Cyprus Business Now: weekly wrap-up

Here are the top business stories in Cyprus from the week starting May 29:

A new plan is expected in the coming days to protect the primary home of people belonging to vulnerable groups, the government said on Friday.

Cyprus’ tourism revenue experienced a remarkable increase of 41.5 per cent in March 2023, according to a report released on Friday by the state’s statistical service.

Cyprus’ general government generated a surplus of €291.9 million in the first quarter of 2023, equivalent to 1 per cent of GDP, according to a report released this week by the Cyprus Statistical Service (Cystat).

Cyprus’ Gross Domestic Product (GDP) for the first quarter of the year amounted to €6.2 billion, marking a 3.4 per cent increase on an annual basis when measured in volume and adjusted for seasonal fluctuations.

Eurobank Cyprus this week said that its five-year support programme for non-profit organisation Cyprus Seeds, which aims to bolster the island’s entrepreneurial and innovation ecosystem, has borne fruit, with numerous startups emerging from local academic research teams.

Port management company DP World Limassol on Thursday released a statement announcing that Simon Pitout has been appointed as the company’s new chief executive officer, effective from June 1, 2023.

Cypriot firm Ask Wire on Wednesday released a report detailing real estate sales, including houses and apartments, in the Larnaca district during 2022 and the first few months of 2023.

National flag carrier Cyprus Airways this week announced the launch of a new route between Larnaca and Preveza, which is set to begin on June 29 with two weekly flights.

Akel general secretary Stefanos Stefanou on Tuesday addressed the pressing issue of housing affordability in Limassol, noting that the city’s homeownership and rental costs are much more pronounced compared to the rest of Cyprus.

The Association for the Protection of Borrowers (Syprodat) this week said that the key to reducing non-performing loans in Cyprus is through sustainable, viable restructurings, not foreclosures.

The Chamber of Commerce and Industry (Keve) on Friday welcomed the law simplifying the procedure for the installation of photovoltaic panels, saying the amendment will promote renewable energy sources.

There can be no supply from the Aphrodite field in the Cyprus EEZ before 2027, according to NewMed Energy, one of the three companies licensed to operate in this block.

Energy Minister George Papanastasiou dismissed media reports on Wednesday which downplayed the government’s reorientation on energy as “wrong”, stating that energy companies and the government are on the same page.