Dubai International Airport (DXB) has once again earned the title of the World’s Busiest International Airport with a total of 60.2 million seats in 2024. This follows its similar achievements in 2023 and 2019, underscoring the UAE’s strategic position in global aviation. DXB’s capacity saw a significant 7% year-on-year growth compared to 2023, as well as a 12% increase over pre-pandemic levels in 2019.

OAG’s report, which calculates the busiest airports based on international airline capacity, placed DXB in the lead, with Atlanta Hartsfield-Jackson International Airport (ATL) coming in second overall when including both domestic and international flights. The rankings highlight DXB’s role in shaping the global aviation sector, aided by the UAE’s efficient infrastructure and positioning as a key air traffic hub.

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Top 10 Busiest International Airports In 2024

Following DXB, London Heathrow Airport (LHR) secured the second spot with 48.4 million seats, marking a 4% increase in capacity from 2023. Seoul Incheon International Airport (ICN) made an impressive leap, moving up four places to claim third with 41.6 million seats, reflecting a 24% capacity growth compared to 2023.

Other notable airports in the top 10 include Singapore Changi (SIN) in fourth place with 41.5 million seats, and Amsterdam Schiphol (AMS) in fifth with 40 million. Istanbul Airport (IST) showed the most substantial growth in capacity among the top 10, increasing by 20% to reach 38.6 million seats, securing sixth place.

Noteworthy Changes In Rankings

Paris Charles de Gaulle (CDG) followed in seventh place with 38.5 million seats, while Frankfurt Airport (FRA) ranked eighth with 35.7 million. Hong Kong International Airport (HKG) had the most significant year-on-year capacity increase in the top 10, up by 40%, although still 23% behind 2019 levels. Qatar’s Hamad International Airport (DOH) rounded out the top 10 with 32.5 million seats, experiencing a 13% increase from 2023.

Global Overview: Top 10 Busiest Airports In 2024 (Including Both Domestic And International Flights)

The busiest airport globally in 2024 was Atlanta Hartsfield-Jackson (ATL), with 62.7 million seats. It maintained its top position from 2023 and 2019, although capacity was up just 2% year-on-year and slightly down from 2019 by 1%. Tokyo Haneda Airport (HND) secured third place with 55.2 million seats, a 5% increase from 2023.

Dallas Fort Worth International Airport (DFW) moved into fifth place, surpassing its pre-pandemic capacity by 18%. Denver International (DEN) saw the highest growth among the top 10, with a remarkable 24% capacity increase, moving it to sixth position.

Shanghai Pudong International (PVG) saw a 29% increase in capacity compared to 2023, largely driven by China’s post-pandemic recovery in air travel, propelling PVG from 15th in 2023 to 9th in 2024.

The rankings of the busiest airports reveal the resilience of global aviation and the recovery of regions like China, while also underscoring the growing importance of airports in the Middle East and North America. With substantial growth expected to continue, these airports will play a pivotal role in the global recovery and expansion of air travel in the coming years.

Google Pay is preparing for its launch in Saudi Arabia in 2025, offering users a secure and convenient way to make payments in stores, apps, and online. This move follows the signing of an agreement between Google and the Saudi Central Bank (SAMA), which will see Google Pay integrated into the national payment system, mada.

The partnership aligns with SAMA’s ongoing initiatives to strengthen the Kingdom’s digital payment ecosystem as part of Saudi Arabia’s Vision 2030. This commitment aims to reduce the reliance on cash and promote the adoption of advanced digital payment solutions that adhere to international standards.

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AI Hub To Boost Saudi Arabia’s Tech Ecosystem

In addition to Google Pay, the tech giant revealed plans in October 2024 to establish an advanced Artificial Intelligence (AI) hub in Saudi Arabia. This move is designed to contribute to the nation’s economic growth and technological advancement, aligning with Vision 2030’s goal to diversify the economy through technology.

The AI hub is expected to generate up to $71 billion for the Saudi economy. This figure highlights the significant potential of advanced AI applications in sectors like healthcare, retail, and finance, not only in Saudi Arabia but across the Middle East, Africa, and beyond. According to Ruth Porat, President and Chief Investment Officer of Google and Alphabet, the hub will fast-track AI integration, particularly in Arabic, to meet the specific needs of the region.

