Cyprus Business Now: travel, banks, wages, gas, financial literacy, Sir Stelios

Cyprus residents spent €2.53 billion travelling abroad in 2025, a 22.2 per cent increase from the previous year, as overseas trips rose by 12 per cent, according to figures released by the statistical service (Cystat) on Tuesday. The number of journeys abroad reached 1.96 million, compared with 1.75 million in 2024, while spending on domestic and overseas travel combined climbed to €2.92bn, from €2.37bn a year earlier. The figures also revealed a shift in travel habits, with 19.8 per cent more residents travelling exclusively abroad, while the number limiting their trips to Cyprus fell by 4.1 per cent. More than 90 women are taking part in financial empowerment activities organised by the Cyprus Central Bank (CBC) and the Cyprus Committee for Financial Literacy and Education (CyFLEC) in Nicosia on November 10 and 11, as new figures highlight a persistent gap between women’s and men’s financial knowledge in Cyprus. The initiative, held under the slogan ‘Your money. Your power.’, combines an event dedicated to women’s financial literacy with four free interactive workshops covering personal financial management, saving, investments, responsible borrowing and retirement planning. The activities aim to equip participants with practical knowledge and tools for everyday financial decisions, while strengthening their confidence in managing their money and planning their financial futures. Cyprus aims to develop at least 3,000 artificial intelligence professionals by 2032, Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou said on Tuesday, outlining government plans to widen access to the technology and ensure its benefits are shared more broadly. Speaking at a discussion titled “Artificial Intelligence: Does it promote growth or deepen inequality?” at the 22nd Annual Economist Cyprus Summit in Nicosia, Damianou said Cyprus should not simply seek to win the global artificial intelligence race, but concentrate on applying the technology in areas where it could deliver the greatest value. His remarks came a day after he presented the deputy ministry’s €212.2 million budget programme for 2027 to the House finance committee, setting out further investment in public sector digitisation, government services and the technology sector. Natural gas from the Glaucus and Pegasus gas fields, located in Block 10 of Cyprus’ exclusive economic zone (EEZ), will be extracted from 2033 onwards, Energy Minister Michael Damianos said on Tuesday, following a meeting between ExxonMobil’s vice president for global exploration John Ardill and President Nikos Christodoulides. “Everything is proceeding according to pre-determined schedules, with a final investment decision expected in 2029 and the first natural gas in 2033,” he said, describing the meeting as “very constructive”. He added that “we are moving forward with new drilling as well, within the year, in December, and we were also informed about new developments in the EEZ itself”. Cyprus could have until 2036 to comply with higher European Union taxes on cigarettes under a proposed deal backed by Nicosia, but the agreement was held up on Monday after Malta refused to join the other 26 member states in supporting the reforms. The disagreement left EU finance ministers without a deal following lengthy negotiations in Brussels on November 9, despite concessions designed to bring reluctant countries on board. For Cyprus, the proposed extended transition period is particularly important, as it would allow the government to introduce higher tobacco taxes more gradually rather than having to meet the new European thresholds by 2032. Cyprus recorded a 3 per cent decline in building permits in July 2026, although construction activity remained considerably stronger over the first seven months of the year, with the value of authorised projects approaching €3 billion, according to figures released by the statistical service (Cystat) on Tuesday. A total of 772 building permits were authorised during July, compared with 796 in the corresponding month of 2025. The permits had a combined value of €418 million and covered 349,621 square metres, providing for the construction of 1,944 dwelling units. More than 188,000 employees in Cyprus earn less than €1,500 a month, trade union PEO said on Tuesday, arguing that the country’s economic growth has done too little to improve the finances of ordinary workers. The figure, equivalent to more than one in three salaried employees, has sharpened the union’s demands for higher wages, shorter working hours and stronger protection against rising living costs, with a fresh round of collective bargaining approaching in 2027. PEO said the growing cost of housing, everyday essentials and other household expenses was leaving many workers struggling financially, despite the increase in wealth generated by the economy. Cyprus had 19,600 female scientists and engineers in 2025, accounting for 37.8 per cent of the country’s total workforce in these professions, according to figures released by Eurostat on Tuesday. The figures place Cyprus below the European Union average, where women represented 41 per cent of all scientists and engineers, highlighting the continuing gender gap in science, technology, engineering and mathematics (STEM) occupations. Across the bloc, there were 20.2 