Kition Ocean Holdings also proposes expansion and modernisation of the port

A Cypriot-Israeli joint venture company has submitted a proposal for more than €1bn for the development of the existing marina and port at Larnaca, which it would be the largest investment in Cyprus to date.

Kition Ocean Holdings proposes expansion and modernisation to the port to serve its existing tenants more efficiently as well as becoming a magnate for new companies such as commercial cruises, transport and energy.

On the marina side, Kition is proposing berthing for 650 vessels from 5m-150m, as well as traditional dining venues, recreational and green areas, playgrounds, hotels, commercial spaces, luxury villas, and a unique educational and medical centre where students will be able to study and practice hotel management, medical studies and courses related to blue marine economy and services, according to the Cyprus Mail.

The joint venture anticipates the creation of 2,500 jobs upon completion, with the city of Larnaca and the surrounding region realising an immediate economic advantage and generating significant revenue for the island republic.

Neither of the partner companies in Kition have any marina or port holdings on Cyprus, but claim that both have years of experience in similar mixed development projects worldwide.

The proposal was submitted with all the required financial and other collateral required, and the venture said it was ready to begin the project implementation immediately.