Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting April 20:
According to an announcement released this week, the decision, issued on April 9, concerns a state aid measure for Plug and Play Cyprus Innovation Centre, aimed at supporting its ongoing operations through public funding.
Specifically, Michaelidou approved the measure to cover operational expenses including staff salaries and administrative costs, as well as promotional activities and specialised services.
The funding will also support the purchase of services from mentors and experts affiliated with Plug and Play Cyprus, along with other professional support functions.
According to the tender notice, economic operators may submit bids for one or more premises, parts or sections, with the deadline for submissions set for May 8.
Tenders will be opened on the same day for evaluation.
The tender, published earlier this month through the Republic of Cyprus’ e-procurement platform e-PPS, concerns a six-year contract due to begin on July 1.
A meeting is due at noon on Monday at the Deputy Ministry of Tourism, where officials are expected to review the latest tourism data and assess whether the improved mood can translate into bookings during the peak summer months.
One of the clearest positive signals is the expected resumption this week of flights between Israel and Cyprus.
Pasyxe director-general Christos Angelides said the development would be “an unexpected breath of fresh air” for the sector, noting that Israel is Cyprus’ second-largest tourist market.
According to data presented by Philenews, an average salary for many households must now cover rent or a mortgage payment first, before electricity, food and other essential expenses are even taken into account.
In some cases, rental costs appear to exceed what an average earner can realistically afford, the figures showed.
Figures from the statistical service (Cystat) show that 36.5 per cent of employees in Cyprus, both Cypriots and non-Cypriots, earn less than €1,500 gross per month, while 39.7 per cent receive between €1,500 and €2,999.
The updated cost study on the digital euro was sent by the Hellenic Bank Association to Greek banks, and subsequently shared by Greek business outlet Newmoney, as part of wider efforts led by the ECB to accelerate the rollout of the digital currency across Europe.
According to the study, conducted by advisory firm PwC, the cost for the European financial sector is estimated at €18bn, a figure described as substantial given the scale of the required transformation.
The union said the reform push, led by Finance Minister Makis Keravnos, is intended to shorten the time needed to hire permanent staff, while making the process more targeted and better aligned with the needs of government departments.
“Pasydy welcomes the move by Keravnos, to modernise the recruitment process in the public service with the aim of shortening the time required to recruit permanent employees,” the union’s general secretary, Stratis Mattheou, told Politis.
In that context, CITEA’s president George Malekkos, vice president Antonia Michael and general manager Matina Zisiadou met representatives from the Embassy of the People’s Republic of China in Cyprus to explore ways of deepening commercial ties.
The discussion centred on prospects for boosting exports by Cypriot technology companies and, at the same time, on practical ways to support their entry into the Chinese market.
The meetings, which brought together representatives from all EU member states, concluded on April 16, following sessions of the ESF+ Committee hosted in the Cypriot capital.
During the proceedings, Penelope Papavassiliou, representing the directorate, stressed the importance of social investment as a cornerstone of a resilient and inclusive European growth model.
“The need for a Europe that combines competitiveness with social cohesion is more relevant than ever, aligned with the priority of the Cypriot Presidency for a more autonomous Europe,” Papavassiliou said.
The newly launched programmes include “Proof of Concept” for the industrial application of technology and know-how and “Research in Enterprises” focused on business-led innovation and development.
The Proof of Concept programme supports the preliminary exploration of potential industrial applications of technology or expertise, while the Research in Enterprises programme focuses on the creation of new products, services and production methods or the substantial improvement of existing ones by Cypriot companies.
The meeting, chaired by Deputy Minister Kostas Koumis, focused on the current state of the tourism sector and the next steps needed in the short term, according to a press release from the ministry.
In a statement, the chamber welcomed a joint position put forward by seven international maritime organisations, describing the upcoming session as a key opportunity for IMO member states to narrow differences and intensify dialogue on measures to cut emissions without undermining the resilience of global trade.
The chamber said a coordinated approach under the IMO remained essential for the stability and clarity the industry needs, while also giving companies the regulatory certainty required to invest in sustainable alternative marine fuels.
According to an announcement from the association, the focus of the meeting fell on how to deepen cooperation between the two countries in the fields of technology and innovation.
A key part of the discussion was a business mission to India scheduled for May, in which CITEA president George Malekkos is due to take part. The visit is aimed at strengthening business ties, exploring new opportunities for the association’s members and, at the same time, promoting Cyprus as an emerging technology hub in the region.
