Artificial intelligence is beginning to reshape the legal profession, with law firms increasingly exploring how emerging technologies can improve research, document analysis and other aspects of legal work without compromising professional judgement.

Speaking to the Cyprus Mail for the latest issue of Cyprus 4.0, Elias Neocleous, managing partner of Elias Neocleous & Co. LLC, explained that the development of NeoLaw.ai reflects a longer-term effort to integrate technology into legal practice rather than a response to the recent AI boom.

Developed as an internal legal support environment, NeoLaw.ai is intended to assist lawyers with research, complex documentation, case preparation, preliminary risk analysis and routine administrative work.

Neocleous argued that the value of AI lies not in replacing legal expertise, but in freeing lawyers to concentrate on areas where human judgement, creativity and professional responsibility remain essential.

The discussion also examined the safeguards required when AI is used in a profession where accuracy and confidentiality are fundamental, as well as the potential for Cyprus to develop into a regional hub for technology-enabled professional services.

Looking ahead, Neocleous considered how AI could gradually change the delivery of legal services and why the future of LegalTech may ultimately involve rethinking the role of the lawyer itself.

What problem in the legal sector led you to create NeoLaw.ai, and what gap were you trying to address that existing legal tools could not adequately solve?

The origins of NeoLaw.ai predate the recent surge of interest in large language models. Its development was not a reaction to technological fashion, but a continuation of a long-standing philosophy: that the legal profession must evolve in step with the broader trajectory of human progress. Automation, in various forms, has shaped industries since the industrial revolution; artificial intelligence represents simply the next phase of that continuum.

From our perspective, the gap was not merely technological, but conceptual. Existing tools often approached legal work as a process to be accelerated, rather than a discipline to be enhanced. Our objective was different. We sought to create an environment in which our lawyers are empowered – freed from repetitive tasks, yet supported in exercising judgement, creativity and precision.

Ultimately, NeoLaw.ai was designed not as a substitute for legal expertise, but as a mechanism to elevate it, ensuring that we serve our clients with greater clarity, consistency and foresight.

For someone encountering NeoLaw.ai for the first time, how does the platform work and what can it do for lawyers or legal teams in practical terms?

NeoLaw.ai is designed as an integrated legal support environment, embedded within the daily workflow of our lawyers rather than operating as a detached tool. In practical terms, it enables in-depth legal research across multiple sources, assists in the review and analysis of complex documentation and supports case preparation through structured insights and references to relevant case law.

It can also provide preliminary risk analysis, helping legal teams to identify potential issues at an early stage and contributes to the automation of routine administrative tasks that would otherwise consume valuable time.

Importantly, its development is not static. NeoLaw.ai evolves in parallel with our firm’s broader commitment to continuous improvement. Each use case informs further refinement, ensuring that the platform becomes progressively more aligned with the realities of legal practice and the increasing demands placed upon it.

What role does artificial intelligence play within the firm, and how have you approached issues such as accuracy, reliability and the risk of AI-generated errors in a legal context?

Artificial intelligence occupies a central, but carefully defined, role within the firm. It is not viewed as an autonomous decision-maker, but as a tool that enhances the capabilities of experienced practitioners. Accuracy and reliability are therefore not secondary considerations – they are foundational. Every output generated through NeoLaw.ai is subject to review by our legal professionals, ensuring that judgement remains firmly in human hands.

We approach this as a co-existing relationship: the system supports our lawyers, while our lawyers continuously refine and train the system through informed use. This dynamic mitigates the risk of error while strengthening the overall quality of output. In a legal context, where precision is inseparable from responsibility, such safeguards are essential. The objective is not simply efficiency, but the preservation- and enhancement – of professional integrity.

LegalTech is developing rapidly internationally. Where do you believe NeoLaw.ai can differentiate itself from the growing number of AI-powered legal tools entering the market?

NeoLaw.ai distinguishes itself not by attempting to compete with every emerging LegalTech solution, but by being deliberately and precisely tailored to the realities of our own practice. It has been developed around our internal processes, structures, templates and accumulated institutional knowledge – elements that no external platform, however sophisticated, can fully replicate. In that sense, its primary advantage lies in its alignment with how we actually work, rather than how legal work is generically modelled.

Equally important is our underlying approach. We have not built NeoLaw.ai with commercialisation as the driving force, but with a practical question in mind: how can this system meaningfully enhance the quality and efficiency of our legal services? This inward focus allows for a level of refinement and adaptability that would be difficult to achieve otherwise.

Finally, the platform is hosted entirely on our internal infrastructure, ensuring the highest standards of confidentiality and data security – an essential consideration in the legal profession.

What have you learned from developing and bringing NeoLaw.ai to market so far, particularly from working with lawyers and other users who are adopting AI into their professional workflows?

What the development of NeoLaw.ai has revealed, perhaps more than anything else, is that technological progress is ultimately a human question. The success of such an initiative depends less on the sophistication of the tool itself and more on the willingness of people to engage with it. It requires a team with vision-one that does not merely tolerate change, but recognises it as a constant parameter of professional life. In that sense, we have not sought to “invent” technology, but to thoughtfully integrate it into our existing systems.

Equally instructive has been the pattern of adoption. Even within a large and forward-looking organisation, the familiar dynamics of the bell curve apply – early adopters lead, others follow more cautiously. This has reinforced the importance of structured implementation and internal dialogue.

Perhaps most importantly, the process has sharpened our understanding of what truly matters in legal practice: distinguishing enduring value from operational noise, and identifying where change is genuinely necessary.

Do you see Cyprus developing a significant LegalTech ecosystem of its own, and what would need to happen for the country to become a stronger regional hub for legal technology and innovation?

Cyprus is unlikely, at least in the near term, to develop a LegalTech ecosystem on the scale of larger jurisdictions such as the United Kingdom, the United States, or key Central European markets. These are environments where the sheer volume and international reach of law firms create the natural demand that drives large-scale LegalTech innovation. By comparison, the Cypriot legal market is more focused and specialised, which inevitably shapes the direction and scale of technological development within it.

That said, the broader technology ecosystem in Cyprus is stronger than it has ever been. The entry of globally recognised innovation platforms, such as Plug and Play Tech Center, signals a meaningful shift. Combined with Cyprus’ strategic location, regulatory alignment with the European Union, and an increasingly sophisticated professional services sector, this creates a compelling foundation.

Rather than leading in LegalTech production, Cyprus is well positioned to emerge as a regional hub for technology-enabled services-where innovation is applied, refined, and integrated into high-value professional practice.

Looking beyond the current product, what opportunities do you see for AI to transform the legal profession over the next five years, and where do you expect NeoLaw.ai to fit into that transformation?

Over the next five years, artificial intelligence is likely to reshape the legal profession not through sudden disruption, but through gradual and structural refinement. The more routine aspects of legal work – research, document analysis and process management – will increasingly be absorbed by intelligent systems. This will not diminish the role of the lawyer; rather, it will reorient it towards judgement, strategy, and the exercise of professional responsibility.

The more important question, however, is not what AI can do, but how it is governed and integrated. The legal profession carries an inherent duty to uphold trust, accuracy, and accountability-principles that must remain intact as technology advances.

Within this transformation, NeoLaw.ai will continue to evolve as an internal framework that supports our lawyers in meeting these obligations. Its role is not to redefine the profession, but to ensure that we adapt to change without compromising its core values.

What makes you believe the future of LegalTech is not simply about automating existing legal processes, but about fundamentally rethinking how legal services are delivered?

The future of LegalTech cannot be confined to the automation of existing processes, because the legal profession itself is not merely procedural. At its core lies the role of the lawyer as a trusted advisor – someone who navigates complexity not only through technical knowledge, but through relationships built on trust, continuity and understanding. These relationships are not incidental; they are the foundation upon which effective legal counsel is delivered.

In parallel, lawyers often play a quiet but essential role in shaping legislative and regulatory frameworks. Through sustained engagement with institutions, policymakers and market participants, they contribute to the refinement of laws in a way that reflects practical realities. This is a function that cannot be automated – it requires judgement, dialogue and credibility developed over time.

Technology, therefore, must be understood as an enabler. By relieving lawyers of routine burdens, it allows them to invest more meaningfully in these higher-order functions: advising with clarity, fostering trust, and contributing to the evolution of the legal and regulatory environment itself.

Website: https://neo.law

LinkedIn page: https://www.linkedin.com/company/elias-neocleous-&-co-llc?originalSubdomain=cy

Cyprus’ hotel industry is facing another licensing headache, with tourist businesses at risk of closure next year unless Parliament agrees to give them more time to meet fire safety requirements, raising concerns over jobs and the wider economy at an already difficult time for tourism.

With the February 28, 2027 deadline approaching, MPs from Disy, Diko and Elam have put forward a proposal to extend the transitional arrangements for hotels and tourist accommodation establishments that have still not secured their full operating licences.

The concern, as mentioned by Politis this week, is that a substantial number of businesses will not obtain the necessary fire protection certificates in time, potentially forcing them to stop trading.

The MPs behind the proposal have warned that widespread closures could have serious consequences for the economy, putting thousands of jobs at risk and affecting businesses that depend on tourism.

Their proposed amendment would move the fire safety deadline to February 28, 2029, giving operators another two years to secure the required documentation and resolve outstanding problems with their properties.

It would also allow qualifying businesses to continue operating until December 31, 2030, provided they comply with the relevant conditions while working towards obtaining full licences from the Deputy Ministry of Tourism.

The proposal was submitted to Parliament on October 22 by Disy MP Nikos Georgiou, Elam MP Linos Papayiannis and Diko MP Chrysis Pantelides.

Under the proposed arrangements, establishments must already hold a building permit allowing their premises to be used as a hotel or tourist accommodation business. Operators would have until December 31, 2028 to obtain an operating confirmation from the Deputy Ministry of Tourism.

The extension would not, however, excuse businesses from meeting health and safety requirements.

They would still need the necessary documentation covering fire protection, hygiene, swimming pools, electrical installations, lifts, gas installations and workplace safety, where applicable.

The Fire Service would continue inspecting properties before issuing the relevant certificates, and businesses that fail to submit their fire safety documentation by the new deadline would lose their temporary operating approval.

For operators struggling with complicated licensing procedures, another extension would provide some breathing space. The difficulty is that Cyprus has been trying to sort out the same problem for decades, with successive deadlines doing little to bring the entire industry into compliance.

