The development of Larnaca’s port and marina should proceed as two distinct but parallel projects, according to advisers to Greece’s National Investment Fund (the “Superfund”), who were commissioned to conduct a study into their future development and management.
Sources indicate that the advisers recommend independent growth strategies for both the commercial port and the marina, while leaving all potential uses of the port open for consideration. This approach could pave the way for lifting the current cap on the port’s commercial activity, regardless of Cyprus’ obligations under the Limassol port concession agreement.
Three options under review for each project
The proposed framework is built around three alternative scenarios for each project, assessed separately. These options are currently being evaluated by officials at the Ministry of Transport before formal consultation begins with the local community.
Timelines for each scenario are also being prepared, following a request by the Municipality of Larnaca.
According to the same sources, the advisers’ report is based on two key criteria. First, any selected development must address projected needs over a 50-year horizon. Second, it must align with long-term growth prospects, a matter expected to be subject to negotiation with the local authority.
All options open for Larnaca port
In relation to the port, no specific use has been ruled out. Commercial, tourism-related, or hybrid models remain under consideration.
The advisers acted on government instructions to evaluate all possible uses, irrespective of Cyprus’ commitments under the Limassol port agreement. Given that any new investment would shape the site for the next half century, the strategic role of Larnaca port as a potential gateway to Cyprus cannot be constrained by an earlier contract.
It is worth noting that the Limassol concession agreement currently sets a ceiling of 900,000 tonnes on Larnaca’s commercial port activity.
Larnaca marina upgrade reflects local aspirations
The report also acknowledges the need to upgrade Larnaca marina, based on specific development options.
Option 1 would see the marina continue as currently configured, alongside works already underway, including dredging, construction of the Yacht Club, external landscaping, road improvements and related infrastructure. However, this scenario is not expected to meet long-term demand.
Option 2 involves a more ambitious investment-led and tourism-focused redevelopment of the marina. The scale and scope of such investment would be determined through discussions between local authorities and Transport Minister Alexis Vafeades.
Larnaca Mayor Andreas Vyras recently stated, following a meeting with the minister, that there is shared agreement on attracting “productive investments” for the city. These could include a theme park, hotels, a university campus and potentially a private hospital, provided they remain consistent with the city’s character and urban identity.
(Translated and summarised from an article in StockWatch)
