The focus keyword for this article is tourism, highlighting the ongoing preparations in Cyprus for the upcoming Council of Europe presidency.
- The focus keyword for this article is tourism, highlighting the ongoing preparations in Cyprus for the upcoming Council of Europe presidency.
Tourism: Accommodation Tender for Upcoming Council Meetings
The Deputy Ministry of Tourism has opened a tender for hotel rooms in Nicosia, anticipating the arrival of thousands of delegates during Cyprus’ presidency of the Council of Europe from January to June 2026. The event is expected to host over 250 meetings across the island, necessitating substantial accommodation arrangements.
According to the announcement published on the Electronic Procurement System, the estimated value of the tender is €165,000 excluding VAT, covering 32,896 overnight stays. With additional options factored in, the total estimated value could rise to €195,000. Bids for this tender will be accepted until September 3, 2025, at 11 a.m.
Support from the Cyprus Hoteliers Association
Deputy Minister for European Affairs, Marilena Rauna, confirmed the tender during the Cyprus Hoteliers Association (Pasyxe) general assembly, where the significance of this initiative for the local tourism sector was underscored. The hospitality industry in Cyprus is gearing up to meet the demands of this high-profile international event.
BrainRocket Remains in Cyprus Following Presidential Intervention
In other news, Israeli-owned tech firm BrainRocket has decided to remain in Cyprus. This follows a meeting between President Nikos Christodoulides and company officials, which alleviated concerns about a potential relocation to Spain. Initially, there were reports indicating that the company was considering moving its operations abroad, prompting worry within both government and business circles.
However, it has been confirmed that while part of BrainRocket’s workforce will be transferred abroad, an equivalent number of new employees will be recruited locally to sustain current employment levels. BrainRocket has been operating in Cyprus for approximately a decade and employs around 1,500 people, making it one of the largest foreign-owned firms on the island.
Eurobank Engages in Share Buyback Programme
In financial news, Eurobank has successfully acquired 1,334,684 of its own shares between August 11-14. The bank reported an average purchase price of €3.45 per share, amounting to a total expenditure of €4,606,846.31. This buyback aligns with the Share Repurchase Programme approved during the Annual General Meeting of Shareholders on April 30, 2025.
Innovative Healthcare Initiatives in Cyprus
Cyprus is also advancing in the healthcare sector with the Agora 3.0 project, a strategic initiative awarded to the German Medical Institute (GMI) by the Research and Innovation Foundation (RIF). Chief Scientist Demetris Skourides and GMI’s Medical Director, Professor Konstantinos Zamboglou, met recently in Limassol to review the ongoing project.
Described as a flagship initiative for digital transformation, Agora 3.0 aims to position GMI at the forefront of healthcare innovation. Zamboglou expressed ambitions for the institute to become the first fully digitalised hospital in Cyprus, integrating advanced health IT infrastructure to enhance patient care and research capabilities. He also highlighted the establishment of a dedicated AI Department, which will be the first centre in Cyprus focused on the development and application of AI for medical diagnosis.
Trends in the European Travel Market
As Cyprus prepares for its role in the Council of Europe, neighbouring Greece is witnessing a surge in travel demand. TUI AG, Europe’s largest tour operator, has stated that Greece remains a premier destination for European travellers. The company is negotiating with hotel operators in Greece and Turkey to extend operations through November and even into January, indicating a strategic shift to prolong the tourist season.
Share Buyback Activities by National Bank of Greece
Meanwhile, the National Bank of Greece has reported the acquisition of 300,000 of its shares from August 7 to August 14. This transaction took place at a weighted average price of €13.1384 per share, totalling €3,941,515. This initiative follows the decisions made during the bank’s annual general meeting held on May 30, 2025, and subsequent announcements regarding its share buyback programme.
Leadership Changes at Cyta
In corporate news, Andreas Neocleous has announced his resignation as CEO of Cyprus’ telecom company, Cyta, effective at the end of August. Neocleous will be pursuing a new opportunity abroad. The company has already initiated procedures to appoint an interim chief executive before permanently filling the position.
ASBIS Reports Significant Revenue Growth
ASBISc Enterprises Plc has disclosed estimated consolidated revenues for July 2025, showing a remarkable year-on-year increase of 26 per cent. The company reported revenues of approximately $281 million for July 2025, compared to $223 million in July 2024.
Continued Trading Suspension for ZREES Fraction Plc
Lastly, the Cyprus Stock Exchange has announced the extension of the trading suspension for ZREES Fraction Plc shares on the Emerging Companies Market until October 27, 2025. This decision stems from the company’s ongoing failure to maintain the services of a nominated advisor, as well as its inability to submit required financial reports.