In fact, Parliament approved another extension only six months ago, allowing qualifying establishments to continue operating without full licences until the end of 2028.

That legislation passed with 25 votes in favour, one against and 15 abstentions, although several MPs were far from convinced that giving hoteliers more time would produce the desired results.

Disy MP Kyriacos Hadjiyianni questioned the effectiveness of repeated extensions, while Akel MP Costas Costa argued that some operators had grown accustomed to Parliament stepping in whenever another deadline approached.

Their concerns were hardly without foundation.

An audit office investigation published in July revealed that only 168 of the 728 hotels and tourist accommodation establishments examined held full operating licences, representing just 23 per cent of the total.

Another 158 were operating under temporary arrangements, leaving 402 establishments, or 55 per cent, without either a full licence or temporary authorisation.

The situation was particularly troubling in Famagusta, one of Cyprus’ principal tourist districts, where just 24 out of 241 establishments held full operating licences.

For the audit office, the problem went considerably further than missing paperwork.

Its findings raised concerns over inadequate inspections, weak enforcement and the risks associated with businesses operating without the necessary approvals.

It also questioned the fairness of allowing establishments that had failed to meet licensing requirements to compete with businesses that had invested in bringing their properties into compliance.

Auditor General Andreas Papaconstantinou warned that the shortcomings were calling into question efforts to improve the quality of Cyprus’ tourism product, particularly when proper supervision and safety standards could not always be guaranteed.

The watchdog was equally critical of years of limited enforcement, arguing that concerns about the economic consequences of hotel closures could not justify allowing businesses to continue operating outside the law indefinitely.

There is, nevertheless, another side to the problem.

The Deputy Ministry of Tourism has repeatedly acknowledged that hotel licensing is a complicated affair, particularly for older establishments whose buildings have undergone extensive alterations over the years.

In its response to auditors, the ministry explained that the difficulties date back almost three decades and became more pronounced between 2014 and 2018, following large-scale hotel renovations and expansions encouraged by planning incentives introduced in 2013.

Those changes left some properties with discrepancies between their approved plans and their actual construction, requiring further approvals before full licences could be issued.

Obtaining those documents can involve several authorities, with lengthy procedures adding to the difficulties faced by businesses trying to regularise their position.

Progress has been made, although not nearly enough to settle the matter.

According to the ministry, only 43 operating licences had been issued during the five-year transitional period introduced under the 2019 legislation, leaving just 6 per cent of establishments fully licensed by April 2023.

The proportion has since risen to 23 per cent, with a further 22 per cent operating under temporary arrangements.

Tourism Deputy Minister Kostas Koumis told Parliament in February that approximately 70 per cent of hotel beds were now covered by licences, a considerably stronger picture than the overall number of fully licensed establishments might imply.

He also acknowledged that the government was not opposed to further extensions, provided hoteliers took responsibility for bringing their businesses into compliance.

There is, however, one detail that remains particularly difficult to overlook. More than half of tourist establishments had never submitted an application for a full operating licence, according to the ministry’s own findings.

That makes it difficult to attribute the entire problem to lengthy procedures and administrative delays, particularly after so many opportunities to put matters right.

The issue has also raised questions at the highest level of government.

In February, President Nikos Christodoulides referred an earlier hotel licensing amendment back to Parliament, expressing concerns that a special permitting arrangement could create unequal treatment between businesses already complying with the law and those operating under more flexible conditions.

The government subsequently supported a further transitional extension, although the underlying difficulties remained.

Now, another proposal is before MPs, at a time when the tourism industry has rather more immediate worries than licensing paperwork.

Tourist arrivals reached 3.4 million during the first nine months of 2026, down 5.6 per cent compared with the same period last year, according to the Statistical Service.

September brought some relief, with arrivals rising 1.8 per cent to a record 580,889, but the stronger month was not enough to reverse the decline recorded since the beginning of the year.

The outlook for 2027 has also given hoteliers reason for concern.

Paphos hoteliers association president Evripides Loizides warned earlier this month that advance bookings from Britain’s three largest tour operators were running 20 to 30 per cent below last year’s levels.

Although these are early booking figures rather than a forecast for the entire season, they have added to uncertainty following a summer affected by the Middle East conflict.

Loizides also reported that hotel occupancy during the summer months and September had been approximately 7 per cent lower than a year earlier, while rising costs, staffing shortages and competition from short-term holiday rentals continued to weigh on businesses.

It is in this climate that the latest licensing dispute has taken on greater importance. For hotel operators, a forced closure could mean lost revenue, cancelled bookings and uncertainty for employees. Suppliers, restaurants, transport companies and other businesses relying on visitor spending could also feel the consequences.

For the authorities, though, the issue is not simply about keeping hotels open. Visitor safety, fair competition and the credibility of the licensing system are equally important, particularly when businesses that have complied with the rules are expected to compete with those that have not.

The MPs supporting the latest proposal argue that more time is necessary because obtaining the required certificates and approvals remains a lengthy process, making the existing deadlines difficult for some establishments to meet.

Their proposal has been referred to the House commerce committee for examination and has not yet been approved.

Cyprus’ National Betting Authority (NBA) expects to collect €72.92 million in 2027, helped by its agreement with OPAP Cyprus (Allwyn) and continued growth in the betting market, although the figure is €2.35m lower than it was forecasting earlier this year.

The revised figures, included in the authority’s 2027 budget, which has been submitted to parliament, show revenue rising by €1.07m, or 1.5 per cent, compared with the €71.85m expected in 2026.

The increase is being driven mainly by the agreement with OPAP Cyprus and expectations of further growth in betting activity, following the increases recorded in recent years.

The latest forecast, though, represents a downward revision from the €75.27m previously projected for 2027, according to the earlier budget figures presented to parliament in January.

The difference is worth noting, particularly as the betting industry continues to generate substantial revenue for operators and the state.

Under the proposed budget, expenditure will reach €72.71m, an increase of €1.18m, or 1.65 per cent, from 2026, leaving the authority with a relatively modest surplus of €210,000.

The outlook improves over the following two years, with revenue expected to reach €77.1m in 2028 and €81.33m in 2029, compared with projected spending of €76.66m and €80.81m respectively.

This would leave surpluses of €430,000 in 2028 and €520,000 in 2029.

A considerable share of the money, however, does not remain with the regulator.

Of its planned expenditure for 2027, €67.39m relates to taxes and fees collected on behalf of the state and subsequently transferred to government coffers.

The amount reflects both the agreement with OPAP Cyprus and the industry’s financial performance in recent years.

More specifically, the authority expects to collect €53m from betting and certain gambling taxes, unchanged from its 2026 estimate.

Of this, €32m is expected to come from tax on OPAP Cyprus’ gross gaming revenue under its agreement with the Republic.

The concession agreement, signed in June 2024, granted OPAP Cyprus exclusive rights to operate specified games of chance for 15 years, extending until June 2039.

Under its terms, the Republic receives 22.5 per cent of gross gaming revenue, while the company is required to allocate another 5 per cent to sporting, social and charitable activities in Cyprus.

The agreement also provides for annual licensing payments linked to the performance of the games, with minimum annual proceeds for the Republic set at €20m.

Meanwhile, revenue from imposed fees, OPAP licensing and supervisory contributions is expected to increase from €8.2m this year to €8.7m in 2027.

Betting-related contributions are also forecast to rise, from €10m to €10.5m, while administrative fines are expected to bring in another €150,000, unchanged from 2026.

The projections come at a time when Cyprus’ licensed betting industry is showing an interesting pattern, with operators earning more even when the amount wagered falls.

According to the latest market figures, wagers reached €329.8m in the second quarter of 2026, down €30.3m from the previous three months but still 11 per cent higher than a year earlier.

More importantly for bookmakers, gross gaming revenue rose by 24 per cent to €46.9m, compared with €37.9m in the corresponding quarter of 2025.

In other words, operators kept more money after paying out winnings, despite handling fewer bets than in the first quarter.

Across the first six months of 2026, total betting activity reached almost €690m, with bookmakers retaining approximately €92.8m after player payouts.

Online betting continues to account for the largest share of the market, reflecting the growing importance of digital platforms to the industry’s earnings.

That growth, however, also raises questions about how much betting activity is taking place beyond the reach of licensed operators.

In response, the authority is planning a €60,000 study into illegal gambling in Cyprus, seeking to establish how much business is being diverted towards unlicensed providers.

The research will examine what is known as channelisation, essentially measuring the proportion of players using legal, regulated betting services rather than illegal alternatives.

It will also look at why people turn to unlicensed operators, the factors influencing their choices and what might encourage them to use legitimate platforms instead.

For the regulator, the findings should provide a clearer basis for deciding where enforcement efforts are needed and whether existing measures are making a difference.

The scale of the challenge is already evident from the authority’s enforcement activity.

By the end of June 2026, 22,660 unauthorised betting websites were on its blocking list, with 245 added during the second quarter alone.

Alongside the proposed study, the 2027 budget includes €400,000 for strategic initiatives, covering existing commitments and new activities aimed at improving how the industry is regulated.

Among the priorities are greater use of artificial intelligence and emerging technologies, support for innovation and start-ups, and stronger supervision of licensed betting operators.

The authority also plans to tighten measures against money laundering and terrorist financing, strengthen efforts to prevent match-fixing and improve the systems used to block illegal gambling websites.

Further work will focus on due diligence checks, particularly when assessing licence applications and identifying the beneficial owners of betting companies.

Player protection is another area receiving funding, with €1.5m earmarked for safer gambling initiatives under the authority’s wider strategy.

The money will support programmes intended to protect young people and those experiencing gambling-related harm, alongside public awareness campaigns and the annual Safer Gambling Week.

Cooperation with the Cyprus national addictions authority will also continue, including treatment services in the Famagusta and Paphos districts and plans to extend support to minors.

At the same time, the regulator intends to expand the national self-exclusion platform to land-based betting, allowing people who want to restrict their gambling activity to do so beyond online services.

Educational activities in schools, preventive programmes for vulnerable groups and further public awareness initiatives are also included in the plans.

The authority’s proposed budget remains subject to parliamentary scrutiny, with the House Finance Committee expected to examine the figures and spending priorities.

