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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.

MENA Venture Capital Stable As International Investor Activity Shifts

A Data-Led Analysis Of Investor Behavior In A War-Affected Region

Venture capital activity in the Middle East and North Africa remained relatively stable one month after the escalation of regional conflict. Early data, however, indicate changes in investor behavior rather than immediate shifts in funding totals. Initial signals are visible in investor participation, capital allocation, and deal pipeline activity.

Venture Markets And The Lag In Response

Funding announcements reflect decisions made months earlier, meaning that today’s figures do not capture the full impact of current events. Investors typically adjust strategies gradually, signaling future shifts long before they are immediately visible in total funding numbers.

International Capital As The Key Pressure Indicator

Participation of international investors remains a key indicator across the MENA venture market. Global capital has historically accounted for a significant share of funding in the region. Following global interest rate increases, international participation declined through 2023. This shift was reflected in lower cross-border deal activity, more cautious capital deployment, and longer fundraising timelines.

Implications For The Broader Startup Ecosystem

Changes in international investor activity affect multiple parts of the startup ecosystem. A recovery in participation was recorded in 2024 and continued into 2025, supporting funding activity and cross-border investment. If uncertainty persists, potential effects include slower investment decisions, reduced cross-border engagement, and extended fundraising cycles. International capital also plays a role in supporting larger funding rounds and access to global networks.

Next Steps For Stakeholders

International capital represents one of several factors shaping venture activity in the region. Its movement often precedes changes in late-stage funding, startup formation, and exit activity. Investors, policymakers, and ecosystem participants rely on data and scenario analysis to assess these trends and adjust strategies.

For A Deeper Insight

Further analysis on venture activity, capital flows, and geopolitical impact across the region is available in the full MAGNiTT report.

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