Assets under Management of Collective Investments up by 9% in the 2nd quarter

The value of Total Assets Under Management reached €10.7bn in the 2nd quarter of 2021, recording a 9% increase over the 1st quarter of the 2021, according to the latest Quarterly Statistics bulletin published by the Cyprus Securities and Exchange Commission (CySEC).

The statistical bulletin is available on the CySEC website, and presents the most important data on the Collective Investments sector in Cyprus. Based on the statistics for the 2nd quarter of 2021, CySEC has 289 Management Companies and Undertakings of Collective Investments (UCIs) under its supervision, of which 201 have operations. More specifically, it supervises 176 Externally Managed UCIs, 51 Internally Managed UCIs and 62 External Fund Managers. The total number of Management Companies includes 33 AIFMs, 72 Sub-threshold AIFMs, 4 UCITS Management Companies and 4 dual license entities (AIFMs and UCITS Management Companies).

The Total Assets Under Management (AUM) for the 2nd quarter of 2021 reached €10.7 billion, recording a 9% increase over the 1st quarter of 2021. The UCIs, which are managed by the Management Companies, had a Net Asset Value (NAV) of €8.7 billion. Approximately 54% of the AUM relates to Assets managed by the AIFMs, while 17% are managed by Sub-threshold AIFMs, 22% by AIFMs and UCITS Management Companies, 7% by UCITS Management Companies and only 1% by Regulated UCIs managed by Foreign Fund Managers.

Regarding the UCITSs’ investment policy, they invest heavily in Transferable Securities (86%), followed by investments in Bank Deposits (6%). AIFs, AIFLNPs and RAIFs mainly invest in Private Equity (36.7%), while 12% of the AUM are invested in Real Estate.

There are 172 UCIs in operation. Comprising 75% of the total AUM, there are 155 UCIs domiciled in Cyprus (10 UCITS, 53 AIF, 62 AIFLNP and 30 RAIF). From the total of 172 UCIs managed by UCIs Management Companies, 128 invest in Cyprus either entirely or partially, and €2.3 billion (21.8%) are investments made in Cyprus. The 54% of the investments in Cyprus are in Private Equity, while 13% are in Real Estate.

When it comes to categorising unit-holders, the majority of UCITs are Retail Investors (99.4%), while for AIF, AIFNLP and RAIF, 36.1% of them are Professional Investors, 51.7% Well-Informed Investors and only 12.2% Retail Investors.

Finally, regarding the specific sectors that UCIs invested in during the 2nd quarter of 2021, the AUM in the Energy sector totalled €346m (3.24% of total AUM), while €29.1m was invested in Fintech (0.27% of total AUM), €35.9m in Shipping (0.34% of total AUM), €36.9m in the Sustainability sector (0.35% of total AUM) and €6.6m in Cryptocurrencies (0.06% of total AUM).

Source: Cyprus News Agency

Forest fire in Limassol under partial control

A fire that erupted in the state forest close to the communities of Armenohori and Pareklisia in the district of Limassol was put under partial control late in the afternoon, the Department of Forests announced.

The fire, which erupted on 16:15 local time, burnt an area of approximately 30 hectares. More than 20 fire engines, excavators and water tankers worked to contain the fire, the Department said.

The authorities deployed the “Ikaros 2” plan involving fire-fighting aircraft.

According to the Department, fire fighting units will remain on the ground during the night to extinguish the fire altogether.

Source: Cyprus News Agency

New startup accelerator program ‘Nicosia²’ launched

CYENS Centre of Excellence (former RISE) and CYENS Techub have announced a new accelerator program, “Nicosia²” (Nicosia Squared) focusing on the development of projects that use digital twins as ways of solving the challenges faced by cities and their inhabitants.

“Nicosia² aims to accelerate and support promising teams with hands-on training in business modelling, service design, project management and finance also providing coaching throughout the 3-month program to help convert ideas into viable businesses”, a press release says.

The program is designed in four phases to support teams at every stage, it adds.