Investment platform Wealthyhood has recorded a five-fold increase in investors and an eight-fold rise in client assets in Cyprus between June and September 2026, with data from its partnership with the Bank of Cyprus pointing to growing interest in local shares, exchange-traded funds and accessible long-term investing.

The figures, published in ‘Wealthyhood’s Cyprus Investor Pulse 2026‘ report, cover anonymised and aggregated data from clients resident in Cyprus between June 1 and September 30, with the findings highlighting how lower entry costs and simpler account funding can encourage participation in financial markets.

Alexandros Christodoulakis, co-founder and chief executive of Wealthyhood, told the Cyprus Mail that the response from Cypriot investors had exceeded expectations in terms of the quality of their engagement.

“People in Cyprus didn’t need to be convinced that investing matters. What they were missing was a simple, trusted way to start, and once that existed, they moved quickly,” he said.

The report found that 88.6 per cent of clients who deposited money went on to buy a stock or exchange-traded fund (ETF), compared with 80.4 per cent among clients who signed up in Greece during the same period.

Christodoulakis said the company was encouraged by the extent to which customers were continuing to invest after opening their accounts, rather than simply registering and leaving the platform.

“Of those who joined in June or July and invested, 88.9 per cent were still invested on September 30,” he said.

“Seven in ten (70.3 per cent) have never sold an investment, and six in ten (59.1 per cent) made a second deposit within 30 days of their first,” Christodoulakis continued. “People are not trying the app once and walking away; they are building a habit.”

He added that four months of activity remained an early snapshot, but that the quality of engagement had been particularly encouraging.

Low entry barriers foster early activity and habit-building

The report also found that 58.4 per cent of new investors made their first investment within 7 days of signing up, while 14.4 per cent invested on the same day.

The typical first deposit was €100, while the typical first investment amounted to €55. Almost two-thirds of investors, or 64 per cent, started with €100 or less, suggesting that many were entering the market with relatively modest sums.

More than half, or 56.8 per cent, made their first investment in an ETF, which allows investors to buy into a collection of companies through a single product.

The most popular first investment was the Vanguard S&P 500 ETF, accounting for 16.6 per cent of first investments, followed by Bank of Cyprus shares at 10.2 per cent.

Christodoulakis said traditional barriers to investing included high minimum investment requirements, fees that eroded smaller amounts, paperwork and complicated terminology.

“Faced with that, many people who could invest simply never start. Not because they don’t care about their future, but because the first step looks expensive, complicated and opaque,” he stated.

Wealthyhood aims to address these obstacles by allowing customers to invest in international and local markets from €1, with zero commission and fractional shares, alongside an education hub containing more than 50 guides.

The platform also offers Autopilot, an automated investing service through which users can make regular investments without having to manage each transaction manually. The typical Autopilot user invests €150 a month, according to the report.

Christodoulakis said access to financial markets needed to be accompanied by a better understanding of investment products and their risks.

“Access alone isn’t enough, though. People also need to understand what they’re buying and why, which is why education sits at the core of the app, not in a corner of it,” he said.

Investor demographics reveal mature and higher-earning profile

The report’s demographic findings challenge the assumption that investment applications primarily attract younger users.

The typical investor in Cyprus is 40 years old, works full-time and declares an annual income of between €30,001 and €50,000. The largest age group is 35 to 44, accounting for 31.7 per cent of investors, followed by those aged 45 to 54 at 25.9 per cent and those aged 25 to 34 at 25.3 per cent.

People under 30 account for 19.3 per cent of investors.

Income levels were also higher than those recorded among investors in Greece. Some 31 per cent of Cypriot investors declared annual incomes above €50,000, while 24 per cent reported incomes below €20,000, compared with 58 per cent of investors in Greece in the latter category.

Full-time employees account for 86.5 per cent of investors, while 4.7 per cent are self-employed.

Finance and insurance is the most common industry, employing 31.5 per cent of investors, followed by information technology at 10.5 per cent and the public sector at 8.1 per cent.

Nicosia district accounts for 50.5 per cent of investors, followed by Limassol at 25.6 per cent, Larnaca at 14.9 per cent, Paphos at 5.1 per cent and Famagusta at 3.9 per cent.

Christodoulakis said the available data was not yet sufficient to establish how the investor profile had changed over time or to draw reliable conclusions about customers’ previous investing experience.

However, he said the behaviour observed so far pointed towards a cautious, long-term approach, characterised by small initial investments, ETFs and limited selling.

“One number I’d like to see change: about one in six new investors is a woman. Closing that gap is one of the biggest challenges for retail investing, in Cyprus and beyond,” he said.

He added that the market was increasingly being shaped by working people seeking greater control over their long-term finances, rather than traders attempting to profit from short-term market movements.

“As cost and complexity keep falling, I expect that profile to broaden, especially to younger people and to women,” he said.

Domestic shares drive engagement alongside global ETFs

The availability of domestic shares has also helped attract investors to the platform, with the Bank of Cyprus emerging as its most-bought individual stock.

Cypriot and Greek shares became available through Wealthyhood on July 17, allowing customers to hold domestic investments alongside international stocks and ETFs.

Customers can access Bank of Cyprus shares and 8 other companies listed on the Cyprus Stock Exchange, namely Vassiliko Cement, Demetra Holdings, Logicom, Cyprus Cement, Petrolina, Atlantic Insurance, Pandora Investments and GlobalWealth Group.

Within less than 3 months of the launch, 29.2 per cent of buyers had purchased at least 1 Cypriot share.

The Bank of Cyprus was bought by 35.8 per cent of stock investors, ahead of US technology company NVIDIA at 21.3 per cent and SpaceX at 12.6 per cent.

Among investors who purchased Cypriot shares, 82.6 per cent chose the Bank of Cyprus, followed by Vassiliko Cement at 16 per cent, Petrolina at 12.3 per cent and Logicom at 8.2 per cent.

The report found that domestic shares were bringing new participants into the market. For 52.8 per cent of investors holding Cypriot shares, a local company had been their first investment on Wealthyhood, compared with just 1.8 per cent among other investors.

Those holding Cypriot shares also had larger portfolios, with a typical portfolio 1.8 times the size of those held by other investors and containing 3 investments rather than 1.

Christodoulakis said familiar domestic companies could provide an accessible entry point for people who were less comfortable with international markets.

“People invest more readily in companies they know, and familiar local names are often the bridge into the market,” he said.

However, he stressed that local shares were complementing rather than replacing international investments.

The report found that 8.6 per cent of money invested since July 17 had gone into Cypriot shares, while Greek shares accounted for 12.3 per cent. Some 18.9 per cent of buyers had purchased at least 1 Greek share.

Across portfolios, 37.6 per cent of invested money was allocated to the United States, 21.1 per cent to global ETFs, 16.5 per cent to the rest of Europe, 11.3 per cent to Greece and 8.9 per cent to Cyprus.

The figures also showed the importance of ETFs in investors’ portfolios. The Vanguard S&P 500 ETF, which tracks the 500 largest US companies, had been purchased by 42.7 per cent of ETF investors and was held by 24.4 per cent of all investors on September 30.

Other popular ETFs included the Vanguard LifeStrategy 80 per cent Equity fund, purchased by 13.6 per cent of ETF investors, the SPDR MSCI World at 13.1 per cent and the iShares Nasdaq 100 at 11.9 per cent.

Among investors who still held investments on September 30, 42.5 per cent held only ETFs.

Dual exchange listings and long-term literacy goals

The report also examined access to shares listed in Athens. On September 30, 25.6 per cent of investors held at least 1 stock listed on Euronext Athens, including the Bank of Cyprus, while 7.6 per cent held a stock listed on the Cyprus Stock Exchange and 4.2 per cent held shares listed on both exchanges.

Athens-listed stocks accounted for 17.1 per cent of invested money, while Cyprus Stock Exchange-listed shares represented 2.1 per cent.

After the Bank of Cyprus, the most widely held Athens-listed stocks were Eurobank, at 5.1 per cent, followed by Allwyn and Alpha Bank, each at 2.8 per cent. Half of the 10 most widely held names were banks.

Christodoulakis said the company’s priorities in Cyprus were to improve financial education, encourage customers to turn initial investments into regular habits and expand the role of automated investing.

He said Wealthyhood and the Bank of Cyprus shared a responsibility to help close the financial literacy gap, particularly among younger people and women, by improving understanding of risk, diversification and the importance of time in investing.

“Giving people access to markets is only half of the job; helping them understand risk, diversification and time is the other half,” he said.

The company also wants to build on existing customer behaviour through services such as Autopilot, which can make regular investment contributions easier to maintain.

Christodoulakis said the first months of activity had demonstrated a clear appetite for accessible investing in Cyprus, but that the next challenge was to turn the initial momentum into sustained participation.

“Four months in, Cyprus has shown us the appetite is real. Now the work is to turn that early momentum into a generation of long-term investors,” he said.

The Enterprise Europe Network (EEN) in Cyprus will hold an online information session on November 19, 2026, to present funding opportunities available to businesses and organisations under the European Innovation Council’s (EIC) 2027 work programme.

The event, announced by the Cyprus Chamber of Commerce and Industry (Keve), which coordinates EEN activities in Cyprus, will explain the main funding instruments available under the programme and outline the most important changes and new developments planned for 2027.

The session is aimed at businesses and organisations seeking European funding to support innovation, develop new technologies and scale up their operations.

Participants will receive information on the EIC Pathfinder, EIC Transition and EIC Accelerator programmes, as well as the Strategic Technologies for Europe Platform (STEP) Scale Up initiative.

These instruments support different stages of innovation, from early-stage research and the development of technologies towards commercialisation to the growth of businesses seeking to expand their operations.

The event will also feature EEN2EIC, which will present its activities, services and tools designed to help innovative small and medium-sized enterprises (SMEs) and start-ups access EIC funding opportunities.

The special session will also explain how EEN2EIC supports businesses in improving their investment readiness, helping them prepare to attract funding and pursue opportunities under the European innovation funding framework.

Interested businesses and organisations can register through the event’s registration link provided by the organisers.

Cyprus is preparing to take around 25 maritime companies to India next month, hoping to turn its growing ties with the Asian shipping industry into new contracts, investment and business partnerships.

The plans were discussed in Busan, South Korea, where Shipping Deputy Minister Marina Hadjimanolis met India’s Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, as part of a wider round of meetings aimed at bringing the two countries’ maritime industries closer together.

