Amazon has announced a major investment in three new renewable energy initiatives across Greece, boosting its commitment to sustainable energy sources. These projects bring the total number of power purchase agreements (PPAs) Amazon has signed in the country to eight, aligning with the company’s broader climate goals as part of its Climate Pledge initiative. The pledge includes achieving net-zero carbon emissions across all its operations by 2040.

The latest projects, with a combined capacity of 657 MW of carbon-free energy, are expected to power around 330,000 households in Greece. Thanasis Patsakas, Country Manager for Greece at Amazon Web Services (AWS), stated, “Amazon is dedicated to driving the transition to carbon-free energy not just for our operations, but for the communities where we serve our customers. We’re proud to have secured eight wind and solar energy deals in Greece, positioning Amazon as the top corporate buyer of renewable energy in both Greece and Europe by 2024.”

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Among the recent agreements are the Elzet solar farm and Menelou wind farm, both owned by Portugal’s Greenvolt. Located in Thessaly and Western Greece respectively, these projects are part of a broader strategy to bolster the region’s renewable energy capabilities. The Hellas Green solar farm, developed by Luxcara, adds to this momentum in Western Macedonia.

Minister of Environment and Energy, Theodoros Skylakakis, praised Amazon’s ongoing investments in Greece, highlighting the importance of renewable energy sources for the country’s energy transition. “Greece holds a natural advantage in renewable energy, and Amazon’s continued investment is a catalyst for achieving our national energy goals,” Skylakakis noted. “Such initiatives not only provide environmental benefits but also create new jobs and offer affordable electricity to local households.”

Looking ahead, Amazon has also committed to additional projects, including the Vermi wind farm in Macedonia and wind farms in Peloponnese’s Mesokorfi and Koukouras areas, which are expected to begin operations in 2026.

In a move raising eyebrows across Washington, Elon Musk’s Department of Government Efficiency (DOGE) has been granted access to the federal payment system, which handles trillions of dollars in government funds annually, according to US media reports.

While DOGE is not an official agency but a team within the administration, sources suggest the group now has access to sensitive personal data of millions of Americans, raising concerns about privacy and oversight.

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The situation reportedly led to a standoff at the United States Agency for International Development (USAID), where two officials were placed on leave after resisting DOGE’s efforts to access critical government systems.

The White House and Treasury Department have yet to comment. Just days after President Donald Trump announced the formation of DOGE, the team has spread across federal agencies with the goal of slashing government spending.

Musk, who helped establish the team, has enlisted support from allies in Silicon Valley and his private companies. This has created turbulence at agencies like the Treasury Department and USAID—two entities Musk has criticized on social media. On X (formerly Twitter), Musk called USAID “evil” and accused Treasury officials of “breaking the law every hour of every day,” further stoking controversy.

The Treasury division involved in these changes handles critical federal payments, including Social Security, government salaries, and money allocated by Congress—totaling nearly $6 trillion.

The controversy also extends to USAID, which distributes billions in aid. The agency’s website went offline, and its X account appears to have been deactivated. Reports claim DOGE members sought access to a classified facility, a SCIF (Sensitive Compartmented Information Facility).

Meanwhile, the broader federal workforce faces changes under Trump’s administration. Executive orders have sparked confusion, with employees receiving instructions to report colleagues allegedly disguising diversity efforts and encouraged to take paid resignations, leading to unease.

In response, many agencies, including the CDC, have removed references to diversity and inclusion and LGBTQ+ content from their websites, resulting in broken links, including those on LGBTQ+ health and mpox vaccines. While supporters argue diversity programs address historical inequalities, critics claim they can create new forms of discrimination, intensifying the debate.

Deputy Minister of Research, Innovation, and Digital Policy, Dr. Nikodemos Damianos, is set to visit Athens on Monday evening for high-level discussions on digital governance with his Greek counterpart, Minister of Digital Governance Dimitris Papastergiou. The meeting, scheduled for Tuesday, will focus on advancing digital transformation efforts and strengthening bilateral cooperation.

Key Discussion Points

The agenda will include:

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• The interconnection of Cyprus’ “Digital Citizen” application with Greece’s “Gov.gr Wallet”, aims to enhance digital accessibility and cross-border interoperability.
• Joint initiatives in digital governance, with an emphasis on optimizing e-government services, sharing best practices, and leveraging innovative technologies to streamline public administration.

Additionally, officials from both countries will engage in a series of meetings to exchange expertise and explore new solutions for delivering high-quality digital public services. Special attention will be given to process simplification and system interoperability, ensuring smoother and more efficient digital experiences for citizens.

The European Union is prepared to engage in a constructive dialogue with the United States while maintaining a firm stance against any unfair or arbitrary targeting, European Commission President Ursula von der Leyen stated at a press conference following the informal European Council meeting in Brussels. The summit, which focused on defense and transatlantic relations, underscored the EU’s commitment to cooperation but also its readiness to act if necessary.

