FRIDAY, 5 JUN 2020

 

CONNECT

Facebook Linked In Twitter
Compliance_29/01-24/09_728x90px
GloriaJeans_266x90px
IMH LTD

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

IMH LTD
GAP_Group_2019_468x60px

BUSINESS

brought to you by Deloitte

Naguib Sawiris: How Ayia Napa Marina Will Change the Cyprus Coastline

Naguib Sawiris: How Ayia Napa Marina Will Change the Cyprus Coastline

The Egyptian billionaire businessman tells GOLD why he chose to invest in Ayia Napa and the impact he expects the Marina project to have on Cyprus.

What made you consider Cyprus as an investment destination?

Naguib Sawiris: I set up Ora Developers with the objective of building inspirational developments in unique and exceptional locations. I had visited Cyprus as a young child and have always loved the country and its people, so when the opportunity to build Ayia Napa Marina came along, I jumped at it!

Cyprus is already a beautiful location and, in my opinion, it will benefit from more high-end developments, which enhance and fit in with the environment. At Ora we are dedicated to working with communities and using natural, sustainable building materials to produce truly wonderful lifestyle destinations. This is why I had always wanted to build Ayia Napa Marina.

Most people know that, in recent years, Cyprus has had to deal with a number of issues. In March 2013, the country was in a very difficult position but, by March 2016, it was able to exit its €10 billion loan facility and start building for the future. The country returned to economic growth last year and the natural gas resources of about four trillion cubic feet discovered in 2011in the Aphrodite field have been a further boost. The way the country has responded to all the challenges and moved on is testament to the people and to the Government, which has created a dynamic country that offers one of the most attractive and transparent tax systems in Europe, fully compliant with EU laws and regulations. Cyprus has a modern and business-friendly legal system, which is why it is seeing so much foreign investment. And it is why we saw it as the perfect investment destination for Ora.

GOLD: What was it about the Ayia Napa Marina project specifically that attracted you?

N.S.: My simple answer would be ‘the colour of the sea’! I love this part of the coastline.  I swam near Ayia Napa when I was a boy and the beauty of the location has always stayed with me. I was very happy when my friend and Cypriot partner, Stavros Caramondanis, were able to put the project together. 

Ayia Napa Marina will be the island’s leading mixed-use luxury residential and commercial marina with berthing space for 600 vessels up to 60 metres long. We can see that there is a gap in the market for high-end tourism and our aim is to attract owners of yachts that cost as much as $50 million.

Progress on the marina is going very well and I hope that I will be able to make further investments in Cyprus.

GOLD: Tell us more about current project and what you expect from it.

N.S.: Our vision is to create a premier living, yachting and social destination in the Mediterranean and the first choice for boaters, residents and guests. Ayia Napa Marina is a unique project, not just for Cyprus, but for the whole of Europe, mainly due to the innovative technology used for constructing both the marina and its other spaces. The project has already gained worldwide acclaim, exemplified by the fact that we are enjoying increased interest from buyers all over the world, especially from the Russian, Middle Eastern and Asian markets, while 78% of the Ayia Napa Marina East tower has already been sold.

Ayia Napa Marina is an exclusive integrated development offering luxurious residences, world-class yachting facilities, a variety of retail boutiques, waterfront fine dining options, recreational and nightlife experiences. Its unique location, crystal clear seas, stunning beaches and incredible views are enticing to boaters, visitors and residents, who appreciate a lifestyle of class and elegance. With complete privacy and round-the-clock security for homes and yachts, Ayia Napa Marina offers everything one needs to relax and enjoy the exciting lifestyle of the Mediterranean. I am delighted that construction is progressing according to plan and I am confident that the marina and the commercial area will welcome its first guests before the end of this year.

GOLD: How would you rate your experience as an investor in Cyprus? Are there things that the country could do better in order to attract more investment?

N.S.: My experience has been very positive. The Government and the authorities are welcoming and have provided the help we need to overcome the hurdles faced by all foreign investors. Working with a local partner has been essential and it meant that we could keep the project on track. The Cyprus Investment Programme is a great incentive for foreigners to invest in real estate and is helping create a great opportunity for us to develop a massive project like Ayia Napa Marina, which we envision will change the Cyprus’ coastline and become the latest luxury destination in the Mediterranean basin.

GOLD: How does Cyprus compare with other jurisdictions in which you have invested?

N.S.: At Ora we are managing developments in Granada, Pakistan, London and Egypt, so we are very experienced in dealing with different countries and jurisdictions. The strength of the Cyprus economy and the support available have made it one of the easiest places for us to do business.

There are a number of other significant developments underway in the country and many more are planned, so there is a real momentum, which creates a positive investment market. We are delighted that Ayia Napa Marina is part of this and I know that it will set the benchmark for future investments. 

 

MORE ON BUSINESS

Windsor Brokers Launches ‘Together We Can’ CSR campaign with Rock Aid 2017

As part of Windsor Brokers Ltd 2017-18 ‘Together We Can’ Corporate Social ...

FROM AROUND GOLDNEWS

   

Optimising Productivity After Resuming Construction Works At Pafilia

Pafilia Property Developers has resumed construction work on all of its projects following the government's opening of construction sites. Despite the new ...
   

Minthis Restaurant Reopened To The Public

The Restaurant at Minthis reopened to the public from Monday, June 1. The restaurant is within the contemporary Clubhouse at the Aphrodite Hills resort, ...
   

SAP Business ByDesign: A Time-Tested Solution for Fast-Growing Businesses in Cyprus

A business does not have to be big, to be ‘smart’ - regardless of  size, type and sector, every business can utilize ‘smart’ ...
   

Consulco: Ranked as a Top Tier Performer in London Real Estate by Morgan Stanley

Following the recent assessment by Morgan Stanley Capital International, Consulco ranked 15th amongst the 160 competitors that specialise in retail ...
   

Insignia Launches First Ever Clean Payment Card

Perhaps the most unavoidable form of germ transmission occurs through the ordinary use of money and credit cards. Despite the increase in electronic ...
   

A New Global Methodology To Define Cities And Rural Areas

Have you ever asked yourself how Sustainable Development Goal indicators on sustainable cities and communities can be compared if countries across the world ...
   

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

Cyprus announced a financial support package of € 700m, equivalent to 3% of the GDP which includes a series of measures, covering health, finance and ...
   

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Measures to support employment, workers and vulnerable groups of the population  from the effects of the coronavirus protection measures, which are ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Limassol_Business_Summit_10/03-23/06_300x250px
Gold_Issue_300x250px

IMH LTD