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Paralimni Marina Contracts Signed

Contracts for the construction of the Paralimni marina have been signed. It is expected to accommodate approximately 300 vessels. The Marina is valued at €110 million and is planned to be open for service by mid-2021.

Contract for Paralimni Marina Project was finally signed by Energy Minister Lakkotrypis, a representative from PMV Maritime Holdings and the Paralimni municipality. The contract signed provides the long-term lease of land and sea space in the Ayios Nicolaos fishing shelter of Protaras to PMV Maritime Holdings. Once open for service in mid-2021, the marina is expected to accommodate approximately 300 vessels. The project is valued at €110 million, the project comprises the building of a hotel as well as residential and commercial facilities. 

Minister Lakkotrypis expects the Paralimni marine along with already developed Limassol and Ayia Napa marines to attract more tourists to the sphere. He reckons that this development will lead to a sustainable economic growth and other economic benefits including attracting high level tourists to Cyprus and spurring the level of job creation. Per the calculations, 600 new jobs are expected to be created in the future. 

Furthermore, ministry is getting ready to sign a contract with potential investors in 2018 for the development of the Larnaca port and marine. Minister of Transport and Works Marios Demetriades visited the Paralimni marina to get acquainted with the development and to confer with potential investors. All required documents regarding the port and marina will be sent to the selected three investors to give them an opportunity to prepare their respective offers. 

Dimitriades confirmed that the representatives from the two companies had already visited the port to familiarize themselves with the surroundings and had conducted preliminary talks with the ministry team. 

The winner of the tender will be announced in March and the contract is planned to be signed in 2018. Dimitriades hopes that the land of port and marina will be assigned to the investors in 2019 and that will finally conclude the long-time efforts to find a suitable investor for the project development. 

The tender for developing the Larnaca port began in 2007, but the tender was cancelled in 2015 and was finally relaunched in 2017. 

The purpose of the development is to advance and to privatize the existing marina and the port next to it, making the marina the largest one in Cyprus. The marina has a potential capacity to accommodate around a thousand berths and several luxurious superyachts. Per the reports, the port, the marina and the surrounding area are around 510, 000 square meters. 

With that volume of development, it is easy to imagine it being the largest one in Cyprus and subsequently making Larnaca more attractive for tourists. 

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