Collaboration With Local Stakeholders To Drive Industry Innovation

The AI hub is the result of collaboration between Google and key stakeholders in Saudi Arabia’s technology and investment sectors. It will focus on developing AI-powered solutions tailored to industries such as oil and gas, finance, healthcare, and logistics, helping to optimize processes and enhance economic resilience.

Yasir Al Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), emphasized that this partnership demonstrates the PIF’s commitment to building a tech-friendly ecosystem, investing in human capital, and equipping Saudi professionals with advanced tools for sustainable development.

Fostering Local Talent And Entrepreneurship

Central to this initiative is the focus on nurturing homegrown talent. The AI hub will offer training programs, research opportunities, and platforms for local developers, researchers, and startups, potentially benefiting millions of people. This ecosystem will not only drive innovation but also foster entrepreneurship, ensuring that economic benefits are felt throughout the Kingdom.

As global tech leaders shift their focus to localized solutions, Google’s initiative exemplifies a forward-looking approach that taps into regional strengths. With the AI hub’s potential to contribute billions to the economy and boost digital capabilities, Saudi Arabia is well-positioned to become a regional leader in AI innovation.

As the New Year has already passed, many had eagerly anticipated a glass of bubbly to ring in the celebrations. However, this year, fewer bottles were available for toast, as production and exports of sparkling wine from the EU saw a sharp decline in 2023 due to the impact of extreme weather on vineyards.

According to the latest Eurostat data, the EU produced 1.496 billion litres of sparkling wine in 2023, a decrease of 8% compared to the previous year. Italy remained the leader in production, contributing 638 million litres, followed by France with 312 million litres and Germany with 263 million litres.

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In terms of exports, the EU shipped 600 million litres of sparkling wine to non-EU countries in 2023, marking another 8% drop. Italy’s Prosecco claimed the top spot in exports, representing nearly half of the total, while French Champagne followed at 15%, Spanish Cava at 10%, and sparkling wines from fresh grapes at 17%.

Climate Change’s Role In Production Decline

One of the key factors behind the production slump is the changing climate. Heavy rains, droughts, and storms, all exacerbated by climate change, are having a direct impact on vineyards, altering the taste of wine and, in some cases, threatening the very existence of certain varieties.

In Italy, extreme weather events and soil degradation have led to reduced grape yields, endangering Prosecco production, which is expected to decline by up to 20%. Similarly, Spain’s Cava is facing challenges from severe droughts, particularly in Catalonia, where many villages depend on water-intensive viticulture. Despite hopes that 2025 will bring more rainfall, major producers are urging the Spanish government to adopt irrigation solutions and other measures to address the growing threat of water shortages.

In response to the region’s chronic water shortages, Catalonia’s regional government has unveiled a €2.3 billion investment plan, set to span until 2040. The plan includes a €200 million seawater desalination plant on the Costa Brava, but financial backing from the Spanish government will be crucial for its success.

China’s economy grew by 5% in 2024, successfully meeting its official growth target of “around 5%” despite ongoing domestic and global hurdles. According to the National Bureau of Statistics, this growth was achieved following a series of stimulus measures introduced late last year, aimed at addressing both internal and external challenges.

A persistent property crisis, now in its fourth year, continues to weigh on the economy, with consumer spending remaining subdued as households prioritize saving amid economic uncertainties. On the global stage, China finds itself at odds with the US on issues ranging from advanced technologies to trade.

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The Chinese government’s efforts, including interest rate cuts, increased liquidity for banks, and a $1.4 trillion debt-swap program for local governments, began showing results in late 2024. Key sectors, such as industrial production, picked up pace as a result. In the final quarter of 2024, China’s GDP surged by 5.4%, exceeding expectations, with President Xi Jinping stressing the importance of hitting the country’s growth target.

Guo Shan, a partner at Hutong Research based in Shanghai, commented, “China’s Q4 data exceeded expectations, positioning the country to meet its annual growth goal.”

Looking ahead to 2025, Guo anticipates that China will aim for another 5% growth target, while Alicia Garcia Herrero, chief Asia Pacific economist at Natixis, notes that growth momentum might carry into the early part of the year. A strong export performance is expected as companies rush to ship goods abroad in anticipation of new tariffs under the incoming Trump administration.

However, Garcia Herrero also highlights the uncertainty surrounding China’s export outlook, which is complicated by rising geopolitical tensions. To further support the economy, the government may roll out additional fiscal stimulus, possibly allocating 1 trillion yuan ($137 billion) for social welfare initiatives and cash handouts to families with children, according to Hutong Research’s Guo.