At the centre of their talks was the Cyprus–India Maritime Business Forum, which will take place in Mumbai on November 23, 2026, during Hadjimanolis’ visit to India.

Sonowal confirmed that India was ready to welcome the Cypriot delegation and support the forum, with both sides keen to see businesses make the most of the opportunity.

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The Cyprus Chamber of Commerce and Industry (Keve) on Thursday released a statement reviewing the outcomes of a major business forum held in Nicosia earlier this week, where Cyprus and China explored opportunities to expand bilateral trade, attract investment and develop business partnerships.

The China-Cyprus Subnational Exchange and Cooperation Forum and Business Forum, organised by Keve in cooperation with the Chinese embassy and the Cyprus-China Business Association on Tuesday, brought together business representatives, local authority officials and institutional representatives from both countries to discuss closer economic cooperation and opportunities for commercial partnerships.

In his opening address, Keve secretary general Philokypros Roussounides said the countries’ longstanding friendship, founded on mutual respect and trust, provided a strong basis for expanding economic ties.

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Cyprus may have won over Lonely Planet with its winter sunshine, but the cost of enjoying it tells a rather less flattering story, with Paphos proving considerably more expensive than several rival Mediterranean destinations.

The island has been named one of Europe’s ten best winter-sun escapes by the international travel publication, just as separate research by Britain’s Post Office Travel Money puts Paphos 14th among 24 destinations worldwide for value.

And while Cyprus may not be winning the battle on price, it has been collecting some impressive international endorsements of its own, from American travel writers to European tourism rankings.

In its latest guide, released earlier this week, Lonely Planet describes Cyprus as ‘Best for the warmest Mediterranean winter’, placing it fifth among ten recommended European destinations.

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The TechIsland TechPro Community will hold its fourth meetup on November 3, 2026 in Limassol, bringing together professionals working at the core of Cyprus’ technology sector for an evening of discussion, knowledge exchange and networking.

The community was created by TechIsland, the largest technology association on the island, as a dedicated platform for CTOs, CIOs, CISOs, technology architects, software developers, DevOps and platform engineers, data and AI specialists, cybersecurity professionals, UX experts and digital transformation leaders.

Its purpose is to give these professionals a space to meet peers outside their own organisations, exchange practical experience, discuss the challenges they are facing and build stronger connections across Cyprus’ technology ecosystem.

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The Cyprus Securities and Exchange Commission (CySEC) has stepped up efforts to protect investors from online scams and artificial intelligence-generated investment fraud, as part of its participation in World Investor Week 2026, while continuing financial education programmes in schools across Cyprus until December.

The regulator on Thursday announced that it took part in the international initiative for the eighth consecutive year, focusing on emerging digital investment risks, strengthening financial resilience and helping the public make informed investment decisions.

World Investor Week is an initiative of the International Organisation of Securities Commissions (IOSCO), which seeks to raise awareness of investment risks and promote responsible investing.

CySEC’s campaign placed particular emphasis on fraudulent practices involving misleading online advertisements, false investment recommendations and deceptive content generated using artificial intelligence (AI).

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Alpha Bank has increased its share capital to €654.35 million following the exercise of employee stock options in September 2026, bringing its total number of shares with voting rights to more than 2.25 billion.

The lender confirmed the change this week, following a share capital increase approved by its board of directors on September 30 and registered with the General Commercial Register on October 13.

The increase resulted from the implementation of the bank’s stock options plan, under which eligible participants exercised options granted to them during the September 2026 exercise period.

Following the increase, Alpha Bank’s share capital stands at €654,351,248.35, divided into 2,256,383,615 ordinary shares, each carrying voting rights and having a nominal value of €0.29.

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Household real income per capita rose by 0.1 per cent in the euro area and the European Union in the second quarter of 2026, while household consumption increased in both, according to Eurostat, as figures also show that Cyprus’ gross disposable income for households and non-profit institutions reached €22.97 billion in 2025.

The latest seasonally adjusted quarterly data from the EU’s statistical office show that household real income per capita in the euro area continued to grow at the same modest pace as in the first quarter, when it also increased by 0.1 per cent.

Household real consumption per capita, meanwhile, rose by 0.3 per cent in the euro area, following a stable reading in the previous quarter.

Across the EU as a whole, household real income per capita increased by 0.1 per cent in the second quarter, slowing from growth of 0.3 per cent in the first 3 months of the year.

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Cypriot businesses need to organise their data, establish clear rules and train employees before adopting artificial intelligence (AI), according to Kyriaki Parmakki, co-founder and chief executive of Limassol-based solutions studio essere.ai, who hosted the first ClickUp event in Cyprus earlier this month.

The event, held on October 8, brought together business owners, directors and technology specialists to explore how companies can integrate AI into their operations, with demonstrations of practical applications and discussions on the foundations needed to make the technology effective.

ClickUp, an American software company valued at $4 billion and known for its project management, task management and AI capabilities, held its first event on the island in partnership with essere.ai, which is ClickUp’s official and certified partner in Cyprus and the only partner it works with directly on the island.

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More sales do not necessarily mean higher profits for businesses embracing e-commerce, according to Matina Zisiadou, director of Cyprus Information Technology Enterprises Association (CITEA), who stressed that the success of online trading should not be measured solely by sales, but by the value created for consumers.

Zisiadou explained that e-commerce has fundamentally changed the way consumers search for, compare and purchase products and services. Consumers now have more choice and easier access to products across different markets, while businesses can reach customers beyond the geographical boundaries of their operations.

The scale of this growth is reflected in the figures. According to the United Nations Conference on Trade and Development (UNCTAD), business e-commerce sales across 43 developed and developing economies were estimated at nearly $27 trillion in 2022.

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Eurobank has completed its €813 million acquisition of the remaining 80 per cent of Greek life insurer Eurolife Life Insurance, bringing its ownership to 100 per cent, while the sale of a 45 per cent stake in its Cypriot non-life insurance subsidiary to Fairfax Financial Holdings is expected to be completed by the end of 2026.

The bank announced the completion on Thursday, following the receipt of the necessary regulatory approvals and the fulfilment of the relevant closing conditions.

The transaction involved the acquisition of 80 per cent of Eurolife FFH Life Insurance Single Member Société Anonyme Company, which operates under the name Eurolife FFH Life Insurance SA, from entities controlled by Fairfax Financial Holdings Limited.

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Cyprus-listed holding company iDNA Genomics Public Ltd announced on Thursday through the Cyprus Stock Exchange (CSE) that the trustee of its corporate bonds has resigned from the position.

The resignation concerns the bonds with international securities identification number CY0240422119 and trading code iDNAB28.

The trustee stepped down from the post in accordance with the provisions outlined in the Trust Deed dated January 18, 2023.

The departure became effective upon the expiry of the prescribed notice period set out in the governing agreement.

Under the terms of the Trust Deed, the power to appoint a replacement rests solely with the company, the announcement mentioned.

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Vassiliko Cement Works Public Company Ltd shareholders on Thursday unanimously approved a special resolution authorising the company’s board to buy back its own shares over the next 12 months, subject to limits on the number of shares acquired and the prices paid.

Under the decision, approved during an extraordinary general meeting, the board is now authorised to acquire shares in the company during the 12-month period following the meeting.

The number of shares acquired must not exceed 10 per cent of the company’s issued share capital or 25 per cent of the average value of transactions traded on the Cyprus Stock Exchange (CSE) during the 30 days preceding each purchase, whichever limit is lower.

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WISTA International has grown beyond 6,500 members, extending its influence across global shipping as it looks to bring more women into an industry where senior positions and careers at sea remain overwhelmingly male-dominated.

President Elpi Petraki outlined the association’s achievements over the past year at its Annual General Meeting in Kuala Lumpur this week, emphasising growing membership, closer ties with international maritime organisations and new opportunities for companies to become involved.

The meeting formed part of the WISTA International AGM and Conference 2026, taking place from October 28 to 30 under the theme ‘Bridging Borders, Driving Change: Asia Shaping the Future of Maritime and Trade’.

Co-hosted by WISTA Malaysia, WISTA Singapore and WISTA Hong Kong SAR China, the gathering brings together shipping executives, policymakers and industry professionals to examine the future of maritime trade, technology, sustainability and leadership.

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The Cyprus Trading Corporation (CTC) on Thursday announced a series of management changes across its businesses, including a new board chairman from January 2027 and appointments to senior financial and operational roles taking effect from November 1, 2026.

The changes are intended to strengthen the group’s management structure and support its next phase of development and growth across its main areas of activity.

Christakis Charalambous will become non-executive chairman of the board on January 1, 2027, succeeding Demetris Demetriou, who will remain a member of the board.

Charalambous is already a board member and chairman of the board executive committee. He also serves on the board of Hermes Airports, the Nicosia Chamber of Commerce and Industry (Evel) and the Cyprus Employers and Industrialists Federation (Oev).

The board expressed its appreciation to Demetriou for his contribution during his tenure as chairman.

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Solidus Securities will distribute a gross interim dividend of €1.32 million to shareholders in November 2026, following a unanimous decision by the company’s board on Thursday.

The dividend amounts to €0.25984252 per share, before tax withholding, according to the investment services company’s announcement.

Shareholders registered in the Cyprus Stock Exchange (CSE) register on November 20, 2026, will be entitled to receive the interim dividend.

The company’s shares will trade without the right to the dividend from November 19, meaning investors buying shares from that date will not qualify for the payment.

Investors who purchase shares by the close of trading on November 18, the final date on which shares will trade with the dividend entitlement, will qualify for the distribution.

Businesses can reduce duplication, improve efficiency and gain better insight from their data by connecting their tax compliance functions, according to Varnavas Nicolaou, partner, tax and legal at PwC Cyprus, who argues that increasing regulatory demands, greater scrutiny and continued pressure on resources are making traditional compliance models increasingly difficult to sustain.

Nicolaou explained that, for many businesses, tax compliance has traditionally developed around individual obligations. Corporate income tax, VAT, transfer pricing, Pillar Two and other reporting requirements may involve different teams, different processes, different technologies and, often, repeated requests for overlapping data.

“That model is becoming increasingly difficult to sustain,” he said, referring to the growing pressure businesses face to manage costs, address resource constraints and obtain better insight from their data as regulatory requirements expand and tax authorities increase their scrutiny.

He also identified fragmented and low-quality data, increasing regulatory demands, rising audit activity, limited visibility and cost pressures among the challenges facing clients today.

