Nineteen months after the contract for Larnaca’s port and marina was canceled, Panos Alexandrou, CEO of ProsperityGroup and the project’s visionary, is calling for action. He believes this project is crucial not just for Larnaca, but for all of Cyprus.
In a detailed interview, he talks about the ‘missed opportunity’ from the cancellation, the chance to revive the existing contract, the real reasons behind delays, and what’s at stake: jobs, infrastructure, public interest, and whether Cyprus can finish big national projects.
– Nineteen months later, you are still fighting for this Vision. Why such persistence?
I’ve learned to stand up for my country’s interests. I don’t give up easily and want to see my ideas come to life. Not moving forward with this project would be a huge loss for Larnaca and all of Cyprus. It’s not just about money; it’s also about social impact. This project has been supported by local services, organizations like EBEL and KEBE, and ordinary citizens who helped it get this far. Both the State and the contracting company should do everything they can to finish it and deliver all the planned public infrastructure. Let’s remember that this project went through a thorough public consultation process before getting approved.
– What is your position today and what do you believe should be done?
My position is clear: we need to revive the existing agreement. This requires real interest from the government to move forward. If we care about our children finding jobs in Larnaca and Cyprus, we must continue this project. My proposal is to sit down with advisors so I can address any government concerns after the contract was terminated. This way, we can restart the contract and pick up where we left off.
There’s no time for games or egos. In the end, our children and grandchildren will judge us by what we did or didn’t do. Now is the time to show we can help develop Larnaca—and Cyprus—properly.
– What has changed fundamentally today so you consider that now it can be implemented?
The project was always ready to go; its implementation was never in doubt. The idea that it couldn’t move forward came after the contract ended due to other technical issues. We don’t need to change anything in the existing terms; we just need to continue from where we stopped. I’ve confirmed with the relevant Ministry: if they want to revive the contract too, we can agree on a reasonable timeline—maybe 1-2 months—to issue necessary guarantees to continue work as per a new schedule.
This way I personally commit via bank guarantees worth millions towards State ensuring immediate start correct execution infrastructure works as presented public licensed competent authorities.
– At what stage was project during termination? Were there significant delays?
Just before termination—about one month prior (March 2024)—the project got necessary permits for major infrastructure works: a main four-lane road connecting Marina entrance and Port entrance, along with pedestrian areas needing sewage, electricity, water infrastructure etc.; plans were submitted for first-phase buildings like Yacht Club and Passenger Building at Port while awaiting permits held construction tender avoiding delays.
The entire design started about a year before awarding the consortium that became the Contractor in early 2019 since initial design approval required agreement from all competent authorities—not just submitting design applications—talking about five years of studies needing rework if another investor comes in post-new tender. I firmly believe unless we proceed with concession revival, Larnaca will never see this project realized.
If instead state desires concession revival avoids immediate delays uncertainty risk additional expenses burden public coffers danger lack interested party resulting shelving losing great development opportunity.
– Post-project termination heard thoughts suggestions perhaps wrong design omissions need new studies. What mistakes recognize during project design?
I don’t think there were significant mistakes or omissions; rather serious work was done after much study and analysis over several months considering many local and international opinions on similar projects. The seriousness of our design is backed by AECOM—a top American company ranked among the best architectural firms globally—who designed marinas, ports, hotels, residences, conference centers, and more.
The entire project’s economic study was detailed and approved by various departments within the Ministry of Finance and conducted by KPMG; similarly, a feasibility study was approved by Deloitte—not easy to question these studies unless one believes many competent authorities erred.
Regarding new studies, long-term state-private contracts are in mutual interest for optimal outcomes through collaboration knowing there are always unpredictable factors that may require adjustments benefiting both the project and public interest; this was foreseen in the contract establishment.
– Do you believe state or Larnaca Municipality harmed how by this project’s termination?
Certainly harmed were Larnaca Municipality State many involved parties working towards realization project. Besides significant economic impacts likely result termination affecting all parties directly revenue reduction compensation potential future legal proceedings sure daily harm falls upon Larnaca Municipality State Cypriot citizens considering such outcome surely first affects public interest.
This arises inevitable delay constructing necessary infrastructures investment delays locally nationwide since numerous companies advised worked realizing project need new studies thus additional state expenses revenue loss taxes rents other payments state would collect during contract duration.A major concern loss many jobs already created thousands jobs would arise during implementation afterward; jobs significantly boosting population increase Larnaca city consequently business turnover shops restaurants schools car rentals service provision real estate demand etc.
– When how will citizens judge success second effort?
A major concern loss many jobs already created thousands jobs would arise during implementation afterward
Regarding new dynamic aim work feverishly team various advisors begin major infrastructure construction works within 10 months assuming project anew Port Marina aiming complete first infrastructure works by 2028 complete all infrastructures including new Marina end 2029.
Hopeful expecting State local authorities act correctly conscientiously guided Public Interest granting opportunity realize together grandiose project bringing benefits Larnaca entire Cyprus.
