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Non-Performing Loans: A €22 Billion Burden On The Cypriot Economy

by THEFUTURE.TEAM

June 17, 2024

Non-performing loans (NPLs) in Cyprus, totalling €22 billion, continue to pose a significant challenge to the country’s economic stability, accounting for 73.4% of its GDP as of 2023. The Central Bank of Cyprus reported that the outstanding loan portfolio managed by Credit Acquisition Companies (CACs) and banks stood at €21.8 billion by the end of December 2023. Key figures include €14.2 billion in residential mortgage loans and €4.1 billion in business loans, with consensual debt restructuring efforts amounting to €4.1 billion.

Detailed Figures and Economic Impact

Residential Mortgage Loans: €14.2 billion
Business Loans: €4.1 billion
Debt Restructuring: €4.1 billion
Outstanding Loan Portfolio: €21.8 billion

Economic Concerns

The high level of NPLs reflects significant financial strain on both households and businesses, hindering economic growth and stability. Efforts to restructure debt and reduce the NPL burden are ongoing, but the scale of the problem remains substantial.

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Strategic Measures

Authorities and financial institutions are focusing on comprehensive debt restructuring, improved credit practices, and regulatory measures to address the NPL issue. These efforts are crucial for restoring financial health and promoting sustainable economic development in Cyprus.

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

by THEFUTURE.TEAM

February 6, 2025

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.

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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.