Cyprus has recorded a solid 2.6% GDP growth in real terms for the fourth quarter of 2024, according to the latest flash estimate from the Cyprus Statistical Service (CySTAT).

When adjusted for seasonal and working day variations, the real GDP growth rate rises slightly to 2.9%, reflecting an overall positive economic trajectory.

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Key contributors to this growth include the “Hotels and Restaurants,” “Wholesale and Retail Trade, Repair of Motor Vehicles,” and “Information and Communication” sectors. However, the “Construction” sector experienced a decline, registering negative growth.

In comparison to the third quarter of 2024, the fourth quarter saw a modest 0.3% increase in GDP, further highlighting the continued strength of the Cypriot economy heading into the new year.

In a transformative leap for children’s healthcare, Cyprus is set to break ground on a new Pediatric Oncology Clinic in Nicosia, following the signing of a €10 million agreement at the Presidential Palace. The clinic, backed by the Cleanthous Foundation, promises to elevate the island’s cancer care to international standards, offering hope and advanced treatment for young patients battling cancer and hematological diseases.

President Nikos Christodoulides, who attended the agreement ceremony, hailed the project as an “investment in life, hope, and the future.” The deal was officially sealed by Health Minister Michalis Damianos, State Health Services Organisation (Okypy) President Marinos Kallis, and Maria Charalambidou, the President of the Cleanthous Foundation. The new clinic will be strategically located on state-owned land near Makarios Hospital, with Okypy overseeing its management once completed.

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This initiative is poised to make Cyprus a regional leader in pediatric cancer care. As President Christodoulides noted, with the Cleanthous Foundation’s contribution, the island could become a vital hub for the treatment of childhood cancer, extending its influence far beyond its borders. The foundation’s commitment, he emphasized, is a gift not only to Cyprus but to the entire region.

Maria Charalambidou, in her address, shared the foundation’s vision of not only providing top-tier medical treatment but also fostering a nurturing environment where children can continue to learn and grow. The clinic’s design includes dedicated research spaces, reflecting the foundation’s aim to enhance Cyprus’ role in childhood cancer research.

Okypy’s Marinos Kallis also provided important context, revealing that approximately 42 new cases of childhood cancer are diagnosed each year in Cyprus. Alarmingly, there has been a notable increase in thyroid cancer among adolescents, particularly girls aged 15 to 19. However, the good news is that the cure rate for childhood cancers in Cyprus stands at an impressive 100%.

This €10 million project is more than just a clinic—it symbolizes hope, innovation, and compassion for the youngest patients facing their toughest battles.

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

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In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

Global electricity demand is projected to increase by 4% annually until 2027, a rate that surpasses Japan’s entire current electricity consumption. According to the International Energy Agency (IEA), the rapid rise in demand is expected to be mitigated somewhat by a shift toward low-emission energy sources like renewables and nuclear power.

Emerging Economies Lead Demand Growth

The vast majority of this demand growth will come from emerging and developing economies, with China playing a dominant role, contributing over half of the global increase. China’s electricity consumption is forecast to grow at a 6% annual rate through 2027, largely driven by its energy-intensive industrial sector and booming production of solar panels, batteries, and electric vehicles. India is also expected to play a key role, contributing 10% of global demand growth due to strong economic activity and surging air conditioning use.

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Developed Economies Set For A Turnaround

In developed economies, such as the US, electricity demand, which had previously been stagnant, is expected to grow due to the increased electrification of sectors like transportation, heating, and data centers. However, the European Union’s outlook has been revised downward, with expected growth in 2025 now pegged at 1.6%. This reflects a weaker macroeconomic environment, and the EU may not recover to 2021 demand levels until at least 2027, despite a growth rebound in 2024.

Renewables To Meet Growing Demand

Low-emission energy sources, including renewables and nuclear power, are expected to increasingly meet global electricity demand. Solar power is forecast to become the second-largest low-emission source by 2027, after hydropower. Notably, renewables are set to overtake coal as the leading power generation source by 2025, with coal’s share in the energy mix dipping below 33% for the first time in a century, according to the IEA.

