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Marina and Port of Larnaca, Cyprus Expansion

Kition Ocean Holdings, an Israeli organisation and Cyprus have recently reached an agreement, submitting a proposal for more than EUR1 billion for the development of the existing marina and port at Larnaca.

The project, according to the International Boat Industry, could be the largest in this type of investment in Cyprus to date.

The Larnaca marina is proposed in having berthing for 650 vessels from 5 m-150 m, 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.

It is also proposed that an 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. The joint venture anticipates the creation of 2,500 jobs upon completion.

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.