Strengthening Transatlantic Cooperation

Addressing reporters, von der Leyen stressed that transatlantic cooperation remains a high priority, especially in the face of evolving geopolitical uncertainties. “We all know that much is at stake,” she remarked, emphasizing the need for a pragmatic and realistic partnership with Washington.

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“We discussed how to strengthen a very realistic cooperation with the US,” she noted, adding that the EU remains open to dialogue but is also prepared for potential challenges in its relationship with Washington.

“If the EU is targeted unfairly or arbitrarily, we will respond decisively,” she affirmed, signaling a firm stance against any economic or political measures that could disproportionately impact Europe.

Concerns Over US Tariffs

Von der Leyen also addressed US trade policies, particularly tariffs imposed on Mexico, Canada, and China. She criticized these measures, stating that “nothing positive comes out of this.”

“Tariffs increase business costs, harm workers and consumers, create unnecessary disruptions in the economy, and drive up inflation,” she explained, highlighting the potential negative ripple effects on global trade.

The EU’s Strategy Moving Forward

Despite potential tensions, the European Commission President reaffirmed the EU’s commitment to “productive discussions” with the US, stressing that dialogue must be conducted “in a timely manner.”

At the same time, von der Leyen emphasized the need for Europe to focus on its own economic resilience. “We have to do our job and focus on our own challenges—boosting and improving our competitiveness,” she stated, reinforcing the EU’s strategy of strengthening internal economic foundations while navigating external uncertainties.The message from Brussels is clear: the EU remains committed to collaboration with the US but will not hesitate to defend its interests if necessary. As global economic and political landscapes continue to shift, the strength of transatlantic relations will be tested in the months ahead.

The European Central Bank (ECB) and the Federal Reserve (Fed) are taking different approaches to interest rate cuts in 2025 as their economies follow distinct paths. While the Eurozone faces sluggish growth, prompting the ECB to ease monetary policy, the Fed remains cautious due to a resilient U.S. economy and ongoing trade policy uncertainties.

Fed Holds Rates Amid Policy Uncertainty

The Fed maintained its policy rate at 4.25%-4.50%, marking its first pause since it began cutting rates last year. The decision reflects the central bank’s careful approach amid complex economic conditions.

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A key change in the Fed’s statement was its upgraded assessment of the labor market, now seen as “stabilized.” Inflation was described as “somewhat elevated,” though Chair Jerome Powell downplayed this revision. Powell emphasized that the Fed is not in a rush to cut rates but remains open to adjustments based on labor and inflation data. However, he avoided addressing questions on tariffs, which remain a major inflationary wildcard.

Markets reacted with mixed signals, balancing the Fed’s official stance with Powell’s more dovish tone. The Fed’s next steps depend on how trade policies evolve under the new administration, particularly as tariffs and tighter immigration policies could keep inflation elevated.

ECB Cuts Rates To Support Growth

In contrast, the ECB reduced its key policy rate by 25 basis points to 2.75%, reaffirming its data-driven approach while signaling further rate cuts. The bank aims to reach its estimated neutral rate of 2%, though weak economic indicators suggest it may need to ease further.

Recent data supports this stance:

• Q4 GDP growth stagnated at 0.0%, missing the ECB’s 0.2% projection.
• Headline and core inflation ended Q4 lower than expected, though ECB President Christine Lagarde noted lingering wage and supply chain pressures.
• The Bank Lending Survey showed tightening credit conditions, reflecting banks’ growing risk concerns.

Looking ahead, the ECB is expected to continue cutting rates aggressively until reaching 2%, then shift to a more gradual pace. Some analysts predict a further drop to 1.5% by year-end if trade tensions persist.

Both central banks’ policies hinge on global trade developments. The Fed remains cautious, awaiting clarity on President Trump’s tariff strategy, which could drive inflation and supply chain disruptions. Meanwhile, the ECB’s easing cycle may be influenced by trade frictions affecting European exports and business sentiment.

As trade policies unfold, the Fed and ECB remain on diverging paths—one in wait-and-see mode, the other pushing ahead with rate cuts.

The retail sector in Cyprus continued its upward trajectory in 2024, with both turnover value and volume registering solid gains. According to the latest data from CySTAT, the Turnover Value Index of Retail Trade for December 2024 increased by 5.8% compared to the same month in 2023, reflecting a strong performance during the crucial holiday shopping season.

At the same time, the Turnover Volume Index of Retail Trade—which measures the actual quantity of goods sold—grew by 3.6% year-over-year, signaling sustained consumer demand despite economic fluctuations.

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Full-Year Performance: Consistent Growth In Value And Volume

For the entire January-December 2024 period, the Value Index recorded an estimated 5.4% increase compared to 2023, while the Volume Index rose by 4.3%. These figures suggest a healthy expansion in the country’s retail sector, supported by steady consumer spending and an improving economic landscape.

