Newsroom
Transport Minister Alexis Vafeadis announced significant interest from both Cypriot and foreign investors in the development of the Larnaca marina and port. Speaking on the radio show "Diaspora News," Vafeadis emphasized the importance of investor meetings and transparency in decision-making.
"We believe it's essential to meet with investors alongside the ad hoc committee," Vafeadis said. "We aim to ensure transparency and inform all stakeholders to reach the right conclusions. After this period, we will decide on the implementation process for these projects."
The government recently separated the Larnaca port and marina development projects, initiating plans to upgrade the marina and surrounding area and construct a Nautical Club building, with an estimated value of up to €30 million plus VAT. These decisions followed the termination of a €1.2 billion contract with the Kition Ocean Holdings Consortium on May 27, marking the third failed attempt after similar efforts in 2010 and 2015.
Regarding project timelines, Vafeadis noted that the maintenance and upgrading of the marina are expected to be completed by September 2026, ahead of the original March 2027 schedule set by Kition. The construction of the Yacht Club is due for completion by December 2027, slightly later than the previous February 2027 target. The park and green space developments are also expected to be finished by September 2026, ahead of the previous milestone.
