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Cyprus And Saudi Arabia Forge Strategic Tourism Partnership

by THEFUTURE.TEAM

November 15, 2025

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.

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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.

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Eurobank Approves €258.7M Dividend And €288M Share Buyback

by THEFUTURE.TEAM

April 29, 2026

Robust Dividend And Share Repurchase Initiatives

Eurobank S.A. shareholders approved a dividend distribution of €258.7 million at the annual general meeting held on April 28. The resolution was supported by approximately 77% of paid-up capital, representing more than 2.77 billion voting shares. The dividend will be paid from special reserves and remains subject to approval by the European Central Bank.

Strategic Share Buyback And Capital Optimization

In addition, shareholders approved a share buyback programme of up to €288 million over the next 12 months, pending regulatory clearance. The programme includes the cancellation of 28,097,019 own shares, which will reduce share capital by approximately €6.18 million. Following this adjustment, total share capital is set at €792,751,032.04, divided into around 3.6 billion ordinary voting shares with a nominal value of €0.22 each.

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Enhanced Executive And Employee Incentives

Alongside capital measures, the meeting addressed remuneration. Shareholders approved an allocation of €35.2 million from special reserves for employee compensation. A five-year programme was also introduced to distribute shares to eligible executives and employees of Eurobank and affiliated entities. In parallel, a revised variable remuneration framework allows selected senior executives to receive up to 200% of fixed pay.

Governance And Audit Oversight Reforms

Changes were also made at the board level. Alexandra Reich was appointed as an independent non-executive director, replacing Jawaid Mirza. Following this appointment, eight of the thirteen board members are classified as independent. Amendments to the articles of association introduce flexibility in board terms and allow partial renewals.

Strengthening Audit And Sustainability Commitments

On the audit side, KPMG Certified Auditors S.A. was appointed as the statutory auditor for 2026. The fee is set at €1.8 million for statutory audits of separate and consolidated financial statements, with an additional €0.3 million allocated for assurance of the sustainability statement. The meeting also approved the 2025 remuneration report and confirmed committee fee arrangements, alongside updates on audit committee activity and independent director reporting.