Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting October 7:

Cyprus’ ambitions to transform itself into a tech hub are facing significant challenges, as tech firms warn that skyrocketing office rents, especially in Limassol, are threatening the industry’s growth.

Despite Deputy Minister Nicodemos Damianou’s assurance that the goal remains achievable, high rental costs put a strain on companies looking to establish a presence on the island.

In a bid to support future professionals in this climate, PwC Cyprus is launching the Business Professionals Certificate (BPC) in collaboration with ICAEW, aiming to provide a solid business foundation for individuals entering the job market.

In the agricultural sector, the government has committed financial support to local industries, with Environment Commissioner Antonia Theodosiou emphasising efforts to enhance wine production at the Afamia Grape Festival.

This commitment also extends to Cyprus’ rural economy, as Agriculture Minister Maria Panayiotou celebrated the contributions of family-run businesses at the Athienou Products Festival, where she praised the resilience and dedication of communities preserving Cyprus’ rural heritage.

Cyprus is also embracing technological advancements, demonstrated by the RAVATAR project’s hologram of Marie Curie at the European Researchers’ Night, which highlighted how AI could reshape science education.

This focus on innovation aligns with recent tourism initiatives, where Deputy Tourism Minister Costas Koumis called for Mediterranean-wide efforts to protect coastal regions, emphasising sustainable practices to maintain the region’s appeal as a popular travel destination.

Meanwhile, Cyprus’ banking and real estate sectors are collaborating to align with European standards. Recent meetings between the Cyprus Land and Building Developers Association and the Cyprus Bank Association focused on improving loan approval processes, enhancing market fluidity, and ensuring smoother operations.

Eurobank Group’s CEO Fokion Karavias also underscored the importance of digital transformation and customer relations during his recent visit to Hellenic Bank, highlighting the banking sector’s commitment to modernisation.

Recognition of Cyprus’ efforts came at the Routes World Airline Conference, where the island won the “Destination Award,” celebrating its expanded global connectivity.

This win mirrors efforts at the Women in STEM Cyprus Forum, where the nation’s progress in gender equality was celebrated as part of a broader push to support women in tech and STEM fields.

Local tourism authorities are also advancing digital campaigns. Paphos, through its latest advertising campaign, is actively targeting European markets, showcasing itself as an appealing destination with efficient air links.

In the financial sphere, Central Bank Governor Christodoulos Patsalides has urged local banks to balance profitability with social responsibility, emphasising the importance of sustainable practices for long-term economic health.

Labour Minister Yannis Panayiotou is pushing for enhanced digital and green skills among Cyprus’ workforce, with the support of the Human Resources Development Authority.

In parallel, the maritime industry continues to elevate Cyprus’ global reputation, as showcased at the WISTA International Congress, where Cyprus’ commitment to gender equality in shipping was recognised with an award to Despina Theodosiou.

At the Young Entrepreneurship Awards, the next generation of Cypriot innovators was celebrated for driving economic growth, while the University of Cyprus launched the SPARROW project to strengthen disaster resilience. This EU-funded initiative, part of the Horizon Europe Programme, addresses vulnerabilities in Europe’s critical infrastructure, aiming to enhance preparedness against natural disasters through advanced digital tools, positioning Cyprus as a leader in disaster resilience.