He adds that Beijing is likely to announce a fiscal deficit target of around 4%, providing more funds for general public spending. “Whichever sector is lagging will likely receive additional support,” Guo says.

The global economy is projected to grow by 2.7% in 2025 and 2026, maintaining the same pace as in 2024, according to the latest report from the World Bank. This steady growth signals a phase of stabilization, with inflation and interest rates expected to gradually decrease.

For developing economies, growth is expected to remain resilient over the next two years, holding steady at around 4%. However, this growth is still constrained compared to pre-pandemic levels, raising concerns about the ongoing challenge of poverty reduction and broader development goals.

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The World Bank highlighted that developing economies, which account for 60% of global growth, are likely to conclude the first quarter of the 21st century with the weakest long-term growth prospects since 2000. The first decade of the century saw remarkable growth, but the aftermath of the 2008 financial crisis, along with other global challenges, has slowed down progress.

Economic integration has weakened, as foreign direct investment (FDI) inflows and GDP share in developing economies are now roughly half of what they were in the early 2000s. Meanwhile, global trade restrictions have surged in 2024, with new barriers reaching five times the average of the 2010-2019 period. As a result, global economic growth has diminished, dropping from 5.9% in the 2000s to 5.1% in the 2010s, and now to 3.5% in the 2020s.

In a statement, Indermit Gill, the World Bank’s chief economist, expressed concern over the future challenges facing developing economies: “The next 25 years will be tougher than the last 25. Most of the factors that once boosted their rise have faded. In their place, we now face tough headwinds: high debt, weak investment, slow productivity growth, and the escalating costs of climate change.”

The report also noted the potential impact of US President-elect Donald Trump’s plan to implement a 10% tariff across a wide range of imports. This could further hinder an already sluggish global economic recovery.

However, there is still hope for stronger-than-expected growth if the world’s largest economies, particularly the US and China, regain momentum.

The increasing importance of developing economies is evident in the shifting global economic landscape. Developing nations now represent 45% of global GDP, up from just 25% in 2000. This growth is largely driven by rapid urbanization, industrialization, and technology adoption in regions like Asia, Africa, and Latin America.

Key factors fueling this expansion include the rise of the middle class, infrastructure development, and an expanding services sector. The World Bank reports that more than 40% of exports from developing economies now go to other developing nations, a significant increase from 20% in 2000. Additionally, these countries are becoming crucial sources of capital flows, remittances, and development aid to others.

M Ayhan Kose, the World Bank’s deputy chief economist, emphasized that developing economies must adopt bold, innovative policies to capitalize on new opportunities for cross-border cooperation amid a landscape shaped by policy uncertainty and escalating trade tensions.

The participation of young people in the global labour market is on a sharp decline, particularly in low-income countries, according to the latest report from the International Labour Organization (ILO). This worrying trend highlights a growing challenge: a generation increasingly disconnected from education, employment, and training.

Key Insights

• Rising NEET Generation: The number of young men classified as part of the NEET generation—neither in education, employment, nor training—has surged, particularly in low-income nations. The ILO reports a 4 percentage point increase in NEET rates among young men in these countries compared to pre-pandemic levels, leaving many vulnerable to economic instability.
  
• Gender Disparities Persist: Despite the challenges young men face, their labour market participation still outpaces that of young women. In low-income countries, over 20% of young men are not working or studying, but this figure climbs to a staggering 37% for young women.
  
• Global Employment Trends: On a broader scale, the global unemployment rate remains steady at 5%, similar to 2023 levels. However, youth unemployment far exceeds this, sitting at 12.6%—underscoring the disproportionate burden on younger generations.
  

Structural Challenges

The ILO report also emphasises a troubling return to pre-pandemic levels of informal employment and “in-work poverty.” These issues, combined with wage growth that has yet to fully offset the erosion of incomes due to inflation, signal persistent vulnerabilities for workers worldwide.

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Economic And Social Risks

The ILO warns that while central banks have managed to reduce inflation without triggering severe contractions in labour markets, further fiscal tightening could lead to significant social unrest. Declining wages and stalled progress on worker protections only exacerbate these risks.

