Cyprus has reached an agreement with Israeli investors KITION OCEAN HOLDING for the long-awaited redevelopment of the Larnaca port and marina. On Friday the 14/02/2020 the government announced that the Negotiations with the Israeli Investors for the €1 Billion investment have been completed successfully. The negotiations have started since late 2018.
The project includes the development and extension of the existing marina. Also the port will be converted into a passenger’s terminal able in serving large cruise ships. The surrounding land which is over 220,000 sqm will be developed with residential and commercial projects. The Development will also consist of recreation and green areas, children’s play areas.
The development is expected to bring a new era with multiple benefits to Larnaca Town as well as Cyprus as a whole.
Based on the Finance Ministry’s study the investment will lead to a €120m annual increase in Cyprus’ GDP.
The project is expected to be completed over a period of 10 to 15 years.