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Cyprus And Saudi Arabia Forge Strategic Tourism Partnership

Cyprus and Saudi Arabia have formalized a strategic accord to enhance their tourism sectors through a Memorandum of Understanding signed during the official visit of Cyprus Deputy Minister of Tourism, Kostas Koumis, in Riyadh. The pact, endorsed by Saudi Minister of Tourism Ahmed Al Khateeb, marks the onset of a renewed phase of high-level cooperation between the two nations.

Focus On Sustainable Development And Technological Integration

The agreement underscores a commitment to sustainable tourism growth, comprehensive knowledge exchange, and enhanced cooperation in tourism education and technology. Both sides will undertake joint initiatives to implement strategic actions on national and global fronts, setting a robust framework for future endeavors.

Strategic Engagement At The UN Tourism Assembly

During his itinerary, Mr. Koumis attended the 26th UN Tourism Assembly, where the ratification of Shaikha Al Nowais as the new Secretary General was celebrated. In addition, his meetings with Saudi officials and international delegates reinforced the mutual intent to expand the reach of their tourism offerings and cultivate strategic partnerships.

Emerging Markets And Cross-Border Opportunities

Characterizing Saudi Arabia as an emerging and promising market, the Deputy Minister highlighted its robust economy and burgeoning outbound tourism sector, positioning the Kingdom as a future powerhouse for attracting European tourists. This perspective aligns with Cyprus’s continuous upward trajectory in visitor numbers.

Expanding Economic And Tourism Horizons

Mr. Koumis stressed the strategic importance of nurturing closer ties with neighboring markets by deepening the presence of Saudi tourism within Cyprus. He expressed optimism that increased travel between the two countries, bolstered by Saudi Arabia’s long-term strategic tourism plan, would foster broader economic collaboration. His discussions with Saudi Deputy Minister of Investment, Yousef Almubarak, further highlighted the interconnection between economic and tourism developments.

Looking Ahead

Extensive briefings with Saudi media and targeted consultations with key stakeholders underline a clear roadmap for future collaboration. As Cyprus and Saudi Arabia continue to build on this momentum, their partnership is poised to drive significant long-term growth in the global tourism arena, setting an example of strategic international cooperation.

doValue Cyprus Strengthens Market Leadership With New Astrobank Portfolio

Expanding Market Influence

Loan and real estate management firm doValue Cyprus has significantly reinforced its domestic presence in non-performing loan servicing by acquiring a new portfolio from Astrobank Public Company Limited. This development follows Astrobank’s recent transition, marked by the transfer of key operations to Alpha Bank Cyprus Limited and the subsequent surrender of its banking licence.

Strategic Acquisition And Swift Execution

Finalized on November 3, 2025, the agreement underscores a decisive strategic shift as doValue Cyprus assumes management of Astrobank’s remaining portfolio. The immediate commencement of portfolio management is a testament to the firm’s commitment to delivering specialized, resilient solutions within the non-performing loan market.

Expertise Driving Market Growth

Chief Executive Officer Varnavas Kourounas emphasized that the latest portfolio acquisition not only expands the firm’s operational footprint but also validates its credibility and deep expertise in the competitive Cypriot financial sector. The strategic move is aligned with the broader growth ambitions of the doValue Group.

Broader Market Implications

Operating as part of the international doValue Group—the largest independent loan and real estate management organization in Southern Europe—doValue Cyprus is well-positioned to leverage its newly expanded portfolio. With approximately €136 billion in assets under management, the group maintains a dominant presence across Italy, Greece, Spain, Portugal, and Cyprus. Moreover, its subsidiary, Altamira Real Estate, runs Cyprus’ largest real estate platform, managing extensive property portfolios alongside the island’s most comprehensive sales network.

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