with our common vision: to establish Cyprus as a prosperous, reliable and competitive business hub, keen on providing the conditions under which any investor can thrive,” Read More

Award ceremony for top foreign investors

Six foreign investors were acknowledged for their contribution to the economy during this year’s Cyprus Investment Promotion Agency (Invest Cyprus) awards, while a seventh was given an honorary award.The awards ceremony was held in Nicosia on Tuesday night, attended by President Nicos Anastasiades and some of his cabinet including Energy Minister Giorgos Lakkotrypis and Finance Minister Harris Georgiades.The winners of the awards were Olympia Group, which has various and wide-ranging investments, US energy giants ExxonMobil, Limassol port operators Read More

Action plan for Troodos ready by the autumn president promises

A national strategy to rejuvenate endangered Troodos communities will be ready by September at the latest and will start being implemented immediately, President Nicos Anastasiades pledged on Monday.He was addressing a conference of 26 academics and specialists called to formulate a plan over the future of the Troodos mountains. Two more gatherings of scientific and technical groups within the next two months are expected to determine the basis for the detailed action plan for Troodos.As a first step, Read More

Total Value of Building Permits Reach €162.8M

The Statistical Service has announced that the number of building permits authorized by the municipal authorities and the district administration offices during March 2018 stood at 531. The total value of these permits reached €162.8 million and the total area 146.1 thousand square metres. These building permits provide for the construction of 467 dwelling units.During the period January – March 2018, 1.515 building permits were issued compared to 1.451 in the corresponding period of the Read More

Cyprus GDP Grows 4 in Q1 2018

Cyprus' GDP increased by 4% in the first quarter of 2018, over the corresponding quarter of 2017, higher than the initial estimation.According to data released by the Statistical Service of Cyprus, the growth rate of the economy in the first quarter of 2018 is positive and is estimated at 4% based on seasonally and working day adjusted data, compared to the corresponding quarter of 2017.Continue reading at source Gold News Read More

Christodoulides welcomes Exxons intention to speed up drilling plans

Foreign Minister Nicos Christodoulides has welcomed ExxonMobil’s intention to accelerate procedures ahead of scheduled offshore drillings in Cyprus’ exclusive economic zone.Asked about his recent meeting with ExxonMobil’s Vice President, Tristan Asprey, in the presence of Energy Minister Giorgos Lakkotrypis, where they discussed geopolitical developments, Christodoulides said that energy planning was going as planned. He added that during the meeting, the company expressed its intention to speed up the process.ExxonMobil’s Vice President for Europe, Russia Caspian and Asia Pacific Read More

Economy expands 4 in Q1 Cystat says

By Stelios OrphanidesCyprus’s economy expanded 4 per cent in the first quarter of 2018 compared to the respective three-month period last year and 1 per cent compared to the quarter before, the statistical service said.In January to March, economic output rose a seasonally adjusted 4 per cent compared to the respective period of 2017, Cystat said in a statement on its website on Friday.On May 15, Cystat announced its preliminary estimate of an annual growth rate of 3. Read More

Revenue from Tourism Reaches 110M in March 2018

On the basis of the results of the Passenger Survey, revenue from tourism reached €110.0 mn in March 2018 compared to €86.1 mn in the corresponding month of the previous year, recording an increase of 27.8%.For the period of January – March 2018 revenue from tourism is estimated at €201.1 mn compared to €168.1 mn in the corresponding period of 2017, recording an increase of 19.6%.The expenditure per person for March 2018 Read More

PwC Cyprus Sponsor of the 1st Business Ethos Awards

As part of its effort to support Cypriot businesses, PwC Cyprus actively supported the 1st Business Ethos Awards, which were organised on 23 May by the Cyprus Chamber of Commerce and Industry (CCCI) and the Cyprus Integrity Forum. The aim of the awards is to promote transparency and integrity in the business sector, but also to recognise and reward the effort made by businesses to eradicate corruption.Addressing the award ceremony, PwC Cyprus CEO Evgenios Evgeniou said: “PwC’s participation in Read More

