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FT ARTICLE - CYPRUS: EUROPE’S EMERGING SUCCESS STORY PDF Print E-mail

CYPRUS:  EUROPE’S EMERGING SUCCESS STORY

January 8, 2015

For business’ looking for a place in Europe to invest or to establish regional headquarters or operations, Cyprus should be at the top of the list.  No country has done more in the past year to re-establish its street “cred” as an important international business center full of strategic advantages and abounding with new investment opportunities.  As many will recall, in 2013 Cyprus experienced a banking crisis caused by losses from an EU-sanctioned haircut on Greek sovereign bonds. But Cyprus defied all the worrying predictions, and almost immediately began moving forward.  It has done so by implementing tough reforms and undertaking structural changes that have made its economy and banking system stronger and better suited for today’s internationally competitive world.

Cyprus’s hard work over the past year is now beginning to be recognized by international authorities and international investors alike.   The European Commission, the European Central Bank, and the International Monetary Fund have all praised Cyprus for its progress.

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Massive health resort announced PDF Print E-mail

Massive health resort announced

July 21, 2014

The Buena Vista Hospitality Group has officially announced its decision to base its regional headquarters in Cyprus and to develop the largest wellness resort in Europe.

BVHG chairman Colin Wright said in a statement that Cyprus will serve as its headquarters for the Eastern Mediterranean, the Middle East, and the Balkans.

“The efforts of the Government of Cyprus for the revitalization of the Cyprus Economy following the recent Eurogroup decision, and its reestablishment as a regional business center and a major tourist destination, as well as significant source of energy production in the region, have played a critical role in its decision,” Wright said.

BVHG has registered a local subsidiary in cooperation with its associates on the island to assist developers and participate in projects throughout the region.

“It is already studying sites for development and investment opportunities in Cyprus, the Middle East and the Balkans,” the statement said.

BVHG also announced that it was going ahead with plans to develop the “largest and most integrated health, wellness, and sports resort in Europe.”

The project will be located on the outskirts of the village of Kalavasos, on a hillside overlooking the water reservoir.

The company said the project had been delayed for years due to local bureaucracy but obstacles have now been removed as part of the government’s effort to boost the economy.

“An investment of approximately $300 million in the project is currently being finalised,” the statement said.

BVHG is one of the world’s leading hospitality and resort management companies.

It has been active for over 30 years in the United States, Europe, and South America, establishing leisure based communities from the ground up.

 
American billionaire Wilbur Ross is confident in the Cypriot economy. PDF Print E-mail

American billionaire Wilbur Ross is confident in the Cypriot economy

October 10, 2014

Having raised €400 m for the recent €1b capital increase by the Bank of Cyprus, the billionaire investor Wilbur Ross is confident in the Cypriot economy.

During his interview with the daily Phileleftheros, he was asked why he had decided to invest in the BoC in the first place. Ross replied that he had a great confidence in the Cypriot economy. In his opinion, the tourism sector particularly holds an enormous potential for growth, and Cyprus is an “underrated tourism destination.” The American financier expressed confidence that after privatisation of national carrier Cyprus Airways, its new owners would be able to find ways to attract greater numbers of tourists to Cyprus. Ross said that the planned privatization of the ports will also help. As for the recent decision of the government to agree to the creation of the first casino resort in the country, the major shareholder of the BoC welcomed it. As he believes, the latest discovery of offshore natural gas and its exploitation has the potential to transform the Cypriot economy. Ross said that the Cypriot natural resources, tourism, and business services can all drive the country`s economy forward.

 
Upgrade of Cyprus Economy PDF Print E-mail

Upgrade of Cyprus Economy

November 3, 2014

Following the recent positive reviews of the Cyprus economy, the two international rating agencies Standard & Poor’s and Fitch, have upgraded the economy during the last days.

More specifically, Fitch upgraded the Cyprus economy to B+ and the horizon of the economy to positive from stable. According to the agency, the upgrade is a consequence of the better than expected performance of the economy during the first half of the year which ended up with a smaller than expected fiscal shortfall. The analysts of the agency believe that the GDP of the country will shrink even more in 2015, whereas they expect to see an increase of the GDP by 2016, one year earlier than their initial estimations.

