Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting July 6: As Cyprus’ property and construction sectors continue to expand in 2026, the country’s real estate market stands at a defining moment, combining strong investment, sustained development activity and rising demand with increasingly complex challenges surrounding affordability,…
Here are the top business stories in Cyprus from the week starting July 6:As Cyprus’ property and construction sectors continue to expand in 2026, the country’s real estate market stands at a defining moment, combining strong investment, sustained development activity and rising demand with increasingly complex challenges surrounding affordability, infrastructure, planning and long-term sustainability. For much of the past decade, Cyprus has established itself as one of the Mediterranean’s most dynamic property markets, attracting international investors, supporting economic growth and transforming urban skylines. That momentum has not disappeared. Property transactions remain resilient, construction activity continues at elevated levels and the development pipeline remains healthy despite a more uncertain international economic environment. The sector continues to play a central role in employment, investment, tourism and economic confidence, while supporting a wide network of businesses extending far beyond construction itself. Cyprus’ air connectivity will not be affected by the revision of European state aid rules for aviation, the Transport Ministry said on Sunday, stressing that the country’s existing airline incentive schemes operate on market terms and do not constitute state aid. The ministry said the Republic of Cyprus has already submitted a documented position to the European Commission as part of the ongoing public consultation on the revision of the European Guidelines on State Aid to Aviation, putting forwardsix specific recommendationsaimed at protecting the connectivity needs of island member states. “Cyprus’ air connectivity remains strong,”the ministry said, adding that the government is acting in a timely and documented manner to ensure that the new European framework continues to reflect the needs of an island state with no road or rail links to the rest of Europe. It clarified that the incentives provided by Cyprus, in cooperation with the airport operator, to airlinesare not state aid, as they are granted on market terms, generate additional revenue for both the state and the operator, and represent an investment that a private investor would also make under the same conditions. Cyprus’ Chief Scientist Demetris Skourides has been ranked among the world’s leading LinkedIn creators in GovTech and the public sector, in a recognition he said reflects the island’s wider effort to raise its international profile in research, innovation and digital transformation. According to a post on his personal account, Skourides was ranked25th worldwideamong the Top 200 LinkedIn creators in GovTech and the public sector. He was also rankedfirst in Cyprusin the same category andseventh overall on LinkedIn in Cyprus. The ranking graphic accompanying his post also showed aFavikon score of 87. 3, placing the recognition within a broader assessment of online influence and visibility. However, Skourides used the announcement less as a personal accolade and more as a statement about Cyprus’ ability to be seen in international technology and public-sector conversations. Aegean Airlines resumed flights to and from Paphos International Airport last week, with the Paphos regional tourism board (Etap) welcoming the airline’s return as a major boost for the district’s air connectivity and tourism prospects. In a statement on Monday, the board said the first flight markedan important step in improving Paphos’ accessibility, both fromGreeceand through wider international connections available via Athens. According to Etap Paphos, theAthens to Paphos route will operate three times a week, providing additional travel options for both residents and visitors. The board further explained that the renewed service will also strengthen Paphos’ links with key tourism source markets through Aegean’s Athens hub, includingGermany, the Scandinavian countries and other European destinations. Cyprus has built fast over the past decade. Towers have gone up, neighbourhoods have changed and real estate has become one of the island’s most visible growth stories. But for Eleftheria Voskaridou, the more important question is no longer what is being built, but how these projects are changing the way people live. The founder and managing director of Blackbook Agency has spent more than two decades working with developers, investors, architects and consultants across Cyprus and Greece, helping shape the identity and positioning of major real estate projects. Yet her view of the sector is not limited to branding, sales or glossy launches. For Voskaridou, the strongest projects start much earlier, with a simple but often overlooked question: who are we building for? As Cyprus