Stelios Bi-Communal Awards To Award €500,000 Across 39 Teams In Cyprus

The annual Stelios Bi-Communal Awards, a hallmark of cross-community collaboration in Cyprus, will once again celebrate the innovative joint ventures between Greek Cypriot and Turkish Cypriot entrepreneurs. The ceremony, scheduled for June 8 in Nicosia, underscores the vital role of business co-operation in fostering both economic growth and peaceful coexistence on the island.

Strengthening The Fabric Of Bi-Communal Collaboration

This year marks the 16th consecutive edition of the awards, which have contributed to creating business partnerships across the island. Organizers confirmed that 39 bi-communal teams, representing 78 entrepreneurs, will participate. According to the official announcement, Nikos Christodoulides is expected to attend the ceremony, adding institutional presence to the event.

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Catalysing Innovation And Economic Opportunity

Teams are evaluated based on collaboration, innovation and business potential. The prize structure includes a Gold Award of €150,000, shared equally between partners. Two teams will receive Silver Awards totaling €200,000, while six teams will share €150,000 under the Bronze category. This structure distributes funding across multiple ventures at different stages of development.

A Legacy Of Partnership And Investment

Since its launch, the programme has distributed more than €5.3 million in prize funding. Support comes from Stelios Haji-Ioannou, founder of the easy family of brands and chairman of the Stelios Philanthropic Foundation. The initiative continues to focus on supporting joint ventures between Greek Cypriot and Turkish Cypriot entrepreneurs.

The Road Ahead

The upcoming ceremony, set to be held at the Stelios Philanthropic Foundation headquarters at 5 Markou Drakou Street in Nicosia at 11:00 a.m. on Monday, June 8, 2026, promises to be a landmark event. It will gather entrepreneurs and senior officials in a celebration of bi-communal success, reaffirming the potential of entrepreneurship to bridge divides and drive sustainable growth in Cyprus.

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Cyprus Tourism Revenue Shows Robust Early Growth Amid Geopolitical Uncertainty

by THEFUTURE.TEAM

May 6, 2026

Strong Start To The Year

Cyprus recorded €85.3 million in tourism revenue in February 2026, up 7% from €79.7 million a year earlier, according to the Cyprus Statistical Service. Revenue for January–February reached €159.9 million, marking a 7.4% increase from €148.9 million in the same period of 2025.

Evolving Spending Patterns

Average expenditure per tourist declined by 2.3% to €581.85 in February 2026, compared with €595.71 a year earlier. Total revenue increased despite lower per-visitor spending, indicating higher visitor volumes or changes in spending patterns.

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Diverse Visitor Base

Data from passenger surveys show the United Kingdom remained the largest market, accounting for 19.3% of visitors. Average daily spending among UK tourists reached €72.72. Polish visitors represented 18.4% of arrivals, with average daily spending of €75.02. Israeli tourists accounted for 12.6% of the market and recorded higher daily spending at €157.15.

Geopolitical Developments And Their Impact

February data were compiled before the escalation of tensions in the Middle East on February 28, 2026. Subsequent indicators point to a decline in demand. According to Cyprus Mail, tourist arrivals in March 2026 fell by 30.7% year-on-year, following a 12.2% increase in 2025, when arrivals reached 4.53 million and revenue totaled €3.69 billion.

Challenges Ahead For The Sector

Rising travel costs and security concerns are affecting demand across key markets. Higher fuel prices have increased airline costs, contributing to higher ticket prices. Hotel occupancy rates declined from around 75% last year to an estimated 40–50%. Summer bookings are reported to be down by about 25%. Trade unions have warned about potential effects on employment and business activity in the tourism sector.

Conclusion

Tourism accounts for approximately 14% of Cyprus’s GDP. February data indicate continued growth early in the year, while recent figures point to weaker demand in the following months. Updated data in the coming period will provide a clearer view of changes in travel demand and visitor spending.

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