Two recent landmark events have paved the way to boost trade and cooperation with Iran, while Cyprus officials have also stated that the island could become a bridge to the EU for Iran.

Unemployment in Cyprus dropped by 9.7% in July 2015, according to data released recently by the statistical service.

Immovable property tax for 2015 will be paid based on 1980s values, Interior Minister Socratis Hasikos said recently, accusing parliament of ignoring the fact that thousands of properties will not be taxed.

President Nicos Anastasiades said recently that at its next meeting, the Cabinet will set up a new mechanism to monitor the €517.5 mln in public projects announced so far in 2015 and ensure they do not get embroiled in red tape.

Global giants such as APM Terminals and China Ocean Shipping Company (COSCO) are among the port operators that have expressed an interest in the privatisation of Limassol Port, Transport Ministry sources said recently.

The University of Cyprus Economic Research Centre (ERC) says it expects Cyprus’ economy to grow 1.1% both in 2015 and 2016.

Egypt has completed a feasibility study into natural gas imports from Cyprus, Egyptian media are reporting.

The University of Cyprus will be setting up a Hydrocarbon Research Institute and a Department of Chemical Engineering for Hydrocarbons in with the aim of supporting the oil and gas industry in the Eastern Mediterranean.

Israel and Cyprus recently agreed to expand their cooperation on energy issues, including the use of pipelines and electricity grids to link to European markets, as both countries develop natural gas fields off theircoasts.

A new airline is getting ready to set up shop in Larnaca and it’s already looking to hire mostly local staff, including former Cyprus Airways employees if they have the right skills.