Kition Ocean Holdings, a joint venture (JV) made up of Israeli and Cypriot companies, has submitted bids for the €1bn to €1.25bn development project of Larnaca port and marina in Cyprus.

The latest development follows prolonged negotiations with the government and the Cypriot and Israeli firms.

During the talks, the concerned parties agreed on improved utilisation and development of the Larnaca port and marina.

The JV, which comprises AMPA Ltd and Israel Shipyards , has agreed to enhance and expand the facilities of Larnaca port so that it can attract more new commercial cruises, transport and energy companies.

A statement by the JV was quoted by the Cyprus-Mail as saying: “The aim of the company is to modernise the existing facilities of the port in order to be able to serve more efficiently and faster all existing tenants, who will be able to stay within the port if they wish.”

The development plan for the marina includes expanding the existing marina to allow anchoring of nearly 650 boats / yachts from 5m to 150m in length.

The winning contractor will develop dining venues, recreational and green areas, playgrounds, hotels, commercial spaces, as well as a unique educational and medical centre at the new marina.

In addition to creating more than 2,500 jobs, the marina project will provide revenue streams to the Government of Cyprus .

The development of Larnaca port and marina has been a long drawn issue. In November last year, the JV proposed to develop 220,000m² of land around the port and marina.

The plan included expansion of the piers and quays, as well as the construction of a passenger terminal among other facilities.