Cyprus Eyes Rebound from Loss of Russian, Ukrainian Tourists

Tourists visit the sea caves during sunset in the southern coastal resort of Ayia Napa in the southeast Mediterranean island of Cyprus, Sunday, May 29, 2022.  (AP Photo/Petros Karadjias)
Tourists visit the sea caves during sunset in the southern coastal resort of Ayia Napa in the southeast Mediterranean island of Cyprus, Sunday, May 29, 2022. (AP Photo/Petros Karadjias)
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Cyprus Eyes Rebound from Loss of Russian, Ukrainian Tourists

Tourists visit the sea caves during sunset in the southern coastal resort of Ayia Napa in the southeast Mediterranean island of Cyprus, Sunday, May 29, 2022.  (AP Photo/Petros Karadjias)
Tourists visit the sea caves during sunset in the southern coastal resort of Ayia Napa in the southeast Mediterranean island of Cyprus, Sunday, May 29, 2022. (AP Photo/Petros Karadjias)

Archimandrite Agathonikos bows before the silver-covered icon of the Virgin Mary to offer prayers for an end to the war between “peoples of the same religion” in Ukraine.

Until the outbreak of the COVID-19 pandemic, hundreds of Russian and Ukrainian Orthodox faithful visiting Cyprus would come daily to venerate the relic. Tradition dictates it was fashioned by Luke the Evangelist from beeswax and mastic and blessed by the Virgin herself as a true representation of her image, AFP said.

With the war and a European Union ban on Russian flights, the estimated 800,000 Russian and Ukrainian vacationers that head to Cyprus each year for its warm, azure waters and religious history stretching back to the dawn of Christianity are practically down to zero. In record-setting 2019, they made up a fifth of all tourists to the island nation in the Mediterranean Sea south of Turkey.

“We’ve had many worshippers from these two countries fighting today,” Agathonikos said. “I wish and pray to our Virgin that these two peoples who fight today are shown the way to peace — the faithful in both countries should pray for that.”

He is the abbot of Kykkos Monastery on the northeastern ridgeline of Cyprus’ Troodos mountain range, which has been home to the icon for nearly a thousand years. It, the tomb of St. Lazarus in Larnaca and the monastery of Stavrovouni that houses a large piece of the Holy Cross are important Cyprus stops for Russians and Ukrainians on pilgrimages to the Holy Land, Agathonikos said.

Their absence this year, coming on the back of a steep drop in tourism at the pandemic’s outset, has cut into the revenue of a country whose tourism sector accounts for more than 10% of its economy. Other nations that rely on Russian and Ukrainian visitors like Turkey, Cuba and Egypt also braced for losses just as tourism began bouncing back.

Cyprus Deputy Minister for Tourism Savvas Perdios estimates the loss from Russian and Ukrainian visitors will total about 600 million euros ($645 million) this year, with expectations before the war that the number of visitors would be approaching that of 2019.

Cyprus is one of the shortest flights from Russia to any Mediterranean holiday destination, but the EU flight ban negated that advantage.

Businesses are hurting, especially local travel agencies that work with big tour operators focusing on the Russian market. Some hotels on Cyprus’ popular eastern coastline that catered to Russian vacationers are feeling the sting, too, said Haris Loizides, board president of the Cyprus Hotel Association.

An additional burden weighing on hotel owners is high inflation that has cranked up operating costs, he said.

Vassos Xidias, proprietor of a seafood tavern bearing his name overlooking the small Ayia Napa harbor, says his business has dropped by as much as 50% this year because of losing the Russian market.

“There’s a huge problem in our work," Xidias said. “Now, we’ll see how much this will be covered by the European market and others. It’s the gamble that we’re waiting to see over the next four months that remain” of the tourist season.

Despite the upheaval, officials say that thanks to foresight and planning to find new markets even before Russia invaded Ukraine, Cyprus is projected to make up a sizable chunk of the lost revenue.

More vacationers are expected this summer from European markets, including Scandinavian countries, France and Germany, who spend more per day on average than Russians.

“Now we are a point of comparison where, you know, a Russian person will be leaving in Cyprus around 60 euros per person per day, whereas other nationalities, around 90 euros,” Perdios says.

While there were no direct flights from France to Cyprus two years ago, 20 flights will take off each week this year. Weekly flights from Germany and Scandinavian countries have increased to 50 and 30, respectively, this year — higher than in 2019.

Lozides says hotel owners may be reporting fewer bookings than 2019, but higher guest spending is expected to boost revenue.

Both Loizides and Perdios say this optimism is driven by the public’s desire to get away after two years of pandemic lockdowns.

“Nothing is going to stop people from traveling this year,” Perdios said.

Loizides said hotel owners haven’t given up entirely on bringing Russian tourists this summer. He says they’re looking into possibly getting Russians to Cyprus through countries not bound by the flight ban, like Serbia, Georgia and Israel.

Perdios says his ministry’s revamped tourism strategy has gained traction in European markets as it highlights what Cyprus has to offer beyond sun and surf.

That includes vegan-friendly hotels and winery tours through mountainous villages to learn about wines such as Commandaria, winner of the first international wine competition in 1224.

“We have done so much work in order to be able to stand before you today and say, ‘Hey, you know what? It’s going to be an OK season. It’s going to be a decent season. It’s not a disaster. And we’re going to be all right,'” Perdios said.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.