AGP Executive Report

Energy & Investment: TotalEnergies and Eni have approved the Final Investment Decision for the Kronos gas field in Cyprus’ Block 6, targeting first production in 2028 and around 2.8m tonnes of LNG a year, with gas routed via Egypt’s Zohr and Damietta LNG facilities. Energy & Investment: Eni also reached its own FID milestone for Cronos, framing it as Cyprus’ first gas development and a step toward a regional Eastern Mediterranean gas hub. Markets & Retail Investing: Wealthyhood x BoC has launched Cypriot and Greek stocks on its platform, letting retail investors trade from as little as €1 with fractional shares and lower fees. Banking & Stability: The Central Bank of Cyprus says financial stability risks remain elevated despite resilience, citing geopolitical tensions and global uncertainty in its 2025 Financial Stability Report. Corporate Finance: Ellinas Finance confirmed dividend payments to eligible shareholders after its 2025 results, with cheques dispatched by July 28. Capital Markets: A series of islandwide meetings starts July 30 to explain a planned 42m-share public offering for the Pancyprian Cooperative Society for Participation and Promotion of Cooperativism, following CySEC approval of the prospectus. Digital Finance: TIOmarkets launched a new all-in-one mobile trading app for Forex and CFD trading, adding account opening, funding and management in one place. Policy & Data Privacy: Cyprus will issue new ID cards without parents’ names, citing EU standards and personal data privacy. Governance & Oversight: The attorney-general set limits on what MPs can ask during the Videogate parliamentary discussion, including restrictions on sharing the investigative dossier. Business & Economy: Cyprus’ 2026 personal income tax reform is expected to deliver the biggest gains to higher-income households, according to a CBC working paper. Local Economy: Cyprus’ biggest property sales topped €286m in the first half of 2026.

Energy & Investment: Eni and TotalEnergies have greenlit the Cronos gas development off Cyprus, targeting first production in 2028 and an LNG export route via Egypt’s Damietta terminal. Markets & Finance: Wealthyhood and Bank of Cyprus launched trading in Cypriot and Greek stocks through a single app, with access from €1 via fractional investing. Banking Recognition: Bank of Cyprus was named “Best Sub-Custodian Bank in Cyprus 2026” by Global Finance, citing custody and post-trade strength. Corporate Returns: Petrolina paid its final 2025 dividend (€0.02/share) and CySEC granted an exemption from a mandatory takeover bid tied to a planned small share purchase. EU Funding Watch: Cyprus is closing its EU Recovery and Resilience Plan cycle, with final payments pending around green taxation legislation. Tourism & Business Climate: Cyprus hotel bookings are trailing last year’s record as regional tensions weigh on demand. Policy & Economy: Cyprus’ petroleum product sales fell 8% in June as fuel prices and geopolitical uncertainty continue to shape the market. EU Innovation: Cyens Hub Nicosia, turning the old municipal market into a research and innovation centre, reached the Regiostars Awards final phase. Geopolitics: Greece approved the $3.4bn “Achilles’ Shield” air defence procurement, a move that deepens regional security ties.

Banking Watch: Central Bank of Cyprus data shows deposits rising to €58.7bn in June (+€601.2m net) and loans to €28.6bn (+€499.4m net), with annual deposit growth easing to 5.0% and lending growth slowing to 11.6%. Markets & Regulation: CySEC granted Dinos Lefkaritis an exemption from a mandatory takeover bid after a planned small additional share purchase in Petrolina, allowing completion within six months. Corporate Finance: Robin Energy, a Limassol-based ship-owning firm, closed a $3.0m public offering of 750,000 shares at $4.00 each, with an option for extra shares. Energy Transition: The Electricity Market Association warns Cyprus is “throwing away” cheap solar power due to limits on battery storage use, arguing storage is key to cutting bills and meeting EU targets. Public Safety: Justice Minister Costas Fitiris unveiled a national rapid response plan after last week’s seven-hour Nicosia–Limassol motorway disruption, aiming to tighten coordination and command across emergency services. Tech & Defence: THEON reported strong Q2/H1 trading momentum, while TechIsland launched a €2m wildfire initiative to speed detection and response across Cyprus. Sports & Business Culture: Bank of Cyprus was named “Best Sub-Custodian Bank in Cyprus 2026” by Global Finance, highlighting custody and post-trade services.

