Cyprus Business Now: Plug and Play, shipping, Evel, banks, housing

Plug and Play Cyprus brought together government officials, investors, universities, technology companies and entrepreneurs in Limassol on Wednesday, as the innovation platform celebrated the completion of its first startup acceleration programme and outlined plans to expand its activities on the island. The first-ever Plug and Play Cyprus Innovation Expo, held at ETKO and covered by the Cyprus Mail, offered a snapshot of an ecosystem that is becoming increasingly diverse, commercially ambitious and internationally connected, with ten startups presenting their progress after three months of acceleration, alongside discussions on investment, fintech and the future of technology. The evening also brought two significant developments for Cyprus’ innovation landscape, with AUB Mediterraneo and the University of Nicosia (UNIC) signing collaboration agreements with Plug and Play, while the organisation announced that its second startup cohort will focus on the gaming industry, with applications officially opening. Cyprus wants to become a place where maritime technology is developed, tested and put to work, rather than simply following developments elsewhere, Shipping Deputy Minister Marina Hadjimanolis said this week, as the government moves to attract technology companies, encourage innovation and broaden the island’s shipping industry. Speaking at the “Is Maritime Technology Delivering? From Business Performance to Life at Sea” event in Limassol, Hadjimanolis outlined plans to strengthen Cyprus’ position as an international maritime centre, with artificial intelligence, digitalisation and innovation playing an increasingly important role. The event, organised by Tototheo Global and Plug and Play Cyprus, brought together shipowners, operators, technology providers and innovators to examine whether technological advances are delivering tangible benefits to the industry. Anthi Theocharous has taken over as president of the Limassol Chamber of Commerce and Industry (Evel) for the 2026–2029 term, succeeding Andreas Tsouloftas after six years at the helm of the organisation. The change in leadership was confirmed during the chamber’s 64th Annual General Meeting, held this week in Limassol, bringing Tsouloftas’ presidency, which began in 2020, to a close. Theocharous, who previously served as the chamber’s vice-president for tourism, will now lead its newly appointed board of directors for the next three years, marking a change in the leadership of one of Cyprus’ main regional business organisations. Every worker in Cyprus should be able to retire with two sources of income, combining their state pension with an occupational retirement scheme, Labour Minister Marinos Mousiouttas said this week, outlining plans for a pension overhaul that would also bring increases of up to 60 per cent. Speaking at the 17th Pension Forum in Nicosia, Mousiouttas said the reform aimed to strengthen pension adequacy, protect the long-term viability of the social insurance fund and address inequalities that have left many retirees struggling to make ends meet. The legislation has already undergone consultation with social partners and is now in the final stages before being submitted to the Council of Ministers and the House of Representatives. Delays in issuing development permits are holding back efforts to bring more affordable homes onto the Cyprus property market, according to concerns raised during a meeting between the Cyprus Property Developers Association and the Cyprus Land Development Organisation (Koag). The two organisations met this week to discuss the country’s growing housing challenges, with particular emphasis on increasing the supply of affordable housing and addressing the difficulties faced by people seeking suitable homes within their budgets. The meeting brought together Koag chairman Nicolas Diomidous and Property Developers Association president Yiannis Misirlis, alongside other representatives of the two organisations. Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou has outlined plans to develop Cyprus into a centre for video game creation and investment, saying the ambition is to build an ecosystem in which more games are developed, financed and expanded from the island. Addressing the Cyprus Games Summit 2026 in Limassol, Damianou said the country had already established a significant presence in the international gaming industry, but that the next step was to ensure more of the value created by the sector originated locally. “Our ambition is not simply to host video game companies. Our goal is to build an ecosystem in which more games are created, financed and developed from Cyprus,” he said. According to the first Cyprus Video Game Industry Report, published by the Cyprus Game Makers Association (CYGMA), Cyprus has more video game companies per capita, higher industry revenues per capita and more mobile game application downloads per capita than any other country in the world. The report records more than 415 companies, over 4,300 professionals and estimated video game revenues of approximately €3.2 billion in 2025. Eight workplace initiatives covering everything from employee relocation and corporate culture to career development and workplace wellbeing have been shortlisted for the Island People Excellence Awards 2026, with the winners to be announced in Limassol later this month. The organisers announced on Wednesday that eight projects from Cyprus-based businesses had reached the final stage of the competition, with two finalists selected in each of four categories. The shortlisted teams will present their projects at the HR Conference on Friday, November 27, before one winner from each category is announced at the Awards Ceremony and Gala Dinner on Saturday, November 28. For years, housing policy in Cyprus and Greece focused on homeownership, through subsidies for first-time