The redevelopment of the Larnaca port and marina is expected to generate billions in revenue, Kition Ocean Holdings CEO Panos Alexandrou said in a press release on Wednesday.
Moreover, the port and marina rejuvenation and expansion will create thousands of new jobs, estimated to surpass 4,000 in number. The hiring process is already underway.
According to the statement, initial estimates suggest that revenues from the project will amount to €19.6 billion. This figure would make the project one of the most profitable investments in Cyprus over the next twenty years.
The Cypriot-Israeli consortium company Kition Ocean Holdings was the winner of the government’s international public tender procurement process and are currently tasked with completing the redevelopment project.
“In this context, the training of specialised staff remains a possibility, who in turn will be able to train new staff for similar tasks in the future,” Alexandrou said.
The project, described as a “jewel for the East Mediterranean region”will take roughly twelve years to complete.
Together with Larnaka International Airport, the re-development of Larnaka Port and Marina will play a significant role in the advancement of Cyprus, and more specifically the city of Larnaka, as a prime Mediterranean tourist destination.
The vision of the project is to c build a world class cruise and marina facility, to create an environmentally and economically sustainable ‘green’ development, to form public & private spaces and iconic buildings, to maximise the site’s potential and to develop for the benefit of Larnaka, for the long term.
“Several boat management companies are already interested in mooring,” Alexandrou said, explaining that upon completion, the port and marina will be able to welcome both luxury yachts and cruise liners.
The Kition Ocean Holdings CEO suggested that high demand may see a hastening of the third phase of the project, which includes the creation of offshore hotels and villas.
Alexandrou concluded that for this project to achieve its full potential, the entire city of Larnaca will need to be holistically redeveloped, including in sectors such as healthcare, education, and infrastructure.
“This will turn Larnaca in not just a unique tourist destination, but also into a modern, safe city which can provide its residents with all necessary services,” Alexandrou said.
In other Larnaca port and marina redevelopment news, Ernst & Young were recently appointed as the Cypriot government’s financial advisor on the project.
The company’s business strategy and transaction team advise the transport ministry on the project and liaise with Kition Ocean Holdings.
“I am extremely proud of what our team has achieved, as this transaction marks the beginning of an exciting new chapter for the economy of Larnaca and Cyprus in general,” Ernst & Young partner and head of and head of strategy Stelios Demetriou said at the time.