Egyptian businessman Naguib Sawiris of the Orascom Group is reportedly investing €220 million in the construction of a marina in Ayia Napa, Cyprus, according to local Cypriot media reports. The investment is not related to Orascom Development Holding, which is currently developing a marina in Lustica Bay, Montenegro.
Construction of the new marina is expected to start in the middle of 2015 in the Ayia Thekla-Liopetria area. Plans reportedly call for a variety of facilities and berths for as many as 600 yachts up to 60m in length.
Because of tax savings on fuel, technical services, supplies and berthing fees, Cyprus should be an attractive destination for Russian superyacht owners seeking long-term berthing. The proposed marina, when combined with other recent investments into marina infrastructures, indicated the accessibility and feasibility of Cyprus as a superyacht destination is increasing.
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