Limassol Marina will be the first of four to be constructed in Cyprus, as Minister Antonis Michaelides confirmed yesterday. “I am pleased to announce that the evaluation and bidding procedure for a Paphos Marina are in their final stage,” he said. Limassol Marina and Paphos Marina will have a capacity to hold 1,000 boats each, while Ayia Napa Marina will be able to house 600 boats. www.marina-limassol.com

In addition to the creation of the new marinas, the state announced plans for the improvement of Latsi and Kato Paphos areas, as Marinas and as fishing refuge spaces. “We are thus enriching the entire seafront of free Cyprus. www.marina-limassol.com Luxury vessels, alongside fishing boats with Latsi and Paphos in the background will make up a landscape of unique beauty. These will be the most beautiful marinas in the Mediterranean,” Minister Michaelides said.

Preliminary studies for Limassol Marina were initiated in 1992 with a vision of developing Cyprus’ nautical tourism product. The bidding announcement procedure did not start until 2003 and stalled due to the lack of interest from would-be investors. When the successful bidder was found, other problems ensued such as removing the marina area from the beach protection zone, assigning the necessary status to the area, approving Limassol Local Action Plan 2006 and negotiating the terms of an agreement that allows the Hanseatic School to remain in the marina area.

Limassol Marina will offer a range of services including dining, residential, shopping and conference space. A green park will surround the marina, while all buildings within it will adhere to old Limassol’s traditional architecture standards. The total cost for the project amounts to €170 million. www.marina-limassol.com Construction work will start in six months and will be completed in three years.

The strategic investor will execute the plan and manage the marina for 53 years, and retain profit rights for 37 additional years. The ‘Limassol Marina’ group of companies comprises www.marina-limassol.com, J&P, Avax A.E., Cybarco PLC, Frangoudi & Stephanou, Ioannou & Paraskevaides Ltd., Athena ATE, CADS Holding Ltd and the Limassol Chamber of Commerce and Industry (EBEL) through the Limassol Marina Development Company.