Government announces Egyptian investor in Agia Napa project

Government announces Egyptian investor in Agia Napa project

The government has announced that a new shareholder-investor from Egypt will be investing in the marina project in Agia Napa-Agia Thekla area, on the southeastern coast of the island.

The announcements were made today by Tourism Minister Yiorgos Lakkotrypis, following a meeting President Nicos Anastasiades had with the Egyptian investor Naguib Sawiris, in the presence of the Minister.

Speaking to the press, the Minister said that the Egyptian investor has concluded an agreement with the consortium that has planned the marina project in the area, adding that this development is going to speed up the work.

Lakkotrypis said that this is one the biggest investments in Cyprus, at a cost of 220 mln euro that will open jobs for 800 people during construction and 200 people when the project becomes operational.

The Minister said that the project will enrich Cyprus` tourist product which is the government`s strategic aim. The project is scheduled to begin mid 2015, after all the necessary permits are issued.

Sawiris, in his statements, said that Cyprus was chosen because his company believes in the country which is only 50 minutes flying time from Cairo.

“The people are nice, the weather is nice, the country is beautiful, so it has all the ingredients for a successful tourist project. Our intention with this project is to bring Ayia Napa back into the map of tourism because the project will facilitate all the yachts to have a place to dock“, he said.

The Egyptian investor went on to say that Cyprus has the nicest beaches and the nicest weather and all it needs is a place where people can come with their yachts and where there will be a possibility to have a flat, villa and a nice hotel.

“We are looking at the development that happened in Mykonos. Even Mykonos does not have a good marina like the one we want to build here“, he noted.

He said that the project will open up new job vacancies and it is estimated to finish in three years, adding that “the faster it kicks into the economy the more success it will have“.

According to Sawiris, the project will include villas, tower for small apartments and a five or six-star hotel.

Referring to the meeting he had earlier with President Anastasiades, Sawiris said that he and his entourage were warmly welcomed by the President.

“We trust his policies and we see how he encourages investments and we are very lucky to have the partners that we have here“, he added.