The Cyprus government is preparing a tender for the management and maintenance of the Larnaca marina

The Cypriot government intends to issue a new tender for the management and maintenance of Larnaca Marina in the near future.

This was announced on Thursday 28th November by the head of the Ministry of Transport, Communications and Public Works, Alexis Vafiadis.

According to him, the winner of the tender will have the right to operate the marina for up to five years or until a new investor is found to modernise it. At the same time, the government has decided to split the Larnaca port and marina into two independent projects, each of which will be the subject of a separate tender. Until the tender is completed, the marina will be managed by the Ministry of Transport, while the port will be managed by the local administration.

It should be recalled that the contract with Kition Ocean Holdings, which was to invest €1.2 billion in the development of the facility, was previously cancelled. The main reason was a financial disagreement between the parties: the state insisted on a guarantee of 8 million euros, while the Israeli investor was only willing to contribute 4.2 million euros. The new attempt to transform Larnaca Marina is expected to be completed by September 2026 (six months earlier than originally planned), if a suitable investor can 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 terminated in the autumn of 2024.