Naguib Sawiris’ Latest Large Project is worth €220 million in Cyprus

Egyptian business tycoon Naguib Sawiris will invest around €220 million in the construction of the marina in Cyprus’ tourist resort, Ayia Napa.

Cypriot President Nicos Anastasiades has received on Monday the Egyptian businessman and later tweeted: “We welcome the highly important investment of Orascom #Egypt in Ayia Napa. The efforts of the Gov for growth continue.”
The Cypriot president has mentioned the value of the new project in a later tweet written in Greek.

In addition, Cypriot Energy and Tourism Minister Giorgos Lakkotrypis said the Egyptian investor had come to an agreement with the consortium that planned to build the marina in the Ayia Thekla area, the Cyprus Mail reported.

“The project is of great importance to Cyprus,” Lakkotrypis said outside the presidential palace.

Work on the marina is expected to start mid-2015.

“It is a project that will enrich our tourist product, in line with the objective of the new strategy,” the Cyprus Mail has quoted minister Lakkotrypis as saying.

Sawiris said he had opted to invest in Cyprus “because we believe in this country” which has beautiful beaches.

The Egyptian businessman said he expected the project to be completed in three years. It will include a marina, a luxury hotel, villas and apartments.

He said the aim was to promote Ayia Napa as a top tourist destination.