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Minister of Energy, Commerce and Industry, George Papanastasiou, is holding a series of contacts in Dubai, in the context of the international technology exhibition ‘GITEX GLOBAL 2025’, the Ministry said in an announcement.

According to the announcement, the Ministry of Energy, Commerce and Industry, in collaboration with the Cyprus Trade Centre in Dubai, is participating for the fourth consecutive year in the exhibition, with a national pavilion and 14 Cypriot technology companies.

‘GITEX GLOBAL is the largest and most influential technology event in the world, attracting more than 6,000 exhibiting companies and over 200,000 government officials, businesspeople and technology leaders from 180 countries each year,’ it adds.

It said that Papanastasiou had scheduled meetings with government officials and senior company executives on Monday, ‘with the main aim of promoting Cyprus’ rapidly growing technology and information technology sector and strengthening international collaborations.’ The Minister met with Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and the Minister of Economy of the United Arab Emirates, Abdulla bin Touq Al Marri.

On Tuesday, according to the announcement, Papanastasiou is to participate in an evening networking event co-organised by the Ministry and the Cyprus Trade Center in Dubai, on the occasion of Cyprus’ participation in GITEX GLOBAL.

‘The event aims to highlight the investment and business opportunities offered by Cyprus and will bring together representatives of the 14 Cypriot businesses participating in the national pavilion, as well as foreign officials and businessmen,’ it added.

Earlier on Tuesday, Papanastasiou will represent the Republic of Cyprus at the ‘European Night’ event, organised by the European Innovation Council, in collaboration with GITEX EUROPE, it said.

Cyprus’ Deputy Minister of Migration and International Protection, Dr. Nicholas Ioannides, is to participate in the EU Justice and Home Affairs Council (Home Affairs) which will take place on Tuesday in Luxembourg. Returns to Syria and a common system for the return of third-country nationals staying illegally in the EU are on the agenda, according to an announcement by the Deputy Ministry.

During the meeting, it said, the Ministers ‘will exchange views on a draft law on the establishment of a common system for the return of third-country nationals staying illegally in the EU’. It is noted that the proposed legislation, which is currently being discussed among Member States at expert level, includes, among other things, common procedures for issuing return decisions, clear rules on forced returns and stronger obligations for returnees to cooperate with national authorities.

‘The discussion during the working lunch will focus on the external dimension of migration and, on returns to Syria, in particular,’ it said, adding that the Deputy Minister will present Cyprus’ position ‘in favour of the returns of Syrian nationals’.

On sidelines of the Council, Ioannides is to hold bilateral meetings with Belgium’s Minister of Asylum, Migration, Integration and Urban policy, Anneleen Van Bossuyt, with Switzerland’s Minister of Justice, Police, Federal Councillor, Beat Jans, with the Minister of Foreign Affairs, Asylum and Migration of the Netherlands, David van Weel, and with Sweden’s Minister for Migration, Johan Forssell.

In the context of preparations for Cyprus’ Presidency of the Council of the EU, the Deputy Minister is to hold several meetings on Wednesday with members of the European Parliament.

The picture of public finances is very satisfactory, Fiscal Council Chairman, Michalis Persianis told the Parliamentary Committee of Finance on Monday, at the start of the discussion on the 2026 state budget.

However, he warned of external risks and potential expenditure that may cause uncertainty and could derail public finances.

‘The Fiscal Council’s comment, within the context of validating the assumptions of the budget, was that it is moving in a very good direction. The fiscal indicators are extremely satisfactory. We congratulate the Ministry of Finance on a number of issues, the first of which is, of course, achieving the target of 60% for the level of public debt,’ Persianis told MPs.

He spoke, however, of a ‘lot of risks’ and many issues that remain uncertain, as well as many variables that could easily change. There are ‘external risks and potential expenditure that are both numerous and costly. These could alter the data over the course of the Medium-Term Fiscal Framework,’ he said, adding that inflexible expenditure continues to absorb a significant share of total spending, a fact that traps each government in a ‘procyclical policy,’ which ‘will be very dangerous if the economic climate reverses, something that will inevitably happen at some point,’ he said.

Persianis also noted that, based on the Republic’s obligations under the EU’s economic governance rules, ‘we are in expenditure excess,’ referring to ‘a very high risk in the calculations to correct this trajectory.’ He estimated, however, that as long as the debt remains below 60%, this excess will not easily lead to measures being taken against Cyprus. He also added that the plan to correct this excess is better than last year’s, though it still carries a high implementation risk.

He further stated that this year’s Medium-Term Fiscal Framework is moving along a ‘more realistic trajectory.’

