Cyprus Government selects new company to manage Larnaca Marina

Cypriot President Nikos Christodoulidis met with Transport Minister Alexis Vafeadis on Tuesday 7th January.

The Mayor of Larnaca, Andreas Viras, was also present. The main topic of discussion was the future of the Larnaca marina. During the meeting, officials selected the company that will temporarily manage the port and marina. It was the Hellenic Republic Asset Development Fund (HRDAF), the Greek state asset management company.

During the discussions, Viras promised to present a development plan for the port within six months, which would then be submitted to the relevant authorities for approval. After that, the process of selecting an investor will begin, as will the implementation of the projects, which include dredging the marina, rebuilding the marina, creating a new yacht club and improving the area between the port and Finicudes beach.

Our main request, to focus on the development of the port, marina and surrounding area, has been heard by the President. We intend to start work as soon as possible in order to achieve the first results as soon as possible," said Vyras.

It is worth noting that HRADF already manages several ports in Greece. Among the most ambitious are Alexandroupolis, Lavrio, Volos, the commercial port of Kavala and the mega yacht marina in Corfu. It will now also have the marinas of Larnaca at its disposal.

It is recalled that in May 2024, the contract with Kition Ocean Holdings, which had planned to invest €1.2 billion in the development of the site, was cancelled. The main reason for this was a financial disagreement between the parties: the State insisted on providing a guarantee of €8 million, while the Israeli investor only wanted to contribute €4.2 million. A new attempt to transform Larnaca Marina is expected to be completed by September 2026 (six months earlier than originally planned), should a suitable investor be found.

Details of the previous project:

1. Larnaca Port and Marina was taken over by the international consortium Kition Ocean Holdings on 1 April 2022.
2. The Larnaca Port and Marina was to be leased to the investor for 40 years and the properties built within it for 125 years.
3. The Cypriot government's revenue from the new project was estimated at €12 billion (in rents and interest on profits).
4. Four thousand jobs were to be created in the Larnaca marina and port.
5. The marina was to be built in four phases over a period of 15 years.
6. The marina and port were to be taken over by the government after 40 years.
7. The port of Larnaca would be able to accommodate vessels up to 450 metres in length.
8. The marina would have 650 berths for yachts and boats.
9. The contract with the investor was cancelled in the spring of 2024.