- Investments in Larnaca lead to success.

Larnaca, which was previously a lagging city in development compared to other cities, is currently implementing multimillion-dollar projects, say the city's mayor and stakeholders in the local economy.

According to Larnaca Mayor Andreas Vira, the future of the coastal city looks brighter as foreign investors are excited about its potential. "A new life is expected in an area exceeding 3 square kilometers in the eastern part of Larnaca, as private construction companies have developed their master plans, including multimillion-dollar projects," Vira said.

The mayor of Larnaca referred to plans for new investments in luxury tourism projects intended for the Dekelia coastal area, which was previously occupied by fuel and gas tanks. The largest property owner on Dekelia Road, Petrolina Holdings, is exploring the possibility of implementing projects such as country houses or hotels. Petrolina Holdings, listed on the CSE, created a subsidiary called Petrolina Bayfront by acquiring three plots from ExxonMobil on the Larnaca-Dekelia road. After dismantling the fuel tanks, Petrolina purchased the ExxonMobil property in a deal worth 30 million euros, which they plan to incorporate into the development of their waterfront. Petrolina presented its plans for this area in April. The development is a mixed-use complex that includes a hotel, office space, and residential units, named "Land of Tomorrow." The total cost of the project is expected to exceed 1 billion euros.

The Larnaca municipality will also contribute to the development of the area through infrastructure projects along the Larnaca-Dekeleia road. "At the same time, western Larnaca is undergoing reconstruction, as the municipal program for improving and restoring the facades of houses on Piale Pasha Street will highlight the traditional architecture and historical character of the city." Vira expressed confidence that western Larnaca will receive its share of the construction boom that is now beginning to develop in the Mackenzie beach area. Applications for millions of euros for hotels, apartments, and mixed-use properties submitted by local entrepreneurs and foreign investors are awaiting consideration by the municipal authorities.

The Chairman of the Chamber of Commerce and Industry, Stavros Stavrou, stated that they are pleased with the plans for the suburbs but noted that the historic center should not be excluded. "The heart of the city beats in the center, where the traditional character is preserved.

Stavrou expressed concern about the largest investments in the city's infrastructure - the marina and the port of Larnaca, noting that significant delays have been recorded. "Local stakeholders have expressed concerns about when the project will start, as heavy construction work has not yet begun, despite contracts being awarded and signed in December 2020." Stavrou noted that the company awarded the contract for the reconstruction of the marina and port of Larnaca, Kition Ocean Holdings Ltd, alleviated concerns by assuring stakeholders that the project is on track. In a previous media comment in July, the CEO of the Cypriot-Israeli consortium, Panos Alexandrou, stated that the reconstruction of the marina and port of Larnaca would begin in full swing at the start of 2024, and the €1.2 billion project would start taking shape. "From the beginning of the year, the area around the marina will become a huge construction site," said Alexandrou. According to Alexandrou, contractors will need four years to complete the work from the start of the project, which is expected to bring around €12 billion to the government. Four thousand new jobs will be created, including those directly related to marina activities and businesses that will open in commercial zones. The reconstruction of the existing marina will accommodate 650 yachts and offer amenities such as boat repairs. The updated port of Larnaca will accept vessels up to 450 meters long, such as luxury cruise liners, research vessels, military ships, and other commercial vessels. It is expected that the property will include luxury hotels, apartments, a conference center, shopping malls, educational spaces, research auditoriums, a medical school, a tourism college, and a university focused on environmental and energy issues.