Cyprus Business Now: banks, shipping, India ties, budget, CySEC, startups
In a statement, the ministry said it has been closely monitoring developments in the region “from the very beginning” and remains in contact with the management companies of Cyprus-flagged ships operating in the area.
“There are currently nineteen ships under the Cypriot flag in the Persian Gulf,” the ministry said.
“Both the ships and the sailors working on them are safe,” it added.
Moreover, the ministry stated that “most of the vessels are permanently deployed in the region, primarily providing specialised maritime support services”.
Addressing the summit organised by the High Commission of India in Cyprus, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou told Indian investors, by saying that “If you are planning your European strategy today, Cyprus should not be an afterthought, but the starting point.”
He described India as a “defining force of the 21st century”, reshaping technology, supply chains and global capital flows. In a more complex international environment, he added, “stability has become a competitive advantage”, arguing that this is where Cyprus positions itself.
At the same time, GlobalWealth Group PLC announced that the Bank of Cyprus had agreed to invest €6 million in Wealthyhood Ltd, becoming a strategic partner and major shareholder.
During its investor update, the Bank of Cyprus provided the latest information on the group’s outlook, financial targets and capital allocation framework.
The updated guidance reflects the group’s strengthened operating performance, disciplined balance sheet management and the positive momentum across core business lines, the bank stated.
In Athens, Shipping Minister Vassilis Kikilias said seagoing shipping “should be out of military conflicts”, describing the targeting of sailors as unacceptable, as missile and drone strikes on merchant vessels were reported in the Gulf region.
He told Skai television that developments were directly affecting international shipping and, by extension, the global economy, noting that roughly 20 per cent of the world’s oil and between 20 and 25 per cent of global natural gas pass through the Strait of Hormuz.
Attacks on commercial ships, strikes on three port facilities and one offshore installation, injuries to sailors and one reported death have already been recorded.
The incidents do not involve Greek-flagged vessels or Greek interests, although a Greek-owned ship sustained minor damage and continued its voyage.
With this initiative, the bank said it is “reinforcing its strategy to deliver modern, clear and tailored solutions, positioning banking as a smart choice aligned with each customer’s lifestyle”.
According to the bank, the new myAlpha Benefits subscription packages introduce a structured subscription-based approach designed to offer greater cost predictability, reduced transaction fees and access to exclusive benefits.
“By bundling essential banking services into unified packages, customers are provided with enhanced control over their day-to-day activity and a clear overview of the services and advantages they receive,” the bank said.
Through this initiative, the bank reaffirmed its commitment to backing SMEs, which it described as the backbone of the Cypriot economy and a key driver of growth and employment.
Highlighting the ever-present demands faced by businesses, including liquidity, payments, payroll and investment decisions, the bank said that “the requirements for an enterprise never cease“.
It stressed that the modern entrepreneur needs “flexibility, speed and a partner that understands real business needs, positioning itself as that strategic ally”.
This positive balance represents 2.6 per cent of the national gross domestic product (GDP), a decrease from the surplus of €1.44 billion, or 4.1 per cent of GDP, recorded during the previous year.
According to the report, total revenue for the twelve-month period increased by €864.80m to reach €15.62bn, marking a 5.9 per cent rise compared to the €14.75bn collected in 2024.
Income and wealth tax receipts grew by 9.0 per cent to total €4.15bn, while social contributions provided a significant boost of €358.70m to reach a total of €4.88bn.
Out of tens of thousands of global enterprises, Threedium secured a coveted main stage slot at the event, which will take place in the United States and is regarded as one of the world’s leading gatherings focused on artificial intelligence and accelerated computing.
NVIDIA GTC 2026, organised by NVIDIA, brings together senior executives, enterprise operators, researchers and global technology leaders, with main stage selection widely viewed as top-tier external validation.
Kinisis Ventures said the selection positions Threedium in front of a highly curated global audience and reflects recognition within NVIDIA’s ecosystem at the highest level.
The service reported that both the value index of retail trade turnover and the volume index of retail trade turnover recorded gains compared with January 2025.
Specifically, the value index of retail trade turnover rose by 7.4 per cent in January 2026 compared with the corresponding month of 2025.
During the same month, the volume index of retail trade turnover increased by 8.3 per cent year-on-year.
The highlight of the evening was the presentation of the Young Leader Award, reserved for individuals who inspire young professionals and consistently champion the mission of YoungShip Cyprus.
The award was officially presented by Andreas Christoforou, chairman of YoungShip Cyprus, during the Young Leader Award Ceremony Soiree at the Limassol Cruise Terminal.
In his opening remarks, Christoforou emphasised the critical importance of mentorship, noting that the vital role young leaders play is essential for shaping a sustainable and forward-looking maritime industry.
The 2026 Young Leader Award was presented to Theodoros Mitsingas, General Manager Mediterranean at Monjasa.
According to an announcement, the presence at the Berlin exhibition comes as regular and charter flight schedules from Germany to Paphos expand for the summer 2026 season.
Specifically, three weekly inbound flights from Munich operated by Lufthansa are expected to serve Paphos, alongside nine weekly connections from major German airports by Ryanair, in addition to several charter services.
Taken together, the new routes are set to strengthen the region’s connectivity with one of Central Europe’s most significant outbound markets, while creating additional capacity for inbound tourism during the peak season.
According to an announcement released on Tuesday by the foundation, this helped to showcase “the dynamism and outward-looking orientation of Cyprus’ national innovation ecosystem“.
This year’s edition is being held under the central theme “Infinite AI”, focusing on the substantive and practical application of artificial intelligence and emphasising solutions with tangible economic and social impact.
Within this framework, Cypriot startups are presenting cutting-edge technologies spanning artificial intelligence, robotics, agritech and digital applications to an international audience.
In a comprehensive piece of analysis highlighting the urgency of the issue, she argued that digital finance is already embedded in young people’s daily lives, making early understanding essential rather than optional.
She pointed out that in Cyprus around 75 per cent of transaction volume is carried out through cards and other non-cash instruments, according to the Central Bank of Cyprus, meaning that cash is no longer the default for everyday transactions.
Karkoti pointed out that “for children and teenagers, money is already invisible, instant, and embedded in apps, games, subscriptions, and online platforms they use daily”.
The report, titled The State of AI in the Enterprise The Untapped Edge 2026 AI report and circulated locally by Deloitte Cyprus, examines how organisations are engaging with artificial intelligence and the impacts, changes and strategic considerations this technology is introducing.
For the study, Deloitte surveyed 3,235 business and IT leaders across 24 countries during August and September 2025, targeting director to C-suite level executives directly involved in their companies’ AI initiatives.
The figures indicate a modest acceleration in headline inflation across the eurozone, even as Cyprus continues to record one of the lowest rates in the bloc.
According to the data, Cyprus posted an annual inflation rate of 0.9 per cent in February 2026, placing it among the lowest in the region and reflecting a relatively flat price trajectory since late 2025.
In fact, Cyprus’ year-on-year rate of 0.9 per cent was the lowest of all member states listed in Eurostat’s harmonised index of consumer prices (HICP) table for February 2026.