Cyprus Business Now: hotel support measures, economic slowdown, natural gas
The special support plan applies to all hotels and tourist accommodation operating between April 1 and April 30, 2026.
The scheme was approved by the Cabinet on March 26, 2026, with the stated aim of safeguarding employment in the hotel sector following a sudden drop in tourism activity linked to geopolitical developments.
Under the plan, eligible businesses must show or expect a drop in turnover exceeding 40 per cent in April 2026 compared with April 2025, or demonstrate that their occupancy rate is below 60 per cent.
Specifically, the research centre on Friday reported that the CCLEI fell by 0.01 per cent year-on-year in March 2026, reversing the positive trend observed in previous months.
This development follows year-on-year increases of 0.72 per cent in February and 1.78 per cent in January 2026, reflecting a weakening trajectory.
The Economics Research Centre (CypERC) stated that the decline reflects the effects of recent conflicts in the Middle East, which have begun to weigh on economic conditions.
The report showed that the economic climate in Cyprus and the euro area deteriorated compared with March 2025, contributing to a fall in the weighted Economic Sentiment Indicator.
Speaking at a press conference, Damianos said a consortium of ExxonMobil and QatarEnergy submitted a declaration of commerciality for both the ‘Pegasus’ and ‘Glaucus’ fields on March 30, marking what he described as a “significant milestone” towards their exploitation.
“The declaration of commerciality essentially means that the two ExxonMobil discoveries in block 10, totalling around 7 trillion cubic feet, are now commercially viable,” he said.
The ‘Pegasus’ field was identified in 2025, adding to Cyprus’ growing hydrocarbons potential.
At the same time, the price index for livestock production decreased by 2.44 per cent on a year-on-year basis.
In crop production, the largest increase compared with the corresponding quarter of the previous year was recorded in grapes prices, which rose by 49.90 per cent.
Significant increases were also recorded in barley at 34.41 per cent, in artichokes at 34.40 per cent, in tropical fruits at 34.13 per cent, and in fruit and tree crops at 33.86 per cent.
By contrast, the largest decreases were observed in tomato prices, which fell by 39.27 per cent.
The award was established following a decision by the Cabinet to formalise the institution on an annual basis. It is presented each year by the Deputy Minister of Shipping on behalf of the President of the Republic of Cyprus.
The award ceremony takes place during an event organised ahead of the International Day for Women in Maritime. According to the announcement, nominations for the award must be submitted to the selection committee through the director general of the Deputy Ministry of Shipping.
The event is being organised by Enterprise Europe Network Berlin-Brandenburg. It should be noted that the Cyprus Chamber of Commerce acts as the coordinator of Enterprise Europe Network on the island.
Keve described this as a leading global networking event in the field of technology and startups, bringing together companies, buyers and suppliers from across Europe.
According to the announcement, the initiative offers a unique opportunity to expand business networks and establish strategic partnerships through structured business-to-business meetings.
The meetings will be conducted in a format designed to maximise efficiency in terms of both time and cost, while supporting meaningful exchanges between participants.
That is adding to concern in Cyprus’ most tourism-dependent district, where the impact of the war in the Middle East is continuing to filter through the local economy, from hotels to the many businesses that rely on visitor traffic.
While a small number of hotels have pushed back their reopening as they wait for developments in the region, the vast majority are expected to open either in the coming days or by mid-April, sticking to their original plans despite the weaker picture on bookings.
The project will house the School of Marine Sciences, Technology and Sustainable Development, with the campus set to open in autumn 2028 and accommodate approximately 500 students.
The project concerns the development of a 4,960-square-metre complex of closed and covered areas on a plot near the Mackenzie parking area, at an estimated cost of €11.9 million plus VAT.
The facilities will include amphitheatres, classrooms, conference and meeting rooms, staff and student offices, specialised laboratories, as well as advanced IT infrastructure and distance learning support.
The circular introduces Version 3 of the RBSF-CBR form, which is designed to collect statistical and operational data from branches.
All Cyprus branches operational as of December 31, 2025, must complete and submit the form electronically through CySEC’s Transaction Reporting System (TRS) by Friday, May 8, 2026.
Branches not active by December 31, 2025, are exempt from submission, the circular stated.
According to an announcement on Friday, the transaction was carried out in accordance with the relevant regulations of the Cyprus Stock Exchange and the circulars of the Cyprus Securities and Exchange Commission (CySEC).
This move follows the specific authorisation of the annual general meeting which took place on June 24, 2025.
A primary objective of the meeting is the examination and approval of the annual financial report for the year ended December 31, 2025, the company announced on Friday.
Directors will also determine the specific date for the annual general meeting of shareholders to discuss the firm’s strategic direction.
A key point of interest for investors involves the payment or not of a dividend, which the board will formally examine during the session.
The company stated that the resolutions were unanimously approved by shareholders present at the meeting.
The company announced that the first resolution involves an amendment to its memorandum of association.
Specifically, the update relates to the company’s authority to invest funds that are not immediately needed for business operations in a manner determined by the board from time to time.
The announcement, submitted to the Cyprus Stock Exchange (CSE), mentioned that the board will use the meeting to review and approve the final audited financial statements for the financial year 2025.
The board will also decide on the date for the annual general meeting of shareholders.