The first phase is the soft application phase, where applicants from all around Cyprus with any background are invited to propose ideas that relate to the use of Smart Cities / digital twins and match at least one of the following criteria:

• Innovation delivering societal and environmental benefits

• employment opportunities

• contribution to the United Nations Sustainable Development Goals (UN SDGs)

• circular economy business models.

According to the press release, all successful applicants of the soft application process will be invited to participate in a week-long Basecamp to work with experts in preparing their applications to participate in the Accelerator.

Program Timeline

6 September 2021 Announcement of the program and soft applications (Deadline 26 September)

15 September 2021 Info session – Online

2 October 2021 Invitation of the selected applicant to join the Basecamp

4 – 8 October 2021 the Basecamp

8 October 2021 Hard applications & announcement of selected teams to Nicosia² accelerator program

18 October – 17 January 2022 Nicosia² Accelerator

Source: Cyprus News Agency

Outstanding work in absorbing EU funds, next challenge the implementation of the Recovery Plan, FinMin says

Cyprus Finance Minister Constantinos welcomed the “outstanding work” done by the Cypriot authorities placing Cyprus among the top EU countries in absorbing EU funds, stressing that the next challenge is the effective implementation of the €1.2-billion National Recovery and Resilience Plan.

A press release issued by the Finance Ministry says that according to EU Commission data, Cyprus is placed among the top spots among the EU member-states concerning the absorption of funds of the Cohesion Policy funds.

According to the current data on Cohesion Policy, Cyprus ranks 1st as regards absorption of European Social Fund and 2nd in the European Regional Development Fund.

These funds are allocated in the fields of entrepreneurship, employment, energy, information technology, research and innovation, the environment, transport, urban development, education and strengthening of social cohesion.

In this context Cyprus has promoted a great number of projects, fully utilising the EU’s development funds, to foster progress in the economy, the society and to achieve the country’s strategic targets, the Finance Ministry said, noting that Cohesion Police Funds were of vital importance in combating the effects of the Covid pandemic through financing actions in the fields of health, employment and support for SMEs.

Finance Minister Constantinos Petrides welcomed the “outstanding work” done by the state services, stressing that the next challenge is the effective implementation of Cyprus’ National Recovery and Resilience Plan “Cyprus Tomorrow” amounting to €1.2 billion to be disbursed in the period of 2021 – 2026.

Towards that end, Petrides called on all stakeholders for an effective utilisation of the EU funds which decisively contribute to the state’s economic growth policy, the press release said.

Source: Cyprus News Agency

Cabinet members brief President on progress of reforms

Members of the Cabinet briefed on Friday President Nicos Anastasiades on progress made so far on the implementation of projects, reforms, policies and strategies, with a special reference to those incorporated in the country’s Recovery and Resilience Plan “Cyprus – Tomorrow”.

Deputy Government Spokesperson Niovi Parisinou told the press that the meeting was a continuation of last Tuesday’s meeting of the Cabinet.

She said that during the meeting, the Ministers of Energy, Commerce and Industry, Health, Agriculture, Rural Development and the Environment and the Minister of Labor, Welfare and Social Insurance, as well as the Deputy Ministers of Shipping, Social Welfare, Research, Innovation and Digital Policy and Tourism briefed the President on the progress made on the implementation of projects, reforms, policies and strategies that fall within their competence.

She noted that special reference was made to projects incorporated in the Recovery and Resilience Plan “Cyprus -Tomorrow”.

She said that for the implementation of reforms, Cyprus would receive 1.2 billion from the EU’s Recovery and Resilience Facility.

Source: Cyprus News Agency

Cyprus and the US deepen bilateral relations through joint elite training

A two-day training of elite forces between the US and Cyprus that ended on Friday is a milestone in bilateral relations which are being deepened, according to Defence Minister Charalambos Petrides and US Ambassador Judith Garber.

The exercise was part of the bilateral cooperation between Cyprus and the US and was carried out on the General Support Vessel “ALASIA” of the Navy Command that is docked at Limassol Port.

Minister Petrides described Friday’s elite training of the National Guard Special Forces with the US Navy Seals as “another milestone in our enhanced defence cooperation with the US.”

