Here are the top business stories in Cyprus from the week starting June 1:
The company made the point after completing its first FuelEU Maritime pooling cycle, with 90 per cent of shipowners opting to pool.
Through its inaugural pooling submission, EmissionLink supported the compliance process for more than 600 vessels, helping clients navigate one of the most complex new regulatory frameworks facing the shipping industry.
The process, according to the company, was completed without disruption to clients and included the successful resolution of technical and regulatory issues, including complexities around ice-class vessels.
The incident, she said, confirmed that the existing institutional framework “does not meet modern needs” and does not sufficiently ensure risk prevention.
As discussions continue on the next steps, Isidorou said it is now clear that the absence of “substantial and timely interventions” has created an accumulated problem which “can no longer be ignored” and requires immediate and decisive action.
The issue, according to Isidorou, “is not new”.
On the contrary, she said, it is “a long-standing challenge” which has become more intense over time, turning the management of co-owned buildings into a matter of public safety.
The decline compares with €129.4m recorded in March 2025, offering the first clear indication of the impact from the escalation of geopolitical tensions in the Middle East.
For the January to March 2026 period, total tourism revenue is estimated at €245.5m, down from €278.3m in the same period of 2025.
This represents an 11.8 per cent decrease for the first quarter of the year, reversing the positive momentum recorded in January and February.
Gross domestic product (GDP), in real terms and adjusted for seasonal fluctuations and working days, also rose by 0.2 per cent compared with the fourth quarter of 2025.
Growth was mainly driven by wholesale and retail trade, transport, accommodation and food services, along with information and communication and financial and insurance activities.
According to the production approach, the strongest annual increase was recorded in information and communication, which grew by 5.4 per cent.
The figure placed Cyprus second in the bloc, behind Malta, where foreign visitors made up 93.3 per cent of overnight stays. Luxembourg followed closely in third place, at 85.1 per cent.
By comparison, domestic tourism continued to dominate in several larger EU markets. Germany recorded the lowest share of foreign visitor overnight stays, at 19.9 per cent, followed by Poland with 20.2 per cent and Romania with 22.4 per cent.
The company reported total revenue of $2.2 billion, representing an increase of 9 per cent year-on-year.
At the same time, net profit reached $153.3 million, up 101 per cent from $76.2 million recorded in the previous fiscal year.
Income before income tax increased to $226 million from $104.6 million a year earlier.
In a written statement issued this week, Keravnos, speaking in his capacity as Cyprus’ Finance Minister and President of the Economic and Financial Affairs Council (ECOFIN), said the initiative forms part of wider European efforts to mobilise private capital, promote the savings and investment union (SIU) and reduce fragmentation across the EU.
According to Keravnos, strengthening the EU’s strategic autonomy has been a key objective of the Cyprus Presidency, which he said has pursued the issue “with consistency and intense activity” over the past five months.
The event will take place on June 11, 2026, bringing together people from across Cyprus’ tech and innovation ecosystem for an evening of discussion, networking, drinks and bites.
Under the theme ‘Modern DevOps: Are We Over-Engineering It?’, the meetup will explore how modern software development practices have evolved, and whether today’s growing complexity is always helping teams move faster, collaborate better and build stronger products.
DevOps began as a cultural shift focused on breaking silos, improving collaboration and using automation to support better delivery. Over time, however, the landscape has become far broader.
The increase placed Cyprus above the euro area average, where inflation is expected to reach 3.2 per cent, compared with 3 per cent the previous month. Eurostat said the full set of HICP data for May will be released on June 17.
Across the euro area, price pressures continued to be driven mainly by energy, which recorded the highest annual rate among the main components. Energy inflation is estimated at 10.9 per cent in May, almost unchanged from 10.8 per cent in April.
The project, titled ‘Artificial Intelligence eXplainable and Responsible trAining for Youth – AI-XRAY’, focuses on explainable and responsible artificial intelligence, with particular emphasis on ethical use, the elimination of bias and informed digital participation.
