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Cyprus Welcomes Over 1.6 Million Tourists In H1 2024

In a testament to Cyprus’s enduring appeal, the island nation welcomed over 1.65 million tourists in the first half of 2024, marking a 2.4% increase from the same period in 2023. This growth, driven by significant influxes in June, highlights the resilience and attractiveness of Cyprus as a premier travel destination.

According to data from CySTAT, June 2024 saw 482,261 tourist arrivals, up 5.5% from June 2023. The United Kingdom remained the largest source market, contributing 35.6% of the total arrivals. Israel followed, showing a notable rise to 10.7%, while Poland, Sweden, and Germany also featured prominently. This diversity in tourist origins underscores Cyprus’s broad international appeal and strategic marketing efforts.

Interestingly, the majority of these visitors, 83.4%, cited holidays as their primary purpose, reflecting the island’s reputation for leisure and recreation. Meanwhile, 10.5% visited friends or relatives, and 5.9% travelled for business, suggesting a balanced mix of travel motivations that contribute to the local economy.

The slight decline in Cypriot residents travelling abroad, down by 1.3% compared to the previous year, further indicates a domestic preference for local tourism or a shift in travel patterns.

This surge in tourist arrivals is a promising sign for Cyprus’s economy, providing a significant boost to various sectors including hospitality, retail, and transportation. As Cyprus continues to attract a growing number of international visitors, the tourism industry is poised for a robust recovery and sustained growth in the coming years.

Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.

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