The company said the move reinforces its international footprint while deepening its engagement in a market widely recognised for its role in global shipping, trade and advanced technology services.
The expansion reflects growing demand for advanced connectivity, digital infrastructure and operational resilience, areas in which the company is actively investing to support clients across multiple sectors.
With Singapore positioned at the centre of regional decision-making in Asia, the company explained that the new presence allows it to enhance proximity to customers and partners, improving responsiveness and strengthening market insight.
The decision, originally issued on April 9, was taken in response to a request submitted to the authority on March 18, 2026, leading to targeted changes in the measure titled “Single-company training programmes in Cyprus (state aid)”.
The Human Resource Development Authority of Cyprus (Anad) remains the competent authority responsible for implementing the scheme, overseeing its application and execution.
The findings show that the level of revenues remained significantly higher than the average recorded during the 2019 to 2021 period, which had been shaped by pandemic-related disruptions, temporary state support measures and elevated crew management costs.
At the same time, ship management expenses reached €897 million, registering a marginal increase of 0.2 per cent compared with the first half of 2025.
At the same time, Demetris Chrysostomou, the group’s chief executive officer for Asia, was named deputy chief executive officer, in a move aimed at strengthening Columbia’s leadership and regional presence.
O’Neil said his role at Columbia had been to deliver transformational change and that this task had now been completed.
“My job at Columbia was to bring about transformational change and that task has now been completed. It is time to hand over the reins and to seek fresh challenges. I know I leave Columbia in very safe hands and in a very good shape,” he said.
In a statement, the association said the initiative recognises organisations, companies and individuals that have driven substantial progress in gender balance, diversity and inclusion across shipping.
More specifically, the awards honour practical action, innovative approaches and leadership aimed at creating fair, respectful and inclusive workplaces, both at sea and on land.
The awards are organised by WISTA Cyprus, with the support of WISTA International, the European Commission’s Women in Transport, the Cyprus Presidency of the Council of the European Union and leading maritime stakeholders.
While the latest messages are seen as more encouraging than before, demand remains weak and the industry appears to be entering a period in which coordination, image management and targeted support will become increasingly important.
That was the picture outlined during Monday’s expanded meeting at the Deputy Ministry of Tourism, where stakeholders discussed the latest data and the next steps needed to contain the damage and gradually improve conditions.
The expanded cooperation framework in the field of investment was signed on behalf of Cyprus by Invest Cyprus director general Marios Tannousis and on behalf of Greece by Enterprise Greece president Dimitris Skalkos.
The signing took place on Tuesday, April 21, during the 2nd Cyprus Business Presentations Conference in Athens, organised by Financial Media Way (FMW).
The event, held under the theme of “the new changes in the tax system of Cyprus”, took place in the presence of institutional economic stakeholders and business figures from both countries.
According to a statement by the Labour Ministry, Mousiouttas paid an official visit to Cairo from April 20 to 22, leading a delegation and meeting Egyptian Labour Minister Hassan Radat El Sayed.
During the meeting, the two ministers discussed the memorandum of understanding (MoU) signed in June 2024 between Cyprus and Egypt, which concerns the employment of Egyptian workers in Cyprus and, according to the statement, marks an important step in bilateral relations.
According to an official update by the Deputy Ministry of Shipping, discussions focused on transport safety, sector competitiveness and workforce training.
During the meeting, Hadjimanolis was briefed on the organisation’s actions and initiatives, while both sides discussed ways to strengthen cooperation between the two sectors.
In a statement, the authority said the 4th European Maritime Space Forum served as a platform for discussion on the future of the European Maritime Space within wider European transport policy, while also focusing on the resilience and sustainability of supply chains.
The forum, held under the auspices of Gesine Meissner, European Coordinator for the European Maritime Space, was welcomed by Transport Minister Alexis Vafeades and brought together representatives of the European Commission, EU member states, European organisations, port authorities and bodies from the maritime and port sectors.
Europe’s largest travel operator said customers had partly shifted from eastern Mediterranean destinations to the western Mediterranean, with demand weakening in particular for Turkey, Cyprus and Egypt.
The group, which operates its own airline fleet and hotels and is therefore more exposed to travel disruption and fuel pressures, joined carriers including easyJet and Wizz Air in warning about the fallout from the Iran conflict.