The initiative forms part of Cyta’s broader digital inclusion programme, ‘I Am Equal Here’, which seeks to strengthen equal access to knowledge, digital skills and the opportunities created by technology.
Deputy Tourism Minister Costas Koumis described the revision as a positive development, saying Cyprus tourism is now moving towards a period of normalisation after months of disruption linked to regional tensions.
Speaking to CyBC’s, Koumis said “the British market has long been Cyprus’ largest source of tourists, even though arrivals from the UK recorded a significant decline in the first four months of the year because of developments in Akrotiri.”
He added that May ended with only a very small decrease in passenger traffic, expressing confidence that the sector is now on a more stable path.
The revision of the travel advisories was also welcomed by tourism stakeholders, although industry figures remain cautious over how quickly the change will feed through into bookings.
According to figures from the department of lands and surveys, a total of 8,043 sales documents were filed at district land registry offices between January and May, compared with 7,185 in the same period of 2025.
At the same time, the market remained well above pre-pandemic levels. In the first five months of 2019, 4,846 sales documents had been filed, meaning this year’s total was 66 per cent higher.
Limassol holds lead as Larnaca posts strongest long-term rise
Limassol remained the largest market in absolute terms, with 2,537 sales documents filed in the January-May period, compared with 2,281 a year earlier and 1,768 in 2019.
Speaking to the Cyprus News Agency (CNA), Papacharalambous said the downgrade of Cyprus’ travel guidance to level 1 by both countries had helped restore confidence in the destination, although the impact of the previous warnings had already been felt.
“On the contrary, three months have already been lost. Within these three months, I believe that, more or less, the image of the country that nothing is going on has been restored,” he said.
Referring to the latest figures on tourist arrivals, the Actta president said the decline was gradually easing.
According to the service director Constantinos Karagiorgis, diesel prices have fallen by around 9 cents per litre on average in the retail market since May 10.
By contrast, 95 octane petrol has recorded an average increase of around 5 cents per litre over the same period.
Karagiorgis told the Cyprus News Agency (CNA) that, should the downward trend in Platts prices recorded over the past fifteen days continue, further reductions are expected in the retail price of diesel, as well as in 95 octane petrol.
However, he said the current stage of hostilities involving Iran does not allow for safe conclusions, as uncertainty
The event brought together the Prime Minister of Kazakhstan, Olzhas Bektenov, President Christodoulides, and more than 70 representatives from the business communities of both countries to discuss priority areas for cooperation in trade, logistics, agriculture, IT, artificial intelligence, fintech and investment.
Freedom Holding Corp., one of the largest investment holding companies operating across Central Asia and Europe, served as the strategic partner of the forum, reflecting the company’s active role in bridging the investment ecosystems of the two countries.
The forum marked an important step in strengthening economic dialogue between Kazakhstan and Cyprus, focusing on practical opportunities for businesses, investors and institutions.
With a strong emphasis on technology, flexibility and customer experience, the company is investing in smarter, faster and more user-friendly courier services across Cyprus.
This development marks a significant step for the logistics sector and follows the strategic investment by Vassos Eliades Ltd in Svelta Courier, which has now been rebranded as easyCourier and has become part of the easy family of brands.
The operation of easyCourier in Cyprus reflects a strategic evolution that combines the technological foundation and operational expertise developed by Svelta Courier with the international reach and brand recognition of easyGroup, the creator and owner of the easy family of brands.
The official launch of easyCourier took place at a special event attended by Sir Stelios Haji-Ioannou, the creator and owner of the easy family of brands.
In a written statement issued after the release of March tourism revenue figures by the Statistical Service (Cystat), Koumis said the weaker performance recorded during the two months was largely linked to geopolitical developments in the Middle East.
He noted that 2026 had started on a strong footing, with tourist arrivals rising by 8.5 per cent in January and by 9.5 per cent in February compared with the same months last year.