In remarks at the end of the two-day training, Petrides said the exercise between the two countries “special forces is part of numerous developments during the last couple of years, such as access to IMET, the partial lifting of the arms embargo for non-lethal material through ITAR, the establishment of CYCLOPS and many more. Cyprus and the US are on the same strategic boat.”

“We need to be able to respond to asymmetric threats and emerging crises,” he added.

Our objective, he stressed, “is to deepen and enhance our bilateral defence cooperation with the US.”

Minister Petrides also underlined the importance attached to this sort of elite training, “increasing our interoperability and ability to work together for the security and stability in the region”.

The Defence Minister said they “look forward to more joint exercises and joint activities with the US Armed Forces.”

US Ambassador Judith Garber said she was especially proud of the joint training of the National Guard Special Forces with the US Navy Seals.

She also expressed satisfaction about the progress of bilateral relations, adding more will follow in the near future with joint activities as both countries are working together for safety and stability in the wider region. Garber remarked that “automatically exercising and working together seems as if it is the most natural thing in the world” between the two countries.

“We have made such progress in our bilateral security cooperation since the signing of the Statement of Intent back in November 2018,” said Garber.

“It’s great to see this level of security cooperation and we are looking forward to even more as we work together for regional security and stability,” she said.

With the partial lifting through a waiver of our defence trade restrictions on non-lethal sales “we are very much hoping to see the results on that”, she said, adding the she is very pleased that some US companies have participated in recent tenders. “These are all signs of our deepening cooperation and we are looking forward to doing many much more exercises together in the near future,” she noted.

Source: Cyprus News Agency

Spehar holds farewell meeting with Cyprus President, hopes for a solution sooner rather than later

UN Secretary General`s Special Representative in Cyprus, who is leaving her post at the end of September, has expressed the hope that a Cyprus settlement will come much sooner rather than later.

Spehar, who was received on Friday by Cyprus President Nicos Anastasiades at the Presidential Palace for a farewell meeting, noted that she has been very impressed by the Cypriots, by their perseverance and by their desire for peace. She will also have a farewell meeting on Monday with Turkish Cypriot leader, Ersin Tatar.

“I came to the Palace to see Anastasiades ahead of his upcoming trips and especially to thank him and his government for all of the cooperation and support over the five plus years that I’ve been here on the island, Spehar said in statements after the meeting which lasted just over an hour.

She noted that “there are a lot of people on this island, on both sides, who continue to work for peace. Sometimes they are very courageous and it is important what they are doing and what they are saying. They want to see a better future for this island, for everyone, and I hope that they will continue.”

“Because it is very important to get more people involved in the peace process,” she added.

She recalled that the UN Secretary – General Antonio Guterres said that he will not give up, and expressed hope that the Cypriots will also not give up.

Spehar thanked everyone that she has worked with all of these years. “I feel that I have been very embraced by the island overall all of this time. It has been a marvellous experience,” she noted.

She went on to say that “whatever happens in the future I wish the best for this island and I await the day of the solution to the Cyprus problem.”

“I hope it will come much sooner rather than later,” she noted.

“I will always have a very soft spot in my heart for Cyprus and for the Cypriots,” Spehar concluded.

Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37% of its territory. Numerous UN backed talks to reunite the island have failed to yield results.

Source: Cyprus News Agency

Cyprus President to pay official visit to Bahrain on Monday

Cyprus President Nicos Anastasiades is set to pay Bahrain an official visit on Monday during which an MoU on Financial and Technical Cooperation and a Visa Waiver Agreement for diplomatic, special and official passports are expected to be signed.

President Anastasiades will be accompanied by Foreign Affairs Minister Nikos Christodoulides, Energy, Commerce and Industry Minister Natasa Pilides, Agriculture, Rural Development and Environment Minister Costas Kadis, Tourism Deputy Minister Savvas Perdios and Government Spokesperson Marios Pelekanos, a presidency press release says.

“The visit takes place in the framework of a government decision to develop bilateral relations with Arab Gulf countries,” the press release adds.

During the visit, Cyprus` President will have a meeting with King of Bahrain Hamad bin Isa Khalifa, with whom they will also chair extended talks between the delegations of the two countries.