Municipal Services: Nicosia’s temporary green points in Kaimakli and Ayios Dhometios will shut from August 1 to 16 for waste-collection works, with the public able to use state green points free of charge on all days except August 15. Public Finance: Cyprus development spending rose in the first half of 2026, reaching €412.4m (up from €370.8m a year earlier), with infrastructure the biggest share and EU co-funded programmes adding €105.7m. Corporate Moves: Cyprus Trading Corporation says it has completed its mandatory takeover bid for Ermes Department Stores, lifting its total holding to 86.36% and confirming payments to accepting shareholders. Energy & EU Presidency: EKO, part of HELLENiQ ENERGY, backed the Cyprus Presidency of the EU Council as a Gold Sponsor, supplying fuel and vehicle cleaning for the Presidency fleet. Road Safety & Justice: Justice Minister Costas Fitiris will unveil a rapid response plan after a seven-hour Nicosia–Limassol motorway disruption, aiming for a coordinated multi-agency framework nationwide. Labour & Pensions: The pension reform draft is expected to be finalised by August 5, then consulted with social partners and political parties before submission to parliament in late September. Defence Industry: Cyprus is taking its first steps toward local defence equipment production via a joint venture between M Technologies and Heutris under the EU SAFE programme. Cyber & Telecom: A survey finds nearly one in six Cypriots faced mobile roaming problems on trips within the EEA, highlighting uneven “Roaming Like Home” implementation. Business & Security: A report warns that free browser extensions can create corporate security risks by requesting broad permissions and accessing user sessions. Deal Watch: Crypto exchange BitMEX plans to shut down its platform on September 23, as perpetual swaps and regulation reshape trading. Heritage & Trade Links: A rare 2,500-year-old Cypriot siglos coin was found on an Ashdod beach, minted in Salamis during the Persian period, offering new clues on ancient Cyprus–Israel trade.

Cyprus Defence Industry: Cyprus is set to build defense equipment locally for the first time, with M Technologies (Metlen) and Cypriot Heutris forming a joint venture to develop and produce defense systems on the island under the EU’s SAFE programme, including military vehicle production and future integration, maintenance and support. Pension Reform: The government says Cyprus’ next pension overhaul will be designed around modern retiree needs, aiming to strengthen public finances while protecting incomes, with proposals already shared with social partners and a plan to submit to parliament after September. Euro & Payments: Cyprus is leading the euro area in card payments, with digital transactions surging and card usage reaching record levels. Cyber & Finance: A Cyprus fintech push is being tested by cyber threats, with new data suggesting botnet-driven DDoS risk remains despite an international crackdown, while a Cyprus-anchored venture capital firm highlights AI IPO expectations as a potential valuation reset. Energy & Geopolitics: Cyprus is also linked to regional energy diplomacy, including an agreement framework for Aphrodite gas sales to Egypt, as broader Mediterranean tensions continue to shape business risk. Local Economy: A long-running Michalakis Sergides store in Cyprus is closing after nearly eight decades, citing pressure from supermarket chains and personal circumstances.

Energy & Infrastructure: Cyprus wants to position itself as a reliable energy exporter, with the Energy Minister saying first gas exports are expected via Egypt’s liquefaction facilities and that the country is preparing for 2028. He also pointed to electricity interconnections with Greece and Israel to unlock exports and solar potential. Cyber & Consumer Safety: Cyprus Police warned the public about phishing and “smishing” scams targeting cloud storage users, urging people not to click links from texts/emails and to check alerts only via official apps or websites. Public Finance & Social Policy: The government says Cyprus pension reform is being shaped around modern retiree needs, with consultations under way and a plan to submit proposals to parliament after September. Defense Industry: Cyprus is taking its first steps toward building defense equipment locally through a joint venture between M Technologies (Metlen) and Heutris, linked to EU SAFE vehicle production and broader systems work. Business & Markets: A Cyprus-based venture capital firm says upcoming AI IPOs (including Anthropic and OpenAI) could reset private-market valuation benchmarks, while new data suggests botnet crackdowns haven’t fully reduced cyber risk for local businesses. Local Economy: Michalakis Sergides Stores in mountain villages will close on 1 August after nearly eight decades, citing pressure from supermarket chains and personal circumstances.