ILO Recommendations

To combat the exclusion of young people from the labour market and address broader workforce challenges, the ILO suggests:

1. Investing in Education and Training: Expanding access to vocational education and upskilling opportunities to bridge the gap between education and employment.
2. Boosting Social Protections: Enhancing safety nets in low-income countries to provide a buffer against economic shocks.
3. Leveraging Diaspora Resources: Mobilising remittances and diaspora funding to spur local development.
4. Developing Infrastructure: Creating job opportunities by investing in infrastructure projects, particularly in underdeveloped regions.

Looking Ahead

As youth unemployment and labour market exclusion continue to rise, the stakes are high for governments, organisations, and international institutions. The ILO’s call to action underscores the urgency of addressing these issues to secure a more inclusive and sustainable economic future.

Meta has announced it will dismantle its diversity, equity, and inclusion (DEI) initiatives, marking a significant retreat from these programs under increasing scrutiny from conservative critics and public pushback.

In a memo sent to employees worldwide, Janelle Gale, Meta’s vice president of human resources, revealed the company’s plans to dissolve its DEI team, discontinue equity-driven hiring and supplier diversity programs, and reorient its approach to workplace inclusion. CNN obtained the memo, the contents of which were later confirmed by a Meta spokesperson.

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“The legal and policy environment around DEI initiatives in the U.S. is evolving,” Gale wrote. “Recent Supreme Court rulings signal a shift in how courts view these efforts, reinforcing principles that discrimination based on inherent traits must neither be tolerated nor encouraged.”

The memo also acknowledged that the term “DEI” has grown increasingly polarizing, with some critics equating it to preferential treatment for certain groups.

As part of this shift, Maxine Williams, Meta’s chief diversity officer, will transition to a new role centred on “accessibility and engagement.” The company is also scrapping its requirement for managers to source candidates from underrepresented groups and discontinuing initiatives to hire minority-owned vendors and suppliers.

“We’re committed to building exceptional teams by attracting the most talented individuals,” Gale explained. “That means considering diverse candidate pools without basing hiring decisions on protected characteristics such as race or gender.” Instead, the company plans to adopt programs that prioritise unbiased and equitable practices for all employees, regardless of background.

A Broader Strategic Repositioning

Meta’s decision to dismantle DEI programs coincides with other controversial shifts at the company that some interpret as aligning with right-leaning ideologies. Earlier this week, Meta announced the end of its third-party fact-checking operations in the U.S. and changes to its policies on hateful content, enabling users to post previously restricted material.

The timing of these moves raised eyebrows as Meta CEO Mark Zuckerberg recently met with President-elect Donald Trump at Mar-a-Lago. While Meta declined to comment on the meeting, Zuckerberg elaborated on his evolving perspective during an appearance on The Joe Rogan Experience.

Zuckerberg reflected on Meta’s trajectory, explaining how his views on free speech have transformed over the past decade. “The essence of social media is empowering people to share what they want,” he stated. “Our mission has always been to connect the world through open expression.”

However, he admitted that external pressures—ranging from the fallout of Donald Trump’s 2016 election victory to demands from the Biden administration during the pandemic—have shaped Meta’s policies.

“In the aftermath of 2016, I think we gave too much weight to voices in the media claiming misinformation was the only reason Trump won,” Zuckerberg said. “That perspective led us down a path where content moderation eroded trust in the platform.”

He also alleged that Meta faced intense pressure from the Biden administration to suppress content it deemed as misinformation during the pandemic, including memes questioning vaccine safety.

Navigating A Shifting Landscape

Meta’s move to step away from DEI reflects a broader cultural reckoning within corporate America, as companies grapple with polarising views on diversity and free speech. Whether this approach will help rebuild trust in the platform or spark further criticism remains to be seen. For now, Meta appears determined to redefine its role in shaping workplace culture and the digital public square.

Diversity, equity, and inclusion (DEI) initiatives, once seen as a cornerstone of workplace transformation, are now facing mounting resistance in boardrooms, state legislatures, and college campuses across the United States. Once lauded for their role in fostering inclusivity and fairness, these programs have become a battleground for ideological and political conflicts.

Since 2023, 81 anti-DEI bills targeting higher education programs have been introduced across 28 states and in Congress, according to the Chronicle of Higher Education. Eight of these have been signed into law in states such as Texas and Florida.

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A 2023 Pew Research Center survey revealed that over half of employed U.S. adults (52%) reported participating in DEI training or meetings at work, with 33% noting the presence of dedicated DEI staff. However, a growing number of companies are dismantling DEI-focused teams, scaling back efforts, and questioning the necessity of such programs.

