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Cypriots among interested investors for Larnaca port

Foreign but also Cypriot investors have shown interest in the port of Larnaca, Minister of Transport, Communications and Works Alexis Vafeadis said on Friday, urging Cypriots to enter the bidding process for the port.

In statements after a meeting he held with the Mayor of Larnaca and the Ad Hoc Committee, the Minister referred to the development of the port and marina of Larnaca, saying that the project must take such a form that it will serve the next generations.

The Minister was asked whether, given the situation in the Middle East, it is easy to find an investor for the port. 

He replied that in the last three months, the phone calls he has received and the reports from many people in the private sector,  “encourage us that we will find an investor”.

He added that Qatar is just one investor that has expressed interest.

There are, he continued, others who have expressed interest.

The Minister noted that there are also Cypriots who are interested adding that “we want, if they can enter the bidding process, that Cypriots take it”.

EU Adopts New Package Travel Rules With 14-Day Refund Requirement

The Council of the European Union adopted updated rules on package travel, introducing stricter requirements for refunds, transparency and consumer protection across member states. Updated provisions revise the existing directive and define obligations for travel providers offering bundled services such as flights, accommodation and transfers.

Clarifying The Package Travel Directive

The updated directive clarifies the definition of package travel and excludes certain linked travel arrangements from its scope. Coverage applies to services sold as a single product, including combinations of transport, accommodation and additional services. This revision standardizes how travel products are classified and clarifies rights and obligations for both providers and consumers at the point of purchase.

Enhancing Transparency And Consumer Rights

New rules require providers to disclose key information before and during travel, including payment terms, visa requirements, accessibility conditions and cancellation policies. These disclosures aim to reduce disputes and improve consumer awareness. Defined refund timelines include a 14-day period for cancellations due to extraordinary circumstances and up to six months in cases of organiser insolvency. The measures address gaps identified in earlier versions of the directive.

Ensuring Accountability And Trust In Travel Services

Organisers must implement complaint-handling systems and provide clear information on insolvency protection under the updated framework. These provisions aim to improve accountability across the travel sector. Previous disruptions, including the collapse of Thomas Cook and travel restrictions during COVID-19, exposed weaknesses in refund processes and consumer protection. Updated rules respond to those issues.

Implications For Cyprus And The Broader Industry

Tourism accounts for approximately 14% of Cyprus’s GDP, with package travel playing a central role in visitor flows. Major operators such as TUI and Jet2 provide structured travel offerings that support demand. Such operators contribute to revenue stability and help extend the tourism season by securing transport and accommodation in advance. Greater regulatory clarity may support continued sector growth.

A Model For Future Consumer Protection

Clearer rules on vouchers, refunds and insolvency protection now apply across the European Union. These measures aim to reduce consumer risk in cross-border travel. Implementation across member states will determine the impact on both consumers and travel providers. The framework may influence future regulatory approaches in the sector.

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