Cyprus Defence Industry: Cyprus is taking its first steps to build defense equipment locally, with M Technologies (Metlen) and Cypriot Heutris forming a joint venture to develop and produce defense systems under the EU SAFE programme, starting with military vehicle production and know-how transfer. Pension Reform: The government says Cyprus’ next pension overhaul will be designed around modern retiree needs, with proposals already shared with social partners and a plan to submit to parliament after September. Household Affordability: A new look at Cyprus’ cost-of-living squeeze highlights affordability and housing pressures as top concerns for households, using ECB Household Finance and Consumption Survey data to compare income, wealth and expenses. Energy & Payments: Cyprus’ card payments surge is noted alongside ongoing financial-sector updates, including new e-payments arrangements and market infrastructure moves. Crypto & Trading: BitMEX plans to shut down its platform on 23 September as perpetual swaps and regulation reshape how digital assets are traded. Transport & Safety: After a truck overturned on the Nicosia–Limassol highway, a transport expert argues for restricting heavy trucks on main roads during peak hours to cut risk and congestion. EU/Euro Notes: Cyprus public is invited to vote on future euro banknotes.

Cyprus Defence Industry: Cyprus will build defense equipment locally for the first time via a joint venture between Greek firm M Technologies (Metlen) and Cypriot company Heutris, using EU SAFE funding to produce and support military systems and transfer know-how. Pensions Reform: The government says Cyprus’ upcoming pension overhaul will be shaped around retirees’ modern needs, with consultations with social partners and parties before a planned submission to parliament after September. Cybersecurity & Business Risk: A new Qrator Labs report says botnet crackdown efforts haven’t reduced cyber risk for Cyprus businesses, with DDoS botnet device counts still significant. EU/Trade & Compliance: Cyprus is among countries covered by new EU customs rules on low-value parcels, with Royal Mail’s duties-paid service now available for shipments including Cyprus. Household Affordability: A policy-focused analysis highlights Cyprus households’ affordability strain, using ECB Household Finance and Consumption Survey data to compare incomes, wealth and expenses. Golden Passport Trial: In the citizenship-by-investment case, prosecutors say they have provided all requested pre-trial information ahead of a September 14 trial start. Transport Disruption: After a lorry overturned on the Nicosia–Limassol highway, the Justice Ministry plans rapid intervention teams in each district to clear roads faster and reopen motorways sooner. Energy/AI & Startups: Cyprus’ AI and fintech ecosystem gets a boost in coverage, including a venture capital push ahead of major AI IPOs and ongoing attention on Cyprus’ role in innovation and cybersecurity.

Highway Disruption Response: Cyprus’ Justice Ministry is setting up rapid intervention teams after a seven-hour Limassol–Nicosia highway closure caused by a gravel-lorry overturn near Dali, with police saying cranes and safety checks made reopening slow but necessary. Transport Policy Debate: After the crash, transport expert Neofytos Zavridis floated restricting heavy trucks on main highways during peak hours (about 7am–5pm), pushing them toward older Category B routes. Public Finance Update: Cyprus development spending reached €412.39m by end-June, while state revenue hit €4.44bn (41% of target) and cash-based expenditure €4.63bn (40%). Golden Passport Trial: The prosecution in the “golden passport” case says it has answered all defence requests ahead of a September 14 trial start. Cybersecurity Watch: A new report says Cyprus’ fintech and iGaming remain exposed to major DDoS threats despite botnet crackdowns. Business & Markets: Robin Energy priced a $3.0m public offering on Nasdaq; Cyprus’ central bank also urged citizens to vote on the next euro banknote designs. Labour & Social Tension: NGO Kisa says social welfare abruptly ended accommodation and food support for 23 Indian nationals, leaving them homeless in a heatwave.

