Cyprus Business Update: Shipping Resilience, Bank of Cyprus Issuance, and Housing Growth
This business update highlights key developments in Cyprus's economic sectors. Safe Bulkers CEO Polys Hajioannou emphasized shipping as a cornerstone of Europe’s resilience agenda during an EU Trade Policy Retreat in Geneva, organized under Cyprus’s EU Council Presidency. Meanwhile, the Bank of Cyprus successfully issued €300 million in senior preferred notes with a 3.875% coupon, reflecting strong investor appetite. The Cyprus Stock Exchange celebrated its 30th anniversary, with President Marinos Christodoulides highlighting its role in capital formation and economic development, attended by top government officials. In the shipping sector, the Cyprus Shipping Chamber affirmed the industry's strong position despite global geopolitical challenges. Additionally, the Cyprus Chamber of Commerce and Industry signed a cooperation memorandum with the Cyprus Land Development Organisation to enhance housing policies. This aligns with recent data from the Cyprus Statistical Service showing a sharp rise in building permits in January, with 789 permits authorized worth €445.2 million, indicating robust expansion in the construction and real estate sectors.
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