Bank of Cyprus Posts 43M Profit in Q1 2018

Bank of Cyprus Holdings recorded profit after tax of €43 million, and earnings per share of 10 cents for the quarter ended 31 March 2018, according to Group financial results released on May 29.The stock of Non Performing Exposures (NPEs) was reduced by €454 mn to €8.3 bn. That was the twelfth consecutive quarter of material NPE reduction. The overall stock of NPEs was reduced by 44% since December 2014. Coverage levels against non performing exposures increased to Read More

Nicosia Mall 25 Million Investment in the Road Network

The anticipation around the capital’s newest retail landmark is gaining momentum, while the upgraded road network that will ensure easier access to and from the mall is nearing completion.Armed with the goal of creating a shopping centre with international credentials, Nicosia Mall’s management is not only investing in the experience it will offer within its sophisticated facilities – it has also taken it upon itself to develop a proper road infrastructure that will ensure the safety and convenience of Read More

Council of Ministers to discuss the Strategic Framework for Fiscal Policy

Finance Minister Harris Georgiades will submit, on Monday, to the Council of Ministers the 2019-2021 Strategic Framework for Fiscal Policy (SFFP) outlining the government’s basic guidelines on fiscal policy for the next three years.The document kick starts the process for the drafting of the 2019 state budget and the Medium Term Budgetary Framework for the period of 2019-2021.Continue reading at source Cyprus Read More

Tourist arrivals up 97 in April Cystat says

By Stelios OrphanidesTourist arrivals rose 9.7 per cent in April, to 314,143, compared to a year before on a strong performance of a number of secondary markets, the statistical service said.Arrivals from the UK, from which Cyprus traditionally attracts the bulk of incoming tourist flow, rose an annual 4.1 per cent last month, to 110,689, while those from Russia, the second most important source of tourism, rose 4.3 per cent, to 49,040, Cystat said in a Read More

Prodromou sees economic growth at 4 full employment by 2021

By Stelios OrphanidesGovernment spokesman Prodromos Prodromou said he expects the economy will expand this year by around 4 per cent before returning to full employment conditions in “two or three years”.“It is the thirteenth consecutive quarter since the first quarter of 2015 that the has economy grown,” the economist-politician told reporters in Nicosia on Tuesday, hours after Cystat posted its preliminary estimate of 3.8 per cent growth rate for January to March. “We have steady and robust growth, Read More

Revenue from Tourism Rises in February

Revenue from tourism rose to €52,7 mn in February 2018 compared to €46,6 mn in the corresponding month of the previous year, recording a significant increase of 13.1%, on the basis of the results of the Passenger Survey, published by the Statistical Service on Friday 11 May. For the period of January – February 2018 revenue from tourism increased to €91,1 mn compared to €82,0 mn in the same period last year, recording an increase of 11.1%.Continue Read More

Paphos woos reporters to promote Ryanair Jordan route

PAPHOS is hosting a group of prominent journalists and bloggers from Amman in Jordan to highlight the new flights connecting the two cities.Head of the Paphos regional board of tourism, Nasos Hadjigeorgiou said that the visit which started on Wednesday is co-organised with Ryanair which operates the new flights.The guests will see important sites including the archaeological park in Kato Paphos, the recently renovated Paphos old town and will venture further afield to Polis and Latchi.The tourism Read More

Shaner Italia CS Hospitality form Joint Venture for Expansion in Greece Cyprus

Europe-based hotel owner and operator Shaner Italia, a division of The Shaner Hotel Group, has entered into a joint venture with Athens, Greece-based CS Hospitality to expand their hotel operations in Greece and Cyprus. “Focusing on a much-needed, high-end global hospitality experience is very timely. Greece is expecting over 30 million visitors this year,” Andreas Contos, CEO of CS Hospitality, said in a statement. Shaner Italia plans to expand its footprint in the Mediterranean region through its JV with CS Read More

Cyprus and Egypt close to signing gas deal says minister

Cyprus and Egypt are close to signing an agreement for connecting the Aphrodite gas field to the North African country, Energy minister Giorgos Lakkotrypis said on Monday.Lakkotrypis, who was in Cairo on Monday for energy-related talks, met with Egyptian Petroleum Minister Tareq El Molla, after which talks were held between the two countries’ delegations.The minister said following his meeting with El Molla, that they discussed the transnational agreement for an underwater pipeline that will connect the natural gas Read More

