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Cyprus Sees Significant Surge In Online Tourist Bookings

by THEFUTURE.TEAM

July 30, 2024

In the first quarter of 2024, Cyprus experienced a remarkable 23.8% increase in tourist bookings via online platforms compared to the same period in 2023. This growth, reported by Eurostat, highlights the island’s rising appeal and aligns with broader trends in digital travel arrangements across Europe.

Detailed Breakdown

The surge in online bookings is evident month by month:

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January 2024: 200,208 nights, marking a 20.8% year-over-year (YoY) increase.
February 2024: 233,844 nights, a 21.4% YoY increase.
March 2024: 326,351 nights, the most significant increase at 28.4% YoY.

Comparison with EU Trends

While Cyprus saw a substantial rise, the overall EU average for online bookings grew by 28.3% in the same period. Regions such as Andalucía in Spain, Adriatic Croatia, and Provence-Alpes-Côte d’Azur in France led the EU, reflecting a broader increase in tourism and short-term rentals.

Implications for Cyprus’ Tourism Sector

This increase in online bookings underscores a shift towards digital platforms for travel arrangements, signalling a robust recovery and growth in Cyprus’ tourism sector post-pandemic. The hospitality and service sectors are poised to benefit significantly from this trend, bolstering the local economy. Enhanced digital engagement by hotels and rental properties has likely contributed to this uptick, making travel planning more accessible and convenient for tourists.

Future Outlook

Given the current trajectory, Cyprus is expected to continue leveraging digital platforms to attract tourists. This strategy aligns with global travel trends and positions the island as a competitive destination in the Mediterranean. Efforts to enhance digital infrastructure and marketing could further amplify this growth, ensuring sustained economic benefits for the region.

Strategic Considerations

The data suggests that Cyprus must continue to innovate in its digital offerings to maintain and accelerate this growth. Investing in user-friendly online booking systems, ensuring high-quality customer experiences, and leveraging social media for targeted marketing could enhance Cyprus’s attractiveness. Furthermore, analysing booking patterns can provide insights into peak periods and popular preferences, enabling better resource management and service provision.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.