In 2023, Europe exported $502 billion worth of goods to the US, with projections indicating this will grow to nearly $606 billion in 2024. However, if Donald Trump’s tariff threats are realized, European exports could face substantial challenges. The biggest risks will affect the healthcare, industrials, and consumer staples sectors, which are expected to contribute over half of the Stoxx Europe 600’s earnings growth this year.

Pharmaceuticals And Automakers Face Major Risks

Pharmaceutical companies are particularly exposed. For instance, Novo Nordisk generates 58% of its revenue from the US, while Sanofi generates almost 50%. The automotive and semiconductor industries will also be heavily impacted. Automakers, who account for 10% of European exports to the US, could suffer from the new 25% tariffs on imports from Mexico and Canada, scheduled to take effect on March 6. Companies like Stellantis, Volkswagen, BMW, and Mercedes-Benz could face a €6 billion ($6.3 billion) hit in operating profits. Volkswagen, for example, relies on Mexico for 65% of its US-bound cars, potentially forcing the company to either ramp up US production or exit the market entirely.

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Industrial Sector At A Disadvantage

The industrial sector is also at risk, especially for companies relying on global supply chains. Further tariffs on machinery and equipment could add to the challenges facing European exporters. A 10% to 20% tariff on pharmaceuticals, cars, machinery, and alcoholic beverages could reduce sales by 1.1% to 2.1% and operating profits by 3.3% to 6.6%, according to Bloomberg Intelligence.

Premium Carmakers Could Weather The Storm

Some premium carmakers, like BMW and Mercedes-Benz, may be better positioned to absorb the additional costs, as their customer base tends to accept price increases. However, many sectors will still face significant strain.

A History Of Negotiations With Trump’s Administration

Europe’s experience with Trump’s trade policies is not new. In 2018, the EU avoided new tariffs through negotiations that included commitments to import more US liquefied natural gas. This experience has helped large industrial companies localize their supply chains to better withstand future challenges. But, with the potential for tariffs in 2025, the outlook remains uncertain. According to Goldman Sachs, S&P 500 companies could see a 2% to 3% drop in earnings per share if tariffs are imposed. This would either reduce profit margins or lead to declining sales as companies pass on the costs to customers.

The Ministry of Health has formed a significant alliance with the University of Cyprus and the Centre of Excellence for Research and Innovation ‘KOIOS’ to create the ‘BIOCARE’ platform—a digital solution aimed at transforming antibiotic usage and infection monitoring in the country’s hospitals.

This collaboration is a cornerstone of the broader strategy to strengthen public health systems. At the heart of this initiative is the BIOCARE platform, designed to efficiently gather, analyze, and utilize data in real-time, providing crucial insights into antibiotic consumption and hospital-acquired infections.

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The Ministry of Health highlighted that antimicrobial resistance and infections contracted in hospitals present ongoing global challenges. These issues not only complicate infection treatments but also prolong patient hospital stays, adding pressure to healthcare systems worldwide.

BIOCARE aims to tackle these concerns head-on by harnessing the power of advanced artificial intelligence and data analytics. The platform will oversee antibiotic use, track antimicrobial resistance, and implement cutting-edge strategies to reduce infections acquired during hospital stays.

By enabling early detection of emerging trends, BIOCARE will empower health authorities to make more informed decisions, optimize antibiotic stewardship, and bolster infection prevention efforts in hospitals across the nation. This step represents a pivotal moment in building a dynamic, forward-thinking surveillance system that promotes responsible antibiotic use, curbs hospital-acquired infections, and strengthens the country’s healthcare infrastructure.

President Nikos Christodoulides has announced a €122 million investment across 30 projects aimed at revitalizing the free areas of Famagusta. Speaking at a regional gathering in Paralimni on 13 February, he outlined the government’s vision to enhance infrastructure, boost tourism, and improve the overall quality of life for residents.

Joined by members of the Council of Ministers and state officials, the President emphasized Famagusta’s vital role in Cyprus’ economy, particularly in tourism and the primary sector. The projects include major road network upgrades, the development of urban and linear parks, and enhancements to tourism infrastructure.

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Key initiatives also focus on modernizing sports centers and expediting critical projects like the completion of the Fishing Shelter at Liopetri River. The comprehensive plan spans multiple sectors, including urban regeneration, business and tourism, education, and social welfare.

