Industrial production in Cyprus declined by 4.9% in November 2024, with the Industrial Production Index dropping to 102.7 units (base 2021=100), according to data released by the Cyprus Statistical Service on Thursday.

A major contributing factor to the decline was a 44.2% drop in the manufacturing of non-metallic mineral products, largely impacted by a strike in the ready-mix concrete sector that lasted from early November to early December.

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Manufacturing And Mining Suffer, Utilities Show Growth

The manufacturing sector recorded a 6.1% year-on-year decline in November, while mining and quarrying saw an even sharper contraction of 23.6%. Conversely, some industries posted gains, with water supply and materials recovery increasing by 11.4%, and electricity supply rising slightly by 0.7%.

Within manufacturing, the strongest growth came from machinery and equipment production, including motor vehicles and transport equipment (up 13.7%), rubber and plastic products (up 7.5%), and electronic and optical products (up 6.9%).

However, significant downturns were observed in non-metallic mineral products (down 44.2%), paper products and printing (down 18%), and furniture manufacturing and machinery repair/installation (down 14.4%).

Year-to-Date Performance Shows Overall Growth

Despite November’s decline, industrial production for the period January–November 2024 remained positive, registering a 2.8% increase compared to the same period in 2023.

The most notable year-to-date growth was recorded in water collection, treatment, and supply (up 22.8%), electronic and optical products manufacturing (up 12.2%), and machinery and transport equipment production (up 9.9%). Mining and quarrying, which showed a steep drop in November, still recorded an 8% increase over the 11 months.

On the downside, paper products and printing (down 11.7%), non-metallic mineral products (down 4.9%), and textiles, apparel, and leather goods manufacturing (down 4.5%) were among the hardest-hit industries.

Cyprus is set to reach a major milestone in 2027, as it prepares to transport its first natural gas, Minister of Energy, Commerce, and Industry George Papanastasiou said on Thursday.

Following a meeting with trade union SEK, Papanastasiou highlighted the significance of the upcoming agreement with Egypt, which President Nikos Christodoulides will personally underscore during his visit to the neighboring country.

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“The signing of agreements that will commercialize Cyprus’ natural gas is a crucial step forward,” the minister stated. He noted that while discussions have long focused on exploration and reserves, the next and most critical phase—exporting gas to international markets—is now underway.

“These agreements will define how the gas reaches global markets. This process involves Egypt as the host country, the companies that have invested in the deposits, and, of course, the Republic of Cyprus, which is eager to bring its natural gas to the market,” he explained.

SEK Union Secretary General Andreas Matsas emphasized that the deal also holds strategic importance for the European Union in its push for energy independence.

Papanastasiou further stressed that revenues from natural gas and other investments will ultimately flow back into Cyprus’ economy, reinforcing the country’s financial stability and growth.

The Central Bank of Cyprus (CBC) has set the official reference interest rate at 11.50%, exercising its authority under Article 314A of the Cyprus Criminal Code, Cap. 154.

This regulation places strict limits on lending practices, prohibiting individuals or entities from charging interest or receiving financial benefits above the set threshold when granting, extending, renewing, or discounting loans. Violating this cap is considered a criminal offense and carries significant legal consequences.

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Those found guilty of exceeding the reference interest rate could face penalties of up to five years in prison, a fine of €30,000, or both, according to the CBC’s announcement.

The Middle East is set to witness an unprecedented $1 trillion transfer of wealth by 2030, with High Net Worth individuals (HNWIs) in the UAE experiencing significant growth in assets, which have surged by 20% since 2022 to hit $700 billion. This historic wealth transition is made all the more complex by the increasingly diversified nature of assets, which now encompass everything from traditional real estate and investments to digital assets like cryptocurrency.

Emerging digital technologies such as artificial intelligence (AI), blockchain, smart contracts, and tokenization are offering promising solutions to streamline and secure this generational wealth transfer, addressing the rising demand for transparency and efficiency in asset distribution. According to Mohammad Alblooshi, CEO of DIFC Innovation Hub, “We are at the crossroads of a monumental generational wealth shift in the Middle East, at a time when wealth portfolios are increasingly complex.”