Cyprus AI strategy: The government is putting “humans in charge” of its AI future, with a Human+ workforce plan and a “Socratic AI” initiative aimed at teaching people to ask better questions and use AI responsibly. Open Data for business: A new explainer breaks down how EU open-data rules turn free public datasets into real commercial advantage, from company registers to geospatial and environment data. Tech and resilience: TechIsland reported first-year results of its €2m Wildfire Initiative, including funding for 45 community fire engines and a broader prevention-to-recovery programme after the 2025 disaster. Energy and gas timelines: Energy Minister Michael Damianos says Aphrodite gas sales to Egypt are moving via a signed MoU, with first gas still targeted for late 2030/early 2031 and an expected FID in 2027. Finance and markets: Xryma Plc outlines a pre-listing liquidity facility and price discovery process ahead of a potential Euronext Paris listing. Crime and enforcement: Police seized over one tonne of suspected stolen AHK cables in islandwide scrapyard raids, while a Limassol court ordered €164,585 in asset confiscation in a drug trafficking case. Tourism safety: A tourist couple in Larnaca say football violence damaged their rental car, highlighting risks and costs for bystanders. Education costs: Cyprus’ private school sector faces fee hikes averaging 6% for 2026-27, with total costs rising well beyond tuition.

Private Education Costs: Cyprus families are facing another jump in private school fees, with a Kathimerini survey pointing to average increases of about 6% for 2026-2027 and total bills that can climb toward €150,000 for a seven-year secondary programme. Energy & Water Reliability: The Water Development Department says reclaimed water use is higher than reported, stressing that scaling up treated wastewater needs quality controls, monitoring, licensing, risk management and the right transport and storage infrastructure. Power Sector Tensions: EAC unions have suspended strike action until September, citing “difficult conditions” and warning that recent power cuts reflect state failures and gaps in ensuring sufficient electricity. Housing & Rent Pressure: Limassol remains the island’s priciest rental market, though 2026 shows signs of stability as more long-term supply comes online. Security & Enforcement: Police raids on scrapyards seized over one tonne of suspected AHK cables, while a Limassol court ordered €164,585 asset confiscation in a drug trafficking case. Tourism Spotlight: Paphos has been ranked the world’s best destination for sunrise and sunset views, a boost aimed at moving beyond the classic sun-and-sea pitch. Business Growth: Limassol mobile game developer Top App Games says its Ludus: Merge Arena has passed $50m in net revenue since launch, with 11m+ players worldwide.

Wildfire Recovery & Community Resilience: TechIsland committed €450,000 to fund the gap for 45 community fire engines, backing a wider wildfire initiative launched after the July 23, 2025 disaster that devastated Limassol’s mountain areas. Energy & Regional Deals: Cyprus signed an MoU for the sale of all recoverable gas from the Aphrodite field to Egypt’s EGAS, with a Host Government Agreement expected next to unlock offshore infrastructure and move toward a binding supply deal. Payments & Consumer Economy: The Central Bank of Cyprus reported Cyprus recorded the highest card-payment share in the euro area, with non-cash transactions up 8% in volume and 9% in value in H2 2025. Digital Food Waste Fight: Food Connect launched to let businesses offer surplus edible food for free to charities and the public via a mobile app, targeting Cyprus’ high food-waste levels. Tourism & Travel Connectivity: Air France and Cyprus Airways signed a codeshare for Paris–Larnaca, while Paphos’ “Unleash Your Senses” campaign won two industry awards. Business & Legal Environment: LSC released a veterans’ legal-clinic toolkit to expand access to civil legal help, and Cyprus-related arbitration guidance highlighted the role of interim court support. Infrastructure & Daily Life: Electricity authorities activated rotating load-shedding with detailed group lists across districts as demand outpaced capacity.

Energy & Utilities: Cyprus activated rotating 30-minute load-shedding across 22 Nicosia groups, 18 in Paphos, plus Nicosia/Limassol and Larnaca–Famagusta areas, with authorities publishing the full affected-area list. Payments & Consumer Tech: The Central Bank of Cyprus says cards made up 75% of non-cash transactions in H2 2025—Cyprus’ highest share in the eurozone—while online card payments averaged about €129 versus €38 in-store. Energy Subsidies: The government approved a €1m scheme offering up to €900 for solar hot water system installation or replacement, with applications open until Dec 20 or 2,000 submissions. Gas & Trade: Aphrodite partners secured signatures on an MoU for Egypt to buy all recoverable Aphrodite gas output, with a Host Government Agreement expected next. EU-Turkey/Cyprus Talks: President Christodoulides said the EU’s role in Cyprus talks is now “substantive and leading,” while linking progress to EU-Turkey developments. Public Finance: Cyprus Stock Exchange accepted a new €50m issue of 13-week treasury bills, starting trading July 24. Transport Emissions: A European Commission report puts transport at 37.9% of Cyprus’ 2023 greenhouse gases, while peak-time traffic cost drivers over 40 hours.

