As agreed in December 2020, the Cyprus Port Authority handed over the operation of the port and marina to Kition Ocean Holdings; the private consortium awarded the project following a public tender.

In a written statement on Monday, the Chair of the Cyprus Port Authority, Dr Antonis Stylianou, said: “It is with great emotion the Authority hands over the management of Larnaca Port, but at the same time we understand the new upgraded role as a supervisor and regulator of the activities that our new partners will now carry out”.

Stylianou welcomes the new investors who will be pumping €1.2 billion into the redevelopment project.

“The Cyprus Ports Authority owes a big thank you to staff and especially colleagues who will leave the service or be transferred to other public services.”

Stylianou also extended the board’s gratitude to Transport Minister Yiannis Karousos and the ministry’s staff, who have worked on promoting the upgrade of the port and marina.

“I can assure the Cyprus Ports Authority, with its new role at Larnaca Port, will be there to help out and be a stable partner during the implementation of the concession agreement”.

The first phase starts in April with upgrading existing service buildings in the marina to offer boat owners a first taste of the overall project.

Services offered to boat owners include smart upgrades by introducing applications and services accessible through their smartphones.

As estimated, the project will generate revenues of around €12 billion for the government.

It will create about 4,000 new jobs, calculating those directly tied to the marina operations and businesses that will open outlets in the commercial areas.

The work will be carried out in four phases over 15 years.

The BOT project will see the government receiving fixed rent and a percentage of the revenue through a concession agreement with the port/marina operated on a 40-year lease and the real estate acquired on a 125-year lease.

After 40 years, the port and marina can be handed back to the government.

Reconstruction of the existing marina will accommodate 650 yachts and offer facilities such as boat repairs.

The upgraded marina will also accommodate mega yachts up to 150m.

Works include constructing the Marina Yacht Club with offices, cafes, event venues, sailing and diving schools.

An upgraded Larnaca port will accommodate ships up to 450 metres in length, such as luxury cruise ships, energy exploration vessels, military, and other merchant ships.

Larnaca Port was constructed in 1973, initially to act as a complementary port to the main port in Famagusta.

“Following the Turkish invasion in 1974, the state and the ports authority upgraded Larnaca’s port, turning it into the island’s second-largest after Limassol.

“The first ship to anchor at Larnaca was the M.V. Mette Dania on June 18, 1973, while the Blue Six was the last ship served by the Cyprus Ports Authority on March 31, 2022, before the transfer of the port to the investor “.

Source: Financial Mirror