enters a new phase of urban growth, she believes the developments that will stand the test of time will not be judged only by their location, size or finishes. Telecommunications provider Cyta has signed an agreement to acquire the RedMax Data Centre in the Latsia Industrial Area, marking a strategic investment aimed at expanding Cyprus’ digital infrastructure and strengthening the country’s position as a regional data hub. The agreement also includes theexpansion and upgrade of the facility, with development set to proceed in phases. The first phase is expected to enter commercial operation in early 2027, while the completed project will becomethe largest privately owned data centre in Cyprus. The investment representsthe next major step in the development of Cyta’s data centre portfolio, significantly increasing the organisation’s ability to provide cloud services and equipment colocation at a larger scale to businesses, public sector bodies and international organisations. The telecommunications provider explained that the new facility will substantially expand its capacity to host customers’ equipment and digital systems while offering access to modern, secure and reliable digital services. Cyprus’ tourism industry remained heavily concentrated in the summer months during 2025, with Eurostat figures showing that August and July were by far the busiest periods for overnight stays in tourist accommodation across the island. According to the European statistical office,August and July were the two busiest months in every European Union member state, reflecting the combined influence of weather conditions, geography and school holiday periods. In Cyprus,tourist accommodation establishments recorded 2,953,148 overnight stays in August, making it the busiest month of the year. This was followed by2,627,725 overnight stays in July, meaning the two peak summer months together generated5,580,873 overnight stays. Cyprus hoteliers association Pasyxe has elected Yiannos Pantazis as its new president, with Thanos Michaelides stepping down after three years in the role, as the association marked its 90th anniversary and unveiled a new digital platform aimed at strengthening decision-making across the hotel sector. The change in leadership took place during Pasyxe’s annual general meeting in Nicosia, attended by President Nikos Christodoulides, House president Annita Demetriou, ministers, party leaders, ambassadors, MPs, local authority representatives and members of Cyprus’ wider business community. Taking over the presidency, Pantazis praised Michaelides’ contribution to the association and said he was certain that, although he was stepping down from the post, the outgoing president would remain close to Pasyxe’s work. “With full awareness of the responsibility, I undertake duties with the aim of strengthening, to the extent possible, the progress of the hotel industry and tourism in the country,” Pantazis said, adding that he would work to justify the trust shown in him by Pasyxe members and looked forward to constructive cooperation with the association’s general director, secretariat, board and wider membership. Limassol has never been a city that stands still. Ships entering the port, families walking the seafront, traders opening their shops, children growing up around the old neighbourhoods, people leaving and returning, sometimes with money, sometimes with memories, have always shaped its rhythm. Even for a city used to movement, the past two decades have been striking. Limassol, once known for its port, carnival and wine festival, has become Cyprus’ most visible urban experiment, with towers, marinas, offices, tech companies and expensive apartments changing both its skyline and its mood. The transformation has brought confidence, jobs and international attention. It has also made the city harder to live in. Rents have climbed, traffic has worsened, construction has become part of the daily noise, and many residents now wonder whether the place they grew up in is being reshaped faster than they can recognise. Cypriot founder Nicole Georgiou has launched i spy in London, a new fashion-tech platform aiming to rethink the way people discover, save and shop the outfits they see online. The 25-year-old former finance professional, who moved from Cyprus to London seven years ago, officially unveiled the app atHow Matcha in Marylebone, marking the first public launch of a platform built around what she describes asthe next generation of fashion discovery. The platform usesproprietary fashion-specific visual search technologyto help users identify outfits, discover similar pieces, organise everything they want to buy and shop fashion inspiration from anywhere in one place. The launch event was hosted at How Matcha, an iconic matcha bar and cultural space known for its collaborations across fashion brands, including Miu Miu, Cult Gaia, Joseph and others. For Georgiou, the launch marks a significant moment in her career. After spending three years working in banking, she left finance earlier