Dismantling of Fuel Depots in the Coast of Larnaca Begins

Cyprus President Nicos Anastasiades attended a ceremony for the dismantling of the largest fuel depot in Cyprus, marking the commencement of the dismantling of the fuel depots on the coast of Larnaca.The government, the Municipalies of Larnaka and Livadia and the petroleum companies agreed on timeframe to conclude the dismantling of the fuel depots by late 2020.The fuel tank, estimated to hold 56,913 cubic metres of fuel is the largest ever constructed in Cyprus and belongs to Petrolina Read More

A new era for Limassol port

By Andria KadesLimassol port serves as a model for what Cyprus can achieve as it is one of the largest projects of the island, President Nicos Anastasiades said on Thursday during the inauguration ceremony of the new passenger terminal.Dubai’s DP World was awarded a 25-year concession to exclusively operate the multi-purpose terminal in April 2016 and began operations 15 months ago.Since then over 91,000 passengers were served and 11 cruise lines berthed 85 ships last year.This marked Read More

Hermes and CTO Hold Joint Meetings with Airlines and Tour Operators

Very positive messages have transpired in respect to the air connectivity of Cyprus, both for the current year as well as the preliminary plans of the airlines for 2019. This is the main conclusion that has emerged following the contacts of a joint delegation of Hermes Airports and the Cyprus Tourism Organization with representatives from dozens of airlines and tour operators at the "Routes Europe 2018" forum, which took place in Bilbao, Spain.What came out from the meetings, is Read More

Russian ambassador looks to bright economic future for Cyprus and Russia

One of the pillars of the partnership between Cyprus and Russia is their substantial cooperation in the economic field, Russian Ambassador to Cyprus Stanislav Osadchiy said on Thursday.He was speaking at a conference held in Limassol and titled ‘The future of Russian business in Cyprus’.Noting that the two nations share cultural and religious traditions, mutual trust and support, he said that one of the pillars of their partnership is the substantial economic cooperation. Continue reading at source Cyprus Read More

Executives from Global Cruise Companies to Visit Cyprus

Executives from global companies in the cruise ship industry are set to experience the ‘taste of Cyprus’through its history and culture, local flavors and tastes, all the things that tourists can admire and do on our island. Arriving in Cyprus on April 24-27, guests of DP World Limassol will also participate in the Cruise Executive Summit.The aim of the event is to promote cruise tourism, strengthening the prospect of making Cyprus a cruise home port.Continue readingSource:  Gold News Read More

HB Cypriot Economy Expected to Grow by 4.2% in 2018

Hellenic Bank estimates that the Cypriot economy will grow at a rate of 4.2% in 2018. Growth is expected to be supported by private consumption and investment and by an improving and robust labour market. Unemployment is expected to decline to 9.2% in 2018, while inflation to remain at relatively low levels, at around 0.5%.In its Economic Review, the Department of Economic Research, notes that the recovery phase has passed and the economy is now entering Read More

The Best Is Yet To Come

Cyprus tourism may be entering a new ‘golden age’ but we need to act prudently, says Jason Perdios.The travel and tourism sector today accounts for more than 10% of global GDP and in Cyprus it is more than double that figure: the total contribution in 2016 was 21.4% and is set to rise by 3.4% per annum for the foreseeable future. Jason Perdios, CEO of Louis Hotels, believes that opportunities exist for even higher growth but, he Read More

36.4% Increase in Tourist Arrivals

On the basis of the results of the Passengers Survey, arrivals of tourists reached 192,090 in March 2018 compared to 140,873 in March 2017, recording an increase of 36,4%. March 2018 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month.For the period of January – March 2018 arrivals of tourists totalled 369,438 compared to 285,693 in the corresponding period of 2017, recording an increase of 29.3% and outnumbering the total arrivals ever Read More

Christodoulides Discusses Cooperation in the Field Of Energy with Sisi during Egypt Visit