According to Nicolaou, the question for tax leaders is therefore changing. It is no longer simply “How do we complete each compliance obligation?” but increasingly “How do we connect compliance so that the same data, processes and controls work harder for the organisation?”

He explained that connecting tax compliance does not mean removing the technical expertise required for individual taxes or jurisdictions. Rather, it means creating an operating model in which people, processes, data and technology work together rather than in parallel.

At the centre of that model, he added, is data.

Traditionally, similar financial and operational information may be collected several times to support different tax obligations. A connected model seeks to capture data intelligently, standardise and enhance it, and make it available for multiple compliance purposes.

As an example, Nicolaou referred to PwC’s Connected Tax Compliance approach, which describes a model of acquiring, enhancing, using and reusing data across areas including corporate income tax, statutory financial statements, indirect taxes, Pillar Two, transfer pricing and other tax services.

“This apparently simple change has significant implications,” he pointed out, identifying efficiency as the first benefit.

When compliance processes operate independently, organisations can find themselves maintaining multiple workflows, reconciling similar datasets and responding to repeated information requests. Connecting these activities, he explained, creates opportunities to standardise inputs, automate routine processes and eliminate duplication.

At the same time, Nicolaou stressed that “The technology should support the process, rather than become another layer of complexity.”

He noted that PwC’s approach combines workflow, data gathering, collaboration, progress reporting, governance, controls and analytics within a connected technology environment.

Importantly, he clarified that increased automation does not mean removing people from tax compliance.

Instead, Nicolaou described the emerging model as “technology- and AI-powered but human-enabled”, explaining that routine activities can increasingly be automated while professional judgement remains focused on areas where technical interpretation, risk assessment and business understanding matter most.

“That distinction is critical,” he stressed, adding that “The objective is not automation for its own sake.”

The aim, he explained, is to free scarce tax resources from repetitive administration and allow them to concentrate on higher-value activities.

Beyond efficiency, Nicolaou identified visibility as another important benefit of connecting compliance functions.

As he explained, a connected compliance environment gives management something that fragmented processes often struggle to provide.

Instead of managing obligations through separate spreadsheets, email trails and local processes, a connected model can provide central oversight of status, responsibilities, data and risk.

In this respect, he referred to PwC’s Connected Tax Compliance methodology, which provides for end-to-end visibility across workstreams, centralised governance and digital audit trails, supported by technology for oversight and coordination across jurisdictions.

This matters particularly for multinational and multi-entity businesses, Nicolaou noted, as management needs to understand not only whether a return has been filed, but where information is incomplete, where risks are emerging and where intervention may be required.

He also drew attention to the measurable benefits of technology investment beyond tax, citing PwC’s Global Compliance Survey, 2025.

According to the findings he presented, organisations investing in technology and data for compliance reported benefits including better visibility of risks and risk-management activities, 64 per cent, faster identification and response to compliance issues, 53 per cent, and more insightful reporting, 48 per cent.

Other benefits included faster or more confident decision-making, 46 per cent, and increased productivity, efficiencies and cost savings, 43 per cent.

For Nicolaou, these findings illustrate how visibility changes compliance from a retrospective reporting exercise into a more active management process.

The third opportunity, which he described as perhaps the most important, concerns using compliance data to see more.

He explained that businesses already invest substantial effort in gathering, validating and analysing information for tax compliance. Once that information is structured and connected, the organisation has an opportunity to use it for more than producing returns.

Connected data and analytics, he added, can help identify trends, risks and opportunities that would otherwise remain buried across individual compliance processes.

Nicolaou again referred to PwC’s Connected Tax Compliance approach, highlighting potential insights around cash tax savings, tax-efficient strategies, tax controls, tax risks, deal readiness and the implications of regulatory change.

This, he argued, represents a fundamental shift in perspective, as “Compliance becomes not only an obligation to satisfy, but a dataset from which the business can learn.”

To illustrate the point, he explained that information collected across entities and jurisdictions may expose inconsistencies requiring attention, while common datasets can support several reporting requirements.

Similarly, dashboards can concentrate management attention on exceptions rather than every individual process.

He added that information historically examined only when preparing a return can contribute to earlier conversations about tax risk and business decisions.

In the same context, Nicolaou cited PwC’s Global Compliance Survey, which notes organisations rationalising data sources to create a “single version of the truth” and mapping controls where common controls can address multiple reporting obligations.

For organisations considering this journey, Nicolaou stressed that the starting point should not necessarily be a new technology platform.

Instead, he called for an examination of the whole compliance ecosystem, beginning with the questions “Where are we requesting the same data more than once?” and “Which processes are genuinely different and which have simply developed separately?”

He also raised the question “Which activities require specialist human judgement, and which can be standardised or automated?” alongside “Can common controls support several compliance obligations?”

Equally important, he noted, is whether management has a clear view of compliance status and emerging risk across the organisation.

Finally, Nicolaou asked “are we using the information generated through compliance to identify opportunities and support better business decisions?”

The appropriate answer, he explained, will differ between organisations.

A connected model can support different delivery models, from insourcing and co-sourcing through outsourcing and managed services.

“What matters is that the components operate as part of a coherent system rather than as isolated solutions,” he stressed.

Looking beyond the tax return, Nicolaou maintained that the future of tax compliance is not simply about completing the same processes faster.

“It is about connecting them,” he said, explaining that connecting data reduces duplication, while connecting technology and processes creates efficiency and control.

Connecting teams, he added, provides clearer accountability, while connecting the resulting information gives tax leaders an opportunity to turn compliance activity into insight.

For businesses facing more regulation, greater scrutiny and continued pressure on resources, Nicolaou stressed that this distinction matters.

“The organisations that gain most from compliance will not necessarily be those that do more compliance,” he concluded, adding that “They will be those that connect it better.”

Cyprus’ industrial production fell by 1.3 per cent year-on-year in August 2026, with a decline in manufacturing outweighing increases in mining, water supply and electricity, according to the Cyprus Statistical Service (Cystat).

The Industrial Production Index reached 90.9 points in August, using 2021 as the base year with a value of 100, marking a decrease compared with August 2025.

Despite the monthly annual decline, industrial production increased by 1.2 per cent during the first eight months of 2026 compared with the corresponding period of the previous year.

The manufacturing sector recorded a 2.5 per cent annual decrease in August.

By contrast, mining and quarrying production rose by 11 per cent, while water supply and materials recovery increased by 5.7 per cent.

Electricity supply recorded a marginal increase of 0.1 per cent over the same period.

Within manufacturing, the strongest annual increases in August were recorded in the production of rubber and plastic products, which rose by 7.1 per cent, and wood and cork products, excluding furniture, which increased by 6.4 per cent.

The sharpest decline was recorded in the manufacture of machinery and equipment, motor vehicles and other transport equipment, where production fell by 12.8 per cent compared with August 2025.

Manufacturing of refined petroleum products, chemicals and chemical products, and pharmaceutical products and preparations declined by 7.1 per cent.

Production of other non-metallic mineral products fell by 4.8 per cent year-on-year.

Looking at the January to August 2026 period, the strongest increases compared with the same period in 2025 were recorded in water collection, treatment and supply, which rose by 11.5 per cent.

Manufacturing of basic metals and fabricated metal products increased by 5.5 per cent, while production of wood and cork products, excluding furniture, rose by 5 per cent.

The largest cumulative declines were recorded in materials recovery, which fell by 6.7 per cent, and the manufacture of machinery and equipment, motor vehicles and other transport equipment, which decreased by 6.2 per cent.

Investment firm Demetra Holdings Plc announced on Thursday that it recently purchased 3,890 of its own shares as part of an ongoing share buyback programme.

The transaction was carried out on October 27, 2026, through the Cyprus Investment & Securities Corporation Ltd (CISCO).

Demetra Holdings acquired the shares at a price of €1.335 per share.

The share buyback was executed pursuant to the relevant regulations of the Cyprus Stock Exchange and the circulars of the Cyprus Securities and Exchange Commission.

The acquisition followed authorisation granted by shareholders during the company’s annual general meeting on June 30, 2026.

Solidus Securities will distribute a gross interim dividend of €1.32 million to shareholders in November 2026, following a unanimous decision by the company’s board on Thursday.

The dividend amounts to €0.25984252 per share, before tax withholding, according to the investment services company’s announcement.

Shareholders registered in the Cyprus Stock Exchange (CSE) register on November 20, 2026, will be entitled to receive the interim dividend.

The company’s shares will trade without the right to the dividend from November 19, meaning investors buying shares from that date will not qualify for the payment.

Investors who purchase shares by the close of trading on November 18, the final date on which shares will trade with the dividend entitlement, will qualify for the distribution.

Entitlement will also extend to investors who receive securities through an over-the-counter transfer completed by the November 20 record date.

The dividend will be paid to eligible shareholders on November 25, 2026.

The Cyprus Trading Corporation (CTC) on Thursday announced a series of management changes across its businesses, including a new board chairman from January 2027 and appointments to senior financial and operational roles taking effect from November 1, 2026.

The changes are intended to strengthen the group’s management structure and support its next phase of development and growth across its main areas of activity.

Christakis Charalambous will become non-executive chairman of the board on January 1, 2027, succeeding Demetris Demetriou, who will remain a member of the board.

Charalambous is already a board member and chairman of the board executive committee. He also serves on the board of Hermes Airports, the Nicosia Chamber of Commerce and Industry (Evel) and the Cyprus Employers and Industrialists Federation (Oev).

The board expressed its appreciation to Demetriou for his contribution during his tenure as chairman.

The board executive committee currently comprises Charalambous, Eleni Shacola, Chrysoula Shacola and George Louca.

A further change will see Maria Kaimi, the group’s internal legal adviser, become company secretary on January 1, 2027, succeeding George Mitsides.

The board also thanked Mitsides for his many years of service to the group.

From November 1, 2026, Louca, currently group finance and IT director, will take on the newly combined role of chief financial and operating officer (CFOO).

The position brings together the traditionally separate responsibilities of chief financial officer and chief operating officer, with the aim of integrating financial planning, resource allocation and operational efficiency across the group.

Louca will report to the board executive committee while retaining his positions as a board member of CTC, Woolworth and Ermes, as well as his membership of the board executive committee.

