Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting June 8: Bernhard Schulte Shipmanagement (BSM) has appointed Elena Pantazidou as Chief People Officer, effective June 1, 2026, reporting to the Chief Executive Officer. As a member of BSM’s Management Board, Pantazidou joined the company in 2010 and has held a number of leadership roles across the organisation. In her new position, she will continue to oversee the Group’s people, sustainability and communications functions, while also assuming responsibility for Group HR Marine, bringing BSM’s shore-based and seafaring workforce under unified leadership. “Over the past 16 years, Elena has played an important role in the development of our people agenda and organisational culture,” said Sebastian von Hardenberg, CEO of BSM. Sir Stelios Haji-Ioannou returned to Pedoulas on June 6, marking his first visit in 16 years to the mountain village where his father, Loucas Haji-Ioannou, was born. The visit was described as a deeply personal return to his family roots, bringing him back to a community closely linked to his childhood memories, family heritage and philanthropic work in Cyprus. Residents welcomed Sir Stelios during the visit, expressing appreciation for his long-standing support for Pedoulas and its people. As part of the trip, he visited a number of local landmarks and community initiatives, including the Food from the Heart centre of the Stelios Philanthropic Foundation, located on Filoxenias Street in Pedoulas, which supports vulnerable families. Cyprus’ apparent cost of government debt increased to 2 per cent in 2025, while the country’s debt remained overwhelmingly denominated in euro in line with the wider euro area, according to Eurostat. The latest figures formed part of newly released Eurostat data on general government debt in the European Union, which also examined debt instruments, debt holders, debt maturities, transactions in debt securities and government guarantees. Across the bloc, the structure of general government gross debt differed considerably from country to country. These differences reflected factors such as the initial and remaining maturity of debt, the instruments used by governments and the institutional sectors holding the debt. Shipping Symposium Cyprus’ 26 will take place in Limassol later this month, bringing together leading figures to discuss the challenges, realities and opportunities facing the maritime sector. The event, which carries the theme “Shipping Ahead of Tomorrow”, is scheduled for Friday, June 26, 2026, between 7pm and 8.30pm at the DP World Cruise Passenger Terminal 5 at the port of Limassol. The gathering is expected to place particular emphasis on current developments affecting shipping, as well as the future direction of the industry. A speech on behalf of president Nikos Christodoulides will be delivered by Deputy Shipping Minister Marina Hadjimanolis. Nine bi-communal business partnerships received a total of €500,000 in Nicosia on Monday, at an awards ceremony that placed cooperation between Greek Cypriot and Turkish Cypriot entrepreneurs at the centre of the island’s wider conversation on trust, coexistence and reunification. The Stelios Bi-communal Business Partnership Awards were held at the offices of the Stelios Philanthropic Foundation, in the presence of President Nikos Christodoulides, the UN envoy, Maria Angela Holguin, and Senegalese diplomat Khassim Diagne, UN special representative and head of the peacekeeping force in Cyprus, Unficyp. Addressing the ceremony, Christodoulides said the awards had become a long-standing institution, adding that he attends the event each year because he “deeply value and believe in what these awards represent”. “And if I had to sum it up, it would be this, the essence of the awards lies in the transformative power of cooperation and peaceful coexistence,” he said. Safe Bulkers has signed a definitive agreement for the construction and acquisition, through financial leasing, of a newbuild capesize vessel with a capacity of 182,000 deadweight tonnes, the company announced. The transaction, which was first outlined through a framework agreement in May and has now been completed, forms part of the company’s broader fleet renewal strategy. The vessel will be acquired through a finance lease in the form of a ten-year bareboat charter agreement, beginning upon delivery, which is scheduled for the second half of 2029. Under the agreement, Safe Bulkers will also have the option to purchase the vessel five years after the start of the charter, at pre-agreed redemption prices up to the tenth year of the agreement. Space technologies, Earth Observation and artificial intelligence are becoming strategic tools for Europe’s competitiveness, resilience and security, speakers said at a high-level forum held in Nicosia under the auspices of the Cyprus Presidency of the Council of the European Union 2026. The forum, titled ‘From Space to Solutions: Leveraging Space Technology, Earth Observation & AI for Real-World Impact’, brought together representatives of European institutions, governments, research organisations, businesses, investors and academia from several countries. It was co-organised by the Eratosthenes centre of excellence and the Cyprus Chamber of Commerce and Industry (Keve), within the framework of the EXCELSIOR project. The Cyprus Presidency of the Council of the EU advanced key transport and maritime files in Luxembourg on Monday, as ministers adopted conclusions on European shipping and ports, while also discussing cleaner mobility, supply chain resilience and the sector’s decarbonisation path beyond 2030. The Transport, Telecommunications and Energy Council, in its transport