December’s growth aligns with broader annual trends, reinforcing the resilience of Cyprus’ retail market. While rising costs and global economic uncertainties have impacted various sectors, retail businesses in Cyprus have maintained a strong performance, benefiting from increased purchasing power and evolving consumer habits.

As 2025 unfolds, the sector’s ability to sustain this momentum will depend on factors such as inflation trends, wage growth, and broader economic stability. For now, Cyprus’ retail industry remains on solid footing, demonstrating consistent expansion across both value and volume metrics.

Card payments have solidified their position as the preferred method of cashless transactions in Cyprus, significantly surpassing the euro area average, according to the latest data from the Central Bank of Cyprus (CBC). The bank’s Payment Statistics report for the first half of 2024 underscores the growing reliance on payment cards for everyday transactions across the island.

Cyprus Leads In Card Payment Adoption

In terms of transaction volume, card payments accounted for an impressive 73% of non-cash payments in Cyprus, compared to the 56% average in the euro area. This widespread adoption highlights the country’s shift toward digital payments, making it the most commonly used payment method.

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However, when measured by transaction value, credit transfers dominated, representing 81% of the total non-cash payment value in Cyprus. Cheques followed in second place, accounting for 8% of transaction value, reaffirming their continued relevance in high-value financial transactions.

Spending Trends: Small Purchases On Cards, Big Transactions Via Transfers

While card payments were the most frequently used method, their average transaction value stood at €62, reflecting their role in everyday purchases. In contrast, credit transfers averaged €4,038 per transaction, while cheques had an average value of €3,498—notably, more than three times higher than the euro area’s average of €1,129.

Interestingly, Cypriots demonstrated a strong preference for making high-value card transactions remotely, rather than in-store. The average value per online card payment using Cyprus-issued cards reached €119, one of the highest figures in the euro area.

Contactless Payments And Financial Services Expansion

Cyprus has also embraced contactless technology at an accelerated pace. Over 75% of ATMs in the country now support contactless withdrawals, significantly ahead of the 30% average across the euro area. This adoption reflects a broader shift towards seamless, digital-first payment experiences.

Meanwhile, the number of licensed payment and electronic money institutions in Cyprus continues to rise, reaching 38 as of mid-2024. This upward trend positions Cyprus among the euro area’s leaders in financial services density per capita, reinforcing its role as a regional hub for fintech and digital payments.

With card payments continuing to gain traction and a robust financial services ecosystem in place, Cyprus is poised to maintain its leadership in digital payments and cashless transactions well into the future.

Fitch Ratings has affirmed Saudi Arabia’s credit rating at A+ with a stable outlook, attributing this to the Kingdom’s strong fiscal and external balance sheets.

Saudi Arabia’s Credit Rating

Fitch highlighted Saudi Arabia’s robust government debt/GDP ratio and sovereign net foreign assets (SNFA), which are significantly stronger than the ‘A’ and ‘AA’ medians. The agency also emphasized Saudi Arabia’s fiscal buffers, including deposits and other public-sector assets.

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While acknowledging improvements in oil dependence, governance indicators, and vulnerability to geopolitical risks, Fitch noted these remain relative weaknesses. The agency also praised the wide-reaching social and economic reforms under Vision 2030, which are helping diversify the Kingdom’s economy.

Fitch forecasts that Saudi Arabia’s SNFA will reach 63.7% of GDP in 2024-2025, well above the ‘A’ median of 8.7%. The agency noted that fiscal reforms aimed at reducing oil price volatility’s impact could further enhance the Kingdom’s rating. Fitch also expects strong growth in non-oil exports, particularly in the travel sector, which will contribute to reducing the services balance deficit.

Saudi Economy

Saudi Arabia’s economy grew by 1.3% in 2024, largely driven by a 4.3% rise in non-oil activities and a 2.6% increase in government activities, according to the General Authority for Statistics (GASTAT). However, the oil sector contracted by 4.5%.

In Q4 2024, real GDP growth surged to 4.4% year-on-year, the highest quarterly growth in two years. Non-oil activities led this growth, with a 4.6% rise, while the oil sector grew by 3.4%. Government activities increased by 2.2%.

The non-oil private sector showed strong growth in December, supported by domestic demand and a surge in exports, despite a slight moderation in overall growth. The Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) dropped to 58.4 in December from a 17-month high of 59 in November, signaling continued expansion.

Outlook and Inflation

Saudi Arabia has revised its GDP growth forecast for 2025 to 4.6%, down from 5.7%, with the 2026 forecast lowered to 3.5%. Inflation in 2024 remained between 1.5% and 2%, largely driven by rising housing rents, and is expected to stabilize at around 2% in the medium term, according to the IMF.

