Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting November 27:

The government and Chevron have agreed on the terms for developing the ‘Aphrodite’ gas field in block 12 of Cyprus’ exclusive economic zone (EEZ), the energy ministry announced on Friday.

Negotiations have been ongoing between the government and the company, which is managing the exploitation of ‘Aphrodite’, for the past few months after the government initially rejected proposed amendments submitted by the company.

Deputy Minister of Tourism Kostas Koumis on Friday said that tourist arrivals from Poland are expected to exceed 300,000 in 2024, after having conducted a number of meetings with tourism stakeholders in the country over the past two days.

The Cyprus real estate market showcased remarkable resilience amid prevailing challenges, marking impressive achievements from January to September 2023, according to a statement by the Real Estate Agents Registration Council of Cyprus.

Cyprus-based maritime technology firm Tototheo Maritime has broadened its services, announcing a substantial expansion into the land enterprise market, according to a statement released on Thursday.

The leadership of the Cyprus Hoteliers Association (Pasyxe) had the opportunity to gather insights into contemporary challenges faced by the Greek hotel industry, as well as upcoming international trends and developments during the 11th General Assembly of the Hellenic Chamber of Hotels (HCH).

Eurobank Cyprus has successfully completed the certification process for its Environmental Management System, adhering to the principles of the international standard ISO 14001:2015, according to an announcement released on Thursday.

The Cyprus Securities and Exchange Commission (CySEC) has seen a significant increase of 12 per cent in entities under its supervision over the last four years, according to
George Karatzias, the Vice Chairman of CySEC.

The Cyprus general government has recorded a surplus of €918.9 million, representing 3.1 per cent of the Gross Domestic Product (GDP), for the period of January to October 2023, according to the preliminary fiscal results released on Thursday by the Cyprus Statistical Service.

Cypriot startup accelerator ARIS (A Really Inspiring Space) this week announced the signing of a Memorandum of Understanding (MoU) with finance firm XM, resulting in the company becoming an official sponsor.

Cyprus experienced an upturn in its economic climate in November 2023, compared to October, primarily attributed to the service and construction sectors, according to a study conducted by the University of Cyprus’ Economic Research Centre (CypERC) in collaboration with RAI Consultants Ltd.

The Nicosia district saw residential sales totalling €118.8 million during the third quarter of 2023, according to a report released on Wednesday by Cypriot firm Ask Wire.

The Research and Innovation Foundation (RIF) this week announced two new sponsorship programmes aimed at bolstering the energy sector and facilitating the green transition in Cyprus.

Non-profit technology organisation TechIsland and Adsterra on Tuesday announced the inauguration of the Women in Tech® Cyprus Chapter, an initiative poised to empower women in technology.

The Central Bank of Cyprus on Tuesday released its Monetary Financial Institutions (MFIs) deposits and loans statistics for October 2023, revealing a decrease in both deposits and loans during this period.

CBC governor Constantinos Herodotou on Tuesday underscored the evolving European economy’s nuances and the impacts of prevailing monetary policies, during a conference hosted by the Central Bank of Cyprus during an official visit by Deutsche Bundesbank president Joachim Nagel.

Nagel, who also met President Nikos Christodoulides, shared his insights on the euro area’s economic outlook and prevailing inflation dynamics, stressing the importance of maintaining price stability.

Low occupancy rates will be observed at hotels in December, the head of the Cyprus Hotels’ Association (Pasyxe) Thanos Michaelides said on Friday.

He said that hotels that will operate in December have occupancy rates of 35-40 per cent, and that there will be limited tourism traffic during Christmas and New Year.