Cyprus Business Now: gaming, FIBA, Keve, tourism, shipping
Cyprus recorded strong growth in manufacturing, trade and tourism during the first half of 2025, according to the state statistical service’s latest bimonthly bulletin.
The bulletin presents the most important economic developments for the Cyprus economy for the latest months up to June 2025, along with comparative data for the last four years, available until August 12, 2025.
Manufacturing production during the period from January to May 2025 recorded an increase of 2.90 per cent compared to the same period in 2024.
The total area of building permits authorised reached 928,000 square metres during January to April 2025, marking a rise of 13.30 per cent compared to the same period in 2024.
“Cyprus becomes the smallest country ever to host this premier basketball event, strengthening its position in the sports tourism sector,” the committee said in a statement on Wednesday.
“The significance of this event is twofold for Cyprus both as a major sporting occasion and as a driver of economic and tourism growth,” it added.
The committee further stated that “hosting of FIBA EuroBasket represents a strategic opportunity to enhance the international image of the country and create a sustainable legacy for future generations”.
Investments made for the event, including the upgrade of the Spyros Kyprianou Athletic Centre in Limassol where all Group C matches will take place, are expected to generate economic benefits estimated between €13 and €17 million in total economic impact.
The Cyprus Chamber of Commerce and Industry (Keve) this week briefed Cypriot businesses about the initiative through a dedicated announcement.
According to the announcement, the initiative seeks to strengthen the competitiveness and productivity of the construction ecosystem while meeting the growing demand for housing through new, renovated, and repurposed homes.
The proposed strategy sets out measures to promote innovative construction techniques through standards for construction products.
It also aims to improve access to raw and secondary materials by advancing the circular economy, as well as to enhance financing opportunities for innovative products and technologies.
Since 2019, the title has consistently ranked among the top 100 grossing games on US iOS, a testament to its long-term resilience in a competitive market. Nexters operates as part of GDEV Inc., a global gaming company based in Limassol.
According to Altti Fromholdt, Game Growth Dev specialising in deconstruction, game design, monetisation and retention, who wrote on the GameRefinery website, Hero Wars has achieved its success through a dynamic and expanding live event strategy and continuous iteration on core features.
He added that the introduction of diverse monetisation events and strategic collaborations has helped keep players engaged and spending.
President Loukas Barmparis said that with this agreement, the company wound up the sale of its two oldest Kamsarmax vessels, Pedhoulas Merchant built in 2006 and Pedhoulas Leader built in 2007.
“We executed our strategy to renew our fleet in view of the four newbuilds expected to be delivered to us within 2026. The aggregate orderbook of the company consists of six vessels until 2027,’’ he added.
In its statement, the board said that this initiative “formed part of its broader strategy to strengthen tourism activity and increase visits from the domestic market through targeted promotional and advertising actions”.
During the campaign, more than 600,000 potential visitors were reached, while 550,000 users had some degree of interaction with the advertisements.
In addition, the board’s short promotional videos were viewed by over 385,000 social media users.
According to the announcement, the effort highlighted all the comparative advantages of the Paphos region.
The security, traded under the code TB13E25, is a government bond listed on the regulated market.