In conclusion, they believe that the risks of the financial aid program were reduced substantially being though relatively high for the moment.

Standard & Poor’s upgraded the country’s long-term foreign and local currency sovereign debt to B+. At the same time, S&P affirmed the short-term foreign and local currency sovereign debt at B.

The fiscal performance of the country was higher than anticipated and the agency focused on the services industries where the growth shrinked much less than expected. Just like Fitch, S&P anticipate a decrease of the GDP in 2014 and 2015 which in turn will increase in 2016.

The analysts of the agency are positive for additional upgrades of the economy upon the banking industry showing an improvement in the quality of the assets in the banks’ portfolios and after all the capital restrictions are lifted.

 
US vice-president Joe Biden pushes energy cooperation in visit to Cyprus PDF Print E-mail

US vice-president Joe Biden pushes energy cooperation in visit to Cyprus

May 21, 2014

US vice-president Joe Biden arrived in Cyprus on Wednesday, the most senior US official to visit in more than 50 years, as the quest to find alternative energy routes into Europe focused international attention on the continent's only divided country.

With the discovery of vast reserves of oil and natural gas deposits in the eastern Mediterranean, the visit highlights the growing importance Washington has given to the region following the crisis in the Ukraine. If unlocked, the hydrocarbons have the potential to substantially reduce Europe's reliance on Russia for energy supplies.

"I wanted to come to primarily underscore the value the United States attaches to our growing cooperation with the republic of Cyprus," Biden said in an address moments after touching down. "This relationship is now a genuine strategic partnership which holds great promise."

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Oilfield Services Leader to Set Up Regional Base in Cyprus PDF Print E-mail

Oilfield Services Leader to Set Up Regional Base in Cyprus

May 2, 2014

Halliburton and Schlumberger, two of the world’s largest oilfield services companies, have chosen Cyprus as their base of operations for the eastern Mediterranean.

The two multinational corporations will sign the relevant agreements with the government this month.

The Halliburton agreement will likely be concluded the weekend after the next (May 10 or 11), with Schlumberger putting ink on paper one or two weeks later.

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Casino licences to be ready early 2015 PDF Print E-mail

Casino licences to be ready early 2015

April 8, 2014

Casino licences should be expected by Spring 2015, the government said on Thursday, as legislation on the matter was scheduled to be ready at the end of the month.

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Cyprus still cleanest swim spot in EU PDF Print E-mail

Cyprus still cleanest swim spot in EU

April 3, 2014

Cyprus had been ranked highest in the European Union for the water quality of its beaches for the second year in a row, the European Environment Agency said, while extreme flooding washed more pollution into Central European lakes and streams.

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Cyprus: The Road Ahead PDF Print E-mail

The Road Ahead: Cyprus is Repositioning Itself for Life After the Bailout

Written by Cyprus Profile on April 15, 2013

Despite predictions of its demise as an international business centre by its competitors and detractors, Cyprus continues to stand tall and is adamant not to ‘waste this crisis’, but to turn it into an opportunity to become a more competitive jurisdiction.

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Cyprus - U.S. Chamber of Commerce - Discussion on Cyprus Financial Crisis PDF Print E-mail

Cyprus - U.S. Chamber of Commerce - Discussion on Cyprus Financial Crisis

2013-05-07 15:03:30

On the 22nd of May beginning at 6:30 PM, the Cyprus-US Chamber of Commerce will be hosting an event to discuss the Financial Crisis in Cyprus. This will be co-hosted by Ms. Koula Sophianou, Consulate General of the Republic of Cyprus and Aristos Constantinou, Cyprus Trade Commissioner in New York. 

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Statement by the President of the Republic Mr Nicos Anastasiades on the Economy PDF Print E-mail

Statement by the President of the Republic Mr Nicos Anastasiades on the Economy

25/03/2013

During the last few days the situation of the economy and the banking system worsened dramatically. This resulted in the convening of the extraordinary meeting of the Eurogroup in Brussels, with the ultimate goal being the achievement of a loan agreement and the approval of a rescue programme. Otherwise, we would have been led to the collapse and the bankruptcy of the state.

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