Prominent figures like billionaire investors Bill Ackman and Elon Musk have publicly criticised DEI, calling it discriminatory. Musk went as far as labelling DEI “another word for racism,” asserting it unfairly prioritises certain groups over others. Tesla, owned by Musk, recently removed all mentions of minority-focused initiatives from its regulatory filings.

What Is DEI, And Why Was It Introduced?

DEI encompasses three key pillars:

• Diversity refers to embracing differences in race, gender, age, religion, sexual orientation, and other identities.
• Equity focuses on fair treatment and equal opportunities.
• Inclusion seeks to create environments where individuals feel valued and empowered to contribute their unique perspectives.

Daniel Oppong, founder of The Courage Collective, explains that DEI programs emerged to address systemic inequalities, particularly in workplaces where marginalised communities often lacked opportunities. “These initiatives aim to create environments where everyone has the chance to thrive,” he said.

A Brief History Of DEI

The roots of DEI can be traced to the Civil Rights Movement and landmark legislation like the Civil Rights Act of 1964, which outlawed workplace discrimination. Over time, these efforts evolved into structured DEI programs.

Yet, the momentum behind DEI has ebbed and flowed. In the 1980s, corporate deregulation led to a decline in diversity initiatives, but the murder of George Floyd in 2020 reignited calls for action. Between 2019 and 2022, LinkedIn data shows the number of Chief Diversity Officer roles skyrocketed by nearly 169%.

However, sustaining these initiatives has proven challenging. Many companies implemented DEI in a “piecemeal” fashion without adequate resources or commitment, leading to burnout among DEI professionals. Dominique Hollins, founder of the consulting firm WĒ360, notes that some businesses prioritised appearances over meaningful change. “It gave the illusion of commitment without the groundwork to sustain it,” she said.

A Shifting Corporate Landscape

Today, even as DEI supporters highlight its importance, many organisations are retreating from these commitments. High-profile layoffs in DEI teams at tech giants and other firms underscore the waning enthusiasm. The post-pandemic economic climate, coupled with political scrutiny, has placed DEI under the microscope.

This rollback doesn’t sit well with all leaders. Billionaire businessman Mark Cuban has defended DEI, arguing that diverse teams are not just ethical but also critical for business success. “The loss of DEI-phobic companies is my gain,” Cuban said.

Higher Education: The New Frontline

Colleges have become a focal point in the DEI debate, with state lawmakers pushing to restrict or eliminate DEI initiatives. For instance, the University of Florida recently disbanded its Chief Diversity Office to comply with state regulations. Critics argue these moves could leave students unprepared for an increasingly diverse workforce.

Ella Washington, a professor at Georgetown University, emphasises the importance of diversity in education: “Colleges are microcosms of the world. Fostering equity and inclusion on campuses teaches the next generation how to lead in a global society.”

What’s Next For DEI?

As DEI programs face growing opposition, questions remain about their future. While some see these initiatives as critical for fostering innovation and inclusivity, critics frame them as politically motivated and divisive.

Despite the growing opposition, workplace support for DEI remains strong. According to a 2024 Ipsos poll, 67% of respondents reported working in organisations that provide DEI training or resources, with 71% affirming that such initiatives are essential for fostering a positive workplace culture.

The road ahead for DEI will likely be turbulent, with companies and institutions forced to balance competing pressures. As Dominique Hollins puts it, “The challenge isn’t whether DEI is needed—it’s whether we’re willing to commit to real, sustainable change.”

Spain’s decision to introduce a 100% property tax on purchases by non-EU residents, announced on 15th January, is poised to alter the dynamics of the real estate investment landscape in Europe. While the move aims to address Spain’s mounting housing crisis, it could inadvertently divert foreign investors to other markets, including Cyprus.

Tackling Spain’s Housing Crisis

The tax, a bold initiative by Spanish Prime Minister Pedro Sánchez, is intended to curb soaring property prices and ensure affordability for locals. Spain has faced a significant shortage of housing, worsened by high inflation, rising interest rates, and insufficient new construction. In 2023 alone, non-EU residents purchased 27,000 properties in Spain, with many acquisitions driven by profit motives rather than personal use, Sánchez noted.

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The lack of available housing has sparked frustration among the local population as demand continues to outstrip supply, further driving up prices. This new tax is part of a broader strategy to prioritize housing for residents and stabilize the market.

