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Pafos Redefines Religious Tourism Through Strategic Church Partnerships

The province of Pafos continues its determined multi-year effort to elevate religious tourism into a permanent fixture of its annual visitor flow. In a deliberate move to internationalize its rich spiritual heritage, the Church, via its Office of Pilgrimage and Religious Excursions, is forging partnerships with key agencies to spotlight the region’s treasured religious sites.

Strategic Initiative For Sustainable Tourism

Bishop Gregorios, the head of the Office of Pilgrimage Tours for the Church of Cyprus, is spearheading a strategic initiative aimed at harnessing religious tourism as both a cultural ambassador and economic catalyst. Bishop Gregorios recounted the office’s storied history, which began in 2008 following an invitation from the then head of the Cyprus Tourism Organization to participate in the launch of the seminal work, Cyprus, Island of Saints. The project quickly culminated in a series of high-profile presentations across Cyprus, Athens, Thessaloniki, and Moscow, marking the beginning of an expansive mission to showcase Cyprus’s religious wealth.

International Collaboration And Cultural Preservation

Overcoming centuries of challenges, Cyprus has managed to preserve and transmit its sacred traditions through successive generations. Established in April 2012 by decree of the Holy Synod, the Office has since represented the biblical legacy and cultural narrative of Cyprus at various international tourism showcases. Bishop Gregorios highlighted a major milestone in November 2017 during an exhibition at the Warsaw Ethnographic Museum, where a ten-day presentation of Cyprus’s history and the tradition of the Twelve-Day Saints captivated audiences and notably increased tourist traffic from Poland. This cultural diplomacy has now linked the historic city of Jerusalem with Cyprus in the minds of international visitors.

Educational Engagement And Experiential Learning

In an innovative step to integrate educational outreach, the Office has also organized guided pilgrimage tours for middle school students over the past eight years in close cooperation with the Ministry of Education. These excursions enable young Cypriots to immerse themselves in their religious traditions, thereby ensuring that the sacred heritage is experienced more profoundly than ever—even by foreign students previously trailing behind in religious studies.

Valuable Partnerships And Forward Momentum

Collaborative efforts extend beyond the Church, as strategic alliances with experienced tour guides, travel agents, hospitality professionals, and museum curators enhance both the quality and reach of Cyprus’s religious tourism. Bishop Gregorios underscored that these collaborative ventures broaden the scope of the Church’s publishing activities, with comprehensive updates and resources available on the Church of Cyprus’s official website for those interested in detailed information.

Ensuring Authentic Experiences For Pilgrims

Working closely with PASYXE and its president Thanos Michailidis, Bishop Gregorios expressed his gratitude for the seamless cooperation that has enabled the distribution of detailed information to international visitors. This collaboration ensures that each pilgrim receives an authentic and informed experience, allowing them to distinguish between historical facts, enduring traditions, and mythic narratives. “We remain committed to offering comprehensive support and guidance to those who seek to explore our rich religious legacy,” he concluded.

Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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