this year to pursue i spy full-time. Cyprus will continue to play an active role in shaping international maritime policy, with a focus on sustainability, competitiveness and safe navigation, Deputy Shipping Minister Marina Hadjimanolis said during a working visit to London from July 6 to 9. The visit centred on an event hosted by the Deputy Ministry of Shipping at the headquarters of theInternational Maritime Organisation(IMO), on the sidelines of the organisation’s137th Councilsession, which is taking place in London fromJuly 6 to 10. The session’s agenda includes strategy and planning, reports from key IMO committees, and theprotection of vital shipping lanes, emphasising the wider challenges currently facing global shipping. The event was attended byIMO Secretary-General Arsenio Domínguezand representatives of IMO member states, giving Cyprus an opportunity to promote its maritime sector and strengthen its presence within the international shipping community. Speaking to the Cyprus News Agency (CNA), Hadjimanolis said the event “was an opportunity to highlight the essential role of Cyprus in the international maritime community”, noting that the country remains one of the world’s major maritime powers. The assets under management of Cyprus’ collective investment sector fell to €11. 2 billion in the fourth quarter of 2025, according to figures published on Wednesday by the Cyprus Securities and Exchange Commission (CySEC), reflecting a 1. 97 per cent quarter-on-quarter decline. CySEC’s latest quarterly statistics bulletin showed that it supervised312 management companies and undertakings of collective investments (UCIs)during the period, down from321 entitiesin the corresponding quarter of 2024. The regulator explained that the total comprised217 externally managed UCIs, 30 internally managed UCIs and 65 external fund managers. Among the management companies, there were45 Alternative Investment Fund Managers (AIFMs), 45 sub-threshold AIFMs, two UCITS management companies and three dual-licence entitiesauthorised to operate as both AIFMs and UCITS management companies. Cyprus’ tourism sector remains under pressure from the fallout of the Middle East crisis, although the picture has improved since June, new hoteliers association Pasyxe president Yiannos Pantazis said. In an interview with Politis Radio, Pantazis appeared cautiously optimistic about the rest of the season, noting that the sector had taken a hit in March and April, when cancellations increased and new bookings slowed. However, he said demand has since begun to recover, even though new reservations remain below last year’s levels. A key factor, he explained, was that flight schedules were largely maintained, allowing Cyprus to protect its image as a safe and reliable destination. Most hotels also chose to remain open despite weaker demand and higher operating costs, a decision he described as important for the country’s credibility in international markets. Pantazis said that “there is still room to improve the season’s performance, particularly throughlast-minute bookings, which are more active this year than in previous seasons. ” Hoteliers, he noted, can use commercial tools such as special offers, incentives for travel agents and targeted promotions to stimulate demand. As he put it, “it is never too late” to improve the final outcome. The future of payments will depend on trust, effective supervision and responsible innovation, senior officials from the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus (CBC) said during a conference on cryptocurrencies and digital assets held in Limassol on Tuesday. The conference focused oncryptocurrencies, digital assets and the future of the sector, with both speakers highlighting the growing integration of crypto assets into the financial system and the importance of regulation as markets undergo structural change. CySEC chairmanGeorge Theocharidessaid crypto assets areno longer operating on the margins of financial markets. “They are becomingincreasingly integrated into the broader financial ecosystem, interacting with traditional financial instruments, regulated intermediaries and institutional investors,” he said. Theocharides explained that this isnot a temporary trend, but rathera structural transformationin the way markets are organised, assets are created and issued, and investors gain exposure to financial products. The Central Bank of Cyprus (CBC) hosted the governor of the Central Bank of Montenegro and a senior delegation on July 7, with discussions focusing on Cyprus’ experience of European integration, central banking operations and preparations for eventual participation in the Eurosystem. According to the a statement from the central bank,CBC governor Christodoulos PatsalideswelcomedCentral Bank of Montenegro governor Irena Radovićand senior officials from the Montenegrin central bank for a working visit to the bank’s headquarters. During the meeting, the two governors discussedrecent economic and financial developments, as well as issues of common interest