The Cyprus Perspective

As Spain tightens its regulations, some investors may look elsewhere, and Cyprus could emerge as an attractive alternative. Pavlos Loizou, CEO of the analytics firm Ask Wire, suggests that while changes in Spain might present opportunities for Cyprus, the overall impact is likely to be limited.

The Cypriot rental market has already seen significant investment, and the entry of new players may not drastically shift the status quo. Moreover, Loizou highlighted that Greece has also introduced tighter regulations, including restrictions on short-term rental licenses and a sustainability tax for platforms like Airbnb, which could steer investors towards more lenient markets like Cyprus.

In Cyprus, short-term rentals remain relatively unregulated. Although the government has established a rental property registry, less than 40% of properties are formalized, leaving room for investors to operate with fewer restrictions.

Broader Implications For The Region

UK analysts suggest that Spain’s tax reforms may deter non-EU investors, prompting them to seek out markets with more favorable conditions. Cyprus and Greece, along with larger markets like Turkey and Italy, are well-positioned to benefit. However, experts caution that regional competition could limit significant growth in demand for Cypriot properties.

An Evolving Landscape

While the new Spanish tax has raised concerns among foreign investors, Cyprus may attract those seeking less restrictive property markets. However, sustained demand will depend on the government’s ability to strike a balance between regulation and investment incentives. In the meantime, Cyprus remains a promising, albeit competitive, alternative for property investors navigating Europe’s shifting real estate landscape.

Interest rates in Cyprus experienced a general decline in November 2024, mirroring recent rate reductions by the European Central Bank (ECB), according to data from the Central Bank of Cyprus (CBC). However, disparities persist among local financial institutions, with Cyprus continuing to report borrowing rates above and deposit rates below the Eurozone average.

Mortgage Lending: Small Gains For Borrowers

In the mortgage market, the average variable interest rate for home purchases in Cyprus edged down to 4.50% in November from 4.62% in October. Comparatively, the Eurozone average fell to 4.27% from 4.37%. Rates for new variable loans varied widely among Cypriot banks. The Bank of Cyprus recorded the highest rate at 5.20%, followed by Astrobank at 4.85% and Eurobank Cyprus at 4.54%. On the lower end, the Housing Finance Corporation offered 3.53%, and Ancoria Bank provided 3.78%. For renegotiated loans, rates were notably divergent, with the Bank of Cyprus at 5.48% and Eurobank Cyprus offering a significantly lower rate of 2.35%.

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Corporate Loans: Mixed Trends Across Loan Sizes

For corporate loans under €1 million, average rates fell to 5.01% in November from 5.45% in October, while the Eurozone average dipped to 4.74%. Among Cypriot banks, Banque SBA led with the highest rate at 7.54%, while Hellenic Bank and Ancoria Bank offered the lowest rates at 4.55% and 4.35%, respectively. In renegotiations, Hellenic Bank stood out with a rate of 3.42%, the lowest in this category.

Conversely, loans above €1 million saw an increase in rates. The average rate in Cyprus rose to 4.97% from 4.72%, diverging from the Eurozone, where rates decreased to 4.38%. Banque SBA recorded the highest rate at 7.52%, with Hellenic Bank at 6.55%. Lower rates were observed at the Bank of Cyprus (5.07%) and Societe Generale Bank Cyprus (5.15%). For renegotiated large loans, Hellenic Bank offered the lowest rate at 3.29%, down from 4.40% in October.

Deposit Rates: A Steady Decline

Household deposit rates for term deposits up to one year dropped to 1.70% in November, down from 1.76% in October and 1.98% in September. The Eurozone average also fell, landing at 2.61% from 2.74%. Arab Jordan Investment Bank provided the highest household deposit rate at 3%, while the Bank of Cyprus and Hellenic Bank offered the lowest at 0.72% and 1.50%, respectively.

Corporate deposit rates saw a similar downward trend, with one-year term deposits averaging 1.99% in November, down from 2.19% in October. The Eurozone average remained higher at 2.90%. Astrobank led with the highest rate at 2.92%, followed by the National Bank of Greece at 2.54%. Meanwhile, the Housing Finance Corporation reported the lowest rate at 0.22%, alongside the Cyprus Development Bank, which offered 1.59%.

While the ECB’s monetary policy adjustments continue to influence Cyprus’ interest rates, the disparity between local and Eurozone averages highlights ongoing structural challenges. Borrowers and savers alike will need to navigate the