Cyprus Business Now: Tourism, Hellenic Bank, Girls in STEAM, Bank of Cyprus

Despite facing persistent structural challenges, the Cypriot manufacturing industry continues to demonstrate remarkable resilience in the face of international turbulence, according to the Employers and Industrialists Federation (Oev).

Moreover, the organisation has stressed that bolstering the sector’s competitiveness through controlling production input costs is essential for unlocking its full potential.

These issues will be thoroughly examined during the Oev’s annual general assembly, set to take place on Wednesday, May 7, 2025, at the Hilton Nicosia.

A large-scale mixed-use development is planned for the site of the historic KEAN factory in Limassol, with the project currently under public consultation by the environment department.

The Environmental Impact Assessment (EIA) outlines a proposal for a single development combining office and residential uses on the 40,000 square metre plot once occupied by the KEAN soft drinks factory.

KEAN Soft Drinks Ltd, along with the land, was acquired by real estate developer bbf: (build better future) in the first few months of 2023, marking the end of KEAN’s 74 years of operation.

Cyprus airports are set for another record-breaking year, with 55 airlines scheduled to operate flights to and from 158 destinations across 39 countries this summer, according to Hermes Airports’ Maria Kouroupi.

The company, which manages Larnaca and Paphos airports, expects passenger traffic in 2025 to hit 13 million, up from 12.3 million last year, marking a third consecutive all-time high.

The increase would reflect a 5.6 per cent annual rise, in line with last year’s figures.

The Bank of Cyprus, along with its subsidiaries, on Monday announced the signing of a binding agreement to acquire 100 per cent of Ethniki Insurance Cyprus Ltd from Ethniki Hellenic General Insurance Company S.A.

According to the announcement, the acquisition, valued at €29.5 million in cash, is subject to regulatory approvals and is expected to be completed in the second half of 2025.

“Ethniki Insurance Cyprus Ltd is an established market player in the life and non-life insurance sectors in Cyprus, with a market share of 2 per cent and 4 per cent respectively,” the bank said in its announcement.

The Cyprus Securities and Exchange Commission (CySEC) has issued a new circular reminding Cyprus Investment Fund Managers (CyIFMs) of their obligations regarding the compliance of their websites and marketing communications.

The reminder comes as the regulator identified “inconsistencies in website content, inadequate disclosures and deviations from the applicable regulatory framework”.

The circular is addressed to Cyprus UCITS Management Companies, Cyprus Alternative Investment Fund Managers, and sub-threshold Cypriot AIFMs.

The Girls in STEAM Academy, in collaboration with Cyta, on Monday announced the launch of a new programme titled Etimes (Ready).

This new initiative is aimed at supporting young women as they enter the workforce in the fields of science, technology, engineering, arts and mathematics (STEAM).

It will support the career development of 25 women through a two-part programme.

Hellenic Bank on Monday released a statement reaffirming its leadership in sustainability by becoming the first company in Cyprus to voluntarily adopt the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).

In doing so, the bank explained, it has established “a new benchmark for transparent and comprehensive sustainability reporting”, well ahead of the regulatory deadlines.

“Hellenic Bank is the first company in Cyprus to voluntarily adopt the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), setting a new benchmark for transparent and comprehensive sustainability reporting,” the bank said.

London-based fintech app Plum, which also has offices in Cyprus, announced on Monday that it has secured £15 million in venture debt financing from global financial group BBVA.

According to the announcement, the agreement follows a period of growth and delivery for Plum and is intended to support the company’s path to operational profitability by the end of 2025.

Plum, founded in 2016 by Cypriot-Canadian Victor Trokoudes, has expanded its user base to over 2 million customers and helped people set aside more than £5 billion.

Consumer protection service (CPS) officers on Monday began recording the prices of 41 key products at 125 retail premises across Cyprus, ahead of the Easter celebrations.

The findings will be made public on Holy Wednesday morning, April 16, CPS director Konstantinos Karagiorgis told the Cyprus News Agency (CNA).

The products being tracked include fresh meats, bakery goods, flour, eggs, cheese, vegetables, olive oil, charcoal, and chocolate Easter eggs.

The Cyprus Statistical Service (Cystat) on Monday reported a significant decline in the number of building permits issued during December 2024.

Specifically, a total of 385 permits were authorised during this time, compared to 587 in December 2023, marking a sharp reduction of 34.4 per cent.

Moreover, the total value of permits issued in December 2024 reached €181.4 million, while the total area covered amounted to 144,900 square metres.

The Cyprus Stock Exchange (CSE) moved higher on Monday at midday, with the general index rising 1.04 per cent to 227.79 points by 12:17.

The FTSE/CySE 20 Index also gained 0.92 per cent, reaching 137.92 points, while the value of transactions amounted to €411,558.

Among the sub-indices, the alternative market recorded the largest increase, rising 1.24 per cent, followed by the main market with a 0.79 per cent gain. The investment market fell 0.57 per cent, while the hotel sector remained unchanged.

Bank of Cyprus led trading with €364,439 and a 3.01 per cent rise, followed by Demetra Holdings (€22,355, down 0.63 per cent), Hellenic Bank (€22,211, unchanged), Vasilikos Cement (€1,849, up 5.71 per cent), and Logicom (€201, down 0.56 per cent).

At that time, 4 stocks were up, 3 down, and 1 unchanged, with 62 transactions recorded.