relating to central banking, financial stability and European integration. The CBC said the discussions focused primarily onCyprus’ experience in the practical implementation of the requirements of the European System of Central Banks (ESCB) and the Eurosystem. The Cyprus Securities and Exchange Commission (CySEC) has warned regulated financial firms to strengthen their anti-money laundering controls following the end of the European Union’s transition period under the Markets in Crypto-Assets Regulation (MiCA) on July 1, 2026. In a circular issued on this week, theregulatordrew attention to new guidance published by theEU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), which outlines the money laundering and terrorist financing risks that could emerge as thecrypto-assetmarket adjusts to the new regulatory framework. CySEC explained that, following the end of the transition period, firms wishing to continue providing crypto-asset services within the European Union must now beauthorised as MiCA-compliant Crypto-Asset Service Providers (CASPs). The regulator said the end of the transition period is expected to triggersignificant structural changes across the EU crypto-asset sector, as unauthorised virtual asset service providers leave the market and their customers either close their accounts or transfer to authorised providers. The Central Bank of Cyprus (CBC) has highlighted a new warning from the European Systemic Risk Board (ESRB) over the growing cyber risks posed by advanced artificial intelligence models, saying it will continue to monitor developments closely and expects financial institutions to strengthen their resilience against emerging threats. The warning concernsfrontier artificial intelligence models, which the ESRB said could significantly reshape the cyber threat landscape in the short to medium term by making cyberattacks faster, larger in scale and more sophisticated. According to the ESRB, these advanced AI models have the potential to accelerate the discovery of software vulnerabilities, support the development and exploitation of malicious cyber tools and significantly reduce the time available for organisations to detect and respond to attacks. The European body warned that these developments representsystemic cyber risksaffecting the financial sector as a whole rather than individual institutions. Deputy Shipping Minister Marina Hadjimanolis has reaffirmed Cyprus’ commitment to international maritime cooperation during a reception held at the headquarters of the International Maritime Organisation (IMO) in London, as the island continues to strengthen its place in global shipping diplomacy. The reception, organised by the Shipping Deputy Ministry on the sidelines of the137th IMO Council, was attended by IMO Secretary-General Arsenio Dominguez and representatives of IMO member states. Addressing guests, Hadjimanolis said such gatherings allowed countries to move beyond the formal setting of negotiations and meetings, while strengthening “the spirit of cooperation and friendship that lies at the heart of the IMO”. She said Cyprus, with its long maritime tradition and strong commitment to international shipping, remains “a maritime nation” with one of the largest fleets in the world under its flag and a well-established maritime centre offering high-quality services across the sector. Cyprus’ property market is evolving beyond a single national narrative, with regional differences, affordability pressures and changing buyer priorities increasingly defining its direction. At the same time, policymakers and industry leaders are grappling with how to sustain growth while ensuring housing remains accessible, planning becomes more efficient and development keeps pace with the country’s long-term needs. In an exclusive interview with theSunday Mail, Landbank Group chief executive officer Andreas Christophorides examined the forces reshaping the market, from shifting demand and rising construction costs to foreign investment, sustainability and the structural reforms he believes are needed to secure the sector’s future. The Bank of Cyprus and Wealthyhood have launched a co-branded investment platform aimed at making investing more accessible in Cyprus, with the app available to all residents regardless of whether they are customers of the bank. The launch marks thefirst major milestonein the strategic partnership between theBank of Cyprusand European wealth technology startup Wealthyhood, following the bank’s participation as lead investor in the company’s€6 million funding roundannounced earlier this year. According to the companies, the newWealthyhood x BoCmobile app and web platform combines Wealthyhood’s digital investment technology with the Bank of Cyprus’ customer base and financial infrastructure. The platform isopen to all residents of Cyprus, although existing Bank of Cyprus customers will be able to link their bank accounts instantly to simplify identity verification, fund their investment accounts more quickly and begin investing with fewer onboarding