The Cyprus Ministry of Transport, Communications and Works announced on Monday the successful conclusion of the international tender for the development of the port and marina area of Larnaca.

In its press release, the Ministry states that it has sent a ‘Successful Tenderer Letter’ to the consortium Eldeman Holding BV and Alexandrou Corporate Services Ltd, of Cypriot-Israeli interests.

The Ministry describes the completion of the tender as a milestone for the city of Larnaca and for Cyprus in general, while the Larnaca Municipality issued a press release stating that this is a success of historic importance and the result of many years of hard work and negotiations.

Investments are expected to reach around €1 billion, with additional estimated benefits for the local economy, which are  expected to exceed €120 million per year during the full development  period.

The project includes port, marina and land development works spanning to a total of 510,000 sq.m, including among other, expansion and management of the port, upgrading of the port`s existing infrastructure, construction of new buildings such as a new terminal for cruises, management and expansion of the marina for at least 650 vessels, a new yacht club building, residential and commercial development.

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