- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Deal for development of old Larnaca airport signed

FAR EASTERN PHOENIX plans to develop the old Larnaca airport with a large commercial showroom for Chinese products and a logistics centre. The project will include exhibition areas, re-import of products and a small conference centre.

The chairman of Hermes Airport, Adamos Aspris, said that the final agreement was signed at 1:00 am this morning

According to the agreement, the firm will take over the management of the area for the next 19 years with the possibility of extending it to 50.

In answer to a question about jobs raised during a press conference in Larnaca, Mr. Iacovou said that “We have been ensured that thousands of Cypriots will be employed”, adding that “I expect that a number of foreign workers will be employed too”.

“It is an agreement of exceptional importance, which will benefit not only the airports but the country in general since we expect that a large number of new job posts will be created for the Cypriots and the economy of Cyprus will be boosted, especially in those difficult conditions”, he stressed.

As for the 50-year lease, Mr. Iacovou said that the government must agree. “It is the government’s right to accept or reject it”.

Asked about the timetable for the agreement, Mr. Iacovou said that there isn’t one but the project will start as soon as the permits have been secured and will be completed in two years.

The Chinese company will be responsible for the project while its funding will be provided by the Chinese state bank.