steps. The digital asset market is entering a more demanding phase, one in which technology alone is no longer enough. After years in which crypto was often discussed through the lens of speculation, volatility and disruption, the conversation is now moving towards something more serious, regulation, institutional confidence, real use cases and the ability of companies to prove that they can be trusted. That was the thread running through theDigital Assets and the Future of Finance Summit 2026, presented byECOMMBXthis week atCity of Dreams Mediterranean in Limassol, where regulators, bankers, fintech executives, legal experts and technology providers discussed how digital assets are moving from the edges of finance into a more regulated and practical environment. The summit’s wider agenda reflected the speed at which the sector is changing, covering everything fromMiCA, DORA, the Digital Euro and CBDCsto tokenised real-world assets, stablecoins, institutional portfolios, digital payments and the use of blockchain infrastructure in mainstream finance. The Cyprus Securities and Exchange Commission (CySEC) on Thurssday highlighted its contribution to Cyprus’ Presidency of the Council of the European Union, saying it played an active role in negotiations on major legislative initiatives that will shape the future of Europe’s financial sector. WithCyprus’ six-month Presidency concluding on June 30, 2026, the regulator said its officials participated throughout the period in Council working groups, providing technical expertise and supporting negotiations on key European Union legislative proposals. According to CySEC, staff from itspolicy, ongoing and thematic supervision, authorisations and legal departmentstook part in the technical work of the Council during the Presidency. The regulator said its contribution focused onpolicy initiatives aimed at strengthening European capital markets and financial supervision. Limassol-based Island Oil (Holdings) Ltd has announced the acquisition of two oil tankers, Island Polaris and Island Horizon, further expanding its owned fleet as it seeks to strengthen its position in marine fuel transportation. The move forms part of the company’slong-term investment strategy, with Island Oil aiming to boost its logistics capabilities and support growing demand for marine fuel transportation across theMediterranean and Black Sea. By addinghigh-quality double-hull tankersto its fleet, the company said it is continuing to invest in operational efficiency, while maintaining high standards of safety and environmental compliance. At the same time, the investment also fits into the group’s widerEnvironmental, Social and Governance strategy, as well as its decarbonisation roadmap. According to Island Oil, the new tonnage is expected to enhance fuel efficiency and help reducegreenhouse gas emissions per tonne-mile. Passenger traffic at Cyprus’ two airports fell by 4. 11 per cent in June, a smaller decline than the sharper losses recorded earlier in the year, according to Hermes Airports. A total of1. 38 million passengerstravelled through Larnaca and Paphos airports in June 2026, compared with1. 44 millionin the same month last year. The June figures point to a more contained slowdown after a difficult spring for the aviation and tourism sectors. Traffic had fallen by16. 1 per centin April and15. 3 per centin March, while May recorded a decline of4. 13 per cent. However, the performance continued to differ between the two airports. Larnacaairport, Cyprus’ main air gateway, handled957,800 passengersin June, down from around1. 1min June 2025. By contrast,Paphosairportrecorded420,500 passengers, up from370,400a year earlier. Renewed tensions in the Middle East have added another layer of uncertainty for Cyprus, with economist Tassos Yiasemides warning that a prolonged crisis could slow the island’s economic growth. Speaking to the Cyprus News Agency (CNA), Yiasemides said the latest flare-up in US-Iran relations has broughtgeopolitical riskback to the centre of the global economic outlook, at a time when markets were only beginning to stabilise after years of trade tensions and inflationary pressure. He referred to the International Monetary Fund’s (IMF) latest forecasts, released on Wednesday, which “limit the expected growth of the global economy to 3 per cent for 2026, emphasising thatgeopolitical conflictsnow constitute one of the greatest risks tointernational economic stability. ”This renewed instability, according to Yiasemides, is already creating risks throughenergy, transport and international trade. “At a time when markets were trying to regain stability after the trade tensions and inflationary pressures of recent years, geopolitical instability in the Middle East is creating new risks, mainly through energy, transport and international trade,” he said. Copper Island has delivered on its promise to bring high-profile film productions to Cyprus, with Academy Award nominee and Hollywood A-list star Clive Owen now on the island to shootScorpion, a