Eurobank Holdings has signed a term sheet with Fairfax pursuant to which Eurobank shall acquire 80% of the life insurance business (‘Eurolife Life’) for cash consideration of pound 813 million. In addition to the proposed transaction, Fairfax shall procure that certain affiliates of Fairfax will acquire 45% of the share capital of ERB Asfalistiki (‘ERBA’), the non-life (property and casualty) insurance company of Eurobank Limited in Cyprus, for cash consideration of pound 59 million.

According to a press release by Eurobank, the pound 59 million depict a multiple of P/BV of c. 1.45x as at August 31, 2025. Fairfax will have the right to acquire the remaining 55% of the share capital of ERBA over time.

“This strategic partnership allows both companies to combine their strengths in underwriting, risk management, and product development, driving greater operational efficiency and unlocking new market opportunities in Greece and Cyprus. In addition, Fairfax’s investment in ERBA’s share capital represents a strong vote of confidence in ERBA, its shareholder Eurobank Limited and the broader Cypriot economy”, according to Eurobank.

House of Representatives President Annita Demetriou expressed on Monday the hope that Turkey will cooperate for the resumption of substantive talks to reach a solution that reunites Cyprus.

Demetriou, was speaking during a meeting she had with a delegation of officials from various countries who are in Cyprus to attend the anti-occupation events ‘Morfou Remembrance Days’, a House of Representatives press release issued here today says.

The delegation includes MPs from Greece, the United Kingdom and Slovenia, as well as mayors, deputy mayors and municipal councilors from Greece, Serbia, Slovenia and Malta. The delegation was accompanied by the Mayor of Morphou, Viktoras Hadjiavraam, and members of the Municipal Council of the occupied Municipality.

The press release notes that the House President expressed “gratitude for the presence of foreign dignitaries at the events in the occupied municipality of Morphou and for their steadfast support for the struggle of the Morphou people for justice and return’.

‘Regarding the Cyprus problem, Demetriou expressed hope that Turkey will abandon its unacceptable rhetoric on the ‘two-state’ solution and will cooperate towards the resumption of substantive talks to reach a solution that reunites Cyprus, in accordance with international law and the relevant UN Resolutions,’ it adds.

She underlined the importance of joining forces to defend international legitimacy and justice in the case of Cyprus as well.

“Five decades, she stressed, is a very long time that the Cypriot people have been suffering from violations of fundamental human rights as a result of the Turkish invasion and continued occupation of part of the territory of the Republic of Cyprus’, the press release reads. ‘In this regard, the President of the Parliament pointed out that Turkish provocations on the territory and in the Exclusive Economic Zone of the Republic of Cyprus are a daily phenomenon’, it says.

Annita Demetriou made special reference to the ongoing illegal detention by the occupying regime of the five Greek Cypriots displaced on the basis of non-existent charges, in retaliation for the prosecution by the Republic of Cyprus of foreign usurpers of Greek Cypriot property. In particular, she noted the resolution recently adopted by the European Parliament condemning the illegal detention and requested the assistance of the participating officials for their immediate release, the press release adds.

‘With regard to developments in the Middle East, Demetriou expressed the hope that the agreement reached on Gaza will be implemented and will lead to a definitive solution to the Israeli-Palestinian conflict, as a tangible example, as she said, of the fact that there are no conflicts that cannot be resolved,’ it noted.

“On their part, the foreign officials expressed hope that a solution to the Cyprus problem will be reached and expressed their willingness to contribute to putting an end to the suffering experienced by the five Greek Cypriot displaced persons who are illegally detained in the occupied territories,” the press release concludes.

The European Commission announced on Monday the launch of AI Factories Antennas in seven member states, including Cyprus. The member states mentioned in the Commission’s announcement are Belgium, Cyprus, Hungary, Ireland, Latvia, Malta, and Slovakia. Additionally, partner countries such as Iceland, Moldova, Switzerland, the United Kingdom, North Macedonia, and Serbia will host these centres.

According to the Commission’s announcement, these new centres will work closely with existing AI Factories, providing national AI communities with secure remote access to state-of-the-art, AI-optimized supercomputers. Fully integrated into the EuroHPC Joint Undertaking ecosystem, the centres aim to expand access to AI talent, infrastructure, and innovation across Europe.

Last Friday, the Commission also announced a major expansion of Europe’s AI infrastructure, adding six new AI Factories to the existing network, bringing the total to 19 centers across 16 Member States.

During her visit to the Western Balkans, European Commission President Ursula von der Leyen announced today the new centers in Serbia and North Macedonia, giving companies in the region access to Europe’s AI infrastructure.