Argyro Efstathiou, currently chief financial officer and chief operating officer of the group’s fast-moving consumer goods (FMCG) operations, will become CTC group finance director on November 1.

Her current responsibilities cover Argosy Trading Company, Cassandra Trading and Artview, and she will report to Louca in his new role.

Antonis Hadjilazarou, currently chief commercial officer of the group’s FMCG operations, will become chief executive officer of FMCG from November 1.

Ariadne Samuel will take up the position of FMCG chief financial officer on the same date, reporting to Hadjilazarou.

Samuel is a chartered accountant with professional experience at a leading audit firm and in the FMCG sector.

Together with George Kozakos, chief executive of CTC Automotive, the appointments are intended to reinforce management across the group’s principal businesses and support further expansion in Cyprus.

CTC said its companies had strong market positions, extensive expertise and significant opportunities for further growth in the domestic market.

Argosy Trading Company imports, distributes and manages fast-moving consumer goods, as well as products for the food service and hospitality sector, known as HORECA.

Through its nationwide distribution network, it serves almost the entire retail and HORECA market in Cyprus, supplying products from multinational companies including Mars, Kellogg’s, Mondelez, Reckitt, JDE, Danone, Melissa and Dodoni.

Cassandra Trading imports and distributes Philip Morris International tobacco products in Cyprus.

Its portfolio includes conventional tobacco products, such as cigarettes and rolling tobacco, as well as newer products including heated tobacco sticks, IQOS heated tobacco devices and vaping products.

Artview operates in the cosmetics and fragrances sector, managing the Christian Dior and Diptyque brands in the Cyprus market.

CTC Automotive markets and distributes vehicles and heavy machinery, including Volvo Cars, Hyundai, Iveco, Scania and Caterpillar.

Its portfolio also includes Michelin, Riken and BFGoodrich tyres, Total and Elf lubricants, Hilti tools and related products and services.

The company also operates CTC Autoleasing, which provides leasing for vehicles and light commercial vehicles.

CTC also maintains its investment in Hermes Airports, which develops and manages Larnaca and Paphos international airports.

The group said it remained committed to creating long-term value for all stakeholders through sustainable growth.

The TechIsland TechPro Community will hold its fourth meetup on November 3, 2026 in Limassol, bringing together professionals working at the core of Cyprus’ technology sector for an evening of discussion, knowledge exchange and networking.

The community was created by TechIsland, the largest technology association on the island, as a dedicated platform for CTOs, CIOs, CISOs, technology architects, software developers, DevOps and platform engineers, data and AI specialists, cybersecurity professionals, UX experts and digital transformation leaders.

Its purpose is to give these professionals a space to meet peers outside their own organisations, exchange practical experience, discuss the challenges they are facing and build stronger connections across Cyprus’ technology ecosystem.

Following three meetups earlier this year, the community will come together with a programme combining a focused panel discussion with informal networking over drinks and bites.

At the centre of the evening will be the panel ‘Inside the Vault: Building Secure Systems for Digital Assets & Data’.

The discussion will take a practical look at how organisations protect what matters most, from customer data and production databases to API credentials, encryption keys, sensitive information and digital assets, while still enabling teams to move fast and keeping systems manageable in practice.

Joining the panel will be Anastasiia Sanina, Head of B2B Partnerships at The Vault, Denis Rybin, Director of Information Security at inDrive, Ingrid Camilleri, Chief Digital Officer at Cablenet, and Igor Bulatenko, Head of Information Security at Exness.

The conversation will be led by Andreas Neocleous, Chief Consulting Officer at PwC Cyprus, who will bring the speakers’ different perspectives together and guide the discussion around the practical decisions technology and security teams face.

The 4th TechIsland TechPro Community Meetup, powered by The Vault, will take place from 19.00 to 21.00.

Attendance is free of charge, including drinks and bites, but registration is required.

Those interested can register here.

WISTA International has grown beyond 6,500 members, extending its influence across global shipping as it looks to bring more women into an industry where senior positions and careers at sea remain overwhelmingly male-dominated.

President Elpi Petraki outlined the association’s achievements over the past year at its Annual General Meeting in Kuala Lumpur this week, emphasising growing membership, closer ties with international maritime organisations and new opportunities for companies to become involved.

The meeting formed part of the WISTA International AGM and Conference 2026, taking place from October 28 to 30 under the theme ‘Bridging Borders, Driving Change: Asia Shaping the Future of Maritime and Trade’.

Co-hosted by WISTA Malaysia, WISTA Singapore and WISTA Hong Kong SAR China, the gathering brings together shipping executives, policymakers and industry professionals to examine the future of maritime trade, technology, sustainability and leadership.

For Petraki, the past 12 months have been particularly busy, with WISTA strengthening its relationships with the International Maritime Organisation (IMO), International Chamber of Shipping (ICS) and the United Nations, while taking a more active role in initiatives affecting the industry’s workforce.

Among those emphasised in her annual report were the Women in Transport EU Platform for Change, the UN Maritime Just Transition Task Force and UN Trade and Development’s TrainForTrade Port Management Programme.

WISTA has also continued working alongside the IMO on projects designed to improve opportunities for women across the maritime sector, from education and professional development to participation in industry decision-making.

Training has remained a particularly important part of that work. Through its partnership with the Institute of Chartered Shipbrokers, WISTA continues to offer scholarships that help members develop specialist shipping knowledge and commercial skills.

The arrangement, established in 2017, provides for five scholarships annually towards the Institute’s Foundation Diploma, covering subjects ranging from chartering and ship operations to maritime finance and port management.

Another programme has already delivered results this year. The IMO-WISTA-World Maritime University Gender-inclusive Leadership in Maritime Programme brought together 23 maritime professionals from 18 countries in 2026, combining online training with a residential course in Malmo, Sweden.

WISTA sponsored four participants, with the programme concentrating on leadership, project management, communication and the practical challenges of improving gender equality in maritime workplaces.

Meanwhile, the association has taken another step towards widening its membership by introducing a new category for businesses and institutions.

The associate membership scheme, formally launched in September, allows organisations involved in shipping, ports, logistics, transport, trading and energy to join WISTA’s international network even where they cannot become members through a national association.

Eligible organisations must operate in at least two countries and can nominate up to three representatives to participate in national WISTA activities.

To encourage participation, WISTA is offering complimentary membership until the end of 2026 to eligible organisations applying before December 31.

Petraki also reported the approval of two new members during the AGM.

Speaking when the new membership scheme was launched in September, she explained that interest from companies wishing to support WISTA had been increasing, although the existing structure had not always provided a suitable route.

“Broader collaboration with those sharing our vision is critical when tackling diversity and inclusion, as there is no one size fits all approach,” Petraki said.

The expansion comes as the maritime industry continues to face uncomfortable questions about how effectively it is attracting and retaining women.

According to the latest IMO-WISTA survey, published in May 2025, women accounted for just under 19 per cent of the maritime workforce surveyed, falling to 16 per cent in the private sector, excluding seafarers.

The situation at sea was considerably worse, with women representing just 1 per cent of seafarers employed by the organisations surveyed.

Those figures help explain why WISTA is putting so much effort into education, recruitment and leadership development, rather than relying on greater visibility alone.

Petraki herself addressed the wider challenge in an article published earlier this month, arguing that “inclusion is not about replacing men with women”, but about recognising the skills and experience available throughout the workforce.

The Kuala Lumpur conference is also examining these questions from a commercial perspective, with ICS Secretary General Thomas Kazakos among the leading speakers.

The programme includes discussions on building a future-ready maritime workforce, linking ships and ports with international trade and strengthening cooperation across the industry.

IMO programme officer Mariana Noceti and ICS director of employment affairs Helio Vicente are among those contributing to the workforce discussions, while a dedicated Women at Sea session gives female seafarers an opportunity to share their experiences and examine the obstacles that remain.

Cyprus has its own strong connection to WISTA’s international development. The island hosted the association’s 50th anniversary AGM and Conference in Limassol in October 2024, welcoming more than 350 delegates from the shipping, trading and logistics industries.

Petraki was re-elected president during that gathering, continuing a leadership history that includes former international president Despina Panayiotou Theodosiou of WISTA Cyprus.

The Cypriot association, currently led by Anna Pittalis, has remained active in promoting professional development, mentoring and greater female participation across the island’s maritime businesses.

Vassiliko Cement Works Public Company Ltd shareholders on Thursday unanimously approved a special resolution authorising the company’s board to buy back its own shares over the next 12 months, subject to limits on the number of shares acquired and the prices paid.

Under the decision, approved during an extraordinary general meeting, the board is now authorised to acquire shares in the company during the 12-month period following the meeting.

The number of shares acquired must not exceed 10 per cent of the company’s issued share capital or 25 per cent of the average value of transactions traded on the Cyprus Stock Exchange (CSE) during the 30 days preceding each purchase, whichever limit is lower.

The resolution also stipulates that the company may hold any shares it buys back for a maximum period of two years.

The maximum purchase price for the shares must not exceed the average market price of the company’s shares over the five trading sessions preceding the relevant purchase by more than 5 per cent.

No minimum purchase price has been set. Any payments for the shares must be made from realised and undistributed profits.

Finally, the resolution also authorises the company secretary to take all necessary steps to implement the decisions approved by shareholders.

Cyprus-listed holding company iDNA Genomics Public Ltd announced on Thursday through the Cyprus Stock Exchange (CSE) that the trustee of its corporate bonds has resigned from the position.

The resignation concerns the bonds with international securities identification number CY0240422119 and trading code iDNAB28.

The trustee stepped down from the post in accordance with the provisions outlined in the Trust Deed dated January 18, 2023.

The departure became effective upon the expiry of the prescribed notice period set out in the governing agreement.

Under the terms of the Trust Deed, the power to appoint a replacement rests solely with the company, the announcement mentioned.

Despite efforts made by the firm to date, the procedure to appoint a new trustee has not yet been completed, it added.

The company said that it is continuing its efforts to select a suitable entity to assume the trust responsibilities.

Bondholders are being kept informed as the organisation works to finalise the appointment of a successor.

The company stated that it will make a further announcement as soon as there is a significant development regarding the matter.

Cyprus may have won over Lonely Planet with its winter sunshine, but the cost of enjoying it tells a rather less flattering story, with Paphos proving considerably more expensive than several rival Mediterranean destinations.

