Here are the top business stories in Cyprus from the week starting September 30
The European Researchers’ Night, under the motto “Mission Possible,” drew thousands of visitors to the Cyprus State Fair on September 27, offering an insightful look into research, innovation, and science. Organised by the Cyprus Research and Innovation Foundation (RIF), the event aimed to inspire curiosity and encourage young minds to explore the potential of science in everyday life.
Meanwhile, Tanya Romanyukha, the General Manager of TechIsland, Cyprus’ largest non-profit technology association, and Director of the Women in Tech® Cyprus Chapter, continues her efforts in advocating for women’s empowerment in the tech industry. This dedication is further exemplified by the upcoming Women in STEM Cyprus Forum, co-organised by TechIsland, with Romanyukha sharing her insights on the forum’s objectives during a recent interview.
In a different domain, tourism remains crucial to Cyprus’ economy, as highlighted by Deputy Minister of Tourism Costas Koumis during World Tourism Day celebrations in Nicosia. Koumis warned against complacency, stressing the importance of redefining tourism’s role, especially as challenges like climate change arise. The theme of this year’s event, “Tourism and Peace,” echoed the key role tourism plays in fostering global understanding and collaboration.
Shifting focus to the real estate sector, Limassol led Cyprus’ high-value real estate transactions in August 2024, contributing significantly to the island’s total of €20.9 million in sales. According to Ask Wire, Limassol saw transactions worth €10.3 million, with Paphos close behind at €7.5 million.
In the financial sector, the Cyprus Asset Management Company (Kedipes) has extended its life cycle by three years, aiming to repay €3.54 billion in state aid by 2030. This extension, explained by Kedipes Chairman Lambros Papadopoulos, is necessary due to delays caused by inflation, geopolitical tensions, and the pandemic.
Bank of Cyprus, staying at the forefront of promoting financial literacy, introduced a new tool, the Funding Amount Calculator, to help clients make informed financial decisions about new borrowing. This platform simplifies the process of calculating the maximum amount of financing that clients can receive, thereby improving their ability to manage financial obligations.
In recent years, Cyprus has been transforming from a popular tourist destination into a vibrant entrepreneurial hub. Stepan Kuzmin, Co-Founder of TellYourStartup, remarked on this shift, noting that Cyprus is now brimming with entrepreneurial energy. This reinvention is being embraced by businesses and startups alike, as the island’s reputation for innovation grows.
Meanwhile, Limassol also recently hosted TEDxMolos Women 2024, a sold-out event that explored the evolving role of women in leadership. With the theme “Soft Power: New Era of Leadership,” it emphasised how empathy, collaboration, and smart influence are shaping societal progress.
Deloitte Cyprus has also made headlines with the release of its 13th Transparency Report, providing a comprehensive analysis of its 2024 financial year. The report reflects the firm’s ongoing commitment to the highest quality standards and responsible business practices.
On the international front, a delegation from the Cyprus Chamber of Commerce and Industry (Keve) visited Qatar to discuss potential collaborations in sectors like energy, infrastructure, and tourism. This visit, following the Emir of Qatar’s trip to Cyprus in May, reinforced Cyprus’ role as a gateway to Europe and the Eastern Mediterranean.
In the realm of research and innovation, Demetris Skourides, Cyprus’ Chief Scientist for Research, Innovation and Technology, attended the European Forum for Medical Advancement (EFMA) in Limassol, where he addressed the role of AI in the medical field. Skourides emphasised the concept of “Human-Centric Augmentation,” suggesting that artificial intelligence and robotics will enhance medical professionals’ abilities, while addressing the misconception that AI alone, such as ChatGPT, can provide comprehensive medical answers.
