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Cyprus marina progress reports

Following the news item on the marina planned for Larnaca, progress reports on the marinas planned for Ayia Napa, Limassol and Paphos have recently been published by Stockwatch.

yacht-marinaBUREAUCRATIC delays and legal obstacles holding up the new marinas planned for Cyprus have been overcome to some extent and things appear to be moving forward.

Negotiations with Vouros for the Larnaca marina should be completed within the next six months – and negotiations for the marina planned for Agia Napa are at a similar stage. However plans for the Limassol marina are still on hold with the legal service of the Republic, while in Paphos the situation is in the hands of the Tenders’ Council.

Ayia Napa

After more than six years, the Commerce Ministry approved yesterday the start of the negotiations for the Ayia Napa marina with the bidder.

Commerce Ministry General Manager, Efstathios Chamboullas told StockWatch that the Ministry has already prepared the preliminary terms for the negotiations with the joint venture, which is composed of Caramondani Bros, Atlas Pantou, G&A Toumazis, Fama Marina and Famagusta CCI.

The terms have been sent to the administrative committee, which will set the date of the negotiations”, he said.

The project will be in Ayia Thekla with under a Build Operate Transfer (BOT) contract; its cost is expected to reach €100 million.

Its start will depend on the finalization of the negotiations.

Limassol

The Limassol marina is still on hold because the Attorney General is still looking for the ‘golden mean’ that will satisfy a series of clarifications on specific issues.

Mr. Chamboullas believes that the procedures will be concluded by the end of September and that the project will begin; Lemesos Marina has already secured a license.

Paphos

Things are more difficult in Paphos due to the appeal of Poseidon Grand Marina of Paphos to the Supreme Court. On July 17 the Court unanimously cancelled the decree of suspension of execution of the decision of the Tenders’ Revisionary Council.

After this development, the Tenders’ Council and the administrative committee must decide which of the two will handle the case and will decide whether the successful bidder comprising CYBARCO PLC, Francoudi & Stefanou Ltd, Αθήνα Α.Τ.Ε., J & P AVAX S.A., J& P LTD, Pandora Investments Public Ltd and C.A.D.S. Holdings Ltd will continue with the procedure or not.

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