OPAP Cyprus Announces New CEO And Board Of Directors

by THEFUTURE.TEAM

August 5, 2024

OPAP Cyprus has appointed Alexandros Davos as the new CEO, effective immediately. Davos joined the company in June 2023 as General Commercial Director and took on managerial responsibilities in January 2024, significantly contributing to the company’s operations.

Alongside this appointment, OPAP Cyprus has restructured its Board of Directors, welcoming new members to support the company’s future endeavours, particularly following the recent 15-year concession agreement with the Cypriot government. The board now includes Kamil Ziegler as President and members Jan Karas, Maki Georgiou, Christos Pitta, Fotis Zisimopoulos, Elias Katsaros, Petros Xarchakos, and Panos Gavriil.

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In his new role, Davos is expected to drive strategic initiatives and leverage his commercial expertise to further enhance OPAP Cyprus’ market position. The company’s decision to refresh its leadership team reflects a broader strategy to adapt to evolving market conditions and regulatory environments.

The company expressed gratitude to the outgoing board members, Charalambos Christou and Isidoros Makridis, for their dedicated service and contributions. Their tenure saw substantial developments within OPAP Cyprus, setting a solid foundation for the new leadership to build upon.

This leadership transition comes at a pivotal time for OPAP Cyprus as it navigates the complexities of the gaming industry and seeks to expand its footprint within the region. The new board members bring a wealth of experience and a diverse set of skills that are anticipated to drive innovation and operational excellence.

As OPAP Cyprus embarks on this new chapter, the company’s stakeholders and market observers will be keenly watching how these changes will influence its strategic direction and performance in the competitive gaming sector.

The appointment of Davos and the refreshed board is a strategic move designed to align the company with its long-term goals, ensuring sustainable growth and continued success in the Cypriot market.

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Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

by THEFUTURE.TEAM

February 13, 2026

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

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Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.

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