Egyptian business tycoon Naguib Sawiris’ contribution to Cypriot Ayia Napa development is expected to help bring the project to fruition, Cyprus’s tourism minister Yiorgos Lakkotrypis said.
The Government of Cyprus has revealed on Monday that a new strategic shareholder, represented in the Egyptian business tycoon, has joined the ambitious marina project located in Ayia Napa, along the southeastern coast of the island.
Lakkotrypis further told local media sources following a formal meeting with President Nicos Anastasiades, that M.M. Makronisos Marina Ltd., the consortium responsible for the development of the marina, has concluded an agreement with Sawiris, providing for construction to begin during 2015. The marina is preliminarily projected to be completed by 2018.
The Ayia Napa marina is currently one of the largest investment projects in Cyprus. Expected to require an overall investment of some €220 million, the marina is estimated to create a total of 800 jobs during construction, and an additional 200 when the project becomes operational, Cyprus-based Gold News reported.
“We are looking at the development that happened in Mykonos,” Sawiris said of the inspiration behind the luxury marina project. “Even Mykonos does not have marina facilities of the high quality we are seeking to create here.”
“The faster it kicks into the economy, the more success it will have,” he added.
Sawiris cited both the island’s tourist potential and Cyprus’ proximity to Cairo as reasons for investing in the marina. “The people are nice, the weather is nice and the country is beautiful, so it has all the ingredients for a successful tourist project,” he said. “Our intention with this project is to bring Ayia Napa back onto the tourist map, as the marina will provide a place for yachts to dock,” he concluded.
According to Sawiris, the marina project will include a variety of residential and hospitality facilities, including apartments, villas as well as a luxury hotel.