formation, was held on June 8, 2026, and was chaired by Transport Minister Alexis Vafeades and Deputy Shipping Minister Marina Hadjimanolis. At the end of the Council, Vafeades, Hadjimanolis and European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas presented the results of the meeting, which centred on Europe’s competitiveness, resilience and strategic autonomy across transport and maritime policy. For the Cyprus Presidency, the meeting brought together several priorities pursued over the past six months, from clean mobility and connectivity to the resilience of transport networks, the strategic role of ports and the future of Europe’s maritime industrial base. The Bank of Cyprus (BoC) has been named the best bank in Cyprus in the World’s Best Banks Awards 2026 by Global Finance, with the international publication citing the lender’s strong performance and strategic initiatives during 2025. The award comes at a time when Western Europe’s banking sector is facing lower interest rates and increased pressure on profitability, prompting institutions to diversify revenue streams and invest further in technology and resilience. According to Global Finance, European banks have shown remarkable resilience despite the European Central Bank’s (ECB) easing cycle, with many institutions adapting successfully to a more challenging environment. Eurobank Research has been named Cyprus’ leading forecaster for a second consecutive year in the Focus Economics Analyst Forecast Awards 2026, recording strong performances against a field of established international and domestic banks and financial institutions. The bank said that its Economic Analysis and Research Unit, known as Eurobank Research, secured first place overall and ranked first in most individual categories. These included gross domestic product (GDP), unemployment, inflation, the fiscal balance, and the current account balance, extending the strong performance achieved in the previous year when the unit topped the overall ranking for macroeconomic forecasts in Cyprus. The National Bank of Greece (Cyprus) on Tuesday announced the appointment of Nicolas Prentzas as general manager and chief operations officer, strengthening its management team in Cyprus as part of its strategy for continuous development and digital transformation. The bank said the move forms part of its broader focus on operational excellence and accelerating its digital transformation, reinforcing capabilities across all areas of activity. Prentzas brings extensive experience in senior leadership roles within the banking and financial sector, with direct responsibility for operations and technology functions, the bank explained. Telecommunications provider Cyta on Tuesday held a conference in Nicosia on responsible governance, bringing together representatives from the state, the business community, organisations and the media to discuss the role of corporate governance in strengthening trust, accountability and value creation. The event, entitled “Responsible Governance, Values in Action”, took place at the amphitheatre of Cyta’s headquarters in Nicosia and attracted representatives of institutions, partners and executives from organisations and bodies. Discussions focused on corporate governance as a pillar of trust, accountability and value creation, while highlighting the need to move from principles to their practical implementation. Particular emphasis was placed on the role of governance in enhancing the credibility, resilience and competitiveness of modern organisations. Finance Minister Makis Keravnos will travel to Luxembourg on Wednesday to participate in the upcoming Eurogroup meeting and chair the Ecofin Council the following day as part of Cyprus’ responsibilities during its Council of the European Union presidency. According to the finance ministry, Eurozone finance ministers meeting on June 11, 2026, will discuss macroeconomic and fiscal developments in the euro area. They will also be briefed on the International Monetary Fund’s (IMF) assessment of euro area policies. The discussions will then continue in an enlarged format involving all European Union member states. Energy Minister Michalis Damianos used his participation at the 10th Ministerial Meeting of the East Mediterranean Gas Forum (EMGF) in Washington to stress that current geopolitical developments make it essential to deepen regional cooperation, diversify supply sources and routes, and strengthen energy infrastructure. The meeting took place on Monday at the headquarters of the US Chamber of Commerce and brought together the energy ministers of the forum’s member states. Observers at the gathering included US Energy Secretary Chris Wright, as well as representatives of the European Union and the World Bank, according to an announcement by the ministry. During his intervention, Damianos highlighted the strategic role of the EMGF as a pillar of regional cooperation and energy security in the Eastern Mediterranean. The Bank of Cyprus (BoC) has introduced a new feature for cardholders that allows customers to view the location of merchants in real time for every payment made through the bank’s cards. The enhancement is available through the BoC Mobile App and Internet Banking, providing users with more detailed information about their transactions. According to the bank, the new functionality is designed to make payments more transparent, easier to identify and simpler to verify. The bank explained that the enriched transaction history gives customers a more complete picture of each movement on their accounts. Cyprus’ Tax Department is preparing a wave of extensive inspections in businesses operating in coastal areas during July and August, as