Around 70,000 people from 164 countries attended this year’s Web Summit in Lisbon, with China sending its largest delegation to the event so far. More than 50 representatives from the country’s artificial intelligence and robotics sectors took part, reflecting China’s growing presence in technologies reshaping manufacturing and services.

Founded in Dublin in 2009, Web Summit moved to Lisbon in 2016 and has since developed into one of Europe’s major technology conferences. The event brings together start-ups, investors and industry leaders, providing a platform for companies to present new technologies and explore business opportunities.

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This year’s gathering also highlighted China’s expanding influence in the global technology industry, a trend noted by Web Summit founder Paddy Cosgrave.

Storm Charles Interrupts Conference Programme

The summit’s schedule was disrupted on November 11, when Storm Charles forced organisers to cancel activities for the day. The programme resumed on November 12, allowing the event to conclude as planned.

Despite the interruption, this year’s Web Summit highlighted several key developments shaping the technology sector, including advances in robotics and automation, intensifying international competition and continued demand for platforms connecting businesses with investors.

For Lisbon, the conference remains an important international technology gathering, bringing together companies and decision-makers while showcasing innovations moving towards commercial application.

Airline loyalty programs can reward frequent travel with free flights and other perks—but their value depends on more than how quickly members earn miles. The crucial test is whether those miles can be used to book a seat that fits a traveller’s plans at a reasonable price.

In a recent guide to frequent-flyer programs in Europe, we covered how to earn and spend miles and why it can make sense to join several programs while concentrating most travel with one airline—ideally a carrier with a hub close to home.

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Choosing a primary program, however, is not always straightforward. Specialist award-travel platform Point.me assessed more than 30 airline rewards programs worldwide, using criteria that address the practical challenges travellers face when trying to redeem their points.

What Makes An Airline Rewards Program Valuable?

Point.me evaluated programs across three broad areas: the value of their points, including how easy they are to earn and redeem and the availability of transfer partners; the ease of using those points, including award-seat availability, the booking experience and the option to hold a reservation; and the flexibility available when plans change, including customer service and change fees.

“Most travellers have a destination in mind, dates they can’t easily change and a points balance they’ve spent years building,” the Point.me team said. “What matters is whether they can find a seat and actually book it, at a price that feels right, without having to become an expert.”

Europe’s Best Airline Loyalty Programs

Air France-KLM Flying Blue ranks first in Europe—and first worldwide—for the third consecutive year, with a score of 88.8 out of 100. Point.me praised the program’s performance across the board: members can earn miles through multiple channels, redeem them for available seats and transfer points from every major transferable currency.

The British Airways Club placed second in Europe and eighth globally, down from sixth overall in the previous year’s ranking. Its strengths include Avios, a widely accessible points currency, and a minimum award-seat guarantee on long-haul flights. Higher Avios prices and surcharges, however, weighed on its score.

Virgin Atlantic Flying Club came third in Europe and ninth worldwide, falling from fourth globally a year earlier. Point.me highlighted its low saver fares, the ability to hold award bookings on Virgin flights and access to transferable currencies.

European Programs Ranked By Point.me

1. Air France-KLM Flying Blue: 88.8
2. The British Airways Club: 71.3
3. Virgin Atlantic Flying Club: 70.0
4. Aer Lingus AerClub: 65.6
5. Iberia Club: 65.0
6. Turkish Airlines Miles&Smiles: 64.4
7. Finnair Plus: 60.0
8. Aegean Miles+Bonus: 58.1
9. Lufthansa Miles & More: 55.0
10. TAP Miles&Go: 53.8
11. SAS EuroBonus: 50.0

The World’s Top 10 Airline Rewards Programs In 2026

Flying Blue also led the global field, ahead of several major North American programs. The top 10 were:

1. Air France-KLM Flying Blue: 88.8
2. United MileagePlus: 85.0
3. Air Canada Aeroplan: 82.2
4. Atmos Rewards (Alaska Airlines and Hawaiian Airlines): 80.9
5. American Airlines AAdvantage: 80.6
6. Qatar Airways Privilege Club: 72.5
7. JetBlue TrueBlue: 72.2
8. The British Airways Club: 71.3
9. Virgin Atlantic Flying Club: 70.0
10. Cathay Pacific Asia Miles: 69.4

Why Redemption Flexibility Matters

A large points balance is not automatically a valuable one. The ranking underscores the difference between earning miles and being able to use them: award-seat availability, transparent pricing and flexibility can determine whether a program delivers meaningful savings or leaves members with points they struggle to spend.