million scientists and engineers in 2025, of whom 8.2 million were women. Freedom, the European brokerage business of Freedom Holding Corp., won two awards at the Finance Magnates Awards 2026, recognising its work in brokerage services and multi-asset investment provision, with the winners announced at a ceremony in Limassol on November 6. The company received the Best Brokerage Services Provider 2026 and Best Multi-Asset Investment Provider 2026 awards, both in the business-to-business (B2B) segment, which recognises companies supplying services, technology and infrastructure to the financial industry. Organised by Finance Magnates, a global platform covering financial industry news, research and events, the awards recognise companies for their achievements, contributions and impact across brokerage, financial technology, payments and financial services. Loizos Siakallis, a former PwC Cyprus partner and prominent figure in the island’s business community, died aged 83, leaving a long career in accountancy, entrepreneurship and public service. The Cyprus Chamber of Commerce and Industry (Keve) and the Famagusta Chamber of Commerce and Industry expressed their sorrow at his death, paying tribute to his contribution to the business community. Born in 1942 in Komi Kepir, in the Karpas peninsula, Siakallis studied and worked in London, where he qualified as a chartered accountant and became a Fellow of the Institute of Chartered Accountants (FCA). Cyprus has no shortage of university graduates, but finding people with the right skills remains a headache for employers, even as many qualified workers end up in jobs that do not require their degrees. The contradiction runs through the country’s first national employers’ skills Survey (CYEmployers), published by the Education Ministry this week, which found that 71 per cent of private employers with vacancies struggled to fill certain positions, despite a workforce with substantial academic qualifications. At the same time, 34 per cent of private employers who had recruited recent graduates admitted hiring them for jobs that did not require a university degree. Among public-sector managers surveyed, the figure was considerably higher at 58 per cent. Low-cost carrier Wizz Air brought more than 100 Spanish journalists and content creators to Cyprus for a three-day surprise trip between November 7 and 9, as the airline joined forces with tourism authorities and airport operator Hermes Airports to promote the island as a year-round destination. The initiative, called Let’s Get Lost, began in Barcelona on November 6, when participants boarded a special Wizz Air flight without knowing where they were heading. The destination was revealed when the aircraft landed at Larnaka International Airport on Friday night, introducing the group to Cyprus for a programme designed to highlight the island’s culture, traditions, gastronomy and natural attractions beyond the peak summer season. Allwyn has agreed a €50 million deal with sportsbook technology provider Kambi Group to bring its betting platform capabilities in-house, while also planning to acquire full ownership of digital games supplier Instant Win Gaming (IWG) in a move aimed at strengthening its control over key technology and content operations. The multinational gaming entertainment company said the two transactions formed part of its strategy to take ownership of capabilities that support product innovation, operational flexibility and long-term growth. Allwyn, which also operates in Cyprus, has a significant sports betting presence across several markets, generating more than €800 million in gross gaming revenue (GGR) from sports betting activities. Cyprus must pay greater attention to retaining international companies already operating on the island, TechIsland general manager Tanya Romanyukha said on Tuesday, welcoming remarks by Invest Cyprus chairman Evgenios Evgeniou on the importance of regulatory certainty and long-term investor support. Her comments followed the Economist’s 22nd Annual Cyprus Summit in Nicosia on Monday, where Evgeniou addressed the challenges of attracting investment in an increasingly uncertain international environment. Romanyukha, who attended the conference, singled out his observation that “regulation is not the enemy of competitiveness, uncertainty is”, describing it as a particularly important message for businesses operating in Cyprus. Three young businesses in Cyprus have received a combined €200,000 in financial awards after being recognised for their entrepreneurial potential at a ceremony for the 2026 Stelios Awards for Young Entrepreneurs, held in Nicosia on Tuesday. The awards, organised for the fourth consecutive year by the Stelios Philanthropic Foundation, recognise innovation, creativity and entrepreneurial initiative, with the funding intended to help promising businesses expand their operations and pursue new opportunities. Sir Stelios Haji-Ioannou, creator and owner of the easy family of brands and founder and chairman of the Stelios Philanthropic Foundation, presented the awards, continuing his support for the development of Cyprus’ next generation of entrepreneurs. The ceremony took place at the foundation’s premises at 5 Markou Drakou Street in Nicosia, with three businesses receiving prizes ranging from €40,000 to €100,000. The board of the National Bank of Greece (NBG) unanimously approved the appointment of Adrianos-Ifaistion Kyriazis as a non-executive director representing Growthfund at a meeting on October 21, according to minutes published in an extract certified this week. The document, certified by the bank’s general company secretary in Athens, sets out the regulatory process behind the appointment and the assessment of Kyriazis’ suitability for the position. Growthfund formally informed the NBG board on June 5, 2026, that its own board had designated Kyriazis as its new representative, with a proposed term running until the bank’s 2027 annual general meeting, when the mandates of the remaining directors are due to expire. Girls aged 14 to 16 across Cyprus will have the chance to explore coding, technology and future careers in science when the free BridgeSTEAM programme returns to Larnaca on December 5 and 6. Now in its sixth year, the initiative, organised by Girls in STEAM Academy, will take place at UCLan Cyprus in Pyla, offering two days of practical workshops, career guidance and meetings with women working in science, technology, engineering, the arts and mathematics (STEAM). The programme is open to girls who already have an interest in these fields, as well as those who are simply curious about what they involve. No previous programming experience is required, and participation is entirely free. Services production across the European Union increased by 2.1 per cent year-on-year in August 2026, with the euro area recording slightly stronger growth, while Cyprus’ latest national figures show a mixed picture, with professional services and transport expanding but hospitality and administrative support activities contracting. According to Eurostat, services production rose by 2.2 per cent in the euro area and 2.1 per cent across the EU compared with August 2025, while both areas recorded a monthly increase of 0.3 per cent compared with July. The figures suggest continued expansion across much of Europe’s services economy, although performance differed considerably between individual industries and member states. The Cyprus Chamber of Commerce and Industry (Keve) is urging local businesses to apply for a government initiative offering assistance in finding overseas importers and business partners, as part of efforts to expand Cypriot companies’ access to international markets in 2027. The Export Helpdesk 2027, operated by the Ministry of Energy, Commerce and Industry, is open to both producers of goods and providers of services seeking to develop their export activities and establish contacts abroad. Keve said the initiative was designed to strengthen the internationalisation of Cypriot businesses by connecting companies directly with the ministry’s trade centres overseas. Cyprus-linked shipowner Safe Bulkers, led by Polys Hajioannou, more than tripled its net profit to $96.3 million in the first nine months of 2026, benefiting from stronger dry-bulk freight rates, as the company increased its dividend and continued investing in new vessels. According to its latest results, released this week, net profit rose from $26.7m during the corresponding period of 2025, representing an increase of approximately 260 per cent. Net revenue also climbed by 24 per cent to $252.9m, compared with $203.2m a year earlier, reflecting higher charter rates and additional earnings from vessels equipped with exhaust gas cleaning systems. The Cyprus Securities and Exchange Commission (CySEC) has issued a tender for specialist support in assessing applications from financial firms seeking regulatory approval, as well as monitoring changes at already authorised businesses. The tender, numbered 14/2026, seeks to appoint one expert to provide 1,800 hours of work over 13 months, with CySEC retaining the option to renew the contract for a further 1,800 hours over an additional 13 months. The successful expert will help examine applications for operating licences from organisations supervised by CySEC, covering a broad range of financial and investment services providers. Nicosia-headquartered agro-industrial group Astarta Holding Plc has suspended operations at its soybean processing plant in Ukraine after the facility was damaged in an aerial weapons attack on November 8, the company said in a disclosure published through the Cyprus Stock Exchange (CSE) on Tuesday. The company, which operates as a vertically integrated agricultural and food producer in central and western Ukraine, said the attack had caused damage to its soybean processing facility, forcing operations to be halted. There were no casualties among employees, according to the company’s announcement. Alpha Bank Cyprus announced on Tuesday that it completed the integration of former AstroBank operations over the weekend of November 7-8, bringing customers onto a single banking system within the original timetable and just one year after acquiring virtually all of the bank’s assets and liabilities. The system integration, which marks a significant milestone in Alpha Bank Cyprus’ expansion, brings the former AstroBank’s accounts, products and services into the acquiring bank’s unified operating infrastructure. The bank said the complex technological and operational transition had been completed according to its original schedule and business plan, following extensive preparation and co-operation between its teams.