Electricity affordability: Cyprus is warned that even if the grid holds this summer, households will still face some of the highest power costs in the EU, with analysis suggesting the average home spends the equivalent of a full median monthly salary each year on electricity. Banking pass-through: An ECB working paper says banks in Cyprus passed on fewer ECB rate hikes to savers than in northern euro-area countries, with the shift driven more by customer behaviour than competition. Public finances: Eurostat data shows Cyprus recorded the euro area’s second-largest annual reduction in government debt in Q1 2026, with gross debt at 54.6% of GDP. Payments overhaul: After a long procurement fight, Cyprus awarded the government e-payments management contract to VivaBank, ending JCC Payment Systems’ long run. Regulation & markets: ESMA’s peer review highlights progress by CySEC in strengthening supervision and enforcement for cross-border investment firms. EU rules for consumers: New EU PFAS and single-use packaging rules are set to land in August, with implications for Cyprus’ water quality and daily life. Business & growth: FXBO upgraded its cTrader integration with one-click access and cTrader Invite; ASBISc estimates June revenues at about $649m; Cyprus startups are invited to pitch in Rome Future Week 2026. Property & planning: Cabinet approved Limassol’s €95m mall despite backlash, while Cyprus’ tourism body pushes for tougher short-term rental enforcement.

Aviation & Connectivity: Cyprus Airways and Air France have launched a codeshare for flights between Larnaca and Paris Charles de Gaulle, with up to six weekly summer flights, aiming to boost seamless connections via Paris. Co-ops & Finance: Cypriots can now buy shares in the proposed Pancyprian Cooperative Bank via a new online platform (shares.pccpc.cy), starting Wednesday with a minimum €100 investment, while the offer runs until Nov 17. Banking & Markets: Cyprus’ government debt ratio fell to 54.6% of GDP in Q1 2026 (Eurostat), one of the biggest annual declines in the EU, even as overall debt rose across the euro area and bloc. Shipping & Trade: Cyprus and India are pushing maritime cooperation, with a planned India visit by the shipping deputy minister and steps toward a Cyprus–India Joint Maritime Committee. Energy & Regulation: Fuel tanker owners protested a decree tightening ADR compliance, arguing they need more time as the transport authority says requirements have been known for years. Corporate Moves: Zitro has entered Northern Cyprus with an installation at Chamada Girne Hotel & Casino, bringing its FANTASY cabinet to the local gaming floor. Business Community: PwC Foundation expanded education and youth entrepreneurship support across Cyprus, including scholarships and financial literacy sessions during Global Money Week.

Shipping & EU Presidency: The Cyprus Union of Shipowners says Cyprus boosted its maritime clout during its EU Council presidency, citing summits, ministerial meetings and a Limassol conference focused on seafarers’ welfare. Corruption Probe Fallout: An independent investigator says a secretly filmed “corruption expose” may have been a hybrid attack on Cyprus, with those filmed denying wrongdoing and the probe pointing to staged influence. Banking Competition: Syprodat backs the planned Pancyprian Cooperative Bank’s €42m public share offering but warns success hinges on transparency, governance and rebuilding public trust. Housing & Consumer Pressure: Eurostat data shows EU household debt is highest in the wealthy north, while Cyprus faces ongoing affordability strain as costs rise. Tourism & Regulation: Cyprus plans to tighten rules on short-term rentals and tourism policy, while the country’s digital TV transition is causing disruption that may require pensioners to get support for new equipment. Transport & Markets: The Road Transport Department moves to modernise vehicle import and dealer licensing with tighter market surveillance and clearer responsibilities. Energy & Shipping Risk: Cyprus’ shipping deputy minister warns the US-Iran conflict is pushing global shipping into “crisis mode,” with route changes and higher costs. Tech & Connectivity: Hellas Sat will adjust its TV transmission to improve reception after rollout problems.