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Energy Consumption Costs Soar For Cypriot Consumers

As Cyprus grapples with soaring temperatures, the financial burden on consumers due to increased energy consumption is becoming apparent. The Cyprus Electricity Authority (EAC) has reported a significant uptick in electricity bills, driven not by rising energy prices, but by extensive use of air conditioning units.

Rising Costs

According to the EAC President, George Petrou, electricity bills for June and July 2024 are projected to increase by approximately 1.5% compared to May. This rise is attributed to the heavy reliance on air conditioning, necessitated by the extreme heat. Petrou highlighted that while fuel prices have remained stable due to pre-purchased stock, the intense use of air conditioning has led to higher consumption rates, thereby increasing costs for consumers.

Recommendations for Consumers

To mitigate these costs, the EAC advises consumers to use air conditioners judiciously. Petrou recommends setting air conditioners to 26 degrees Celsius, noting that each degree lower can increase energy consumption by up to 6%. This means that setting an air conditioner to 18 degrees instead of 26 can lead to a 40% rise in energy usage. Consumers are also urged to ensure windows are closed while air conditioners are in operation to maximise efficiency.

Economic Implications

Kostas Karayiannis, Head of the Consumer Protection Service, pointed out that electricity costs and high interest rates are major concerns for households and businesses. While a recent decrease in fuel prices provided some relief, there is cautious optimism about the stability of these prices in the near future.

Government Measures

The Cypriot government has extended its subsidy on electricity prices and maintained a zero VAT rate on 11 essential consumer goods until October 2024. These measures aim to alleviate the financial strain on consumers during the peak summer months. Marios Drousiotis, President of the Cyprus Consumers Association, commended the government’s initiatives but cautioned that consumers will still face significant electricity bills due to the necessity of air conditioning in the high temperatures.

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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