Scottish Sisters Earn Honorary Tourism Ambassadors Title in Ayia Napa

A Celebration of Enduring Loyalty

In a move that underscores Ayia Napa’s commitment to recognizing dedicated visitors, two Scottish sisters, Ashley O’Connor and Heather Dingwall, were honored as official tourism ambassadors. Their longstanding relationship with the popular Cypriot resort—marked by 20 and 30 visits respectively—has cemented their status as key contributors to the area’s international appeal.

Integrating Devotion With Community Impact

During a special ceremony at Ayia Napa Town Hall, Deputy Mayor Antonis Christou commended the sisters for their repeated choice of Ayia Napa as a vacation destination. “Their dedication not only highlights the deep love they have for our town but also reinforces our position as a premier Mediterranean resort for tourists from across Europe,” Christou stated. By acknowledging their commitment, the municipality has effectively integrated these ardent visitors into the fabric of the local community.

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A Strategic Move to Bolster Tourism

The honorary titles awarded to O’Connor and Dingwall are part of a broader initiative aimed at celebrating loyal repeat visitors who play a crucial role in the town’s economic and cultural landscape. Their enduring patronage serves as an influential testament to Ayia Napa’s allure, positioning it as a destination where tradition and community spirit converge with modern tourism dynamics.

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DBRS Warns Of Middle East Risks For Greek And Cypriot Banks’ Key Sector

by THEFUTURE.TEAM

April 1, 2026

Rising Geopolitical Risks And Economic Vulnerabilities

DBRS said rising geopolitical tensions in the Middle East increase risks for Greece and Cyprus, citing their exposure to shipping and tourism. The assessment highlights sector dependence as a key vulnerability in both economies.

Impact On Economic Activity And Banking Systems

Despite recent resilience in Cyprus, ongoing volatility is affecting economic activity and the banking sector. The report, titled “Middle East Tensions Heighten Risks for Greek and Cypriot Banks’ Shipping and Tourism Exposures,” compares risks across both countries and identifies areas of exposure.

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Tourism And Shipping: The Economic Double-Edged Sword

Tourism and shipping account for a larger share of economic activity in Cyprus and Greece than in most EU countries. In Cyprus, these sectors represent 6.6% of gross value added, compared with 7.3% in Greece and an EU average of 2.9%. Beyond direct activity, tourism supports transport and leisure services, influencing consumption and broader economic output. According to DBRS, banks in both countries have above-average exposure to these sectors, increasing credit risk in the event of a prolonged downturn.

Differentiated Exposure: Cyprus Versus Greece

Exposure differs between the two banking systems. Greek banks hold a larger share of internationally secured shipping loans, while Cypriot banks have greater exposure to tourism-related activity. This makes Cyprus more sensitive to changes in travel demand. Both systems maintain profitability and capital buffers that may support performance under pressure.

Economic Ripple Effects And Sectoral Vulnerabilities

A decline in tourism flows would affect small and medium-sized businesses, household income, and real estate values. These factors are linked to asset quality in Cypriot banks. Early indicators point to higher cancellation rates and weaker travel demand in Cyprus, reflecting its proximity to regional tensions. Greece may see a more limited short-term impact due to lower exposure and potential diversion of tourism demand from affected regions.

Maintaining Profitability In A Challenging Environment

Bank profitability in both countries remained above the EU average as of the fourth quarter of 2025. Capital levels in Cypriot banks remain strong, while Greek banks continue to align with broader European benchmarks. Asset quality has improved, with non-performing loan ratios in transportation and storage close to 0% in 2025, compared with an EU average of 2.3%. In lodging and food services, non-performing loans stood at 2.1% in Greece and 0.7% in Cyprus, both below the EU average of 5%.

Sectoral Exposure And Wider Banking Implications

Data from the European Banking Authority show that transportation and storage accounted for 19.8% of loans to non-financial corporations in Greece and 11.2% in Cyprus in 2025, compared with an EU average of 5.5%. Exposure to lodging and food services reached 11.1% in Greece and 21.2% in Cyprus, exceeding the EU average of 2.6%.

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