Cyprus Business Now: EIB survey, AI adoption, Keve, unemployment, Eurogroup, PwC
The survey found that investment activity in Cyprus remains strong, with almost all businesses making investments, primarily focusing on innovation, even though the overall business climate is more cautious compared to the EU average.
“Cypriot businesses continue to invest, digitalise, and strengthen their resilience, even in this difficult global environment,” said EIB Vice-President Marek Mora.
“The growing use of artificial intelligence and the steady commitment to innovation are clear signs of a private sector with a future-oriented focus,” he added.
In a statement from the association, president Iosif Iosif expressed pride and a desire for future cooperation.
Pierrakakis, who became the head of the Eurogroup on Thursday, saw off the rival Belgian candidate to become president of the assembly of finance ministers from the 20 countries sharing the euro, underscoring Greece’s significant turnaround since the years it nearly left the single currency.
“The Cyprus-Greece Business Association warmly congratulates you on your election to the presidency of the Eurogroup,” Iosif stated.
“Your assumption of this important position for European financial affairs is a particular honour for you personally, the Greek government, Greece, but also Cyprus,” he added.
The firm confirmed that Yiasemides will serve a four-year term running from July 1, 2026, to June 30, 2030.
Soseilos will remain with PwC Cyprus until December 31, 2026, to support what the firm described as a smooth leadership transition. The handover between the two will take place on June 30, 2026.
Speaking at the 12th Keve Business Leader Awards on behalf of President Nikos Christodoulides, Piki said that in an environment marked by international volatility, “an economy that remains consistent, reliable and resilient” can act as a stable reference point for businesses, strengthening confidence and enabling long-term planning.
She praised the Cyprus Chamber of Commerce and Industry (Keve) for its role in promoting Cyprus as an investment destination and supporting the outward orientation of local businesses.
Referring to the President’s address earlier this week at Keve’s annual general assembly, Piki said the government’s vision for a more competitive Cyprus rests on extroversion, better access to finance and a simpler, business-friendly framework, as the country prepares for its EU Council presidency.
The EU-wide figure marked an annual increase of 3.8 percentage points compared with the 47.5 per cent recorded in the same quarter of 2024, showing steady progress in the bloc’s energy transition.
Cyprus continued to lag behind most member states, finishing fifth from last in the share of renewables in electricity production during the third quarter of 2025.
Only France, Slovakia, Czechia and Malta recorded lower proportions, with Malta again at the very bottom.
Across the bloc, around 20 per cent of enterprises with at least 10 employees used AI technologies in 2025.
This represents a robust increase of 6.5 percentage points compared with 13.5 per cent in 2024, underscoring what Eurostat described as growing momentum in the business adoption of digital tools.
Cyprus maintained one of the lowest adoption rates in the EU, reaching 9.27 per cent in 2025, which remained far below the EU-27 average of 19.95 per cent, widening the performance gap to more than 10 percentage points.
This placed Cyprus ahead of only Greece, Bulgaria, Poland, Turkey (with a percentage of 7.41 per cent in 2025), and Romania.
The trajectory marks a continuation of Cyprus’ slow but steady improvement.
This latest release comes shortly after recent state statistical service (Cystat) data showing that Cyprus is performing far above the EU average in employment, yet facing a slight rise in registered unemployment in November of this year.
Eurostat stated that “labour market slack stood at 11.0 per cent of the extended labour force in the third quarter of 2025”.
It added that the figure, which includes all persons with an unmet need for work, remained unchanged from the previous quarter.
Specifically, Eurostat reported that there were 737,142 buses and motor coaches across the bloc, a total that includes trolleybuses, mini-buses and mini-coaches.
Eurostat said “the EU motorisation rate has remained stable at 1.6 buses and motor coaches per 1,000 inhabitants for the last decade”, contrasting this stagnation with the rapid rise in the number of passenger cars, which increased from 506 per 1,000 inhabitants in 2014 to 578 in 2024.
Cyprus counted 3,144 buses in 2024, placing it in the lower tier of EU member states but still ahead of Slovenia, with 3,015, Luxembourg, with 2,735, and Malta, with 2,620.
The limited edition coin, which has a nominal value of €5 and a mint year of 2025, honoured the Eoka struggle against British colonial rule, with a total of only 2,000 coins issued.
The coin was available to the public and collectors from December 8, 2025, for a selling price of €55, including VAT, on a first-come, first-served basis, with each person allowed to purchase up to 2 coins.
Hosted by the High Commission of Cyprus, the event brought together senior government officials and representatives of defence industry associations from both countries.
According to the organisers, the meeting confirmed the shared will of Nicosia and London to expand cooperation in defence and technology, an area seen as increasingly strategic.
According to a statement by the department of labour relations, the awards were presented by Labour Minister Marinos Moussiouttas, who referred to the rapid transformation of work driven by new technologies, labour shortages and evolving employee needs.
Against this backdrop, he said, human resources policies must adapt, as modern businesses are “called upon to create working environments based on equality, respect for diversity and transparency”.
The minister congratulated the awarded organisations for their practical commitment to equal treatment, equal opportunities for development and advancement, as well as protection from all forms of harassment.
The one-day initiative, held at the Golden Bay Beach Hotel and Larnaca Marina, brought together participants aged 12 and above from communities across the island, combining leadership workshops with hands-on sailing.
It marked the first edition of a programme designed to translate leadership principles into real-world decision-making under live sailing conditions.
Opening the event, Winds of Change founder Sophia Papamichalopoulos OLY, an Olympian and vice president of World Sailing, spoke about reclaiming space, stepping into leadership and the importance of women supporting one another.
The Central Bank of Cyprus (CBC) on Friday announced that it deemed it appropriate to maintain the countercyclical buffer (CCyB) rate at 1.5 per cent, effective as from January 14, 2026.
Ruby, a vessel specialised in bunkering and the sister ship to Island Oil’s Astraia, enhances the company’s operational flexibility and capacity to serve marine fuel clients, according to the company.
To mark the vessel’s arrival, Island Oil held a traditional blessing ceremony on board.
As part of her entry into Cypriot waters, Ruby passed directly in front of the company’s seafront offices in Limassol, which Island Oil described in a social media post as “a special moment for our team”.
The fleet expansion comes as the company continues to strengthen its commercial footprint.
The mission will feature Commissioner for Agriculture and Food Christophe Hansen and a business delegation to promote European agricultural and food sector products and foster trade opportunities in South-East Asia.
This announcement was shared in Cyprus by the Chamber of Commerce and Industry (Keve), which acts as the coordinator of Enterprise Europe Network Cyprus.
The mission will include up to 100 senior executives from European companies and agricultural and food sector producer organisations.
The scheme provides financial support for the replacement of lighting fixtures and old air-conditioning units with modern, high energy-efficiency devices.
This initiative aims to offer immediate benefits to businesses, organisations, and households, while simultaneously contributing to reduced energy consumption and the promotion of the green transition.
The total budget allocated for the “AHK+” Grant Scheme amounts to €5.5 million.
Gold and gold receivables reached €1.45 bn, forming a significant component of the bank’s reserves.
Claims on non-euro area residents denominated in foreign currency stood at €1.09 bn, while claims on euro area residents in foreign currency totalled €32.08 million.
Claims on non-euro area residents denominated in euro amounted to €567.10m.
Lending to euro area credit institutions related to monetary policy operations remained at zero for the month, whereas other claims on euro area credit institutions reached €10.01m.
Securities of euro area residents denominated in euro formed one of the largest asset categories at €6.54 bn, while general government debt in euro stood at zero.