For travellers choosing a primary loyalty program, the best fit will still depend on where they live, which routes they fly and whether award seats are available when they need them. A strong program can make a difference—but the most useful miles are the ones that work with your travel plans.

Cyprus’ economy grew faster than the European Union and euro area in the third quarter of 2026, even as its expansion eased from earlier in the year.

Gross domestic product rose 3.1% year over year, according to preliminary figures published by Eurostat. That was more than double the EU’s 1.5% growth rate and the euro area’s 1.3% increase.

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Growth Remains Strong, But Is Losing Pace

Cyprus’ annual growth slowed from 3.4% in the second quarter and 4.5% in the final quarter of 2025. On a quarter-over-quarter basis, GDP increased 0.5% between July and September, down from 1.2% in the previous quarter.

The quarterly result matched the EU average of 0.5% and exceeded the euro area’s 0.4% expansion. For both the EU and euro area, annual growth edged higher from the second quarter, when the respective rates were 1.4% and 1.2%.

Cyprus Ranks Among The Stronger Performers

Among EU member states with third-quarter data available, Ireland recorded faster annual growth than Cyprus, at 3.6%. Spain grew 2.7% and Bulgaria 2.5%. Sweden, Estonia and the Netherlands also posted annual growth above Cyprus, at 2.8%, 2.2% and 2.1%, respectively.

Quarterly comparisons show a more mixed picture. Poland’s economy expanded 0.8%, while Romania recorded growth of 2.1%, both ahead of Cyprus. Romania’s year-over-year increase, however, was just 0.3%, underscoring the difference between a strong quarterly reading and broader annual performance.

Germany grew 1.2% year over year and Italy 0.8%. France was the only EU member state with available figures to report an annual contraction, with GDP down 0.1%.

Volatility Shapes Ireland’s Results

Ireland recorded the EU’s strongest quarterly expansion, with GDP rising 5.5% after a 10.2% increase in the second quarter. That performance follows a 7.8% contraction in the first quarter, highlighting the volatility in its recent growth figures.

In the United States, GDP grew 0.8% quarter over quarter, up from 0.6% in the previous quarter. Annual growth was 2.1%, slightly below the prior quarter’s 2.2%.

Employment Stalls Across Europe

Employment was unchanged in both the EU and euro area in the third quarter, following 0.1% growth in each during the second quarter. Year over year, employment increased 0.4% in both areas. The euro area’s annual rate had been 0.5% in the previous quarter, while the EU rate was also 0.4%.

The GDP figures are seasonally adjusted and represent a flash estimate, meaning they may be revised as more complete data become available.

Türkiye has signed a preliminary agreement with China aimed at attracting approximately $15 billion in investment for solar and wind energy projects, as the country seeks to accelerate its energy transition and expand cooperation with Chinese businesses.

Signed on Thursday at the COP31 climate summit in Antalya, the agreement outlines plans for renewable energy projects with a combined capacity of seven gigawatts. The proposed cooperation also covers energy storage and upgrades to Türkiye’s electricity grid.

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Agreement Includes Technology Sharing And Local Production

Türkiye’s Energy Minister Alparslan Bayraktar said the partnership would involve technology-sharing to support domestic production of wind turbine equipment. The initiative is intended to strengthen local industrial capabilities alongside the development of new renewable energy capacity.

However, the announcement did not specify when construction would begin or how the projects would be financed. These details will determine how quickly the preliminary agreement can translate into investment and additional generating capacity.

China Seeks Greater Investment Opportunities In Türkiye

The agreement followed a meeting on November 11 between Turkish President Recep Tayyip Erdoğan and Chinese Vice President Han Zheng on the sidelines of the summit.

According to China’s state news agency Xinhua, Han said Beijing was ready to encourage more Chinese companies to invest in Türkiye, identifying renewable energy as an area with potential for closer cooperation.

Türkiye had approximately 43.8 gigawatts of installed solar and wind capacity at the end of September, accounting for just over one-third of its total electricity-generating capacity, according to the country’s energy ministry.

Türkiye Targets 175 Gigawatts Of Solar And Wind Capacity By 2040

Under its national energy strategy, Türkiye aims to increase its combined solar and wind capacity to 175 gigawatts by 2040. The plan forms part of a broader effort to shift energy consumption away from oil and gas towards electricity.

Achieving that target will require not only new renewable generation facilities but also stronger grid infrastructure and energy storage systems to manage fluctuations in solar and wind power production.

