According to the Cyprus’ Press and Information office, the construction of the Larnaca marina and port will be undertaken by the Zenon Consortium.
The development project is expected to start by the end of 2009, with the marina being finished within two years; it will take between six and seven years for the construction of the residential property areas to be completed.
The Zenon Consortium is led by Louis Pcl (22%) and includes Iacovou Brothers (17.5%), Petrolina (Holdings) Plc (17.5%), the French Bouyques Batiment International (17.5%), Amsterdam Logistics Group B.V and Lievense Consulting Engineers (harbour of Amsterdam, 2%), Costa Cruises (Italian affiliated company of American Carvinal Cruises, 10%), Marinaman Ltd (8.5%), and the Company of General Manufactures (5%).
With the construction of the port and the marina, the new Larnaca port will become the major port on the island accommodating large cruise ships; the marina will be able to accommodate around 800 boats.
Both the marina and port will be constructed using a Build-Operate-Transfer (BOT) system. (Build-Operate-Transfer (BOT) is a form of project financing, where a private entity receives a concession from the private or public sector to finance, design, construct, and operate a facility for a specified period. After the concession period ends, ownership is transferred back to the granting entity)