Cyprus Hosts 91st HOTREC General Assembly, Elevating European Hospitality Discourse

by THEFUTURE.TEAM

October 19, 2025

Overview

Cyprus is currently the venue for one of the most prominent events in the European hospitality and catering sectors – the 91st General Assembly of HOTREC. Representing a coalition of hoteliers and catering entrepreneurs from 39 European nations, this annual gathering plays a pivotal role in shaping industry trends and policy. The event underscores the island’s strategic significance in the tourism sector, particularly as it sets new records in visitor arrivals this year.

Prestigious Attendance at Aliathon Hotel

The opening ceremony at the Aliathon Hotel featured esteemed dignitaries, including the President of the Republic, who delivered an inspirational address highlighting the conference’s importance to Cyprus. President Nikos Christodoulides emphasized that this prestigious event not only reinforces the region’s commitment to tourism but also signals a historic surge in visitor arrivals, positioning Cyprus as a key market on the global tourism map.

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Two Days of Strategic Dialogue

Over the course of two days in Paphos, delegates will engage in a series of critical discussions aimed at exchanging best practices and coordinating policies that will influence the future of European hospitality. The agenda includes strategic networking sessions, panel discussions focusing on the evolving tourism landscape, and debates on innovation and market challenges.

Industry Leaders in Conversation

Among the notable participants are Cyprus’s Deputy Minister of Tourism, Kostas Koumis, the President of PASYXE, Thanos Michailidis, and HOTREC President Alexandros Vasilikos. Their collective presence underscores the event’s importance as a platform for policy coordination and industry representation. Additionally, discussions will cover the integration of technology, education reform, and professional development, all geared towards strengthening the sector’s future growth and resilience.

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Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

by News Editor

October 21, 2026

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

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ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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