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Increased Complexity In The Inheritance Process

Despite the potential of new technologies, the wealth transfer process remains incredibly complicated. A recent report from DIFC Innovation Hub, Julius Baer, and Euroclear reveals that only 24% of HNWIs have comprehensive estate plans in place. Many families are overwhelmed by the task of managing diverse assets and the allocation process, with over half of them citing the challenge of organizing wealth across large families as too time-consuming and complex.

Historically, inheritance was limited to physical assets like land or gold, but today’s wealth is spread across multiple asset classes, including real estate, investments, art, and even crypto. The changing nature of wealth demands a corresponding evolution in the processes that support it, creating the need for a new ecosystem to manage this growing complexity.

Human Factors Hampering Wealth Transfer

The wealth transfer system, however, faces significant barriers due to human challenges. A substantial 73% of wealth holders are reluctant to engage in discussions about legacy planning, even with their most trusted advisors, which can delay or complicate wealth transfers. Over half of all wealth transfers face delays due to insufficient preparation, legal hurdles, and probate processes that can extend up to 12 months. This often results in wealth being temporarily inaccessible, subjected to legal scrutiny, and incurring hefty fees, which weakens the financial legacy passed on to future generations.

Digital Technology As A Key To Preserving Wealth

To address these challenges, wealth managers in the Middle East must rethink how they approach the transfer of assets. Digital innovations, particularly blockchain and AI, are beginning to reshape the inheritance landscape by offering greater visibility, faster transfers, and fewer obstacles. As Alireza Valizadeh, CEO of Julius Baer Middle East, explains, “The onset of digital assets calls for a new approach to legacy management that promotes readiness and reduces friction.”

The Role Of Regulation In Building Trust

For these new technologies to gain widespread acceptance, regulatory support will be crucial. A unified approach between wealth managers, service providers, and regulators will help build a secure, scalable wealth transfer platform that not only protects assets but ensures equitable distribution, securing long-term financial stability for future generations.

As the Middle East moves toward a digital-driven future, these advancements will play a pivotal role in preserving wealth across generations.

Abu Dhabi’s Khalifa University of Science and Technology continues to make waves on the global academic stage, securing top spots in the latest Times Higher Education (THE) World University Rankings by Subject for 2025. The university’s engineering program has climbed into the prestigious 126-150 range, while its Computer Science and Physical Sciences programs have both made impressive strides, now positioned within the 176-200 band. These results mark a major milestone for the institution, reaffirming its position as a key player in the UAE’s rapidly advancing educational landscape.

Khalifa University’s commitment to academic excellence is evident not only in its impressive subject rankings but also in its rapid ascent in global university rankings. For the first time, its Computer Science program has broken into the 176-200 range, while Physical Sciences also saw an uplift. Prof. Ebrahim Al Hajri, President of Khalifa University, expressed the institution’s pride in these results, saying, “This recognition validates our dedication to excelling across all academic disciplines, aligning with the UAE’s broader vision to lead globally in education and research.”

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The university’s remarkable rise doesn’t stop there. In 2024, Khalifa University was ranked 27th globally in the THE Young University Rankings, a leap of 22 positions from the previous year, making it the top-ranked university in the MENA region. These rankings, which assess universities aged 50 years or younger, highlight Khalifa’s fast-growing influence and its ability to compete with global academic heavyweights.

Khalifa University’s ascent in the Asia University Rankings for 2024 is equally noteworthy, having moved up five spots to claim the 40th position in Asia and the number one spot in the UAE. Furthermore, it ranks second among Arab universities in this category. The institution’s growth reflects its continuous efforts to enhance its academic offerings and foster an environment of innovation and collaboration. The university boasts three highly regarded colleges—the College of Engineering and Physical Sciences, the College of Computing and Mathematical Sciences, and the College of Medicine and Health Sciences—alongside 12 Core Research Centres, all of which contribute to its expanding academic footprint.

In a further testament to its excellence, Khalifa University’s Petroleum Engineering department was ranked 8th globally in the 2023 QS World University Rankings by Subject for Engineering and Technology. The department is known for its forward-thinking curriculum that combines the fundamentals of petroleum engineering with a focus on the business processes critical to field development and operations. Additionally, Khalifa’s Electrical and Electronics Engineering program ranks 99th globally, securing its place among the top 100.

