The focus on tourism in Cyprus intensifies as the Deputy Ministry of Tourism has initiated a tender for hotel accommodations in Nicosia. This move is aimed at preparing for the influx of delegates expected during Cyprus’ presidency of the Council of Europe, which will run from January to June 2026, featuring over 250 meetings across the island.
The tender, recently published on the Electronic Procurement System, outlines an estimated cost of €165,000 excluding VAT for 32,896 overnight stays. If additional options are included, the total estimated expenditure could rise to €195,000. Bids for this accommodation are open until September 3, 2025, at 11 a.m. The announcement was confirmed by Deputy Minister for European Affairs Marilena Rauna at the Cyprus Hoteliers Association (Pasyxe) general assembly.
In a separate but significant development, Israeli-owned BrainRocket, a major employer in Limassol, has decided not to relocate its operations to Spain after intervention from President Nikos Christodoulides. Earlier reports had indicated potential job losses, raising concerns among government and business officials. The company, which has been operating in Cyprus for approximately ten years and employs around 1,500 people, will transfer part of its workforce abroad while hiring an equal number of local staff.
On the financial front, Eurobank has been actively engaging in share buybacks, acquiring 1,334,684 shares between August 11 and 14 for a total cost of €4.6 million. The bank confirmed that the repurchase aligns with its Share Repurchase Programme, initially approved during its Annual General Meeting on April 30, 2025.
The National Bank of Greece also reported a significant share buyback, acquiring 300,000 shares between August 7 and August 14, with a total expenditure of €3.9 million. This transaction followed approvals from its annual general meeting and the European Central Bank’s Single Supervisory Mechanism.
Additionally, the German Medical Institute (GMI) is at the forefront of a transformative healthcare project known as Agora 3.0, aimed at establishing Cyprus’s first fully digitalised hospital. Chief Scientist Demetris Skourides and Medical Director Professor Konstantinos Zamboglou outlined the initiative’s vision during a meeting in Limassol. The project includes the creation of an AI Department, which will serve as a centre for testing and developing AI technologies in medical diagnosis.
Meanwhile, ASBISc Enterprises Plc has reported a remarkable increase in estimated consolidated revenues for July 2025, amounting to approximately $281 million—a 26% rise compared to July 2024. This growth highlights the ongoing resilience and expansion of the technology sector on the island.
In the tourism sector, Cyprus continues to seek ways to extend its tourist season beyond the summer months. This strategy aims to boost revenue and stabilise employment in the industry, reflecting a broader trend as countries like Greece also plan to keep hotels operational throughout autumn and winter. TUI AG has confirmed plans to maintain extended operations in Greece and Turkey, responding to high demand.
Lastly, the Cyprus Stock Exchange has announced the continued suspension of trading for ZREES Fraction Plc shares on the Emerging Companies Market, extending until October 27, 2025. This suspension is due to the company’s non-compliance with requirements regarding its nominated advisor and failure to submit financial reports.