part of measures introduced under the government’s tax reform programme aimed at tackling tax evasion. According to a report released on Tuesday by Philenews, the inspections will primarily target businesses whose activity peaks during the summer season and which are located in areas attracting large numbers of tourists. Companies found to be violating tax legislation could see their premises sealed until their owners comply with the law. The checks will focus on two fronts, namely outstanding tax debts and the issuance of receipts. Under the new legal framework, which came into force on January 1, 2026, businesses, legal entities and individuals with tax debts exceeding €20,000, as well as companies failing to issue receipts, may be subject to temporary closure. Limassol-headquartered Muse Group, a global leader in music education and technology, has announced the start of a new phase in its development following the conclusion of a two-year investment partnership with Francisco Partners. The investment firm, which first acquired a minority stake in the company in 2023, has now successfully exited its investment. During the partnership, Muse Group expanded its international presence, strengthened its technological capabilities and completed the transformational acquisition of Hal Leonard. The company also reported consistent performance across its portfolio of brands. The transaction marking the conclusion of the partnership was supported by senior credit facilities arranged by J.P. Morgan and the company’s existing cash reserves. Leptos Group is placing branded residences, large-scale seafront developments and international partnerships at the centre of its latest push to promote Cyprus as a more outward-looking investment destination. According to its announcement, the group, which has been active for more than six decades, said its work across real estate development, hospitality, education and healthcare continues to support the country’s international positioning, while strengthening its competitiveness in global markets. The company pointed to Limassol Del Mar as one of the projects that helped reshape the modern image of the city, describing the seafront development as a revolutionary project for Cyprus standards and one of Cyprus’ most iconic architectural landmarks. The Red Sea has returned to the centre of global shipping concerns, as renewed Houthi threats and the escalation between Israel and Iran raise fresh fears over supply chains, energy flows, inflation and global trade. What was already one of the world’s most volatile maritime routes is now being viewed with renewed concern, not only because of the threat to individual vessels, but because of the wider pressure it could place on transport costs, freight rates and consumer prices. The Red Sea crisis has also brought renewed attention to the Bab el-Mandeb Strait and the Suez Canal, one of the main corridors linking Asia with Europe and the Mediterranean. Containers, oil, liquefied natural gas, raw materials, food, industrial products and spare parts all move through the route, meaning that any disruption there quickly becomes a concern for the wider economy rather than shipping alone. Greek lender Eurobank S.A. on Wednesday announced the official commencement of a new share buyback programme, following the receipt of necessary regulatory approvals. The initiative was formally authorised by shareholders during the annual general meeting held on April 28, 2026, and subsequently approved by the European Central Bank (ECB) on June 8, 2026. The share buyback programme concerns the acquisition of up to 363,151,080 shares, which represents a maximum of 10 per cent of the paid-up share capital of the bank. The acquisition price per share has been set with a minimum of €0.22 and a maximum of €10.00. The Cyprus Securities and Exchange Commission (CySEC) has announced a series of decisions affecting investment firms and funds, including the withdrawal of licences and the commencement of liquidation procedures for several registered alternative investment funds. The most recent decision concerned TTCM Traders Trust Capital Markets Ltd, whose Cyprus Investment Firm (CIF) authorisation number 107/09 was withdrawn following a decision taken by CySEC on May 14, 2026. According to the regulator, the company had expressly requested the renunciation of its licence. Cyprus this week marked a major milestone in artificial intelligence and high-performance computing, with the Cyprus Information Technology Enterprises Association (CITEA) saying that the launch of new national infrastructures opens fresh opportunities for research, innovation and entrepreneurship. The association said the rollout of the country’s new artificial intelligence and high-performance computing capabilities, together with the AI Factory Cyprus and Pharos-CY initiatives, represents an important step towards the future. According to CITEA, the development demonstrates that Cyprus is capable of moving quickly and decisively in strategically important sectors. The association said this approach should become the norm rather than an exception. The National Bank of Greece (Cyprus) announced on Wednesday that the European Central Bank (ECB) has approved the appointment of Andreas Persianis as an independent non-executive member of the bank’s board of directors on June 8, 2026. The bank mentioned that Persianis possesses more than 30 years of international experience in financial markets, with specialisation in corporate strategy, banking, and asset management. “Throughout his professional career, he has held senior management positions in international organisations, gaining extensive experience in matters of