According to Koumis, the figures for the first two months suggested that “Cyprus tourism was heading for a third consecutive tourism record”.
However, this was disrupted in March, when tensions in the wider region affected travel to and from Cyprus.
According to a statement by the Finance Ministry, Keravnos met Mora during the EIB vice-president’s first official visit to Cyprus.
The visit comes in the context of the bank’s participation in the informal meeting of ministers responsible for cohesion policy, which is taking place in Nicosia.
Mora, a former deputy finance minister of the Czechia, succeeded Cypriot vice-president Kyriacos Kakouris in October 2025.
The event, held in the context of one of the world’s leading maritime exhibitions, offered an evening of networking and dialogue, while also reaffirming Cyprus’ continued role in the international shipping sector.
In her address, Deputy Minister of Shipping Marina Hadjimanolis referred to the challenges facing the sector, saying that “despite the difficulties and uncertainties of the time, shipping continues to prove its strength and resilience.”
She said this was mainly due to the people of the industry, who continue to support its development even during periods of wider uncertainty.
Speaking on behalf of the Republic of Cyprus and President Nicos Christodoulides, Hadjimanolis also thanked the shipping community for its long-standing support.
As mentioned at newmoney, the risks now facing shipping are no longer limited to traditional conflict or oil disruption. Instead, military tensions, cyber threats, sea mines, drone attacks, energy shocks and hybrid operations are becoming increasingly connected, creating a more complex operating landscape for shipowners and crews.
“For the international shipping industry, the question is no longer whether there is a risk. The question is how quickly a regional crisis can turn into a global shipping shock,” said Nikolas–Alketas Drosos, of Maritime Commercial Manager & Country Representative for Greece and Cyprus at EOS Risk Group.
The main focus of concern remains the Middle East, and particularly the Strait of Hormuz, one of the world’s most important maritime chokepoints.
One of the largest investment projects currently proposed along the coastal zone between Limassol and Zygi, the development is under review by the relevant authorities and aims to reshape the wider Governor’s Beach area in the coming years.
Beyond the scale of the investment, attention is also being drawn to the proposed location of the project in one of the Republic of Cyprus’ most strategically important areas, where critical state and energy infrastructure coexist, including the Evangelos Florakis naval base at Mari.
According to an announcement, Etap Larnaca received one platinum and four gold awards, covering initiatives linked to rural tourism, accessibility, culture, digital innovation and religious heritage.
The top platinum award was given for its work on the Beekeeping Villages of Mountainous Larnaca, a sustainable thematic tourism cluster involving nine mountain communities in the district.
Etap said the initiative aims to promote the area’s beekeeping tradition, while also strengthening local entrepreneurship, preserving cultural identity and supporting the sustainable development of the countryside.
The conference, held on June 4 under the theme “Transition as a Responsibility (not a trend)”, brought together academics, senior executives and leading experts from Cyprus and abroad to discuss the challenges and opportunities arising from the shift towards a more sustainable economy.
The event served as a platform for exchanging views on how both the public and private sectors can respond to the demands of the green transition.
Speakers stressed that the transition should no longer be viewed as a temporary trend, but rather as a necessity that will provide the foundations for a sustainable future.
The ceremony, held on June 3, celebrated the evolution of the development, which first opened its doors in October 2025 and has since begun establishing a new model of premium living and year-round hospitality on the island.
The project combines a championship 18-hole golf course, luxury residences, extensive landscaped green areas, lifestyle facilities and future wellness and dining amenities within a single destination.
The inauguration ceremony was attended by government officials, members of parliament, mayors, ambassadors, business leaders, partners, homeowners, clients and other distinguished guests.
The airline said the move underlines its “commitment to the Cypriot market” and supports a significant expansion of its flight programme.
According to the company, the accelerated increase will provide 24,500 additional seats in August and a further 33,000 seats in September, compared with the original schedule.
The expanded programme will strengthen connectivity between Cyprus and a number of key destinations across Europe and the wider region.