Russian bank Otkritie has sold its 19.8% stake in Cyprus-based RCB bank and will use the proceeds to fund the development of its retail business in Russia, Otkritie said recently.

The €3.5 billion development project by Hungarian investor Atum Developments in Geroskipou, Paphos include the construction of an artificial island, university, two five-star hotels and a marina.

The state-owned Cyprus Cooperative Bank is considering hiring at least one globally operating investment bank to assist with its planned capital increase, the press reported recently without citing its source.

Plans for the development of the Larnaca port and marina are on track and proposals by the three shortlisted tenders are expected to be submitted in September 2017, Larnaca Mayor Andreas Vyras said recently.

Transport Minister Marios Demetriades said recently that increasing winter tourism to the island was a major goal.

House and flat prices rose a quarterly 2.3% and 1.3% in January to March 2017 respectively, a sign that even as economic growth and construction activity pick up and the unemployment rate remains in the double-digit area, demand is not met by supply, the Cyprus division of the Royal Institute of Chartered Surveyors (RICS) said.

Plans for a capital raise in the Cyprus Cooperative Bank (CCB) are at an advanced stage, attracting interest by global investment banks, sources have told the Cyprus News Agency.

July saw a 77% increase in Israeli tourists to Cyprus in comparison with July 2016 while hotel searches for Cyprus have increased by 400% according to a study by hotel price comparison website HotelsCombined.

Bank of Cyprus, the island’s largest lender, has said that it will post a loss of €550m in its half-year results as a result of an increase of provisions for loan impairments by €500m and will return to profitability next year.

The Paphos Chamber of Commerce and Industry (CCI) is promoting plans for a jetty in Paphos and a jetty or marina in Polis Chrysochous.