Local Cypriot news has reported that an Egyptian businessman, Naguib Sawiris of the Orascom Group, will invest 220 million euros in the construction of a marina in Ayia Napa.

SuperyachtNews.com spoke to the management team at the Orascom Group who confirmed the reports that the investment was going ahead. They added that it was not related to Orascom Development Holding, one of the group’s companies, which is well-known in the superyacht industry for its current development in Lustica Bay, Montenegro.

Work on the new marina will allegedly start mid 2015 in the Ayia Thekla-Liopetri area and previous plans suggest that it will provide berthing and other facilities for 600 yachts measuring up to 60m.


The Ayia Napa waterfront

Tax savings on fuel, technical services, supplies and berthing fees in Cyprus have shown the island as an attractive destination for Russian owners looking for a long-term berthing. The proposed Ayia Napa marina, combined with other recent investments into marina infrastructures, which have seen refit and repair facilities installed, mean that the accessibility and feasibility of the largely undiscovered superyacht destination is increasing.

Sawiris was received by President Nicos Anastasiades in Cyprus who later tweeted; “We welcome the highly important 220 million [euro] investment by Orascom in Ayia Napa.”