Speaking at the summit on November 10, Bayraktar said Türkiye would need approximately $300 billion in investment for its energy transition by 2040. He stressed that international partnerships and predictable investment conditions would be important in securing the capital required.

The proposed agreement with China could contribute to that ambition, although its impact will depend on whether the planned projects progress from preliminary commitments to funded and scheduled developments.

Large enterprises generated 25.7% of Cyprus’ services exports to countries outside the European Union in 2024, while smaller businesses also contributed to the country’s international trade in services, according to Eurostat.

The figure places Cyprus close to several other European economies. Large businesses accounted for 27.3% of services exports in Italy, 30.8% in Spain and 25% in Luxembourg, highlighting differences in how member states structure their services-export sectors.

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What The Figures Reveal About Cyprus

The Eurostat data cover services supplied to customers outside the EU. They do not include services provided by Cypriot businesses to clients in other member states, meaning the figures represent only part of the country’s cross-border services activity.

This distinction is particularly relevant for Cyprus, where businesses operate across the European single market. The statistics offer insight into the role of different-sized enterprises in exports beyond the bloc, rather than a complete picture of the country’s international services trade.

Large Businesses Generate The Biggest Share Of EU Services Exports

Across the EU, services exports to non-EU destinations reached €1.58 trillion in 2024, an increase of 9.7% compared with the previous year.

Large enterprises, defined as businesses employing at least 250 people, accounted for 41.7% of the total, making them the largest contributor by company size. Small enterprises, with up to 49 employees, represented 11.8%, while medium-sized businesses employing between 50 and 249 people contributed 9%.

The remaining 37.4% came from enterprises whose size was not identified.

Denmark, Finland And Germany Lead In Large-Enterprise Exports

The contribution of large businesses varies considerably across the EU. In nine member states, they accounted for more than half of services exports to destinations outside the bloc.

Denmark recorded the highest share, at 71.7%, followed by Finland at 71.2% and Germany at 69.1%. Slovakia also ranked among the leading countries, with large enterprises responsible for 65% of services exports.

Smaller businesses played a much greater role in some other economies. Malta recorded the highest share of services exports generated by smaller enterprises, at 78.6%, followed by Estonia at 61.4% and Luxembourg at 56.8%.

Information And Communication Leads EU Services Exports

Eurostat’s breakdown by the main economic activity of exporting businesses shows that information and communication was the largest sector, generating €362 billion in services exports to non-EU countries in 2024. This represented 22.9% of the EU total.

Manufacturing ranked second, with exports of €249.3 billion, or 15.8%, followed by transportation and storage, which accounted for €236.2 billion, representing 15%.

The figures are part of Eurostat’s Services Trade by Enterprise Characteristics (STEC) statistics, which examine international services trade according to the size and main economic activity of the enterprises involved.

Travelling during the Christmas and New Year period can come with significantly higher flight and hotel costs. However, those willing to adjust their schedules may be able to save money by travelling outside the busiest holiday dates.

According to Expedia, early December and February offer some of the best opportunities for lower-cost winter trips. The company’s Winter Travel Outlook identifies the cheapest and most expensive dates for international flights and hotel stays, as well as the destinations attracting the most interest.

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The findings are based on flight and accommodation searches conducted between July and October 2026, compared with searches during the same period in 2025.

When To Book A Winter Trip For Less

Christmas and New Year remain among the busiest periods for international travel, but shifting departure dates could make a noticeable difference to costs.

December 4 and February 18 are the cheapest dates for international flights, according to Expedia. By contrast, December 16 and 19 are the most expensive, while December 18 and 19 are expected to see the highest airport traffic.

Hotel prices follow a different pattern. International accommodation is expected to be busiest on December 4 and 27. Travellers looking for more affordable stays may want to consider January 7 or 13, while December 26 and February 13 are forecast to be the most expensive dates.

“The period around Christmas and New Year’s is naturally one of the busiest times to travel, but for those with flexibility, going away in early December and in February could offer significant savings on flights,” said Melanie Fish, Expedia travel expert and spokesperson.

Paris, New York And Amsterdam Lead Winter Searches

Expedia’s search data points to two major trends shaping winter travel: demand for warmer destinations and interest in seasonal experiences, including snowy landscapes, Christmas markets and winter city breaks.

Paris, New York and Amsterdam are the most-searched destinations, followed by Bangkok and Tenerife. Dubai, Tokyo, the Canary Islands, Barbados and Prague complete the top 10.