During the visit, the press release notes, a Memorandum of Understanding on Financial and Technical Cooperation and a Visa Waiver Agreement for diplomatic, special and official passports will be also signed.

“The government considers the further development of relations with Bahrain as particularly important since it enhances the multilateral approach of its foreign policy, since among other things, the President of the Republic will discuss Bahrain`s support of our country in the Islamic Cooperation Organisation, as well as of his Climate Change Initiative,” the press release reads.

The visit, it continues, is also seen as an opportunity for mutual briefing and exchange of views on recent developments in the broader region, adding that on the part of President Anastasiades emphasis will be placed on Turkish provocations against Cyprus.

It is further noted that the fact that they are both islands, their population size as well as the their strategic geographical position create the conditions for a greater exchange of experiences and cooperation in a significant number of fields.

During his stay in Bahrain President Anastasiades will visit the country`s Economic Development Council responsible in the area of investments, while on the sidelines of the official visit, the Ministers accompanying him will have bilateral meetings with their counterparts, the press release concludes.

Source: Cyprus News Agency

Cypriot authorities report one death and 142 new Covid cases, 117 patients at state hospitals

Cypriot health authorities announced the death of one person from COVID-19, bringing the total to 527, and 142 new cases out of 56,668 tests. The positivity rate declined to 0.25%. At the same time, 117 people are being treated in hospitals across the island, 41 of whom in a serious condition.

In a press release the Ministry of Health said that 81.2% of patients with COVID-19 who are treated in hospital have not been vaccinated. Nine post-COVID patients who are no longer infectious, continue to be intubated in ICUs in a serious condition, it added.

The deaths announced concern a 70-year old woman, who passed away at the Nicosia General Hospital on September 9.

Total deaths attributed to COVID-19 are 527, 339 or 64% men and 188 or 36% women, with a median age of 76.4. Total cases since the outbreak of the pandemic have reached 117,695.

In total, 117 people with COVID-19 are treated in state hospitals. 41 of them are in a serious condition, of which 17 are intubated, another 2 are treated in an ICU but are not intubated and another 22 are treated in an ACU.

A total of 56,668 tests were carried out on Thursday, 6,367 by PCR method and 50,301 by antigen rapid test method detecting 142 new COVID-19 cases as follows:

Out of 251 samples taken through contact tracing, 14 people tested positive; out of 3,209 samples taken from passengers in airports 8 people tested positive; out of 2,594 tests taken privately 33 were found to be positive; out of 182 samples from the General Hospitals` Microbiology Labs 8 people tested positive; out of 30,186 samples tested by antigen rapid test in private clinics and pharmacies 60 people were found to be positive, while 19 persons tested positively following 20,115 antigen rapid test through the Ministry`s screening programme.

Source: Cyprus News Agency

Cyprus to regain the ground lost due to Covid, support to continue in more targeted manner, FinMin tells CAN

Cyprus will among the few countries in the EU to regain the ground lost in 2020 due the Covid pandemic, Finance Minister told CNA, stressing that all EU member states continue with a much more targeted support policy as fiscal buffers are not limitless.

Speaking to CNA from Slovenia, where he is attending the eurozone Finance Ministers` meeting, Petrides said that one of the meeting’s conclusions is that “fiscal and monetary policies implemented so far have yielded results and that’s why most of the Eurozone countries are revising their projections over economic growth in 2021.”

The Cyprus Finance Minister said he told the meeting that “Cyprus will be among the countries that will revise projections and one of the few member-states which are expected to cover the ground lost in 2020.”

But Petrides said that the common position expressed is that more work is necessary as uncertainty remains high.

“With regard to support measures, in most member states public support has been contained to large degree and the remaining measures are much more targeted as no state has limitless fiscal room,” he added.

Concluding, Petrides said the Eurozone Finance Ministers highlighted the need for policy coordination.

Hit by the Covid pandemic, the Cypriot economy contracted by 5.1% of GDP in 2021. Following a contraction by an annual 2.1% in the first quarter of this year, the economy jumped by 12.9% in the second quarter, with the Finance Ministry expected to revise its earlier projection significantly upwards in view of the 2022 state budget.

Source: Cyprus News Agency