Cairo-based venture capital firm Foundation Ventures has successfully raised $25 million for its second fund, FVFII, aimed at supporting early and growth-stage startups in Egypt.

Key Highlights

The new fund has attracted key investors such as the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and businessman Onsi Sawiris.

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FVFII targets early- and growth-stage Egyptian startups with plans for regional and global expansion. While the primary focus is on Egypt, the fund will also allocate capital to high-potential startups across Africa. It plans to invest in ventures with initial ticket sizes ranging from $750,000 to $1 million.

The fund’s strategy is theme-driven, rather than sector-specific, ensuring flexibility in investment decisions while maintaining a primary focus on the Egyptian market and secondary opportunities in Africa.

Foundation Ventures’ Growth

Foundation Ventures launched its first fund, FVF1 Vintage, in 2019. The firm is led by Mazen Nadim, managing partner, with partners Omar Barakat and Ziyad Hamdy. The company also has a strategic partnership with HOF, a US-based VC firm managing over $1.5 billion in assets under management, serving as a General Partner.

The firm’s portfolio includes promising startups such as Rabbit, Flextock, Swypex, Aydi, Trella, and Abwaab.

Opportunities In Egypt’s Startup Landscape

Nadim noted that Egypt’s devalued currency offers a unique opportunity for startups to leverage the country’s skilled tech talent while positioning Egypt as a cost-efficient testing ground for new ventures.

In 2024, Egypt attracted $334 million across 84 deals, with the fintech sector leading with $237 million invested across 17 fintech startups, according to Wamda and Digital Digest. The logistics sector secured $23.5 million, while e-commerce raised $22.5 million.

Most of the capital came from local investors, with Saudi investors following closely behind. Notable recent investments include a $13 million funding round for Simplex, a CNC machine manufacturing startup, and $22 million raised by Paymob in a Series B extension round, bringing its total Series B funding to $72 million.

Sales of luxury homes in Dubai valued at over $10 million surged to a record 435 transactions in 2024, slightly surpassing the previous year’s total of 434, as reported by global property consultant Knight Frank.

Q4 Drives Record-Breaking Sales

The substantial growth in 2024 can be attributed to a robust performance in the final quarter, where 153 luxury homes were sold, setting a new record for quarterly sales.

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Palm Jumeirah remained the standout location for high-end property sales, accounting for 127 deals or 29% of the total. This area alone generated $2.3 billion in sales, making up 32.5% of the total value of Dubai’s luxury home market.

Other Key Luxury Areas

Palm Jebel Ali followed with 36 luxury property transactions in 2024, with the first homes in this area expected to be completed by 2027. In terms of transaction value, Emirates Hills secured second place, with sales totaling $514.5 million, or 7.3% of the market.

Jumeirah Bay Island, District One, and Dubai Hills Estate rounded out the top five locations, contributing 6.7%, 6.6%, and 6.2% to the luxury market, respectively.

Villa Demand Fuels Market Growth

Villas made up 68.5% of all luxury property sales in 2024, up from 52% in 2022 and 2023. This growth was primarily driven by increasing demand from international high-net-worth individuals.

More than half (52%) of luxury home sales took place in the primary market, with major developers such as Omniyat, Nakheel, and Emaar Properties accounting for 46% of these transactions.

A Slight Dip In High-End Listings

The report also revealed a 40% decrease in the number of homes listed above $10 million, with only 2,490 properties available in 2024, compared to 4,120 in 2023.

Faisal Durrani, Partner and Head of Research for MENA at Knight Frank, commented on Dubai’s growing appeal: “The city’s magnetic attraction is evident in its population growth, which reached over 3.8 million, increasing by 170,000 or 4.6% during 2024. This growth continues to fuel housing demand across all price ranges.”

Dubai Real Estate Market Performance

The Dubai Land Department recently reported that the emirate’s real estate sector achieved a total value of $207.2 billion (AED 761 billion) in 2024, marking a 20% year-on-year increase. The number of real estate deals reached a record 2.7 million, which includes sales and rental agreements, up 17% from the previous year.

Real estate transactions alone amounted to 226,000, reflecting a significant 36% rise compared to 2023.

Abu Dhabi’s Strong Growth

Meanwhile, Abu Dhabi’s real estate market also saw impressive growth in 2024, with transaction values rising by 10.5% to $26.2 billion (AED 96.2 billion). The number of transactions surged by 24.2% year-on-year to reach 28,249.

Leading Real Estate Players

Emaar Properties from Dubai and Aldar Properties from Abu Dhabi were the region’s top revenue-generating real estate companies, with Emaar reporting $6.5 billion and Aldar $4.5 billion for the first nine months of 2024.

This continued strong performance reflects a thriving luxury real estate market in the UAE, attracting international investors and contributing to the broader growth of the region’s economy.