Emerging Winter Destinations Gaining Popularity

Search interest is also growing in destinations beyond the traditional winter favourites. Exuma in The Bahamas recorded the largest increase, with searches rising 115% year on year.

Several cooler-weather destinations are also attracting more attention. Searches for Quebec City increased by 75%, while Malmö in Sweden recorded a 45% rise. Interest in Hakone, Japan, known for its hot springs and mountain scenery, grew by 40%, matching the increase for Curaçao in the Caribbean.

Among destinations offering warmer weather, Phu Quoc in Vietnam and Martinique both recorded a 30% increase in searches. Ocho Rios in Jamaica saw a 20% rise.

Demand is also growing for festive winter breaks in Europe. Searches for Zakopane in Poland, near the Slovakian border, and Turin in Italy were both up 20% compared with last year.

“From Caribbean sunshine to Christmas markets in Poland and Sweden, people are choosing trips that help them enjoy the season rather than simply enduring it,” Fish said.

Cyprus’s property market maintained its upward momentum in October, with 1,772 contracts of sale deposited at Land Registry offices, an 8% increase compared with the 1,638 recorded in October 2025.

Data from the Department of Lands and Surveys, analysed by BuySell, show that 16,741 contracts were deposited between January and October 2026, up 13% year on year. This represents 1,930 more contracts than during the same period last year and 92% of the 18,114 recorded throughout 2025.

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The market has averaged 1,674 contracts per month so far this year, compared with 1,481 during the first 10 months of 2025. October was the third-strongest month of 2026, following July’s 2,040 contracts. Every month this year has outperformed its equivalent in 2025, with year-on-year growth reaching double digits in eight months.

Limassol Leads Sales As Paphos Records Fastest Growth

Four of Cyprus’s five districts recorded an increase in sales contracts in October. Limassol led with 546 contracts, up 11% year on year, followed by Nicosia with 393 (+6%), Larnaca with 383 (+12%) and Paphos with 375 (+11%). Famagusta was the only district to record a decline, with 75 contracts, down 22%.

The year-to-date figures confirm Limassol’s position as the country’s largest property market, with 5,406 contracts, a 16% increase. Paphos recorded the strongest growth, rising 18% to 3,374 contracts. Larnaca followed with 3,674 (+14%), Nicosia with 3,556 (+6%) and Famagusta with 731 (+1%).

Limassol and Larnaca together accounted for 1,223 of the 1,930 additional contracts recorded nationwide compared with the first 10 months of 2025.

Property Transfers Reach €3.46 Billion

Completed transactions also point to continued market activity. Between January and September 2026, 14,764 property transfers covering 16,525 properties were registered, with a declared value of €3.46 billion. This was 7% higher than in the corresponding period of 2025 and represented 79% of the €4.36 billion recorded for the whole of last year.

June was the strongest month for transfers, reaching €541 million, while September closed at €437 million.

Limassol accounted for the largest share of declared transfer value, at €1.388 billion, or approximately 40% of the national total. Nicosia followed with €735 million (21%), Paphos with €696 million (20%), Larnaca with €480 million (14%) and Famagusta with €162 million (5%).

Foreign Buyers Account For 42% Of Contracts

International buyers continued to play a significant role in the market. In October, they deposited 727 contracts, representing 41% of the monthly total. Buyers from outside the European Union accounted for 511 contracts, up 13% year on year, while buyers from other EU countries signed 216, down 7%. Cypriot buyers recorded 1,045 contracts, an increase of 9%.

For the first 10 months of 2026, foreign buyers accounted for 6,994 contracts, or 42% of all sales agreements. Non-EU buyers signed 4,684 contracts, up 19%, while buyers from EU countries accounted for 2,310, an 18% increase.

The foreign-buyer share differs considerably across districts. Paphos recorded the highest proportion, at 68.7%, followed by Larnaca at 47.5%, Famagusta at 46.6% and Limassol at 38%. Nicosia had the lowest share, at 15.1%.

Completed property transfers offer a separate measure of international participation. Foreign buyers took ownership of 3,433 of the 16,525 properties transferred between January and September, representing 20.8% of the total. Their share ranged from 41.8% in Paphos to 9% in Nicosia.

Residential Property Prices Rise 8.5%

The Central Bank of Cyprus’s Residential Property Price Index, covering the second quarter of 2026, recorded a 2.4% quarterly increase and an 8.5% rise compared with the same period last year. Annual growth accelerated from 7.5% in the first quarter.

