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.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.