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Cyprus Gearing Up To Tap International Markets Following Upward Ratings Momentum

The Finance Ministry is considering tapping international capital markets, utilising the positive momentum generated after repetitive upgrades of Cyprus’ sovereign credit rating by international rating agencies.

Cyprus has enjoyed two upgrades by rating agencies Standard and Poor’s and Fitch to “BBB+” with a positive outlook in the last two weeks, while Moody’s has revised Cyprus’ outlook to positive while affirming its Baa2 rating. Since 2023 Cyrpus’ long-term credit rating has been upgraded to invest-grade status by all rating agencies.

Sources have told CNA that the aim of the market exit is a ten-year bond, noting however that issues like the maturity and final amount to be issued are determined in consultation with the issuance’s advisor (to be assigned by the Public Debt Management Office, PDMO) as well as the prevailing market conditions.

The PDMO said that Cyprus financing needs for 2024 amount to €1.4 billion, of which €1 billion will be secured by an issuance via the European Medium-Term Note programme.

Furthermore, the PDMO said in its annual report for 2023 that the aim for the next years is to issue bonds worth at least between €1 and €1.5 billion EMTN bonds annually, to secure the government’s annual financing needs.

The PDMO aims to smoothen Cyprus’ debt maturity curve, with longer maturity bonds, provided that the market conditions and the high-interest rate environment permit it.

The same source said the momentum for Cyprus, following the recent credit rating upgrades, is favourable.

Positive momentum is also created by the steadily declining trend in the debt-to-GDP ratio which is also favoured by Cyprus’ strong growth rate, which in the first quarter of 2024 amounted to 3.4% year on year, which was the third highest in the EU following Malta and Croatia, while in quarterly terms, Cyprus exhibited the second highest (1.2% seasonally adjusted) growth rate behind Malta.

UAE Job Trends For 2025: High-Demand And Lucrative Roles Revealed

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.

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