As Khalifa University continues to break new ground, it solidifies its role as a key institution shaping the future of higher education, not only in the UAE but on the global stage.

James Dyson, one of the UK’s leading entrepreneurs, has strongly criticized the Labour government’s new tax policies, accusing them of harming family businesses and costing the nation billions in tax revenues. In a letter to The Times on Monday, Dyson claimed that Chancellor of the Exchequer Rachel Reeves’ recent changes to inheritance tax will destroy family businesses, calling it an attack on the very foundation of British enterprise.

Dyson’s objections are specifically directed at Reeves’ decision, announced in the Autumn budget, to end the exemption of family businesses from inheritance tax starting in April next year. The measure, aimed at generating £500 million ($624 million) for government funds, will require family businesses and farmers with assets worth over £1 million to pay a 20% inheritance tax, half the 40% rate imposed on other estates.

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However, Dyson argues that family businesses will effectively face the full 40% tax rate due to the mechanism used to fund the payment—dividends, which themselves are subject to additional taxation. He expressed frustration at the government’s apparent focus on British family businesses, claiming that private equity firms and publicly listed companies are not affected by these changes. Dyson posed a pointed question in his letter: “Why this vindictiveness only towards British families?”

As Reeves faces mounting challenges—including rising borrowing costs and sluggish economic growth—Dyson’s comments have added to the growing debate over Labour’s fiscal strategy. The party has justified the need for tax increases as a necessary step to stabilize public finances and support vital public services, but critics argue that these measures could have severe consequences for the backbone of the UK’s economy.

According to the latest Eurostat data, Cyprus has experienced a notable decline in online learning participation, with the percentage of internet users engaging in online courses or using online learning tools falling in 2024. The drop comes at a time when the EU average saw an increase in online learning engagement.

In 2024, only 11% of internet users in Cyprus reported having participated in an online course or used online learning resources in the past three months. This marked a 5 percentage point decline compared to 2023, when 16% of users engaged with such educational tools. As a result, Cyprus ranked as the second-lowest in the EU for online learning participation, ahead of Romania, which recorded just 10%.

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Across the EU, the trend was more positive, with 33% of internet users engaging in online learning activities, up from 30% in 2023. Among EU member states, the highest participation rates were seen in Ireland (61%), the Netherlands (59%), and Finland (53%).

When looking at specific types of online learning, 18% of EU internet users took an online course in 2024, with the highest levels of participation seen in Ireland (36%), Finland (32%), and Spain (32%). Additionally, 29% of users accessed online learning materials, particularly in the Netherlands (53%), Ireland (52%), and Finland (46%).

In Cyprus, about 10% of internet users took an online course, and another 10% used online learning materials, reflecting the broader trend of relatively low engagement compared to other EU nations.

In a bold move to combat rising energy costs and strengthen energy security, Cyprus President Nikos Christodoulides has announced new government grant schemes for energy storage systems aimed at both businesses and households.

The initiative is designed to reduce electricity costs by promoting the use of energy storage technologies and increasing the share of Renewable Energy Sources (RES) in the national energy mix. Christodoulides emphasized that this move is part of broader efforts to enhance energy security across the island.

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During the presentation of the Government’s Annual Programme for 2025 on 29 January, the President revealed that the government is launching the “Photovoltaics for All” scheme, targeting small businesses. This initiative is set to play a key role in encouraging businesses to invest in solar energy solutions, thus lowering their energy bills. Additionally, the competitive electricity market is expected to open fully, giving consumers more choice and flexibility.

The government is also making significant strides to improve Cyprus’ energy infrastructure, with the Liquefied Natural Gas (LNG) terminal at Vasilikos near completion. This project is expected to reduce the reliance on conventional electricity generation methods and help lower overall electricity costs.

Looking further ahead, the President confirmed that efforts to exploit natural gas reserves in Cyprus’ Exclusive Economic Zone (EEZ) would intensify throughout 2025. Specifically, he announced plans for two new drilling operations at the ‘Elektra’ and ‘Pegasus’ targets. On top of that, President Christodoulides is set to travel to Egypt on 17 February to sign agreements aimed at the commercial development of the ‘Kronos’ and ‘Aphrodite’ gas fields, marking a significant step in Cyprus’ energy strategy.

