Paphos ma­rina gets go-ahead

Financial Mirror (Cyprus) - - FRONT PAGE -

Al­most ten years af­ter it was put out to ten­der, the Paphos ma­rina build-fi­nance-op­er­ate-trans­fer (BFOT) li­cense has been awarded to “Po­sei­don Grand Ma­rina”, a con­sor­tium ma­jor­ity con­trolled by Aristo De­vel­op­ers.

This fol­lows the Li­mas­sol Ma­rina project that has ma­tured and is in its fi­nal stages of com­plet­ing the res­i­den­tial units, and the re­centlyawarded Ayia Napa ma­rina. The new ma­rina in Lar­naca is cur­rently on hold un­til fi­nanciers are se­cured.

The 1,000-berth Paphos project, that also in­cludes some 42,000 sq.m. in res­i­den­tial and com­mer­cial prop­er­ties, had been chal­lenged by the Cy­barco-Lep­tos Group joint ven­ture and the case ended up in the courts.

“Fol­low­ing the de­ci­sion of the Ma­rina Man­age­ment Com­mit­tee to­day, the im­ple­men­ta­tion of a very im­por­tant in­fra­struc­ture project will be­gin in the Paphos district and Cyprus, which was planned more than ten years ago,” the Min­istry of Com­merce, En­ergy, In­dus­try and Tourism an­nounced.

The de­ci­sion came af­ter the Law Of­fice gave its go-ahead to in­form the pre­ferred bid­der of the award.

Aristo an­nounced in De­cem­ber that “the Supreme Court to­day (De­cem­ber 21, 2015) an­nounced its de­ci­sion that the award­ing of the ten­der for the devel­op­ment of the Paphos Ma­rina to pro­ceed.”

The project was de­signed by Ad­vanced Civil En­gi­neer­ing So­lu­tions (ACES), es­tab­lished in 1992 in Greece by Dr. Aris Sopho­cleous that in 2004 ex­panded its op­er­a­tions to in­clude ma­jor projects in Cyprus and the Mid­dle East.

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