Apartments continued to record stronger price growth than houses, with prices rising 8.9% year on year, compared with 5.8% for houses. All five districts registered annual increases. Famagusta recorded the strongest growth at 10%, followed by Larnaca at 9.8%, Paphos at 9.6%, Limassol at 7.8% and Nicosia at 5.7%.

The Central Bank has identified strong demand, particularly from non-Cypriot buyers, and higher construction costs as factors contributing to rising property prices.

Meanwhile, the number of residential units covered by building permits increased by 63.7% between January and May, reaching 8,978. If these projects are completed, they could contribute to additional housing supply over the medium term.

Mortgage Rates Fall As Housing Lending Increases

Financing conditions also showed signs of easing. Central Bank monetary statistics indicate that the average interest rate on new housing loans fell to 3.88% in September 2026, from 4.16% in August.

New loans for house purchases, excluding renegotiated contracts, increased to €135 million from €114 million. Including renegotiated agreements, the total reached €164 million.

Only 9.8% of new housing loans carried a floating interest rate or a rate fixed for up to one year, down from 12% in the previous period. This indicates that approximately nine in 10 new borrowers opted for a rate fixed for more than one year.

Mortgage registrations also point to continued financing activity. The Department of Lands and Surveys recorded 11,402 mortgages worth €3.47 billion between January and October. October alone accounted for 1,053 registrations valued at €335 million. Limassol recorded the highest mortgaged amount, at €1.354 billion, followed by Nicosia with €995 million.

What The Figures Mean For Cyprus’s Property Market

The latest figures show that growth in Cyprus’s property market extends beyond sales contracts. Rising declared transfer values, increased participation from local and international buyers, and higher residential prices all point to sustained demand.

Apartments are currently recording faster price growth than houses, while the increase in residential units covered by building permits could help address supply pressures if those projects move forward.

However, the different indicators measure different stages of the market. Sales contracts reflect signed agreements, transfer data capture completed changes of ownership, and the Central Bank’s price index tracks changes in residential property values. Considered together, they provide a broader picture of a market that has maintained its momentum throughout the first 10 months of 2026.

About BuySell

BuySell is a property platform in Cyprus, attracting more than 2 million visitors each month and hosting over 150,000 property listings. According to the company, its market share exceeds 80%, based on research by IMR / University of Nicosia. BuySell also publishes data-driven analysis of the Cypriot real estate market.

For property listings and market information, visit buysellcyprus.com.

Charalambos Papantoniou has been elected president of the Paphos Chamber of Commerce and Industry for the 2026–2029 term, succeeding George Mais, who led the organisation from 2020 to 2026.

The transition was formalised this week, when the Chamber’s newly appointed board of directors met to constitute itself in line with the organisation’s constitution. The new leadership team brings together representatives of five sectors central to Paphos’s economy: industry, trade, finance, tourism and services.

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A New Leadership Team Across Key Sectors

Board members elected Michalis Michael as vice-president for industry, Nikos Laouris as vice-president for trade and Nikos Kouvaros as vice-president for finance. Agathoklis Constantinou will oversee tourism, while Lefteris Aristodemou will lead on services. Stephanos Stephanou was elected honorary secretary.

The appointments give each of the Chamber’s principal areas of focus a designated representative, creating a leadership structure aligned with the breadth of business activity across the district.

Continuity And Economic Development

In its announcement, the Chamber described Papantoniou’s election as the start of a new chapter, while underscoring the importance of sustaining and strengthening its work to promote entrepreneurship and support Paphos’s economic development.

The organisation said it would continue representing the local business community as it begins another three-year term. Its priorities span sectors with different needs, from industry and trade to tourism and services, all of which contribute to the district’s economic prospects.

Recognition For The Outgoing President

The Chamber also thanked Mais for his contribution, cooperation and commitment to advancing its objectives during his six years as president. His departure marks the end of a period of leadership that began in 2020.

As Papantoniou takes over, the Chamber’s challenge will be to maintain its role as a voice for businesses across Paphos while supporting the conditions for entrepreneurship and growth throughout the district.

Cyprus is stepping up efforts to attract maritime companies, technology businesses and specialist service providers, commissioning a study to identify industry needs and recommend measures to strengthen the country’s position as an international maritime hub.

Speaking at a maritime technology conference in Limassol, Shipping Deputy Minister Marina Hadjimanoli said the government wants Cyprus to become a place where innovative maritime technologies can be developed, tested and deployed. The study will examine the full range of maritime services currently available in the country, identify gaps and challenges, and propose ways to support new business activity.