Calling for close cooperation between local authorities and stakeholders, Christodoulides urged collective efforts to fast-track these development initiatives and unlock the district’s full potential.

Planned projects

Road Network Improvement and Urban Regeneration Projects

1. Improvement of the Main Road in Avgorou on Karyon Avenue – €9 million
2. Construction of a Multi-Storey Parking Lot in Paralimni – €8 million
3. Improvement and Upgrading of Ayia Napa’s Beachfront – €3.6 million
4. Road Improvement Connecting Vrysoudion Street with Pinia Street – €4 million
5. Construction of a Road from the Agios Panteleimonas Roundabout to the Church of Agia Varvara – €5 million
6. Regulatory Plans for the 2nd Phase of the Improvements of Stadias Street, Giakoumi Papadopoulos Street, and Korai Street in Paralimni – €14 million
7. 4th Phase of the Protaras Coastal Promenade – €18 million
8. Redevelopment of the Traditional Core of Frenaros – €1.3 million
9. Redevelopment of Paralimni Square – €11.2 million
10. Creation of an Urban Multifunctional Park in Ayia Napa – €5 million
11. Creation of a Linear Park in Aheritou – €1 million

Economy / Business / Tourism

1. Incentive Plan in Catering – €700 thousand
2. Plan for Enrichment Projects for Local Government Authorities – €300 thousand
3. Creation of a Craft Area in Dasaki Achna – €250 thousand

Education

1. Upgrading of Building Infrastructure of Paralimni High School – €5.5 million
2. Construction of a New Paralimni High School – €15 million
3. Operation of the School of Tourism Studies within the Framework of the MIEEK

Social Welfare

1. Model Autism Center of Famagusta District – €4 million
2. Expansion and Upgrading of the Nursery and Children’s Activity Center in Avgorou
3. Additional Projects in the Region’s SKE – €140 thousand
4. Intensive Daily Addiction Treatment Program – €1.5 million

Culture

1. Transformation of the Ayia Napa Monastery into a Museum and Creation of a Research Center, Library, and Conference Rooms – €2.3 million
2. Cultural and Conference Center Hall in the Municipality of Deryneia – €5 million
3. Open-air Amphitheater in Avgorou – €1.5 million

Sport

1. Upgrade: Sotiras Sports Center, Frenaros Sports Center, Liopetri Sports Center – €2 million
2. Construction of a Public Sports Area in Achna – €2 million

Limassol is making its final push to secure the prestigious title of European Capital of Culture 2030, with city officials and organizers finalizing their proposal for submission to a panel of experts by the end of February.

The bid, which underscores Limassol’s dedication to cultural innovation and inclusivity, aims to position the city as a leading cultural hub on the European stage. The organizers emphasized that the proposal represents a bold vision to elevate Limassol’s artistic and cultural profile. In December, the submission of the bid dossier marked a key milestone in the city’s journey towards this ambitious goal.

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The crucial presentation is scheduled for February 26, where all candidate cities will lay out their cultural visions and strategic plans. The following day, February 27, the Ministry of Culture will announce which cities advance to the final selection phase. Established in November 2022, Organisation Lemesos 2030 operates as an independent body under the Limassol Municipality, leading the charge in securing the title and, if successful, implementing the long-term cultural strategy through 2030.

The initiative seeks to redefine and reinvigorate Limassol’s cultural identity while tackling pressing urban challenges shared by many European cities. Through extensive public engagement, including surveys and data collection, the organization has been mapping the city’s artistic landscape—assessing the needs of cultural institutions, creative groups, and individual artists. These insights are shaping the bid book, which will lay the groundwork for a sustainable cultural strategy that extends beyond the competition.

To ensure a comprehensive understanding of Limassol’s cultural ecosystem, the initiative has launched two surveys: one targeting registered associations, organizations, and informal groups, and another designed for individual artists. Those involved in both institutional and independent artistic activities are encouraged to complete both questionnaires, enabling a more detailed and inclusive cultural mapping of the city.

As Limassol’s bid enters its final phase, the city stands on the brink of a transformative cultural journey—one that could redefine its role as a European cultural powerhouse for years to come.