Cooperation between Cyprus and Egypt in the field of energy, including the planned subsea pipeline for the transport of natural gas from Cyprus to Egypt, was an important part of the meetings of Foreign Minister Nikos Christodoulides, who concluded on Wednesday 11 April his working visit to Egypt.According a Foreign Ministry press release, during the visit, Christodoulides had a series of meetings with officials of the country. It is noted that it was the first visit of a Foreign Read More

CEOs in Cyprus Confident about their Companies Growth Prospects

CEOs of companies operating in Cyprus are optimistic about the growth prospects of their companies as well as that of the global economy, according to the findings of PwC’s 21st Annual Global CEO Survey.This year’s survey, entitled “The Anxious Optimist in the Corner Office”, saw the participation of almost 1,300 CEOs in 85 countries.  PwC Cyprus carried out the local survey for the 7th consecutive year, with the participation of 67 CEOs in Cyprus.An analysis showed that CEOs are Read More

Property Sales Surge in March

The number of property sales contracts deposited at Land Registry offices across the Republic of Cyprus during March 2018 rose 23 per cent compared to March 2017 according to official figures published by the Department of Lands and Surveys.This follows increases of 46% in February, 64% in January and 36% in December, Cyprus Property News reports. During March a total of 768 contracts or the sale of residential and commercial properties and land (building plots and fields) were deposited Read More

Highend Cyprus property sales boom

PwC Cyprus reports that 260 high-end properties in Cyprus (in excess of €1.5 million) were sold during 2017, which contributed to the wider recovery of the real estate industry and the rise in prices for the first time in several years. Cyprus Real Estate Market Year In Review 2017PwC notes that The Cyprus economy relies heavily on the real estate sector, as Cyprus has one of the highest home ownership rates in Europe and there is a significant overseas Read More

IMF It records positive developments in the Cypriot economy

The positive developments in the Cypriot economy are recorded in a statement by the International Monetary Fund Expert Group, who visited Cyprus from 19-30 March for the regular annual survey of the economy of the member countries of the "Fund" under the provisions of the 4th article of its Statute .The inspection was carried out in co-operation with the European Commission, the European Central Bank and the European Stability Mechanism, and the IMF team is to prepare a report to Read More

PwC Analyses Developments and Prospects in Real Estate Sector During 2017

PwC Cyprus presented its publication “Cyprus Real Estate Market – Year in Review 2017”, at an event in Nicosia on 28 March.The publication provides the latest developments in the real estate sector during 2017. The event was attended by professionals of the sector and other stakeholders, who had the opportunity to learn more about the current developments in the market, the new legislative and tax regulations that affect land development, as well as the latest real estate market trends. Read More

Limassol Promoting cruise tourism

Focused on the goal he has set for promoting cruise tourism within the next two years, the Limassol Municipality remains, who will promote Limassol to cruise operators based on Miami, the United States.According to the announcement, at a meeting held today at the Municipal Palace, all the parties involved (representatives of the CTO, the Cyprus Maritime Chamber, the French Cypriot Chamber of Commerce, the managing director of the DP World Limassol cruise terminal) agreed to promote a series of Read More

Hotels Under construction 13 new units

Shortly before the official start of the summer tourist season, the hotel industry of Cyprus is in construction. The construction of new hotel units and the upgrading / expansion of older ones are in the foreground, in the coastal areas and mainly in the Famagusta province.Estimates, for an even better tourist season in terms of arrivals, are totally related to hotel and hotel exposures, which aim at fully upgrading their services. It is also worth noting the involvement of Read More

Lakkotrypis Calls on Investors to Consider Electricity Market

Cyprus Energy Minister Yiorgos Lakkotrypis called on possible investors to consider the Cypriot electricity market in view of its liberalisation in July next year, the Cyprus News Agency reports.“We hope the electricity market will become a new sector of economic activity and we call on investors to seriously consider the opportunities provided by the sector,” Lakkotrypis said addressing the opening ceremony of the Save Energy exhibition organised by the Employers and Industrialists Federation.The Cyprus Energy Regulatory Authority (CERA) Read More

