Cyprus Business News: Eurobank, digital prosperity, tourism, CBC, housing
The Cyprus Mail covered the assembly live from Kuwait, with on-the-ground reporting from the opening session and ministerial round table as discussions moved quickly to the pace of AI development and the limits of existing governance.
Addressing the assembly by video message, UN secretary general António Guterres warned that AI was advancing faster than the frameworks designed to manage it and urged collective global action through shared standards and guardrails.
“Humanity must steer artificial intelligence together,” Guterres said, adding that the United Nations would advance new initiatives on AI science and global governance in cooperation with the DCO.
DCO secretary general Deemah Al Yahya cautioned that governance was lagging behind technology and that uneven access to infrastructure and capital risked deepening global digital divides.
Giorgos Kafkalias, director of the Famagusta Regional Tourism Board (Etap), said the aim is both market diversification and calendar extension, particularly into early spring. At the same time, the organisation has already moved into implementation.
He explained that “we have already begun the implementation of the Action Plan for 2026, which was approved by the Deputy Ministry of Tourism,” adding that delegations will travel abroad in the coming weeks. More specifically, in February and March the company will attend tourism exhibitions in Serbia and Germany.
In fact, “between February 19-22, a delegation of the Famagusta Tourism Board will travel to Belgrade for the tourism exhibition, in which Cyprus will be the honored country,” he said, while shortly afterwards “between March 3-5, the well-known ITB” in Berlin will follow, alongside participation in a roadshow in Poland.
Within this context, the supply chain was described as moving from an “invisible” operational mechanism to a strategic pillar for businesses and economies.
Recent disruptions, from the pandemic and geopolitical tensions to extreme climate events, were cited as evidence of both its fragility and its decisive importance.
The discussions centred on three forces redefining the sector, namely resilience and efficiency, sustainability and the digital transition supported by artificial intelligence.
Addressing the conference, Eurobank general manager of corporate banking, Nicolas Panayi, said a supply chain is “not only a flow of goods, but also a flow of capital, data and risk”, while also referring to the transition towards more resilient and proactive structures, including supplier diversification, greater transparency and more flexible logistics networks.
According to the announcement, the agreement brings together investment professionals and the national investment promotion authority and, in doing so, aims to strengthen engagement between market participants and key stakeholders.
At the same time, it is intended to encourage knowledge sharing and support initiatives that improve transparency and investor confidence.
Within this framework, the two organisations will pursue joint initiatives, educational activities and thought-leadership actions.
Net new loans rose by €368.7 million month-on-month to €625m, out of total new lending of €986.9m, compared with €256.3m out of €565.2m in November.
At the same time, deposit rates moved higher for both households and businesses.
Consumer-loan rates also increased, whereas housing-loan rates eased. Overall, the CBC said the level of interest rates on new loans in Cyprus remains broadly comparable with the eurozone median.
That placed Cyprus slightly above the EU average, where 68 per cent owned their home and 32 per cent rented, marking a marginal shift from 2023 when ownership stood at 69 per cent across the bloc.
Across Europe, ownership remained highest in eastern member states. Romania recorded the top rate at 94 per cent, followed by Slovakia at 93 per cent and Hungary at 92 per cent.
According to the statistical service (Cystat), the index reached 138.6 units in November 2025, with 2021 as the base year set at 100 units, recording an annual increase of 10 per cent compared with November 2024.
For the period from January to November 2025, the Industrial Turnover Index increased by 5.1 per cent compared with the corresponding period of the previous year.
In manufacturing, the index climbed to 139.7 units in November, marking a 12.2 per cent annual increase and confirming the sector as the main contributor to overall growth.
According to the Harmonised Index of Consumer Prices (HICP) for January 2026, prices rose by 0.5 per cent compared with January 2025, whereas they decreased by 0.3 per cent compared with December 2025.
As a result, the HICP stood at 99.98 units in January 2026, down from 100.28 units a month earlier.
On an annual basis, the strongest increases were recorded in restaurants and accommodation services, which rose by 4.8 per cent, followed by educational services at 3.7 per cent and recreation, sports and culture at 3.2 per cent.
At the same time, notable decreases were observed in clothing and footwear, which fell by 7 per cent, while transport declined by 2.45 per cent and information and communication by 1.97 per cent.