strategic development, investments, and corporate governance,” it stated. The Cyprus Securities and Exchange Commission (CySEC) has issued an urgent directive requiring all regulated entities to submit specific information to support the identification of firms for future direct supervision by the Anti-Money Laundering Authority (AMLA). This new reporting process represents a vital step in preparing for the first selection cycle of entities that will fall under direct oversight from 2028. The requirement applies to a broad range of regulated entities, including investment firms, crypto-asset service providers, and various collective investment management companies that held an authorisation as of December 31, 2025. Cypriot travellers heading to the Greek islands this summer now have a faster and more flexible way to move between Athens and some of Greece’s most popular holiday destinations, following the launch of a helicopter flight service by Zela Jet. The service, operated with Zela Jet’s own branded twin-engine Agusta 109C helicopter, is based in Athens and covers domestic flights within Greece, offering passengers a quicker alternative for reaching island destinations across the Aegean and Ionian Seas. The launch is expected to appeal particularly to Cypriot travellers, who have long been among the most frequent visitors to Greece, especially during the summer holiday season. For those planning to visit more than one island, the new service offers an additional option that can reduce travel time and make itineraries more flexible. Digital gender inclusion is not only about access to technology, but about ensuring that women and girls have a real role in shaping the digital world, according to gender equality commissioner Josie Christodoulou. Writing on her personal platform after taking part in a panel on digital gender inclusion, Christodoulou linked effective policymaking to a simple but often overlooked starting point: identifying the problem, looking at the data and asking who is absent from the discussion. “When designing policies, we must always start with questions such as ‘What is the problem? What does the data tell us? Who is absent from the discussion and decision-making?’” she said. The same approach, she noted, is particularly important in technology, where the challenge is not simply whether women, girls and young people can use digital tools, but whether the systems around them are designed to include them from the beginning. Prominent British Cypriot entrepreneurs Theo Paphitis and Touker Suleyman recently shared their experiences and views on entrepreneurship, artificial intelligence and the role of the diaspora during a special event organised by the Cyprus Forum London at the Cyprus High Commission in London. The event aimed to highlight the contribution of the Cypriot diaspora to British society and its role in supporting the country’s economic development. The discussion also touched on the challenges facing modern businesses, the impact of artificial intelligence, support for young entrepreneurs and the future of relations between Cyprus and the United Kingdom. Both businessmen reflected on their families’ arrival in Britain and the opportunities they found despite the difficulties of adapting to a new country. Cyprus shipping further strengthened its position as one of the island’s most important economic sectors in 2025, contributing around 7 per cent of GDP, approximately €1.9 billion, according to the Cyprus Shipping Chamber’s (CSC) annual report. The sector, which operates without direct state investment, continued to support the wider economy while reinforcing the international standing of the Cyprus flag, which remains recognised for its reliability and prestige. At the same time, Cyprus maintained the fifth largest merchant fleet in Europe and the fourteenth largest worldwide, while controlling more than 4 per cent of the global fleet. The island also remained one of the world’s leading shipmanagement centres, with Cyprus-based companies carrying out more than 20 per cent of global third-party shipmanagement activity. Cyprus tested the revised Sounio Plan at the port of Limassol on Thursday, during the Nikitis- Dimitra 2026 exercise, in a move aimed at strengthening the country’s ability to keep key maritime infrastructure operating during periods of crisis. Deputy Minister of Shipping Marina Hadjimanolis attended the exercise, which focused on the resilience and safe continuity of operations at the Republic’s main ports, marinas and fishing shelters. According to the Deputy Ministry, the revised plan also covers the execution of strategic maritime transport in times of stress, crisis or emergency. The ministry said these issues are of vital importance, both for supporting the work of the security forces and for ensuring the continued smooth functioning of the state. Cyprus Stock Exchange (CSE) chairman Marinos Christodoulides on Thursday held a meeting with the Ambassador of Kazakhstan to Cyprus Nikolay Zhumakanov at the exchange’s offices in Nicosia. The discussions took place in the context of the recent visit of the President of the Republic of Cyprus to Kazakhstan and formed part of wider efforts to strengthen bilateral economic and investment relations between the two countries. Both sides exchanged views on the prospects for cooperation between the stock markets of Cyprus and Kazakhstan, as well as broader investment opportunities linked to the developing strategic relationship. The dialogue also focused on ways to enhance cross-border financial collaboration, with emphasis on potential mechanisms that could facilitate market connectivity and investor engagement. Trust is increasingly moving from