The government hopes the fast-track mechanism it has introduced to simplify processes for foreign businesses wanting to set up operations in Cyprus will finally end the long bureaucratic delays that have been a major disincentive for companies for many years.

President Nicos Anastasiades on Friday outlined the government’s Action Plan, aimed at establishing Cyprus as “a prosperous, reliable and competitive business hub.”

Cyprus aspires to cover its entire road network with an intelligent transportation system within the next three years, Transport Minister Yiannis Karousos said following the signing of a new contract with Logicom Solutions for the installation of four electronic signs, 21 cameras and 14 traffic counters on the motorways and the main roads of Nicosia.

Olivewood is not dead in the water, following a fallout with Hollywood producers of the first high-profile film filmed in Cyprus, as it continues to attract big productions and infrastructure investments.

The Secretary-General has appointed diplomat Colin Stewart as his new Special Representative and Head of UNFICYP, with the Canadian national also getting an asterisk for taking on a temporary deputy role after the two sides on divided Cyprus failed to agree on the proper title of an unfilled position.

Stelios Americanos & Co LLC advised the Israeli group Global Knafaim in a $5 million transaction pursuant to which the later acquired a 49,9% in the share capital of TUS AIRWAYS LTD, a Cypriot airline headquartered in Larnaca. Existing shareholder, Kenneth Woolley also invested an additional $4 million increasing the amount of the total transaction to $9 million.

EY has announced that it has moved to a hybrid working model, in line with its long-standing culture of flexible working, which had been in place for many years prior to the pandemic.

Cyprus Investment Funds Association (CIFA) and Invest Cyprus’ seventh iteration of the International Funds Summit drew international attention to the island’s progress and potential as a fund management and investment destination.

The subsided holidays scheme for the vaccinated and those who have recovered from Covid will be reintroduced in December until March, the deputy ministry of tourism announced on Thursday.

Paphos regional board of tourism (ETAP) and local hoteliers were in London this week to establish contacts at the World Tourism Market (WTM), which opened on Monday.