Egyptian business tycoon Naguib Sawiris’ contribution to Agia Napa’s Makronisos Marina & Resort development is expected to help bring the project to fruition, stated Cyprus’ Minister of Energy, Commerce, Industry & Tourism, Yiorgos Lakkotrypis.
The Government revealed on Monday that a new strategic shareholder, represented in the Egyptian business tycoon, has joined the ambitious marina project.
Lakkotrypis told reporters following a formal meeting with President Nicos Anastasiades, that M.M. Makronisos Marina Ltd., the consortium responsible for the development of the marina, has concluded an agreement with Sawiris, providing for construction to begin during 2015.
Makronisos Marina & Resort is preliminarily projected to be completed by 2018.
The marina is currently one of the largest investment projects in Cyprus and is expected to require an overall investment of some €220 million. It is estimated that it will create up to 800 jobs during construction, and an additional 200 when the project becomes operational.
“We are looking at the development that happened in Mykonos,” Sawiris said of the inspiration behind the luxury marina project. “Even Mykonos does not have marina facilities of the high quality we are seeking to create here.
“The faster it kicks into the economy, the more success it will have,” he added.
Sawiris cited both the island’s tourist potential and Cyprus’ proximity to Cairo as reasons for investing in the marina. “The people are nice, the weather is nice and the country is beautiful, so it has all the ingredients for a successful tourist project.”
“Our intention with this project is to bring Agia Napa back onto the tourist map as the marina will provide a place for yachts to dock,” concluded Sawiris.
According to tycoon, the marina project will include a variety of residential and hospitality facilities, including apartments, villas and a luxury hotel.