ULife sale drags on, exporters target Gulf market
The sale by the two main banks of their controlling stake in Universal Life is expected to drag into October, with the final bid price to be subject to a due diligence report.
In other news, Cypriot shoe and leather exporters were targeting the $11 bln Gulf market, while progress in Cyprus talks could lead to benefits in the tourism sector, the Financial Mirror reported in issue 583, August 25, 2004.
The decision by Laiki Bank and Bank of Cyprus to dispose of their 57% stake in Universal Life Insurance to the Dutch multinational Eureko Group is expected to drag well into October, with a number of issues still pending, including a due diligence report. A combined bid for the UL stake owned by the two banks (Laiki 35%, Bank of Cyprus 21.8%) should reach about CYP 22.5 mln
Four Cypriot manufacturers will be taking part in the MOTEXHA Autumn exhibition in Dubai to tap into the Gulf garments and textiles market worth USD 11.4 bln, rising to USD 50 bln by 2010. The participating companies are K&S Antoniou Leather, Astir Show Factory, A&E Michael and Skopy Shoe Factory.
Turkey present a huge opportunity for the Greek Cypriot tourism sector, with the potential to double the number of arrivals on the whole island from the current level of 2.8 mln, according to Turkish Cypriot businessman Salih Celiker, a co-founder of Solution and EU Party led by the Turkish Cypriot Chamber’s Ali Erel. Celiker said that the main opportunity comes from the fact that around 30 mln of Turkey’s 70 mln population can afford more than one holiday per year.
On the second day since the flow of goods was allowed from the north following the EU’s Green Line regulations, Turkish Cypriots shipped their first consignment of watermelons, but a consignment of fresh fish was blocked by the Republic’s officials on the argument that it needed to pass health tests.
Tourism bookings from the UK are reported down by a whopping 30% in June, according to AC Nielsen, more than triple the decline in overall bookings in the UK market.
Tourism arrivals fell 3.8% in July to 305,978 from 318,143 in July 2003, while for the seven month period January-July, arrivals were up 4.7% to 1,267,830 compared to 1,210,798 in the same year earlier period.