high-stakes action thriller produced and financed by the Limassol-based company. Owen, known forCloser,Children of MenandGemini Man, leads a cast that also includesAlex Pettyfer, known forMagic Mike,The ButlerandThe Ministry of Ungentlemanly Warfare, as well asReda Elazouar, whose credits includeSex EducationandThe Family Plan. The cast is further strengthened byRonan Summers, known forGuardians of the Galaxy,Jake Ryan, known forWar Machine,Mark Rhino Smith, known forCreed,Joey Ansah, known forThe Bourne Ultimatum,Alex Cooke, known forBlacklight, andLuke Bouchier, known forThe Enforcer. Filming onScorpionbegan in Cyprus onJuly 6and will conclude in Bulgaria at the end of the month. According to Copper Island, the production hasone of the largest per-day budgets for a film produced in Cyprus, placing it among the most significant international film projects to be made locally. Eurobank said its launch of the first cross-border payment from Greece to India through the Unified Payments Interface (UPI) marks a new step in strengthening economic ties between Europe and India, while positioning the bank as a key financial bridge between the two markets. The milestone follows the activation of the payment service in cooperation with NPCI International (NIPL), withEurobank’s head of transaction banking Eleftherios Vlachogiannis outlining the bank’s broader strategy in an interview with the Athens News Agency. The inaugural transaction took place in the presence ofIndia’s Commerce and Industry Minister Piyush Goyal, Eurobank chief executive officer Fokion Karavias and executives from NPCI International. Cyprus is seeking to turn its economic performance, political stability and growing international ties into further foreign investment, President Nikos Christodoulides said this week, as seven companies were honoured at the 14th Invest Cyprus International Investment Awards. The ceremony at the Hilton Nicosia recognised Hartmann Group, Accor, Kraken, a Payward company, SayGames, Reconiq Software Ltd, a member of the Plath Group, Coral S. A. – Coral Cyprus and Premium Access Cyprus. Addressing investors, Christodoulides said the country’s direction was built around “stability, perspective, development and security”, arguing thatinvestment decisionsultimately depended ontrust in a country’s institutions, people and long-term prospects. That approach, he said, was also reflected in Cyprus’renewed national promotion strategy, launched earlier this week, which presents the island as “a stable European state with a global orientation” and aEuropean business hubwith an international footprint. The president pointed to the economy’s recent performance, including stronger growth, healthy public finances, lower public debt and Cyprus’return to an “A” investment-grade ratingfor the first time since 2011. He also referred to conditions offull employmentfor the first time since 2008, describing these developments as evidence that responsible economic policy, political stability and reform couldstrengthen investor confidence. Cyprus has been named one of the Mediterranean’s most family-friendly islands by National Geographic Traveller, with the publication emphasising its blend of ancient history, unspoilt nature and beaches. The island was included alongside Majorca, Rhodes, Gozo, Kefalonia, Corsica and Sardinia in a selection of seven destinations offering families experiences beyond large resorts and conventional beach holidays. National Geographic placed particular emphasis on Paphos, describing the coastal city as a strong starting point for families looking to combine time by the sea with history and outdoor activities. From boat trips to hidden coves to visits to ancient Greek and Roman sites, the area offers several ways for younger visitors to explore the island’s past. Among the main attractions highlighted were the UNESCO-listed Tombs of the Kings, where families can follow self-guided trails through underground chambers carved into the rock. However, the publication noted that Cyprus’ family appeal extends well beyond its archaeological sites. Further north, Avakas Gorge and the Akamas National Forest Park offer accessible nature trails through some of the island’s most dramatic landscapes. British-Cypriot entrepreneur and easyJet founder Sir Stelios Haji-Ioannou has been inducted into the Air Transport Hall of Fame, recognising his role in reshaping European aviation and making air travel accessible to a wider public. The2026 inductees were announced, during Athens International Airport’s 2. 