The island has been named one of Europe’s ten best winter-sun escapes by the international travel publication, just as separate research by Britain’s Post Office Travel Money puts Paphos 14th among 24 destinations worldwide for value.

And while Cyprus may not be winning the battle on price, it has been collecting some impressive international endorsements of its own, from American travel writers to European tourism rankings.

In its latest guide, released earlier this week, Lonely Planet describes Cyprus as ‘Best for the warmest Mediterranean winter’, placing it fifth among ten recommended European destinations.

Travel writer Emma Sparks draws attention to the island’s mild weather, archaeological treasures and contrasting landscapes, from the flamingos at Larnaca Salt Lake to the snow-covered Troodos mountains.

It is welcome international exposure, particularly for a country looking to attract visitors beyond the traditional summer holiday season.

The financial comparison, though, is less encouraging.

According to the Post Office’s winter-sun research, a standard basket of eight holiday purchases costs £98.02 in Paphos, against £87.46 in Tenerife and £82.35 in Portugal’s Algarve.

That makes Paphos around 12 per cent more expensive than Tenerife and 19 per cent dearer than the Algarve, while Spain’s Costa del Sol comes in at £83.58 and Lanzarote at £93.82.

Malta’s Sliema and Rhodes also offer slightly lower prices, at £96.36 and £97.75 respectively. Of the eight European resorts surveyed, only Funchal in Madeira is more expensive, at £129.63.

The research, released in September and subsequently reported by international publications including Time Out, examines everyday holiday purchases, including drinks, suncream, insect repellent and a three-course evening meal for two with wine.

Flights, accommodation and transport are excluded, so the findings do not represent the total cost of a holiday. They do, however, offer a useful comparison of what visitors can expect to spend once they arrive.

A separate 2026 Family Holiday Report, produced by the Post Office with TUI, paints a similar picture, putting a basket of family holiday purchases at £177.18 in Paphos, compared with £158.31 in Tenerife and £139.65 in the Algarve.

Although the two surveys cover different periods and shopping baskets, both show Cyprus facing stiff competition from established European holiday destinations.

But price is not the only measure of a destination’s appeal, and Cyprus has some impressive figures in its favour.

According to the European Environment Agency’s latest bathing water assessment, published in June, Cyprus came first among European countries for the proportion of bathing sites rated excellent, with all 123 monitored locations meeting the highest classification for the 2025 season.

That compares with an EU average of 84.8 per cent, while Greece recorded 97.1 per cent, Spain 86.6 per cent and Portugal 82 per cent.

The results are based on European standards for microbiological bathing water quality, rather than a broader assessment of environmental conditions. Nevertheless, they give Cyprus a measurable advantage in an area that matters to holidaymakers.

And the island’s appeal is attracting attention well beyond Europe.

In June, American magazine Travel + Leisure, which had already included Cyprus among its 50 best places to visit in 2026, published a feature by travel writer Joe Baur exploring a side of the country that many international visitors rarely see.

Rather than concentrating on its beaches, Baur took readers along the island’s 347-mile E4 hiking trail, through the Akamas peninsula and into communities where traditional crafts, food production and local history are becoming part of the visitor experience.

The feature described Cyprus as something of an undiscovered destination for American travellers, drawing attention to opportunities for outdoor tourism and experiences beyond the established resorts.

For local businesses, this kind of international coverage has particular value. Walking holidays, cultural excursions and visits to rural communities create potential customers for guides, restaurants, producers and other smaller enterprises that may otherwise see little of the spending generated by mass tourism.

The interest has not stopped there. Earlier this month, National Geographic Traveller published an extensive feature by Orla Thomas on the Troodos mountains, examining the region’s wineries, walking routes, traditional villages and local crafts.

The article presented the mountains as a destination in their own right, offering an alternative to the island’s better-known coastal attractions.

It is another example of international travel coverage giving attention to parts of the Cypriot economy that have traditionally received far less exposure than the main holiday resorts.

Meanwhile, Nicosia has also earned a place in the international travel conversation.

The capital was named Europe’s top cultural destination for 2026 by the European Best Destinations platform, finishing ahead of Florence and Vienna in an assessment combining expert evaluations with traveller ratings.

The recognition was reported by Euronews, which also highlighted Nicosia’s position as an emerging city-break destination.

In a separate European Best Destinations ranking released in February, Nicosia took second place overall, behind Madrid.

These are tourism-platform rankings rather than official European Union awards, but they offer further evidence that international interest in Cyprus extends well beyond the familiar promise of a summer holiday.

For the country’s tourism businesses, the distinction matters.

Higher prices do not necessarily mean poor value. Travellers may be prepared to spend more for better service, distinctive experiences or a destination offering something they cannot easily find elsewhere. And although international recognition does not guarantee additional bookings, it gives Cyprus another selling point in a crowded market.

There is also a wider economic opportunity in attracting visitors whose spending reaches beyond accommodation and beachside businesses, supporting local food producers, cultural attractions, specialist guides and enterprises in the island’s towns and villages.

The challenge is turning that international interest into genuine commercial returns, rather than simply adding another award or favourable review to the destination’s promotional material. With competition for holiday spending remaining intense, Cyprus needs to make a convincing case for what visitors get in return for their money.

Eurobank has completed its €813 million acquisition of the remaining 80 per cent of Greek life insurer Eurolife Life Insurance, bringing its ownership to 100 per cent, while the sale of a 45 per cent stake in its Cypriot non-life insurance subsidiary to Fairfax Financial Holdings is expected to be completed by the end of 2026.

The bank announced the completion on Thursday, following the receipt of the necessary regulatory approvals and the fulfilment of the relevant closing conditions.

The transaction involved the acquisition of 80 per cent of Eurolife FFH Life Insurance Single Member Société Anonyme Company, which operates under the name Eurolife FFH Life Insurance SA, from entities controlled by Fairfax Financial Holdings Limited.

The deal follows earlier announcements made in October of 2025, and May of 2026, and represents a significant step in Eurobank’s strategy to expand its insurance business and diversify its sources of revenue.

With full ownership of Eurolife Life, one of Greece’s leading life insurance companies, the bank aims to strengthen its position in the insurance market and further develop its bancassurance activities, which combine banking and insurance services.

Eurobank said the acquisition would allow it to build on Eurolife Life’s established market position and distribution network.

The bank had announced in May that the consideration for the acquisition amounted to approximately €813m, with the transaction expected to be completed during the third quarter of 2026.

The completion announcement did not provide an update on the previously disclosed estimated impact of the acquisition on the group’s profit and loss account or its common equity tier 1 (CET1) capital ratio, which measures a bank’s financial strength.

The sale of part of Eurobank’s Cypriot insurance business remains pending, with the bank expecting to complete the disposal of a 45 per cent stake in ERB Asfalistiki Limited to Fairfax affiliates by the end of 2026.

The transaction remains subject to the outstanding regulatory approvals and other closing conditions.

Eurobank announced the planned sale in May, when it said the deal was expected to generate cash consideration of approximately €55m.

The disposal concerns ERB Asfalistiki, the group’s non-life insurance subsidiary in Cyprus, and forms part of the wider arrangements involving Fairfax.

The May announcement had indicated that the agreement relating to the Cypriot business was expected to be signed in the following weeks, subject to the necessary corporate approvals.

The completion of the Greek life insurance acquisition now gives Eurobank full ownership of Eurolife Life, while the separate transaction involving its Cypriot non-life insurance business remains outstanding.

CySEC warns investors about AI-generated scams and false advice

The Cyprus Securities and Exchange Commission (CySEC) has stepped up efforts to protect investors from online scams and artificial intelligence-generated investment fraud, as part of its participation in World Investor Week 2026, while continuing financial education programmes in schools across Cyprus until December.

The regulator on Thursday announced that it took part in the international initiative for the eighth consecutive year, focusing on emerging digital investment risks, strengthening financial resilience and helping the public make informed investment decisions.

World Investor Week is an initiative of the International Organisation of Securities Commissions (IOSCO), which seeks to raise awareness of investment risks and promote responsible investing.

CySEC’s campaign placed particular emphasis on fraudulent practices involving misleading online advertisements, false investment recommendations and deceptive content generated using artificial intelligence (AI).

The regulator stressed the importance of staying informed, carefully assessing investment opportunities and checking the credibility of investment service providers before committing money.

Public awareness activities included daily targeted posts on CySEC’s social media accounts, as well as appearances on television news and current affairs programmes.

The commission also encouraged the investment firms and other entities it supervises to help spread the campaign’s messages.

As part of the initiative, CySEC produced a Smart Investor Booklet outlining the main messages of World Investor Week 2026, alongside an investor guide titled ‘Knowledge, Protection and Safer Investment Decisions’.

Both publications form part of the regulator’s wider financial education programme.

School lectures to continue until December

Financial education for younger people remains a central element of CySEC’s work, with the sixth cycle of its school lectures already under way and scheduled to continue until December 2026.

The commission is also planning lectures at universities, extending its educational activities beyond the annual World Investor Week campaign.

The presentations cater for primary school pupils, lower and upper secondary school students, and those attending technical schools.

To support the programme, CySEC has developed new educational material tailored to different age groups and educational levels, together with a presenter’s guide intended to ensure that key financial education messages are delivered consistently and effectively.

The aim is to equip school and university students with essential financial knowledge and use practical examples to help them identify investment risks and protect themselves against potential fraud.

The initiative also seeks to strengthen students’ critical thinking skills when evaluating information and investment proposals encountered online, where misleading claims and fraudulent offers can be difficult to distinguish from legitimate opportunities.

CySEC said the educational programme had become an established part of its activities, with officials having visited 88 schools across Cyprus and provided financial education to more than 3,400 students during the previous five cycles of lectures.

Education seen as essential to investor protection

“Investment fraud is becoming increasingly sophisticated and difficult to detect,” said CySEC chairman George Karatzias, stressing that protecting investors required more than regulatory supervision.

“This is why investor protection requires not only effective supervision but also continuous public awareness and education,” he added.

“Through our initiatives, we aim to strengthen people’s ability to recognise risks and make informed decisions, while systematically investing in the financial education of the younger generation,” Karatzias continued.

The regulator said financial education and investor protection remained longstanding priorities, with its initiatives aligned with Cyprus’ National Strategy for Financial Literacy.

CySEC also actively contributes to the work of the Cyprus Financial Literacy and Education Committee (CyFLEC), which supports efforts to improve financial knowledge and understanding across the population.