The announcement is part of the Commission’s AI Continent Action Plan and complements the EU’s investments in future AI Gigafactories-large-scale facilities dedicated to developing and training advanced AI models and systems. It also aligns with the Apply AI Strategy, which aims to accelerate the adoption of artificial intelligence across Europe’s economy and public sector.

A total of 224 turtle nests were recorded on beaches within the Sovereign Base Areas this year to reinforce the success of long-term conservation efforts, a press release by the SBAs says.

This milestone, it adds, was achieved between May and October and reflects over two decades of committed, science-led protection of endangered Green (Chelonia mydas) and Loggerhead (Caretta caretta) turtles.

“The SBAs apply a ‘minimum-intervention’ conservation protocol which focuses on preserving natural habitats, limiting human interference and enforcing protective legislation under the EU-aligned Protection and Management of Nature and Wildlife Ordinance. Offenders face fines of up to pound 17,000 and imprisonment of up to three years for disturbing nests or turtles” it notes.

Daily patrols, it continues, the use of aluminium nest cages to deter predators and strict regulations on beach activities form the backbone of the conservation programme and are largely credited for the increase in nests.

Senior Policy and Enforcement Officer at the SBAs Environment Department, Alexia Perdiou, said that ‘what we are seeing today is the result of consistent, science-based protection measures that began more than two decades ago.’

British and Cypriot volunteers living within the SBAs and Republic of Cyprus have been another factor in the success, alongside the close working relationship with Terra Cypria, an NGO that coordinates volunteer efforts along Lady’s Mile beach, the press release says.

As nesting season draws to a close, the SBAs reaffirm their commitment to safeguarding one of the Mediterranean’s most important turtle nesting habitats, ensuring that future generations of turtles continue to return to these protected shores, the press release concludes.

Cyprus President Nikos Christodoulides presented on Monday Nicosia’s initiative relating to security, the reconstruction of Gaza and the humanitarian sector during his contacts at the Gaza Summit held in Sharm el-Sheikh.

In his statements after the Peace Summit in Sharm el-Sheikh, President Christodoulides said that the proposal was currently in progress and is to be formulated, ‘with the sole aim of doing everything we can, as far as the Republic of Cyprus is concerned, to ensure the implementation of the first phase of the agreement’.

According to an announcement by the Presidency, President Christodoulides said in his statements, that, taking into account ‘the excellent relations’ of the Republic of Cyprus with all neighbouring states, and the fact that the country is the EU member state in the region, as well as Cyprus’ upcoming EU Presidency, ‘just as we did in October 2023 in Paris, when we first presented our initiative on a humanitarian corridor, today, during our contacts, we informed and presented three areas in which the Republic of Cyprus can develop specific initiatives, six in number, on the basis of the US President’s plan.’

President Christodoulides said he briefed the President of the European Commission on Sunday on Cyprus’ initiative, noting that ‘the Commission’s contribution is of crucial importance’ as well as state leaders with whom he has communicated within the last 24 hours.

He reiterated that it is an initiative that concerns six specific proposals in three areas: security, reconstruction and the humanitarian sector, ‘always in relation to the plan of the US President’.

The 2026 surplus budget reinforces the economy’s steady growth trajectory, but further structural reforms are needed to contain the upward trend in inelastic spending, Central Bank of Cyprus (CBC) Governor Christodoulos Patsalides said Monday during the meeting of the House Finance Committee on the 2026 State Budget.

Patsalides also informed MPs that on the basis of a study which was carried out in September 2024, the Bank has submitted recently to the government a comprehensive proposal and draft legislative amendments for the reform of the Central Bank’s governing structure based on the Deutsche Bundesbank model, noting the need for reform in order to enhance its participation in the EU and to more effectively meet future challenges.

In his presentation, Patsalides initially referred to developments in the Eurozone, noting that the Eurozone economy grew by 1.3% in the first half of 2025, while the Eurosystem’s most recent forecasts show growth of 1-1.3% in 2025-2027, supported by consumption, employment, public spending and more favourable financing conditions.

Regarding inflation, he said that, influenced mainly by decreases in energy prices and the appreciation of the euro, it has receded and is moving close to the 2% target, while it is expected to be 2.1% in 2025, 1.7% in 2026 and 1.9% in 2027, with continued pressures from food prices, which burden disposable income, but that are expected to weaken in the medium term.

Regarding the Cypriot economy, the CBC Governor said that it maintains strong momentum and resilience, with Gross Domestic Product growing by 3.3% in the first half of 2025 (compared to 1.3% in the Eurozone), while the CBC’s most recent forecasts show growth of 3.3% for 2025 and around 3% for 2026-2027.