Limassol and the City of Dreams

City of Dreams Mediterranean is the official name of the integrated casino resort that will open in Limassol in three years’ time. The consortium behind the project – Melco International Development Limited and Cyprus Phassouri (Zakaki) Ltd – recently presented the final plan at the Presidential Palace. Lawrence Ho, Chairman and CEO of Melco spoke to GOLD about the €550 million investment and how he expects the new resort to enhance the island’s tourism offering and significantly raise visitor numbers. Read More

Shell Seeking $25B Gas Deal with Cyprus and Israel

Energy giant Shell is in talks to purchase $25 billion in natural gas from Israel and Cyprus, a report in Globes said Sunday 11 March. The report quoted sources at Bloomberg, who first reported the story last Thursday.The report said that Shell was seeking to contract with the two countries for 10 billion cubic meters of natural gas annually from Israel’s Leviathan and Cyprus’s Aphrodite gas fields. According to Bloomberg, all three parties involved are seeking to sign a deal by Read More

CISI Impressive Turnaround in the Cypriot Financial Markets

The recovery of the financial services sector in Cyprus after the financial crisis has been impressive, according to Kevin Moore, Director of Global Business Development, Chartered Institute for Securities and Investment (CISI). At the same time, he notes that CySEC has helped to increase professionalism in the financial services sector. What is CISI? When was it founded and what is its purpose?The Chartered Institute for Securities and Investment (CISI) is the professional body of choice for financial practitioners within the Read More

CTO Optimism for tourist arrivals from Germany

The importance of the German market for the tourism industry in Cyprus has been highlighted in the contacts that CTO representatives had at the ITB in the International Tourism Fair (ITB), with the messages being optimistic.The Cypriot delegation was led by Tourism Minister Yorgos Lakkotropis and attended by CTO Chairman Angelos Loizou, Deputy General Manager Marinos Menelaos and officials.A CTO press release states that contacts have been made with major tour operators and air carriers on the German Read More

Arton Capital Cyprus Enhances its Citizenship by Investment Program

Following the elections that ended on February 4th, 2018, the government of Cyprus has decided to introduce fundamental changes to its Citizenship by Investment Program.Arton Capital has congratulated the Government of Cyprus for its decision to introduce regulations which will enhance the security of investors, under the country's Citizenship-by-investment Program. “This is a step in the right direction given the popularity of the Program and its contribution to the economy of Cyprus, which has become a glowing example of Read More

CYPRUS FIRST INTEGRATED CASINORESORT

The Integrated Resorts Cyprus Consortium launched on Monday the official website of the City of Dreams Mediterranean casino resort, which is expected to be up and running in 2021.The casino complex, which according to the consortium will be the largest integrated resort in Europe, ‘is set to enrich Cyprus’ tourism product, attracting an additional 300,000 tourists annually and contributing significantly to combating seasonality’.The €550 million project is expected to create around 4,000 jobs annually during its construction period Read More

Amendment on VAT legislation for transactions involving immovable property

The House of Representatives of Cyprus on 3 November 2017, voted into law an amendment to the Cyprus VAT legislation, which will impose VAT at the standard rate of 19% on certain transactions involving immovable property that are carried out for business purposes and that currently are exempt from VAT, in order to be in line with the EU VAT directive.These amendments are effective from 2 January 2018, with the exception of the provisions in relation to the leasing Read More

Limassol is getting its first bitcoin cash embassy

Limassol is getting its first bitcoin cash embassy to open in early 2018. The venue will serve as an open community centre where people can talk about the cryptocurrency, participate in free discussions and attend regular meet-ups with industry experts. It will be hosted by Hello Group, the fintech company which launched the city’s first bitcoin ATM a month ago.With the launch of Bitcoin Cash (BCH) by Coinbase and Gdax, the adoption of the cryptocurrency is likely going to Read More

