During its second year of operation, in 2022, the casino resort to be built in Zakaki, Limassol will contribute some €800 million, or 4% of GDP, to the economy, the Melco Hard Rock consortium said recently.

Greece’s second-largest lender National Bank (NBG) will sell more assets, including its Cyprus operations, to complete a restructuring plan agreed with European authorities, its chief executive said recently.

Hellenic Bank has sold its non-performing loan and real estate management business for €20.6m to a newly established entity APS Debt Servicing Cyprus, which commenced operations recently.

Seasonally adjusted unemployment rate in Cyprus dropped to 11%, or 46,000 individuals in May 2017 from 11.3% in April and 12.8% in May 2016.

Drilling in Cyprus’ offshore Block 11 will go ahead this month, with tests set to begin on July 12, jointly conducted by France’s oil and gas company Total and Italy’s ENI, it emerged recently.

Hoteliers and people engaged in the tourism sector across the island are feeling content with the results of the industry on both sides of the divide over the first five months of 2017.

The following is an article from LSTS taxoptimus, dated 29 June 2017

Total deposits in the Cypriot banking system rose last month by €168.8m to €49.1bn as total loans dropped by €193.6bn to €54.1bn compared with April 2017, the Central Bank of Cyprus said.

The creation of an integrated casino resort on the island is expected to boost state revenues in addition to creating thousands of jobs and attracting hundreds of thousands of tourists every year, commerce minister Giorgos Lakkotrypis said recently.

Melco International Development Ltd, will assume the majority stake of 70.74% shareholding of the integrated casino resort project with the agreement to purchase Hard Rock’s interest in the company.