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Building Beyond Traditional Ship Management

The review will focus in particular on maritime technology, software development, digital solutions, research and innovation. The aim is to broaden Cyprus’s maritime ecosystem beyond its established strengths in ship management and create stronger links between the sector and technology providers.

Hadjimanoli said Cyprus has several advantages to build on: close cooperation between the maritime administration and businesses, a substantial concentration of shipping companies and ship managers, research capabilities and a growing start-up community. Together, these assets could support deeper collaboration among government, maritime businesses, research institutions and technology providers.

Digitalizing Maritime Administration

Alongside efforts to attract investment, the Shipping Deputy Ministry is pursuing the digital transformation of maritime administration through its CYSh1P platform. The initiative is intended to simplify administrative procedures, reduce bureaucracy, improve transparency and provide faster service to shipowners, ship managers and other industry professionals.

The government’s ambitions extend beyond modernizing public services. It also aims to create the conditions for new technology and business activity to emerge, including opportunities to develop and test innovative applications in a working maritime environment.

Artificial Intelligence Enters The Strategic Agenda

Hadjimanoli also highlighted Cyprus’s National Artificial Intelligence Strategy for 2026–2032, approved by the Council of Ministers. The strategy identifies five priority areas of the economy for AI adoption, including shipping and maritime transport.

The focus, she said, should be on applications that deliver measurable value—improving efficiency, decision-making, safety and business competitiveness. That shifts the debate from what emerging technologies might do in theory to the results they can achieve in day-to-day operations.

For maritime technology companies and start-ups, that means understanding the sector’s real operational needs. For shipping businesses, it means gaining access to solutions that are practical, scalable and commercially viable.

Government’s Role: Enable, Don’t Prescribe

Hadjimanoli argued that government should not dictate which technologies businesses adopt. Instead, its role is to provide predictable regulation, modern administrative services and opportunities for innovation to be developed and tested.

Cyprus also supports European initiatives to advance digitalization and innovation in ways that improve the sustainability and resilience of the shipping sector.

Preparing Seafarers For A Changing Industry

Technology investment, the deputy minister said, must be matched by investment in people. Seafarers increasingly work aboard advanced vessels and use complex digital systems, making education and continuous professional training essential.

The green and digital transition will succeed only if workers are prepared for the changes—and if the industry remains attractive to younger generations. Ultimately, the technologies Cyprus seeks to support should strengthen maritime competitiveness, safety and sustainability, reduce operational complexity and support, rather than replace, the human role at sea.

How much of Cyprus’s technology spending goes to suppliers on the island? A new study puts the figure at between €800 million and €950 million in 2025.

That’s roughly half of what businesses and public bodies in Cyprus spent on technology that year, according to a study conducted by IMR and the University of Nicosia for the Cyprus Computer Society. The researchers put total spending at €1.7 billion in their central estimate, with a range of €1.33 billion to €2.15 billion.

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Cyprus’s ICT industry, meanwhile, generated an estimated €4.1 billion in gross value added in 2025, up 435% from 2016.

These two sets of figures, however, answer different questions. One tracks a Cyprus-based software company selling to customers abroad. The other a hotel in Cyprus buying software from an overseas supplier, where the purchase counts towards domestic spending.

The study estimates that financial services accounted for €321 million of that spending and the public sector €276 million. The study also included the reasons submitted by buyers for being dissatisfied about their ICT providers. These included: slow responses (63%), delivery delays (52%) and while lack of expertise (15%).

The study asked organisations how likely they were to invest in different technologies in 2026. AI drew more interest overall: 83% of respondents said they were likely or very likely to invest in it, compared with 69% for cybersecurity. But more respondents chose “very likely” for cybersecurity than for AI: 44% versus 28%.

In a separate question, 71% identified cybersecurity as a capability their organisation needed to strengthen.

Eurostat’s 2025 figures show how far AI use in Cyprus trailed the EU average. It stated 9.27% of enterprises in Cyprus used AI, compared with 19.95% across the EU. The figures cover enterprises with at least 10 people employed in the sectors surveyed. In the separate IMR buyer survey, 51% of respondents reported a shortage of AI skills.

When asked about digital transformation, 57% of respondents mentioned reliance on traditional working practices as an obstacle, compared with 31% who stated a shortage of in-house expertise. The report also found that none of the organisations surveyed used adoption or usage rates to assess their technology investments.