Bright prospects for Cyprus economy

An overall very positive picture of the Cypriot economy, notwithstanding specific challenges, was drawn by the speakers of an Economist event held in London’s Stock Exchange on Thursday.The ‘Cyprus: Regaining Momentum – Targeting Investment and Growth’ conference looked into the current situation and the prospects of the Cypriot economy.As the consultant editor of the Economist John Andrews stated at the start of the conference, “things look rather healthy for Cyprus, but there remains the problem of the high Read More

IMF Praises Cyprus Impressive Recovery

he IMF Executive Board praised Cyprus “impressive recovery” since the 2013 crisis, pointing out the Cypriot authorities should to hammer out a strategic plan to tackle legacy issues mainly high private debt and the high stock of non-performing loans.“Executive Directors commended the authorities for the Cypriot economy’s impressive recovery from the 2012–13 banking crisis, facilitated by prudent macroeconomic policies and progress on structural reforms, together with strong foreign demand,” the IMF said after approving a report on Cyprus issued Read More

Cyprus property prices are continuing to rise

Cyprus property prices are continuing to rise, according to the thirty-first publication of the RICS Cyprus Property Price Index with apartment and house prices maintaining a steady growth.THE THIRTY-FIRST publication of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose by 1.5% and 1.6% respectively during the first quarter of 2017. The largest increase was in Limassol where the prices of both apartments and houses rose Read More

Cyprus property sales up 21% in October

Property sales in Cyprus rose 18 percent in October compared with October 2016 with sales increasing in all districts (with the exception of Larnaca) according to official figures from the Department of Lands and Surveys.This rise follows a rise of 8% in September, a 27% rise in August and an 18% rise in July. During October a total of 768 contracts for the sale of residential and commercial properties and land (building plots and fields) were deposited at Land Read More

The best time to invest in Cyprus Real Estate is now

The best time to invest in Cyprus Property is now. After its economic collapse, Cyprus is emerging as one of the best destinations for value property investing.The government is working hard to attract foreign investments offering generous incentives including Cyprus permanent residence permits and even EU citizenship. There is now a genuine interest in promoting innovation and entrepreneurship and in attracting direct foreign investment. Government bureaucracy is being curtailed and procedures streamlined to reduce delays and costs. Why Cyprus?High standard Read More

Corporate NPLs down by 1.8 billion euros in a year as construction tourism picks up

The consolidated economic growth of recent quarters has helped reduce the stock of non-performing loans in the banking system mainly via a reduction in delinquent corporate credit, central bank data show.Corporate non-performing loans fell in June from by €1.8bn to €10.1bn, down from 58.3 per cent of total loans extended to non-financial corporations to 52.5 per cent, in a year the latest Central Bank of Cyprus data show. The lion share of this reduction is Read More

Cyprus economy enjoys third year of growth

Finance Minister Harris Georgiades said that he is satisfied with the state of the Cypriot economy, noting that the growth rate in 2017 will reach 3.5%.“The Cypriot economy has been through dramatically difficult conditions,” said Georgiades in an interview with the Greek newspaper “Kathimerini”, adding that “ominous” projections have been proven wrong.“We stayed in the eurozone, we rendered the Troika unnecessary and we are in the third year of recovery”.Asked how the Cypriot economy was led Read More

Cyprus Tourism Organisation happy with record tourism record

Cyprus Tourism Organization (CTO) has expressed its satisfaction over the increase of tourist revenues in June 2017, according to data released by the Cyprus Statistical Service.A press release by CTO says that the June 2017 revenues from tourist arrivals reached € 347.2 million, recording a remarkable increase of 15.3% compared to June 2016.Regarding the cumulative total revenue for the first half of the year, CTO says that Cyprus has approached the one-billion record (€ 996.4 Read More

CBC Residential Property Prices Record Annual Increase in Q1 2017

Residential property prices recorded their first annual increase in seven years, according to data released on Friday, August 25, by the Central Bank of Cyprus (CBC). In particular, residential property prices recorded a slight increase of 0.2% in the first quarter of 2017.Apartment prices recorded an annual increase for the second consecutive quarter (1.6%), while house prices recorded the lowest annual decline since end 2010 (0.3%).Residential property prices Index (houses and apartments) posted a third Read More

After its economic collapse Cyprus is now emerging as one of the best destinations for value property investing

