Thursday, January 5, 2017

Cyprus on the upswing

Market Mogul:


In 2016, Cyprus saw a 3% rise in GDP where the same figure in 2015 was 1.6% and a disastrous -5.9% in 2013. Progress can be proven through various other figures:
  • Job opportunities compared to the previous year have risen by 12.8%
  • Yearly private consumption rose by 2.4%
  • Exports rose by 5.4%
  • Imports rose by 4.2%.

Cypriot politicians are not yet satisfied. In 2017, huge projects are expected: for example, the management of the biggest port in Cyprus in the Southern city of Limassol will be transferred into the hands of investors from Dubai and Germany, adding another port on the Eastern side of the island in “Ayia Napa” (best known as the Cypriot Ibiza). Surprisingly, after all the years that casinos have been considered illegal in the country, the creation of the biggest casino in Europe will kicked off at the beginning of this year.

Lastly, on 20 December 2016, the cabinet agreed on negotiating with ExxonMobil, Qatar Petroleum, Eni and Total for the hydrocarbon exploration and exploitation of three blocks in the southern side of Cyprus. The latter two energy giants, along with South Korea’s KoGas, already have permits for four other blocks, while the first oil and gas licensing round was kicked off by Noble Energy in 2007.

Lots of good things happening in Cyprus. This is why I am a big advocate of Bank of Cyprus. We continue to see improvement s in all of the bank's metrics as the year goes on. We should also see a listing for the Bank's stock in London in the first part of this year.

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