Companies

Foreign demand drives office rates

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Foreign demand drives office rates

Office rental rates in Cyprus have reached the highest levels in five years, with prices increasing by about 8.5% year-on-year in the first quarter of 2024. Limassol and Larnaca are leading the way in office rental price increases, with Nicosia showing a steady recovery. Prices for office sales have remained at 2023 levels, with increases recorded in Larnaca and Famagusta district. The demand for modern, Grade A offices is expected to continue throughout 2024, driven by both the private and public sectors.

Energean makes Egypt discovery, pays Q1 dividend

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Energean makes Egypt discovery, pays Q1 dividend

Energean plc announced a significant find in offshore Egypt, continued natural gas supply in Israel, and declared a first quarter dividend of 30 cents a share. The company’s production for the first quarter was 142,000 boed, with 82% gas, representing a 49% year-on-year increase. Success was recorded in the Abu Qir infill well drilling campaign in Egypt, with preliminary analysis indicating gas-initially-in-place volumes of approximately 87-129 billion cubic feet. The well encountered around 270 feet of net pay across formations, with first production expected in Q3 2024.

Mass claim from 2013 haircut victims dismissed at World Bank

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Mass claim from 2013 haircut victims dismissed at World Bank

Fact: An ‘unprecedented mass claim’ of Laiki and Bank of Cyprus depositors and bondholders amounting to US0 million was dismissed at the International Arbitral Tribunal of the World Bank.

A lever to capture corporate tax scofflaws

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A lever to capture corporate tax scofflaws

Fact: The global minimum tax mandates large multinational enterprises to pay a minimum tax rate of 15% in each country where they operate.

Cyprus mulling urban tolls to reduce car use

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Cyprus mulling urban tolls to reduce car use

The Environmental Impact Assessment for Cyprus’ National Strategic Land Transport Plan is open for public consultation until June 14, 2024. The plan aims to increase public transport usage to 17% and reduce car usage by 14%. The primary objective is to identify potential environmental impacts and propose measures to prevent or offset them. The plan includes increasing electric vehicle and hydrogen stations to reduce greenhouse gas emissions, as well as improving public transport with dedicated lanes and increased service frequencies. Measures like urban tolls and low-emission zones are proposed to discourage car use and reduce air pollution. The plan also includes incentives for sustainable transport modes and creating new job opportunities.

Delicate handling must come to an end

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Delicate handling must come to an end

The construction of the liquefied natural gas terminal at Vassiliko in Cyprus has been plagued with delays and cost increases, with the project not even halfway completed. The project was awarded to a consortium of Chinese, Greek, and Norwegian interests, with the hope of reducing electricity costs for citizens. However, additional costs have been incurred, such as €25 million due to steel price increases during the pandemic. The Audit Office report highlighted serious political responsibilities for the management of the project by the government. The consortium has filed a case demanding an additional €200 million due to delays. The situation is similar with the Larnaca Port and Marina project, where the company has been collecting revenues without starting the agreed-upon works. Overall, these projects have put the Cypriot citizens at risk of bearing additional costs without seeing the completion of the projects.

SETAI Residences: the ideal investment by Karma Developers

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SETAI Residences: the ideal investment by Karma Developers

Fact: Karma Developers’ SETAI residential project in Limassol offers apartments for investment with a return of up to 6 per cent.

City of London calls for financial regulators to find a growth , ‘mindset’

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City of London calls for financial regulators to find a growth , ‘mindset’

Britain’s regulators lack the mindset to boost growth and the financial sector’s global competitiveness, according to the City of London.

UAE: New tax exemption rules issued for companies in free zones

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UAE: New tax exemption rules issued for companies in free zones

Companies in free zones in the UAE must meet certain criteria to be eligible for zero percent corporate income tax and become a qualifying free zone person (QFZP).

Foody supports athletes Trajkovi, ć and Olov Leonidou

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Foody supports athletes Trajkovi, ć and Olov Leonidou

Foody, the No.1 delivery service in Cyprus, announced its partnership with athletes Milan Trajković and Viktor Olov Leonidou for the 2024 Olympic Games in Paris. Milan Trajković is a top track and field athlete who has broken Cyprus National Records and won gold medals. Viktor Olov Leonidou is an accomplished mountain-running and ultra-distance athlete who has achieved impressive results in competitions. Foody’s partnership with the athletes aims to support their pursuit of excellence and inspire others.