After its economic collapse, Cyprus is now emerging as one of the best destinations for value property investing. The government is working hard to attract foreign investments offering generous incentives including Cyprus permanent residence permits and even EU citizenship. There is now a genuine interest in promoting innovation and entrepreneurship and in attracting direct foreign investment. Government bureaucracy is being curtailed and procedures streamlined to reduce delays and costs. Overseas interest in the Cyprus property market strengthenedOverseas interest in the Cyprus property Read More

Local property tax set to change

LOCAL property tax in Cyprus is set to change this year as the Municipalities and Communities will be assessing the tax payable on the 2013 property valuations rather than the 1980 valuations.It is anticipated that most people will pay about the same local property tax as they did in 2016. However, the new assessments may result in those whose properties were registered as plots or fields in 1980 and which have subsequently been developed – and those whose properties Read More

Banks helped by increased building permits

Although Cypriot banks continue to face significant asset quality challenges, a sustained increase in demand for building permits would improve their asset quality says ratings agency Moody’s.A SUSTAINED increase in demand in building permits will assist Cypriot banks to improve their asset quality in the real estate sector, rating agency Moody’s says, as building permits in Cyprus reach a new high since the 2013 banking crisis. The Statistical Service of Cyprus released data showing that the number of building Read More

Property transactions up 18% in July

The number of properties that changed owners in July rose 18 per cent to 739 compared to the respective month of 2016, the Department of Lands and Surveys said.The increase in property transactions last month reflects an increase in all districts with the exception of Larnaca where they fell an annual 16 per, cent to 103, the department said in a statement on its website. It was Larnaca’s second consecutive drop and the fifth this year.Property transactions increased Read More

Government Predicts Upgrade to Investment Grade in September

The Cyprus government is expecting that in September it could shake off its “junk” status and reach investment grade.Cyprus was upgraded by credit ratings house Moody’s, while previously there was an upgrade from DBRS.There is optimism among government officials that the next Standard & Poor’s rating, scheduled for September 15, will take Cyprus out of the “junk” category, and up into investment  grade for the first time in five years.Currently, Cyprus is just one notch below investment Read More

Moodys Upgrade Cyprus Economy to Ba3

Moody`s rating agency has upgraded government bond ratings of Cyprus by one notch, to Ba3 from B1. Moody's maintained a positive outlook and said the short-term ratings have been affirmed, at Not Prime (NP) and (P)NP.Commenting on the rating action, Government Spokesman Nicos Christodoulides told Cyprus News Agency that the upgrade of Cyprus by Moody`s, "is another step in restoring confidence in our economy and another confirmation that we are now on a path that creates a positive outlook. Read More

Tourist Arrivals Increase By 147 in May 2017

On the basis of the results of the Passengers Survey, arrivals of tourists reached 418,732 in May 2017 compared to 364,943 in May 2016, recording an increase of 14.7%. According to the Statistical Service of Cyprus, May 2017 had the highest volume of tourist arrivals ever recorded in Cyprus during the specific month.For the period of January – May 2017 arrivals of tourists totaled 990,756 compared to 842,126 in the corresponding period of 2016, recording an increase of Read More

Tourism revenue up 64% in March, Cystat says

Revenue from tourism rose in March 6.4 per cent compared with the respective month of 2016 to €86.1m, the statistical service said.From January to March, total revenue rose 14 per cent to €168.1m compared with the respective period last year, Cystat said in a statement on its website on Tuesday.The increase in revenue from tourism in the third month of the year was mainly on an annual 3.6 per cent rise in spending per Read More

Tourist Minister confident for 2017

After a record 2016, Tourism Minister Giorgos Lakkotrypis expects even more positive results this year barring unforeseen obstacles, he said on Tuesday in an address to a hoteliers’ conference in Nicosia.Speaking at the annual general meeting of the Cyprus Hotel Association (Pasyxe), Lakkotrypis said 2016 was a landmark year for tourism both in terms of arrivals and revenue.There were 500,000 more visitors last year, reaching a total of 3.2 million plus a 12 per cent hike in Read More