5 Airline Marketing Workshop in Athens, which brought together more than250 professionals from the aviation, travel and tourism industries. Sir Stelios joined a class of eight aviation figures whose work has influenced the development of commercial flight. The other inductees were Airbus pioneerRoger Béteille, Solar Impulse co-founderAndre Borschberg, former Singapore Airlines chief executiveCheong Choong Kong, Brazilian aviation pioneerAlberto Santos-Dumont, FedEx founderFrederick W. Smith, Chinese-American pilotKatherine Sui Fun Cheungand jet-engine inventorFrank Whittle. TheAir Transport Hall of Famewas established by Hermes – Air Transport Organisation in partnership with Korn Ferry andAthens International Airport. According to its organisers, it is thefirst global Hall of Fame dedicated exclusively to the civil air transport industry, honouring leaders whose vision, innovation and work have made a lasting positive contribution to global aviation. The Bank of Cyprus has been recognised as one of Extel’s “Most Honoured Companies”, securing third place in the Emerging EMEA Financials category in the financial intelligence provider’s annual survey. The distinction places the bank among the leading financial institutions across the emerging markets ofEurope, the Middle East and Africa, reflecting what the bank described as its strong performance and the confidence it continues to inspire among international investors. The recognition is based on votes cast by the investment community itself, giving the award particular significance as it reflects the views of key market participants rather than an independent judging panel. Alongside the group’s overall recognition,the Bank of Cyprus management teamalso recorded strong performances across individual categories, with several senior executives receiving high rankings. Cyprus is estimated to receive €73 million a year in national carbon-market revenue linked to shipping, although substantially larger sums will flow to countries with much smaller maritime industries. A newstudy by the European Community Shipowners’ Associations(ECSA) estimates that shipping will contribute around€9 billion annuallyto EU and national revenues if carbon allowances average €100 per tonne. Under a lower-price scenario of €85, the sector’s contribution would still reach €7. 65bn. Of the €9bn total, about€7. 7bn would reach national governments, while the remainder would be directed towards EU-level financing mechanisms, including the Innovation and Modernisation funds. At €85 per allowance, national revenues would fall to around €6. 6bn. However, the money is not distributed according to the size of each country’s merchant fleet, port activity or wider shipping industry. Instead, most national auction revenue is allocated through an EU distribution formula based largely onhistorical emissions from stationary industries. Nearly 93 per cent of young people in Cyprus have encountered gambling-related content on social media, with Instagram emerging as the main source, according to survey findings presented by the National Betting Authority. The study found that respondents were exposed to such content an average of4. 45 times per monthduring the past year, while only 7 per cent reported seeing none. Instagram was used by 95 per cent of respondents and accounted for 93 per cent of the gambling-related content viewed. Facebook and TikTok followed, with usage rates of 82 per cent and 68 per cent respectively. The survey was conducted by University of Nicosia on behalf of the authority in February and March 2026, based on a nationwide sample of1,000 people aged between 18 and 35. Paid advertisements from betting companies and online casinos were the most common form of content, seen by89 per centof respondents, while 77 per cent had encountered posts by influencers promoting gambling. Eurobank has reaffirmed its support for attracting foreign investment to Cyprus by participating as an Elite Sponsor at the 13th Invest Cyprus International Investment Awards. The annual awards, organised byInvest Cyprusin cooperation withGOLD magazine, recognise international investors and businesses that have made a significant contribution to the development of the Cypriot economy and were held in the presence ofPresident Nikos Christodoulides. RepresentingEurobank, Senior General ManagerStephanos Kassianidespresented one of the evening’s awards, underlining the group’s continued commitment to strengthening the country’s investment environment. In an interview with GOLD magazine, Kassianides said the bank’s longstanding support for the Invest Cyprus International Investment Awards reflects its broader strategy of enhancingCyprus’ attractiveness as an investment destinationwhile promoting the country as a regional business and financial centre. Cyprus has joined the second phase of the European Tech Champions Initiative (ETCI 2. 0), a new European investment programme aiming to mobilise €80 billion to support more than 1,500 fast-growing technology companies across Europe. The declaration supporting the initiative has been signed byCyprus and 20 other EU member states, including Greece. The initiative was presented onFriday in Brusselson the sidelines of theEconomic and Financial Affairs Council (ECOFIN)meeting by theEuropean Investment Bank (EIB) Group, together with 21 EU member states, institutional investors and fund managers. By signing the declaration, Cyprus reaffirmed its commitment to strengtheningEuropean innovationand expanding innovative companies’ access to growth capital.