buyers, favourable loans and tax relief. More recently, however, housing policy has begun to shift towards a broader goal: increasing housing supply and strengthening the long-term rental market. Both countries are exploring ways to bring more homes onto the market, not only by making better use of existing properties but also by introducing incentives for new developments designed specifically for long-term rental. Importantly, this is not simply a technical change. Renting is starting to be treated as an important part of housing policy, not as a temporary solution. Cyprus is pushing for a place in the next phase of the India-Middle East–Europe Economic Corridor (IMEC), as Shipping Deputy Minister Marina Hadjimanolis prepares to lead a maritime business delegation to India in a fresh effort to strengthen the island’s commercial ties with Asia. Speaking on RIK1’s (CyBC) Apo Mera se Mera programme, Hadjimanolis explained that Cyprus was seeking a greater role in connecting India with Europe, drawing on its geographical position, maritime infrastructure and established network of shipping and professional services. Participation in the economic corridor remained a firm objective, she explained, with Cyprus seeking to be included in its next phase, particularly because of the specialised services offered by the island’s maritime industry. PwC Cyprus and the University of Cyprus have signed a Memorandum of Understanding (MoU), strengthening their collaboration and bringing academia and the business community closer together. The signing took place during the Open Day of the University of Cyprus’ Master of Science (MSc) in Financial Analysis (MFA) programme, which also included the official signing of Memoranda of Understanding with professional services organisations, as well as a presentation of the programme and the opportunities it offers students. Through this agreement, the collaboration aims to strengthen the connection between academic knowledge and the labour market, providing students with the knowledge, skills and practical experience needed to meet the demands of today’s professional environment. Eurobank highlighted the importance of occupational pension funds in strengthening Cyprus’ retirement system during the 17th Pension Forum, which examined the challenges facing pension provision and the need for sustainable long-term solutions. The forum, held in November 2026 under the title ‘Better Pension Decisions: Innovation, Protection, Progress’, brought together participants to discuss the impact of demographic ageing, the adequacy and sustainability of pensions and the need to modernise the country’s pension system. The event took place as pension reforms are being advanced that are expected to have a substantial impact on the sector, with particular emphasis on strengthening occupational pension funds and improving retirement provision. Foreign buyers continued to underpin demand in Cyprus’ property market during the first nine months of 2026, with transactions involving European Union citizens recording particularly strong growth, according to figures released on Thursday by the Cyprus Real Estate Agents Registration Council. Data from the Department of Lands and Surveys showed that property transfers to EU buyers increased by 42.7 per cent compared with the corresponding period of 2025, while transfers to buyers from outside the bloc rose by 16.2 per cent. “The Cypriot property market is demonstrating its attractiveness on an international level,” said Marinos Kineyirou, president of the Cyprus Real Estate Agents Registration Council, pointing to the changing composition of foreign demand. Cyprus was among just five European Union member states to record a decline in the value of agricultural output in 2025, with production falling by 1.8 per cent despite an overall increase across the bloc, according to figures published by Eurostat on Thursday. The value of agricultural output in Cyprus fell by 1.8 per cent, placing it among the weakest performers in the EU alongside Greece, Portugal, Finland and Malta. Greece recorded the largest decline, at 2.9 per cent, while the decreases in the other three countries were all below 1 per cent. Globalwealth Group Plc announced on Thursday that it had agreed to acquire the entire issued share capital of Cyprus-based Nederlia Limited, marking its entry into the healthcare sector through an investment in a Greek medical supplies distributor. The company signed the share purchase agreement on November 11, following approval by its board of directors, with the transaction involving 100 per cent of Nederlia’s shares and additional performance-related consideration of up to €2 million. Nederlia is a Cyprus-registered holding company and the sole legal and beneficial owner of a Greek operating company that has been active in the country’s medical market since 2013. Cyprus is among 44 countries where OpenAI is increasing its ChatGPT Ads presence through an exclusive reseller partnership with Aleph, giving brands and agencies access to local advertising support, payments and services. The agreement, announced on Thursday, November 12, strengthens Aleph’s AI advertising portfolio, with local support for brands and agencies across Latin America, Europe, Central Asia, the Middle East, Africa and Asia-Pacific. Starting today, brands and agencies across 14 markets in Latin America, 16 in Europe and Central Asia, 10 in the Middle East and Africa, and four in Asia-Pacific can contract, pay and get support locally through Aleph, OpenAI’s exclusive reseller. ChatGPT is a new kind of advertising environment, where people come to learn, explore and make decisions. For Aleph, the partnership with OpenAI is about connecting businesses across these markets with ChatGPT, one of the defining products of the AI era. For advertisers, meanwhile, it means buying ChatGPT Ads through a partner with local teams and its own payments infrastructure.