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Cyprus And Saudi Arabia Forge Strategic Partnership In Tourism

Cyprus and Saudi Arabia have ushered in a new era of tourism collaboration, as recent developments at the UN Tourism General Assembly in Riyadh underline a forward-looking agenda for the global industry. The event concluded with the adoption of the Riyadh Declaration on the Future of Tourism, a transformative blueprint designed to guide global cooperation over the next 50 years.

Strengthening Bilateral Commitments

During a high-level official visit, Deputy Minister of Tourism Kostas Koumis of Cyprus co-signed a memorandum of understanding with Saudi Tourism Minister Ahmed Al Khateeb (Saudi Ministry of Tourism). The agreement is set to deepen cooperation in critical areas such as sustainable practices, technology deployment, tourism education, and knowledge exchange, thereby reinforcing the strategic alignment between the two nations at a pivotal moment in the industry.

A Global Roadmap For Innovation And Sustainability

The assembly also witnessed a historic appointment with Shaikha Nasser Al Nowais being named the next Secretary-General of UN Tourism, making her the first woman and the first representative from the Gulf Cooperation Council (UNWTO) to head the organization starting in 2026. The Riyadh Declaration outlines a shared vision emphasizing sustainability, inclusivity, digital transformation, and AI-powered innovation, with a strong focus on empowering local communities and preserving cultural and natural heritage.

Economic Impact And Future Prospects

Saudi Tourism Minister Al Khateeb commented, “From Riyadh, we move from declarations to delivery,” signaling a robust commitment to translating strategic agreements into practical initiatives. These include mobilizing investment, enhancing workforce skill sets, and driving digital transformation within small and medium enterprises. Cyprus’s Deputy Minister Koumis highlighted the mutual benefits of these developments, noting Saudi Arabia’s emerging market potential—already accounting for around 20 percent of outbound overnight stays from the Middle East—and the compelling prospects for Cyprus tourism (Visit Cyprus).

Strategic Engagement And Collaborative Platforms

In addition to the bilateral MoU, Deputy Minister Koumis engaged with key Saudi officials, including Deputy Minister of Investment Yousef Almubarak, strengthening dialogues that promise to further enhance international cooperation. The proceedings also coincided with the launch of TOURISE, a global platform aimed at reinforcing synergy between public and private sectors on issues such as digital innovation, investment, and sustainable workforce development.

This strategic convergence of policy and investment not only cements a robust partnership between Cyprus and Saudi Arabia but also charts a resilient and innovative path for the future of global tourism.

doValue Cyprus Strengthens Market Leadership With New Astrobank Portfolio

Expanding Market Influence

Loan and real estate management firm doValue Cyprus has significantly reinforced its domestic presence in non-performing loan servicing by acquiring a new portfolio from Astrobank Public Company Limited. This development follows Astrobank’s recent transition, marked by the transfer of key operations to Alpha Bank Cyprus Limited and the subsequent surrender of its banking licence.

Strategic Acquisition And Swift Execution

Finalized on November 3, 2025, the agreement underscores a decisive strategic shift as doValue Cyprus assumes management of Astrobank’s remaining portfolio. The immediate commencement of portfolio management is a testament to the firm’s commitment to delivering specialized, resilient solutions within the non-performing loan market.

Expertise Driving Market Growth

Chief Executive Officer Varnavas Kourounas emphasized that the latest portfolio acquisition not only expands the firm’s operational footprint but also validates its credibility and deep expertise in the competitive Cypriot financial sector. The strategic move is aligned with the broader growth ambitions of the doValue Group.

Broader Market Implications

Operating as part of the international doValue Group—the largest independent loan and real estate management organization in Southern Europe—doValue Cyprus is well-positioned to leverage its newly expanded portfolio. With approximately €136 billion in assets under management, the group maintains a dominant presence across Italy, Greece, Spain, Portugal, and Cyprus. Moreover, its subsidiary, Altamira Real Estate, runs Cyprus’ largest real estate platform, managing extensive property portfolios alongside the island’s most comprehensive sales network.

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