In addition, the board will consider the payment of a dividend based on the company’s results for 2025.
The bill, tabled by Akel MPs Andreas Kafkalias, Christos Christofias and Giorgos Koukoumas, amends the occupational safety and health law to tighten employers’ obligations on workplace instruction, education, training and supervision.
Under the new provisions, employees must be given the necessary information and guidance from day one, in a language understandable to them.
Speaking to CNN, Angelides said the sector had not experienced “100 per cent cancellation”, but was hit by “a 40 per cent” drop in March and a similar picture in April, describing the Easter period as particularly challenging.
“From then on, we are experiencing a balance, an even situation between cancellations and bookings for the rest of the summer,” he said, adding that “the April and Easter period looks challenging and we are doing our best to reverse the situation.”
Angelides made clear that Cyprus would not respond with heavy discounting, warning that cutting prices too aggressively would damage the island’s long-built reputation as a quality destination.
In O’Neil’s view, the industry risks focusing too heavily on freight, routing and insurance, while giving too little attention to a more immediate and potentially more serious issue: whether enough seafarers will continue to join and leave vessels under increasingly difficult conditions.
He believes the pressure is no longer confined to what happens at sea. Rather, with security concerns rising in and around the Gulf, fear of operating in higher-risk areas is now being compounded by disruption to domestic travel in the Philippines and the rising cost of flights for relief crews, all of which is beginning to weigh on the movement of seafarers through the system.
His concern, therefore, is that the cumulative impact is becoming too significant for the industry to dismiss as a short-term operational complication.
The revised directive updates the package travel framework, covering combined services such as flights, accommodation, transfers and excursions purchased as a single product.
The new legislation introduces a clearer definition of package travel, excluding certain linked travel arrangements from its scope in order to simplify the rules.
It also improves transparency and information requirements for travellers, ensuring they receive detailed guidance before, during and after their trips, including payment methods, passport or visa obligations, accessibility provisions and cancellation fees.
In addition, the directive strengthens consumer rights in cases of cancellation or organiser insolvency, addressing longstanding gaps in protection.
“The success of our travel industry depends on travellers’ trust, and we want to ensure that by protecting the rights of travellers, packages continue to be an attractive option for our people’s trips, as well as a best-selling product for agencies, travel websites and tour operators,” said Cyprus Energy Minister Michael Damianos.
In a statement, the organisation said the project, to be built on Kantara street, will comprise 29 semi-detached three-bedroom homes, forming a comprehensive residential proposal that “combines comfort, modern architecture and functionality within a developing urban area.”
Prices are expected to be announced around May, when the application process for interested buyers will also open.
Koag noted that the design followed an architectural competition, resulting in a development characterised by clean lines, a contemporary aesthetic and a distinct identity.
In Nicosia, the homes to get the new batch of smart meters are east of Yiannos Kranidiotis avenue from Ayios Georgios street till Alexander the Great avenue, and along Ayios Georgios street and Demetris Stavrou avenue in Latsia.
Smart meters will also be installed either side of the Nicosia-Limassol motorway, from Rizokarpaso street and Eleftherios Venizelos street up to the Dhali industrial area, specifically Helioupolis and Kallithea areas.
Limassol container terminal operator Eurogate CTL on Friday announced that a large-scale rescue exercise was successfully carried out at the company’s facilities at Limassol port. The exercise involved Eurogate employees, members of the Emak disaster response unit, and the Fire Service.
According to the firm, the drill simulated the rescue of an injured person from a height of 70 metres on a gantry crane, testing emergency response capabilities in a high-risk environment. The rescue operation involved the use of specialised rescue equipment in combination with a 60-metre telescopic platform, operated by trained personnel from the Limassol district fire brigade.
Such scenarios, the company said, are considered highly dangerous, requiring specialised rescue techniques and precise coordination among all teams involved. The operation was particularly demanding due to the extreme height and the limited access points available at the site, it added.
“The proposal was approved by the fund’s management committee on March 18 and ensures direct support for affected producers, contributing to the maintenance of productive activity in the primary sector,” the ministry said.
The scheme will be made available for up to 1,528 beneficiaries whose potatoes, carobs, vegetables, deciduous and other trees were affected by the weather.
Most of the funding, €7,163,000, will be allocated through the national framework for adverse climate phenomena, while €330,500 will be provided via de minimis aid for crops for which insufficient statistical data is available.
At the same time, there is a widely shared recognition that climate change constitutes a major common threat, requiring urgent and collective responses.
Within this context, the international conference Climate Action in the Eastern Mediterranean and Middle East: Regional Cooperation Empowered by Science and Innovation, to be held in Nicosia on April 8 and 9, 2026, provides a platform for scientists, policymakers, and institutional representatives from across the region and Europe to engage on this shared challenge.
The conference does not seek to address political differences, nor does participation imply any position with respect to the conflicts affecting the region.
The meeting will be held with the physical presence of shareholders in Nea Ionia, at 8 Iolkou Street, Building H, GR 14234, while also allowing participation remotely in real time via teleconference.
The bank confirmed that this approach enables simultaneous in-person and remote participation, offering greater flexibility for shareholders.
The conference hall in Nea Ionia will serve as the main physical venue for those attending in person.
At the same time, shareholders will be able to join the proceedings digitally through live teleconferencing, ensuring broader accessibility.