Cyprus Business Weekly Recap

Business events in Cyprus are set to take center stage this week, starting with Hellenic Bank’s board of directors’ meeting on Wednesday, May 7, 2025. This meeting will primarily focus on reviewing the group’s financial results for the first quarter of the year. Following the board’s deliberations, these results will be announced to the Cyprus Stock Exchange and Cyprus Securities and Exchange Commission before the market opens on Thursday, May 8, 2025.

The Cyprus Employers and Industrialists Federation (Oev) has identified key challenges and priorities for the Cypriot economy ahead of its annual meeting. These concerns include energy cost rationalization, labor cost containment, and securing sufficient human resources to meet business requirements. Oev is actively supporting businesses and enhancing their sustainability through closely monitoring developments and taking action to bolster viability.

The Cyprus Securities and Exchange Commission (CySEC) recently unveiled a public tender for ‘Crypto-Asset Market Intelligence and Blockchain Analysis Service Solutions’. This tender seeks a specialized provider that can offer blockchain data platform access through a Software-as-a-Service (SaaS) solution. Additional requirements include tailored training, continuous support, and access to educational resources.

The TechIsland Summit 2025, hosted by Cyprus’ largest tech association, TechIsland, is gearing up for its fifth edition on May 15, coinciding with the Reflect Festival. This annual conference will bring together industry leaders, policymakers, and innovators to explore the future of technology and entrepreneurship in Cyprus. The theme of this year’s Summit is ‘Unlocking Opportunities’, emphasizing how the tech sector is shaping Cyprus’ economic landscape as the fastest-growing industry.

A recent report by the University of Cyprus highlighted that nearly 40% of Cypriots see potential business opportunities, with 60.5% believing they possess the required skills to start a business. However, over half of respondents express fear of failure, potentially hindering their entrepreneurial pursuits. The report, an ongoing participation in the Global Entrepreneurship Monitor, was praised by Minister of Energy, Commerce, and Industry George Papanastasiou for providing valuable insights to support the government’s efforts to promote Cyprus as an attractive business destination.

The European Commission’s comprehensive Savings and Investments Union (SIU) strategy features transformative amendments to the regulation and supervision of the financial services sector. A targeted consultation aims to gather feedback from financial institutions and market participants to identify barriers to full integration of EU capital markets. CySEC encourages active participation in this consultation to shape the future regulatory framework of the Union’s financial services markets.

Salamis Tours (Holdings) Public Ltd reported a strong financial performance for 2024, marked by substantial revenue and profit growth. With double-digit increases across its business units, the company underwent a significant change in ownership structure. The approved financial statements, audited by Ernst & Young Cyprus Ltd, reveal a profitable year supported by maritime operations and foreign exchange gains.

Tourism revenues in Cyprus surged in February 2025, with a 22.4% increase compared to the same period in the previous year. Per capita tourist expenditure rose to €595.71 in February, with British tourists leading the market share in arrivals. The Deputy Ministry of Tourism emphasized the legal obligation for property owners to register short-term rentals to comply with regulations and prevent unfair competition in the rental market.

Provisional data released by the state statistical service indicates a 5.3% increase in the average gross monthly earnings of employees in Cyprus in 2024, reaching €2,487. Noteworthy improvement was seen in the fourth quarter of 2024, as gross monthly earnings rose to €2,813. These developments underscore positive trends in the labor market within Cyprus.