physical institutions into digital infrastructure, India’s High Commissioner to Cyprus Manish Manish said, after taking part in a Limassol panel discussion on digital economies, artificial intelligence, wealth creation and Cyprus’ prospects as an international digital hub. Writing on his personal platform following The Wealth Weeks, hosted by Alla Fedorova, Manish said the discussion had focused on the changes reshaping financial and digital ecosystems, with one question standing out above all others. “What is the most fundamental shift happening today in global financial and digital ecosystems?” he said. For Manish, the answer was clear. “My view is simple: trust is becoming digital,” he said. He explained that, for centuries, trust had been built through physical institutions, including banks, governments, paper documentation and intermediaries. That model, he said, is now being reshaped, as trust is increasingly embedded in digital identity systems, secure payment platforms, trusted data-sharing frameworks, AI and other emerging technologies. The Institute of Certified Public Accountants of Cyprus (Selk) will hold its 65th annual general meeting on Thursday, June 18, at the Nicosia municipal theatre, marking 65 years since its establishment and its contribution to the accounting profession and the Cypriot economy. The annual meeting, Selk’s main institutional event, is expected to bring together state officials, business representatives, members of the public and private sectors, as well as accountants and auditors from across Cyprus. This year’s event comes at a time when the profession is facing growing demands linked to digital transformation, artificial intelligence, sustainability and an increasingly complex regulatory environment. Zubr Capital investment director Nikita Krivelevich has pointed to artificial intelligence, strong founding teams and Cyprus’ growing gaming ecosystem as key drivers shaping the future of mobile gaming, in comments made during an interview focused on the firm’s investment strategy and its backing of Cyprus-based Soloband Games. Speaking exclusively to the Cyprus Mail about the private equity firm’s approach, Nikita Krivelevich said Zubr Capital, which focuses on Series A and Series B investments, typically targets companies generating more than four to five million dollars in annual revenue, with cheque sizes ranging between five million and 12 million dollars. He said the firm takes a generalist approach rather than focusing on a single sector, although it shows a preference for B2B SaaS companies, mobile applications, artificial intelligence and gaming-related businesses. Cyprus sought to strengthen its profile as a destination for technology companies, start-ups and investors during the Dublin Tech Summit 2026, held end of May at the RDS Dublin in Ireland. The country was represented through an information stand by the Ministry of Energy, the Cyprus Trade Centre in London and Invest Cyprus, as part of efforts to promote Cyprus’ business environment and growing innovation ecosystem to an international audience. The Dublin Tech Summit is regarded as one of Europe’s leading technology and innovation gatherings, bringing together 8,000 participants from more than 70 countries, alongside more than 200 international speakers and around 160 exhibitors from the global technology and digital economy sectors. Cyprus’ real estate sector continued to expand sharply in February, with building permits recording strong growth across most categories and pointing to a broader pipeline of residential development. According to a report from the Cyprus Statistical Service (Cystat), a total of 711 building permits were authorised during the month. The total value of these permits reached €379.9 million, while the total covered area amounted to 314,697 square metres. The permits provide for the construction of 1,708 dwelling units, underlining the continued strength of residential activity across the island. During the first two months of the year, 1,500 building permits were issued, up from 1,008 in the corresponding period of 2025. Freedom24 has announced the appointment of Yerzhan Abdykerov as a member of the company’s Board of Directors, following approval from the Cyprus Securities and Exchange Commission (CySEC). According to its statement, Abdykerov will contribute to the company’s strategic development in his new role, while continuing to oversee Freedom24’s retail business. His responsibilities include the development of the company’s European offices, as well as marketing, sales, customer support and the further enhancement of the customer experience across all key markets where Freedom24 operates. The company said Abdykerov brings many years of experience in the financial sector and has made a significant contribution to the development of Freedom24’s retail business. He has also played a key role in expanding the company’s client base and strengthening its position in the European market. “I am pleased to announce the appointment of Abdykerov as a member of the Freedom24 board of directors, following receipt of all necessary regulatory approvals,” said Evgenii Tiapkin, CEO of Freedom24. The Cyprus Securities and Exchange Commission (CySEC) on Friday issued a public warning regarding an online entity operating without the requisite regulatory approval. The regulator stated that the website j2t.tech does not belong to an entity that has been granted authorisation for the provision of investment services or the performance of investment activities. The commission, which serves as the national financial supervisory authority, is highlighting this discrepancy to ensure the protection of the investing public.