M.M. Makronisos Marina Ltd. has confirmed it has been granted the rights to the development and operation of the mammoth Agia Napa marina project, paying a €25 million deposit to the government.
Work on Makronisos Marina & Resort is now expected to commence with the relevant permits issued.
The 600-berth, €220 million project, that includes Egyptian business tycoon Naguib Sawiris as one of its strategic partners, is expected to be completed by 2018 and will create up to 800 jobs during construction, and an additional 200 when the project becomes operational.
Agia Napa’s Mayor, Yiannis Karousos stated that he was delighted because the project will generate jobs at a time when Cyprus is suffering from a 16 per cent unemployment rate, adding that designating the marina as an official port of entry will provide a major boost to the area’s tourism industry.
Agia Napa Municipality has approved the town planning permits that will allow for the sale of residential and commercial plots with the Caramondani Group as the main partner of the project.