President Nikos Christodoulides has unveiled an ambitious blueprint for 2025, aiming to turn Cyprus into a model of modern governance, economic prosperity, and regional leadership. With a strong focus on transparency, accountability, and innovation, the President outlined a series of reforms that will reshape the island’s public services, economy, and security landscape.

A Digital Future For Cyprus

At the heart of Christodoulides’ vision for 2025 is a commitment to digital transformation. The government plans to introduce over 80 reforms and 60 new online services aimed at cutting bureaucratic delays, improving efficiency, and enhancing transparency. These measures will span across various sectors, enabling a more streamlined public service that meets the evolving needs of Cypriot citizens and businesses.

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Economic Growth And Business Support

Christodoulides has also placed significant emphasis on economic growth. Despite regional instability, he predicts that Cyprus will continue to experience one of the highest economic growth rates in Europe. The introduction of tax reforms will boost household incomes and support the growth of local businesses, while plans to repay depositors affected by the 2013 financial crisis will provide a much-needed sense of financial security.

Addressing The Cyprus Problem And Regional Security

On the international stage, Christodoulides reaffirmed his commitment to resolving the Cyprus problem through UN-led negotiations. In addition to diplomatic efforts, the President outlined several key initiatives aimed at strengthening the island’s defence capabilities. This includes the expansion of military bases, increased regional cooperation, and the development of advanced defence systems. These efforts aim to position Cyprus as a key player in both European and Middle Eastern security.

A Smarter, Greener Cyprus

In line with his vision for a sustainable future, the President announced several environmental and infrastructure projects that align with Cyprus’s goals for energy independence and climate resilience. The completion of a new natural gas terminal, combined with initiatives to improve water storage and renewable energy usage, will bolster Cyprus’s energy security. Meanwhile, strategic infrastructure investments, including new roads, ports, and marinas, will enhance the island’s appeal as a regional hub for tourism and business.

Reforming Education, Health, And Social Policies

Christodoulides’ plan also includes transformative measures in education, healthcare, and social policy. The introduction of a new teacher evaluation system, expanded school programmes, and a strengthened focus on vocational training will equip young people with the skills needed for the future. In healthcare, efforts will be made to improve state hospital services and introduce a national prevention strategy, with a special focus on children’s oncology care.

Strengthening Migration And Social Cohesion

The government will continue to address migration challenges by improving the integration of legal migrants into society and upgrading reception facilities. Additionally, new initiatives to support vulnerable populations, such as expanded child allowances and pension reforms, will help ensure greater social inclusion and fairness across the island.

Conclusion: A Transformative Year Ahead

Looking ahead to 2025, Cyprus stands poised for a year of profound transformation. With a clear focus on digital progress, economic development, and national security, Christodoulides’ vision aims to position Cyprus as a forward-thinking nation at the crossroads of Europe and the Middle East. The President concluded his speech by emphasizing the importance of collective effort, urging all Cypriots to work together to turn this vision into reality and build a prosperous, secure future for the nation.

Cyprus’ tourism sector saw a significant revenue boost in 2024, with total earnings reaching €3.12 billion in the first 11 months, surpassing full-year 2023 revenues of €2.99 billion. According to data from the Cyprus Statistical Service, this marks a €206 million increase (7.1%) compared to the same period in 2023, reflecting strong visitor spending and a thriving travel industry.

Record-Breaking Growth In November 2024

November emerged as a standout month, posting the largest annual revenue increase of the year. Tourism revenue for the month soared to €138.7 million, a 22% rise from €113.7 million in November 2023.

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The average spending per visitor also climbed, reaching €771.02 in November 2024—an 8.2% increase from €712.63 in the previous year.

Top Tourist Markets And Spending Trends

The United Kingdom remained Cyprus’ largest source of visitors, accounting for 25.9% of all tourists in November 2024, with an average daily spend of €80.58.

• Polish tourists (11.3% of total arrivals) had an average daily expenditure of €88.80.
• Israeli visitors (10.5%) were the highest spenders, averaging €139.80 per day.

Outlook For The Tourism Sector

The robust growth in tourist spending and arrivals underscores Cyprus’ strong appeal as a travel destination, despite global economic uncertainties. With 2024 revenues already exceeding 2023’s full-year figures, the country’s tourism industry is on track for another record-breaking year.