29 January 2017

Egyptian businessman Naguib Sawiris on Sunday showcased a new 220 million euro ($235.37 million) real estate project in Cyprus, aimed at investors in the United Arab Emirates looking for a luxury experience.

Sawiris and his Cypriot business partner Stavros Caramondanis said they are seeking to replicate the Dubai’s lavish property skyline on the Mediterranean coast with the Ayia Napa Marina project, which will feature two mixed-use high-rise towers surrounded by retail outlets and a marina on the Cypriot island of Ayia Napa.

“We have an international roadshow and we chose Dubai to be the first of our international market because we believe that the target market here is appropriate and people would really be interested to have a second opportunity to invest (outside of) this region,” Caramondanis said.

“For us it is a strategic move,” he told a press conference after the project launch event at Dubai’s iconic Burj Al Arab hotel.

The 26-storey and 25-storey towers will offer 190 apartments and 29 villas, some with private beaches. Both towers will have easy access to the beach and to yacht facilities at the 600-berth marina. The price for the residential units ranges between 500,000 euro and 5.2 million euro.

“People here (Dubai) appreciate that lifestyle… maybe we can compete with Dubai on the beach. I think the beaches there are going to be more natural, more lively,” Sawiris said

The project broke ground late last year and is expected to be completed by 2021.

“Elite area”

Sawiris, whose family runs a popular Egyptian resort town called El Gouna on the Red Sea, said the new project will create the first “elite area” on Ayia Napa.

“You can get the best of service, the best of view and the best of quality and residency…people will be buying into a high end spot in Ayia Napa which is famous for its beautiful beaches,” he said.

“If you don’t drink, you don’t like partying, music or tranquility and beauty and you don’t like boats, snorkeling, surfing…we would not want you,” he said, adding that he has been a regular visitor of the island for the last 30 years.

Striking a more serious note, the Egyptian businessman said that Cyprus, like Dubai, offered a business-friendly and safe environment for investment.

© Zawya 2017