Forbes Middle East has unveiled its much-anticipated 2025 ranking of the region’s top businesswomen, spotlighting influential leaders reshaping industries and driving meaningful transformation. The list was based on business size, individual accomplishments, leadership impact, and corporate social responsibility initiatives.

Top Spot For Hana Al Rostamani

For the third consecutive year, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (UAE’s largest bank by assets), claims the top position. In addition to retaining her position in the Forbes Middle East ranking, she was also featured on Forbes’ 2024 list of the World’s Most Powerful Women, securing the 60th position globally. Under her leadership, the bank achieved an impressive $3.5 billion in net profits and $334.8 billion in assets in the first nine months of 2024.

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Rising Stars In The Top 10

Shaikha Khaled Al Bahar of NBK Group and Shaista Asif, cofounder and Group CEO of PureHealth Holding, take the second and third spots respectively, completing the top three.

The top 10 remains largely unchanged from last year, with Tayba Al Hashemi of ADNOC Offshore, Alisha Moopen of Aster DM Healthcare GCC, and Suzanne Al Anani of Dubai Aviation Engineering Projects (DAEP) making their debut in the top 10. In total, 27 new leaders have joined the list this year.

A Diverse And Powerful Group Of Women

This year’s list features 100 women from 32 sectors and 29 nationalities, underlining the diversity of talent driving the region’s progress. The banking and financial services sector leads with 25 entries, followed by healthcare and technology with nine each, and venture capital with five. Remarkably, 40% of the top 10 women are from the banking and financial services sector. Notably, Shaista Asif (PureHealth Holding) and Alisha Moopen (Aster DM Healthcare GCC) are the only non-Arab women in the top 10.

UAE Leads With 46 Leaders

The UAE continues to dominate, with 46 of the women on the list hailing from the country, solidifying its status as a global business hub. Egypt follows with 18 influential women, and Saudi Arabia claims nine entries. Egyptians lead in representation, followed by Emiratis and Lebanese women.

Empowering Women Through Initiatives

Several of the leaders have focused on upskilling and creating opportunities for women. Susana Rodriguez Puerta launched the ‘sAIdaty’ initiative in collaboration with the Dubai Business Women Council, aimed at providing 500 female council members in the UAE with AI skills. Similarly, Lamia Tazi of SOTHEMA collaborated with the Foundation for Research, Development, and Innovation in Science and Engineering to provide scholarships to PhD students from low-income backgrounds.

Click here for the full list.

The UAE has officially launched the first phase of its Blue Visa system, granting 10-year residency permits to individuals who have made outstanding contributions to environmental protection and sustainability. The announcement was made during the World Governments Summit (WGS) 2025 in Dubai on February 11–13.

Aimed At Sustainability Advocates

The Blue Visa targets environmental champions, including NGOs, international organizations, award winners, and activists who have significantly contributed to sustainability. The first recipients of the visa will include 20 thought leaders and innovators in the field of sustainability, as confirmed by the UAE Ministry of Climate Change and Environment and the Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP).

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How To Apply For The Blue Visa

This new visa offers 10-year residency to individuals who have demonstrated exceptional dedication to environmental causes. Eligible applicants include members of international organizations, global award winners, and environmental researchers or activists. Applicants can apply directly to the ICP or be nominated by the appropriate authorities in the UAE.

The Blue Visa will be granted electronically, with applications submitted through government agencies working in the sustainability sector, following the ICP’s approved procedures. The system, activated during the first phase, is an extension of the Golden and Green Residency programs.

Strengthening UAE’s Global Sustainability Role

Dr. Amna Bint Abdullah Al Dahak, UAE’s Minister of Climate Change and Environment, emphasized the country’s commitment to becoming a global sustainability leader. She noted that the Blue Visa initiative aligns with the UAE’s vision of attracting innovators and environmental leaders to achieve ambitious national sustainability goals.

Continuous Access To Blue Visa Services

Major General Suhail Saeed Al Khaili, ICP’s director-general, announced that eligible individuals will have 24/7 access to the Blue Visa service through the ICP’s website and mobile app, subject to the established terms and conditions.

This initiative marks another significant step in the UAE’s sustainability journey, continuing its efforts to build a more sustainable future for its citizens and the world.