The chamber said the findings, based on the Central Bank of Cyprus’ (CBC) semi-annual survey on the sector’s performance, pointed to the continued strength of ship management companies operating from Cyprus and serving shipowners both locally and internationally.
According to the chamber, revenues in the period from July 1 to December 31, 2025 rose by 2.3 per cent compared with the first half of the year.
The central message of the 2nd Cyprus Business Presentations Summit, held earlier this week, was that economic cooperation between Cyprus and Greece can be expanded, allowing both countries to jointly leverage emerging opportunities in the wider region.
The event brought together institutional stakeholders from Cyprus and Greece, alongside representatives from accounting and legal firms as well as business leaders.
The airline confirmed that it will resume its high-frequency service between Larnaca and Athens starting in September 2026, responding to strong passenger demand.
Flights on the Athens route will initially operate 11 times per week, rising to up to 14 weekly services, effectively offering a double daily schedule.
Fares for the Athens route will start from €29.99 one-way, the airline said, including all mandatory fees and one carry-on bag.
Held at the Carob Mill on April 23 and 24, the expo provided a business-focused platform aimed at connecting AI solutions with real decision-makers, while at the same time bringing together exhibitors, investors, panelists and industry leaders from across the ecosystem.
In that context, Tsouloftas pointed to Cyprus’ growing role as a regional innovation hub and stressed the need to bridge business with the practical adoption of AI, moving the conversation beyond hype and towards meaningful transformation.
Etap Limassol took part in both an information day and the 7th technical meeting of the project, showcasing Cyprus’ contribution to climate adaptation in cultural heritage.
According to an announcement from the board released on Thursday, the information day on April 21 2026 aimed to inform the public and local stakeholders about the objectives, actions and results achieved so far within the project.
The airline confirmed that the route will operate on a daily basis, offering passengers “frequent and convenient travel options” between the two destinations.
The move marks the return of an important connection, with Tel Aviv remaining a popular destination for travellers from Cyprus.
The company stated that “the decision to resume scheduled operations follows a careful assessment of the current situation in the region“.
The event took place at the Four Seasons hotel in Limassol, attracting a global audience and positioning Cyprus at the centre of discussions on the future of wealth management.
According to the chamber, the conference “served as a high-level platform for dialogue on rapid global developments shaping private wealth“, focusing on geopolitical shifts, increasing regulatory demands, generational transitions and the impact of technology and digital assets.
According to details published by Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), the decision was taken jointly by local authorities and CYMEPA, with officials emphasising that it does not reflect a deterioration in water quality.
“This decision does not imply any degradation of the quality of seawater,” said Shipping Deputy Ministry director Theodoulos Mesimeris.
The findings, based on a survey on ICT use in households and by individuals for 2025, showed that while a gender gap persists across most EU countries, Cyprus recorded a 4.3 percentage point lead for girls in coding.
Across the EU, girls in this age group demonstrated higher levels of digital content creation skills than the general population, underlining their growing digital competence.
From Limassol to the bridge of an LNG vessel, she built a career in one of shipping’s most demanding fields, refusing to be narrowed by the limit’s others tried to place around her. In doing so, she became the first woman to command an LNG vessel in Greece and Cyprus.
Now Fleet Operations Manager at Maran Gas Maritime Inc., a role she has held since 2021, Gidakou brings more than 19 years of experience in shipping, much of it focused on LNG transportation.
Speaking to Cyprus Mail, she reflected not only on the personal journey that took her from Cyprus’ shoreline to one of shipping’s most demanding specialisms, but also on the wider human pressures the industry still struggles to confront, from mental wellbeing and career progression to mentoring, inclusion and the strain placed on crews in times of geopolitical crisis.
The 8th Annual Capital Link Singapore Maritime Forum took place this week at the Westin Singapore, during Singapore Maritime Week 2026, attracting more than 600 participants from across the global maritime community, according to Capital Link.
Held in partnership with ABS, and in cooperation with Columbia Shipmanagement and Singhai Marine Services, the forum brought together shipowners, charterers, financiers, regulators, insurers, classification societies and technology providers.
The association highlighted that the rapid growth of artificial intelligence (AI), combined with geopolitical developments and supply chain pressures, has created a climate of instability and unpredictable pricing across the technology sector.
According to CITEA, the market has reached a “critical turning point”, with companies required to deliver projects under conditions of extreme uncertainty, continuous price increases and reduced predictability.