Newsroom
Four investors have officially thrown their hats into the ring for the long-awaited Paphos marina, a project the government hopes will finally turn the Potima area of Kissonerga into a major yachting hub in the eastern Mediterranean.
The Deputy Ministry of Tourism confirmed that four bids were submitted under the expression of interest process launched last September. The tender is set to conclude on Jan. 23, after which the bidders will be asked to submit formal offers, marking the next phase of a project that has been on and off the drawing board for years.
If the process stays on track, the marina will be developed through a long-term concession agreement under the DBFOT model—design, build, finance, operate, and eventually transfer back to the state. In plain terms: the winning investor builds and runs the marina for decades before handing it over to the government.
The project is planned on state-owned land in Potima and covers about 165,000 square meters. At full capacity, the marina would be able to host up to 1,000 pleasure boats, along with onshore facilities designed to meet what officials describe as “high-standard” international specifications.
Who’s bidding
Among the four bidders is MAN Enterprise Cyprus Ltd, part of an international construction group with projects spanning the Middle East, Europe and Africa. Founded in 1971, the company is active in everything from infrastructure and hospitality to large-scale commercial developments.
Another bid comes from Cusano Mare, a newly formed consortium backed by Italian and Scandinavian investors with a focus on construction and marine projects.
Also in the race is Celicandia Ltd, linked to the Korantina Homes group, a well-known Cypriot developer founded in 1990 by George Ioannou.
The fourth bidder is Orestis Fintiklis, a Cypriot businessman who manages Ithaca Capital, a private equity fund specializing in tourism and hotel investments across the United States, the Caribbean and Latin America. Fintiklis has drawn international attention in the past for winning a high-profile legal battle that removed Donald Trump from the management of the Trump Ocean Club in Panama.
What’s being built
The marina project is designed to reposition Paphos as a destination for marine and nautical tourism. Beyond berthing space for yachts, the development is expected to include residential and commercial areas, with optional plans for a hotel and, in one scenario, infrastructure to accommodate cruise ships.
Under the tender terms, bidders may choose between two development options. Both allow for up to 1,000 boats, with most facilities located at sea and a smaller portion on land. One option focuses on a classic marina with residential, commercial and hotel elements. The second adds the possibility of cruise ship berthing, creating a mixed-use waterfront development.
The concession will run for 55 years, making it one of the longest and most significant tourism investments currently on the table.
Negotiations with shortlisted bidders are expected to begin in May. For Paphos, where the marina project was revived in 2023 by a Cabinet decision after years of delays, the coming months may finally determine whether plans on paper turn into concrete and water.
