€1.2bn plan by Cypriot-Israeli consortium to redevelop marina and port

A Cypriot-Israeli consortium, Kition Ocean Holdings, has gained approval from the Cyprus government which, after prolonged negotiations over some two years, managed to reach an agreement over the redevelopment of Larnaca port and marina. A total of €1.2bn is planned to be invested in upgrades, making it the largest infrastructure of this type on the island.

Transport Minister Yiannis Karousos announced late last week that the government had reached agreement with the Kition consortium to take on the project to restructure the existing marina to offer 600 berths, significantly improve the commercial port facilities, and develop the adjacent 220,000sq m land area.

The Kition consortium’s plan involves transforming the existing Larnaca Marina into a state-of-the-art facility as well as expanding and modernising the commercial port facilities including the provision of a new passenger ship terminal. In respect of the land area, Kition plans extensive commercial and residential buildings reportedly using innovative architecture, streets and parks.

The whole project is estimated to take between 10-15 years to complete. Minister Karousos commented: “I am in the happy position to announce that negotiations for the development of the port and marina of Larnaca ended with success. It is an investment of €1bn with multiple benefits for Larnaca and the country’s economy.”

Larnaca Mayor Andreas Vyras remarked that the deal was a “pleasant surprise”, as the town has been waiting for decades to see its marina upgraded. “This is a new era for Larnaca,” he said. “The development will boost the town’s economy and create a great number of jobs.”

Panayiotis Sentonas, a government spokesman, commented: “It is a project of great added-value for our country, as it is expected to increase economic activity in both Larnaca and elsewhere. It is estimated the project will contribute some €126m to GDP annually.”