CYPRUS: Israeli investors submit EUR 1.2 bln Larnaca port & marina bid

After being granted three consecutive extensions, the Israeli investors interested in the billion-euro development of Larnaca marina and port, delivered their final proposal to the Minister of Transport Vassiliki Anastassiadou.

The proposal regards the restructuring of the marina, the port and surrounding land development projects over an area of 220,000 m² which is expected to see the consortium invest around EUR 1.2 bln in the project.

Reportedly, the Israeli consortium is to include Cypriot companies forming a larger consortium under the name KITION OCEAN Holding, which will be the legal entity undertaking the project if the proposal is accepted by the government.

Apart from the development of the marina with the latest technological infrastructure and plans to turn the port it into one capable of serving large vessels, with the expansion of piers and docks and the construction of a modern passenger terminal, the consortium is also planning residential and commercial development with innovative architecture, streets and parks.

It is expected that the clarification and negotiation process will begin over the coming few weeks so that the state and KITION OCEAN will be in a position to sign the final agreement in early 2019.

Investors had previously expressed their readiness to start works as soon as the documents are signed, and the marina, port and land are handed over to the consortium comprising of of AMPA Ltd and Israel Shipyards Ltd.