Tourism contributes 35 Billion to the Economy in 2016

It is a well-known fact that tourism is a significant contributor to the island’s economy, with tourism in 2015 collecting €3.4 billion in revenue, which corresponds to 19.3% of GDP in 2015. The increase in tourist arrivals in 2016 has translated into a 4.4% increase in revenue from tourism, or a total of €3.5 billion(19.9% of GDP). In addition, future projections for tourism are positive: a 3.6% annual increase is expected until 2026, for Read More

Paphos looking to tap into medical tourism

A Paphos businessman has set his sights on making his hometown a hot destination for medical tourism after announcing plans to construct a diagnostic, treatment and rehabilitation centre in the Oreites community of Souskiou.Apostolos Fotiou’s planned  5,772m2 centre will encompass two floors of facilities including 60 beds for patients, on-site staff accommodation, a physiotherapy centre and gym, offices, and a pharmacy, amongst other. Parking for 232 cars, meanwhile, will take up some of the total 15,307m2 of land earmarked Read More

Property Sales off to a promising start

PROPERTY sales in Cyprus during January 2017 rose by 29 per cent compared to the same period last year according to the official statistics published by the Department of Lands and Surveys; 2017 got off to a promising start. During January 2017 a total of 423 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across Cyprus, compared with the 327 deposited in January 2016. Of those 423 Read More

Cyprus property prices up Q3 2016

Cyprus property prices up Q3 2016 The RICS Cyprus Property Prices Index for Q3 2016 reports increases in almost all districts and property types, with largest increase in apartment and house prices recorded for Limassol and Paphos respectively.THE TWENTY-EIGHTH edition of the RICS Cyprus Property Price Index reports that the average price of residential apartments and houses across the island rose by 0.9% and 0.6% respectively during the third quarter of 2016. During the third quarter of Read More

Cyprus Bank Deposits Increase after Four Years

Cyprus’ bank deposits increased in 2016 for the first time after four years according to data released by the Central Bank of Cyprus, on Friday. The outstanding amount of deposits reached €49,0 billion in December 2016. Deposits in Cyprus banks stood at €70,1 billion in 2012 and dropped to €46,9 in 2013, according to the data. The total deposits in December 2016 recorded a net decrease of €74,9 million, compared with a net increase of €358,0 million in November 2016. Read More

Sawiris Showcases Ayia Napa Marina Project to UAE Investors

Egyptian businessman Naguib Sawiris showcased, on January 29, the 220 million euro Ayia Napa Marina project, aimed at investors in the United Arab Emirates looking for a luxury experience. Sawiris and his business partner Stavros Caramondanis said they are seeking to replicate the Dubai’s lavish property skyline on the Mediterranean coast with the Ayia Napa Marina project, which will feature two mixed-use high-rise towers surrounded by retail outlets and a marina.“We have an international roadshow and we chose Dubai to Read More

Paphos Marina expected to attract new tourists

The chairman of the Paphos Commerce and Industry Chamber Andreas Demetriades said that the development of the Paphos marina will have a positive multiplier effect on all other sectors of the local economy, according the Cyprus News Agency (CNA). He added that the marina which will accommodate for more than 1000 yachts will increase Paphos' tourist product as it will attract more and new tourists from neighboring countries.  According to Demetriades the Marina will be built in a 155 thousand Read More

Cyprus to host high importance EBRD General Meeting

Cyprus will host the 26th Annual General Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) from May 9 to 11. In addition to the EBRD event a business forum titled ‘Targeting Green and Inclusive Growth: Meeting Regional and Global Challenges’ will also be held. According to a press release from the Finance Ministry, it considers the success of the whole event of “high importance, since this will be the first time that Cyprus Read More

Retail trade increases

The seasonally adjusted volume of retail trade increased by 2.2% in Cyprus in October 2016, according to estimates from Eurostat.In November 2016, compared with October 2016, the seasonally adjusted volume of retail trade fell by 0.4% in the euro area (EA19) and by 0.1% in the EU28, according to estimates from Eurostat.In October the retail trade volume increased by 1.4% in the euro area and by 1.3% in the EU28.In November 2016 Read More

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