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Cyprus Sees Slight Gains In International Investment Position As Current Account Deficit Narrows

Cyprus’ international investment position (IIP) showed modest improvement in the third quarter of 2024, with the net liability position narrowing to €27,789.1 million, compared to €27,875.8 million in the previous quarter. These provisional figures, released by the Central Bank of Cyprus’ Statistics Department, offer insight into the country’s external economic dynamics during this period.

Adjusted IIP Reflects SPE Exclusions

When adjusted to exclude the impact of Special Purpose Entities (SPEs) — which are treated as non-residents for statistical purposes — the IIP revealed a more significant improvement. The adjusted net liability position dropped to €9,945.9 million in Q3 2024 from €10,010.2 million in Q2 2024, underscoring a positive trend.

Current Account Deficit Contracts

Preliminary balance of payments data highlighted a substantial reduction in Cyprus’ current account deficit. The deficit shrank from €369.4 million in Q3 2023 to just €29.6 million in Q3 2024, marking a notable year-on-year improvement.

After adjusting for SPEs, the current account deficit stood at €108.2 million in Q3 2024, a significant reduction from €351.6 million in the same quarter of the previous year. This adjustment reflects a clearer picture of the underlying economic performance, excluding the disproportionate influence of SPEs.

External Debt Insights

Gross external debt fell slightly to €261,534 million in Q3 2024, down from €262,098.6 million in the preceding quarter. However, external assets in debt instruments decreased more sharply, falling to €243,834 million from €249,665.7 million in Q2 2024. As a result, Cyprus’ net external debt climbed by €5,267.1 million, reaching €17,700 million.

When factoring out SPEs, gross external debt was significantly lower, at €59,257 million in Q3 2024, down from €61,077.4 million in Q2. Correspondingly, the net external debt adjusted for SPEs dropped to -€20,789.7 million, compared to -€19,239.7 million in the previous quarter.

Forbes Middle East Unveils 100 Most Powerful Businesswomen Of 2025

Forbes Middle East has unveiled its much-anticipated 2025 ranking of the region’s top businesswomen, spotlighting influential leaders reshaping industries and driving meaningful transformation. The list was based on business size, individual accomplishments, leadership impact, and corporate social responsibility initiatives.

Top Spot For Hana Al Rostamani

For the third consecutive year, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (UAE’s largest bank by assets), claims the top position. In addition to retaining her position in the Forbes Middle East ranking, she was also featured on Forbes’ 2024 list of the World’s Most Powerful Women, securing the 60th position globally. Under her leadership, the bank achieved an impressive $3.5 billion in net profits and $334.8 billion in assets in the first nine months of 2024.

Rising Stars In The Top 10

Shaikha Khaled Al Bahar of NBK Group and Shaista Asif, cofounder and Group CEO of PureHealth Holding, take the second and third spots respectively, completing the top three.

The top 10 remains largely unchanged from last year, with Tayba Al Hashemi of ADNOC Offshore, Alisha Moopen of Aster DM Healthcare GCC, and Suzanne Al Anani of Dubai Aviation Engineering Projects (DAEP) making their debut in the top 10. In total, 27 new leaders have joined the list this year.

A Diverse And Powerful Group Of Women

This year’s list features 100 women from 32 sectors and 29 nationalities, underlining the diversity of talent driving the region’s progress. The banking and financial services sector leads with 25 entries, followed by healthcare and technology with nine each, and venture capital with five. Remarkably, 40% of the top 10 women are from the banking and financial services sector. Notably, Shaista Asif (PureHealth Holding) and Alisha Moopen (Aster DM Healthcare GCC) are the only non-Arab women in the top 10.

UAE Leads With 46 Leaders

The UAE continues to dominate, with 46 of the women on the list hailing from the country, solidifying its status as a global business hub. Egypt follows with 18 influential women, and Saudi Arabia claims nine entries. Egyptians lead in representation, followed by Emiratis and Lebanese women.

Empowering Women Through Initiatives

Several of the leaders have focused on upskilling and creating opportunities for women. Susana Rodriguez Puerta launched the ‘sAIdaty’ initiative in collaboration with the Dubai Business Women Council, aimed at providing 500 female council members in the UAE with AI skills. Similarly, Lamia Tazi of SOTHEMA collaborated with the Foundation for Research, Development, and Innovation in Science and Engineering to provide scholarships to PhD students from low-income backgrounds.

Click here for the full list.

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