Information and educational resources, including the material developed for World Investor Week 2026, are available through CySEC’s Financial Education Portal.

More sales do not necessarily mean higher profits for businesses embracing e-commerce, according to Matina Zisiadou, director of Cyprus Information Technology Enterprises Association (CITEA), who stressed that the success of online trading should not be measured solely by sales, but by the value created for consumers.

Zisiadou explained that e-commerce has fundamentally changed the way consumers search for, compare and purchase products and services. Consumers now have more choice and easier access to products across different markets, while businesses can reach customers beyond the geographical boundaries of their operations.

The scale of this growth is reflected in the figures. According to the United Nations Conference on Trade and Development (UNCTAD), business e-commerce sales across 43 developed and developing economies were estimated at nearly $27 trillion in 2022.

In the European Union, meanwhile, almost eight in ten people aged 16 – 74 made online purchases in 2025, compared with around six in ten in 2015, according to Eurostat.

However, Zisiadou pointed out that this development is about more than changing the way people shop. It also influences consumer expectations, shapes new competitive dynamics and transforms the way businesses organise and operate.

The question she raised was “But who truly benefits from this growth?”

An online presence, she explained, can open new doors for a business, giving it access to markets and customers who might otherwise be difficult to reach.

Nevertheless, while e-commerce offers opportunities for growth and customer-base expansion, establishing and maintaining an online store, digital advertising, platform commissions, order and returns management, and after-sales service all involve costs that affect the final financial outcome.

Eurostat figures confirm the importance of e-commerce for businesses across the European Union. In 2025, online sales accounted for almost one-fifth of their total turnover.

For large enterprises, the share approached one-quarter, while for small and medium-sized enterprises (SMEs), it was approximately one-eighth.

This difference, according to Zisiadou, emphasises that businesses do not all make use of digital opportunities to the same extent.

For an SME, therefore, the objective should not simply be to launch an online store, but to choose the right business model, understand its costs, serve customers effectively and remain competitive over the long term.

Turning to the relationship between e-commerce and physical stores, Zisiadou explained that they are often presented as competing alternatives.

“In practice, however, they can complement each other, offering consumers more ways to discover products, make purchases and access customer service,” she said.

Physical stores can use the internet to attract new customers, display available stock and maintain relationships with consumers. Similarly, businesses operating primarily online can invest in services that build trust and improve the overall shopping experience.

At the same time, international platforms and digital marketplaces expand consumer choice, making it easier to access products and services across different markets.

Consumers benefit from a wider selection, while businesses gain new opportunities to showcase and sell products and reach customers.

In this environment, Zisiadou emphasised the importance of quality, reliability, customer service and the effective use of digital channels.

As for who the real beneficiaries are, she explained that “Ultimately, everyone can benefit.”

Consumers gain more choice and easier access to products and services, while businesses can expand their reach and grow their sales.

Digital platforms facilitate connections between buyers and sellers, while technology companies develop and support the solutions that make these transactions possible.

The wider economy can also benefit from innovation, productivity gains and the creation of new business opportunities.

“These benefits, however, do not arise automatically,” Zisiadou stressed, explaining that they depend on how effectively and sustainably each participant makes use of the opportunities e-commerce offers.

Beyond sales and retail activity, she also drew attention to the technology behind every transaction.

Behind every online purchase lies an entire chain of technologies and services that often remains invisible to the consumer.

From e-commerce platforms, retail systems and electronic payments to inventory management, hosting infrastructure, data analytics and cybersecurity, multiple technological solutions work together to ensure that transactions are completed smoothly and securely.

Businesses use these solutions to organise their operations more effectively and serve their customers, while technology companies develop, implement and support the systems that make this process possible.

As a result, the growth of e-commerce creates opportunities not only for businesses selling products and services, but also for the wider Information and Communication Technology (ICT) ecosystem.

For Cyprus, Zisiadou explained, this means that e-commerce growth can increase demand for technological expertise, digital services and innovative solutions.

“Technology alone, however, does not guarantee success,” she stressed, adding that what matters is selecting the right solutions and using them in ways that improve business operations, productivity and competitiveness.

Looking specifically at Cyprus, Zisiadou pointed out that the Cypriot market has already taken steps towards digital transformation, but there is still room to make more effective use of available technologies.

According to the statistical service (Cystat), in 2024, almost one in four enterprises in Cyprus received orders for goods or services over computer networks, representing 23.9 per cent.

Around one in six enterprises received orders through its own website or app (17.1 per cent), while approximately one in seven received orders through websites or apps serving multiple businesses, such as online marketplaces (14.1 per cent).

These figures, she explained, show that e-commerce is already part of business activity in Cyprus. At the same time, they indicate that there is room for wider adoption of digital tools, particularly among SMEs.

“The challenge goes beyond creating a website or joining a digital platform,” Zisiadou pointed out.

It involves integrating sales systems with inventory and order management, providing effective customer service, protecting data and making use of the information generated by transactions.

In this context, she highlighted CITEA’s role in connecting market needs with the expertise and capabilities of Cyprus’s ICT ecosystem.

Through cooperation between businesses and the technology sector, practical solutions can be developed to address real market needs and strengthen productivity, innovation and competitiveness.

Consumer trust, meanwhile, remains another important consideration.

Zisiadou stressed that the growth of e-commerce should not be assessed solely by the number of transactions, sales volumes or the variety of products available.

“The experience it delivers to consumers is equally important,” she said.

Indeed, Eurostat figures for 2025 show that more than one in three online shoppers in the EU (35.4 per cent) reported experiencing a problem when shopping online.

The most frequently reported issue was delivery taking longer than initially indicated.

According to Zisiadou, these figures demonstrate that reliability, payment security, personal data protection, clear information about purchasing terms, and the effective handling of returns and complaints are essential prerequisites for building and maintaining consumer trust.

Finally, she explained that e-commerce can create benefits for everyone, from consumers and retailers to digital platforms and the technology companies that support transactions.

“The question is not who gains at someone else’s expense, but how the growth of e-commerce can create lasting value for businesses, consumers and the economy as a whole,” she said.

“Ultimately, the success of e-commerce should not be measured solely by sales, but by the value we create for consumers,” Zisiadou concluded.

The Cyprus Chamber of Commerce and Industry (Keve) on Thursday released a statement reviewing the outcomes of a major business forum held in Nicosia earlier this week, where Cyprus and China explored opportunities to expand bilateral trade, attract investment and develop business partnerships.

The China-Cyprus Subnational Exchange and Cooperation Forum and Business Forum, organised by Keve in cooperation with the Chinese embassy and the Cyprus-China Business Association on Tuesday, brought together business representatives, local authority officials and institutional representatives from both countries to discuss closer economic cooperation and opportunities for commercial partnerships.

In his opening address, Keve secretary general Philokypros Roussounides said the countries’ longstanding friendship, founded on mutual respect and trust, provided a strong basis for expanding economic ties.

He stressed that the existing strategic partnership needed to translate into practical initiatives delivering tangible benefits for businesses and both economies.

“China, as one of the world’s leading economic powers and a major force in technology, innovation and manufacturing, offers significant growth opportunities for Cypriot businesses,” Roussounides said.

He also highlighted Cyprus’ position as a gateway to the European Union, pointing to its geographical location, business environment, skilled workforce and established professional services sector as advantages that could attract Chinese investment.

Roussounides emphasised the importance of cooperation between local and regional authorities, institutions and business organisations, arguing that dialogue should lead to meaningful and sustainable partnerships.

He cited an agreement between Cypriot company Top Kinisis and Zhejiang Overseas (Ningbo) International Travel Service Co., Ltd. as a practical example of the opportunities available, particularly in tourism cooperation.

Reaffirming Keve’s commitment to supporting Cypriot businesses abroad, he said the chamber would continue to promote bilateral trade and investment and facilitate direct engagement between the two countries’ business communities.

The forum also featured addresses by Chinese ambassador to Cyprus Yang Yundong and Cyprus–China Business Association president Theo Parperis.

Representatives of the Chinese delegation included Wang Rong, director-general of the Standing Committee of the Yancheng Municipal People’s Congress, Yan Xiaoping, a member of the Standing Committee of the Communist Party of China Dazhou Municipal Committee, and Jiao Shuanglin, deputy director-general of the Ningbo Foreign Affairs Office.

Speaking on behalf of the Ministry of Energy, Commerce and Industry, permanent secretary Kyriakos Iordanou highlighted the importance of bilateral trade, Cyprus’ strategic position as a gateway to the EU and the potential for attracting new investment.

Ambassador Yang stressed the need to strengthen practical cooperation, particularly through sister-city partnerships, tourism, innovation and emerging technologies.

He also highlighted Cyprus’ potential to act as a bridge between China and the European Union, helping businesses explore opportunities across both markets.

Parperis referred to the growing importance of bilateral trade and the scope for expanding commercial partnerships by capitalising on Cyprus’ geographical position.

Representatives of the Chinese cities outlined their development priorities and identified potential areas for cooperation, including renewable energy, electric mobility, digital innovation, manufacturing, agriculture, transport and logistics.

They also stressed the importance of strengthening ties between local and regional authorities to support economic cooperation.

Cypriot representatives highlighted further opportunities for collaboration in shipping, tourism, education, financial services, renewable energy and smart-city development.

Contributions came from Andreas Vyras, president of the Union of Cyprus Municipalities and mayor of Larnaca, Charalambos Prountzos, mayor of Nicosia, Marios Tannousis, chief executive of Invest Cyprus, and Marinos Kyriacou, deputy mayor of Amathounta.

The discussions also covered knowledge exchange between local authorities, modern urban planning, innovation, Centres of Excellence and cultural heritage preservation.

Speakers highlighted Cyprus’ advantages as an investment destination and the importance of establishing substantive partnerships between businesses, institutions and educational organisations in both countries.

An important element of the programme was the scheduled signing of a cooperation agreement between Top Kinisis and Zhejiang Overseas (Ningbo) International Travel Service Co., Ltd., focusing on the tourism sector.

The forum concluded with targeted business-to-business matchmaking meetings, giving Cypriot and Chinese companies an opportunity to establish direct contacts and explore potential trade and investment agreements.

Keve said initiatives of this kind formed part of its efforts to expand the international reach of Cypriot businesses and strengthen economic relations between Cyprus and China.