He added that the labour market remains resilient, with unemployment at 4.7%, very close to full employment, while inflation is expected to decline to 1% in 2025 and fluctuate around 2% over the next two years.

The gradual easing of the ECB’s monetary policy contributed to the significant de-escalation of interest rates on loans to businesses and households, Patsalides also said, adding that the average interest rate on new business loans decreased by almost 2 percentage points since 2023, while a higher decrease was recorded as regards housing loans.

In this context, the difference in interest rates between Cyprus and the countries Eurozone median has generally been on a downward trend in the recent period, he noted, with the weighted average interest rate on all loans to households reaching 4% in August 2025, a rate which is fully aligned with the Eurozone median, he said.

A new research project at The Cyprus Institute of Neurology and Genetics (CING) aims to develop a one-time, curative therapy for the most common forms of thalassemia in Cyprus. The Molecular Genetics Thalassaemia Department (MGTD) of CING announces the launch of a new research project, BETA-BET: Targeted Base Editing for Beta Thalassemia.

According to a CING press release on Monday, ß-Thalassemia is a severe inherited blood disorder caused by mutations (errors) in the ß-globin gene (HBB), which encodes a key component of hemoglobin – the protein responsible for transporting oxygen throughout the body. Individuals affected by the disease typically depend on lifelong blood transfusions to compensate for ineffective red blood cell production and to manage chronic anemia.

The 24-month project aims to advance a personalised gene therapy approach for the HBBIVSI-110 mutation, the most common cause of ß-thalassemia in Cyprus. It is supported with a total budget of pound 198,828, funded by the Research and Innovation Foundation (RIF) and co-funded by the European Union and the Republic of Cyprus.

According to the press release, the BETA-BET project builds on the success of a previous RIF-funded research program, conducted in collaboration with George Papanikolaou Hospital, Aristotle University of Thessaloniki (Greece), and University of Freiburg (Germany), which provided the preclinical evaluation of these gene-editing tools in hematopoietic stem cells derived from individuals carrying two copies of HBBIVSI-110 mutation (HBBIVSI-110 homozygous). That study successfully showed that the gene-editing tools could efficiently correct the genetic mutation, restore the production of healthy red blood cells, and enable the corrected cells to survive and function long-term in preclinical murine models, outperforming other, nuclease-based approaches.

The new BETA-BET project focuses on two primary scientific aims. The first is to expand and validate the effectiveness of the cutting-edge “base editing” therapy for a much larger number of people living with ß-thalassemia, referred to as ‘compound heterozygotes. These individuals carry the HBBIVSI-110 mutation in combination with another mutation in the HBB gene.

Globally, compound heterozygotes are more than three times as common as those homozygotes for the mutation previously studied, underscoring the importance of this research, particularly in countries, like Greece and Egypt, where the HBBIVSI-110 mutation occurs at a relatively high frequency (above 19%). Base editing technology works like a tiny, ‘biological’ pencil and eraser, precisely targeting the exact spot in the DNA where a ‘single-letter typo’ occurs. It can erase the mistake and rewrite the correct ‘letter’, restoring the normal sequence. Unlike older methods, this advanced approach does not cut the DNA, making it much safer form of gene therapy. By demonstrating the treatment’s effectiveness in a broader patient group, the project aims to expand its clinical applicability and offer a potential cure to a large number of people living with thalassemia in Cyprus and around the world.

The second aim is to develop a new delivery system using ‘engineered virus-like particles’ (eVLPs). These eVLPs act like microscopic delivery drones, designed to carry the gene-editing tools directly to the blood-producing stem cells. Establishing this platform is a critical first step towards creating future therapies that could be given directly to the individual as a simple injection, potentially avoiding the complex, costly and harsh process of removing, editing, and returning cells to the body.

“The BETA-BET program is a crucial step toward a potential cure for the majority of people living with thalassemia. By expanding the therapy’s reach and pioneering new delivery methods, this research brings a personalized, one-time treatment closer to reality,” the press release reads.

The project officially commenced on June 1st, 2025 under the coordination of Dr. Petros Patsali, Associate Scientist at MGTD, alongside Dr. Carsten W. Lederer (Head of Department), Dr. Nikoletta Papaioannou (Postdoctoral Researcher) and Dr. Panayiota Papasavva (Hematologist, Clinician-Researcher). The project brings together a powerful consortium of national and international collaborators, including Dr. Soteroula Christou (State Health Services Organization’s Thalassaemia Clinic, Cyprus), Prof. Dr. Toni Cathomen (University Medical Center Freiburg, Germany), Dr. Annarita Miccio (Imagine Institute of Genetic Diseases, France), and Dr. Maria N. Dimopoulou (Laiko General Hospital Athens, Greece).