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12° Nicosia,
01 March, 2024
 
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Mega investments and unanswered questions

The struggle of attracting tourists amidst global upheavals

Maria Eracleous

Maria Eracleous

In the realm of business expansions and openings, an intriguing anomaly surfaces—the apparent lack of foresight. Take, for instance, multi-million investments requiring a substantial workforce.

How do these ventures overlook the existing personnel shortages in the sector, posing a real challenge for established companies? Grand projects, while promising, often exacerbate existing problems.

Unless steps are taken to streamline hiring processes for international staff before their operations commence.

The retail and hospitality sectors, grappling with severe staff shortages, persist in their investments. The question lingers: Are robust systems in place to navigate potential challenges and ensure business continuity, especially in investments worth hundreds of millions?

Consider the casino resort, once touted to employ thousands, now resorting to layoffs shortly after its grand opening. The company attributes this to external factors like the situation in Israel, leaving room for skepticism.

Examining the project from a tourist perspective, it pledged to draw 300 thousand visitors annually, a projection rooted in the Russian and Middle Eastern markets.

Yet, with geopolitical shifts like Russia's invasion of Ukraine, there was ample time until July 2023 to pivot and target new markets. Failure to adapt reveals a critical flaw in the initial plan.

While expanding into the Israeli market seemed promising, the results fall short. The aftermath mirrors past setbacks, such as Thomas Cook's closure impacting British tourism and disruptions from Brexit.

The need for the tourism sector to diversify beyond traditional markets becomes apparent, especially in significant investments.

In a landscape where tourism must detach from key markets, the private sector, especially in monumental investments, should prioritize adaptability and market diversification.

[This article was translated from its Greek original]

TAGS
Cyprus  |  tourism  |  Russia  |  Israel  |  economy

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