Decisions on the development of Larnaca Port and Marina will be made after reviewing a memorandum with suggestions and options that emerged from recent discussions. Transport Minister Alexis Vafeadis prepared this memorandum after meeting with various stakeholders regarding the future of the projects.

According to sources, the memorandum will be presented to President Nikos Christodoulides, and the government’s decisions will be announced subsequently.

According to the same sources and comments from Transport Minister Vafeadis to Brief, one suggestion gaining traction is to have different investors for the port and marina developments. Authorities believe that previous attempts failed because they were managed by a single investor.

At the same time, as previously reported by Brief, the residential development plans seem to be excluded, primarily due to the termination of the Investment Program, which has significantly reduced interest in purchasing expensive properties.

It should be noted that on May 28, Larnaca Port was transferred to the Cyprus Ports Authority after a prolonged series of events and the termination of the contract with Kition, as the €1.2 billion investment was not progressing. This decision led to unexpected expenses for the Cyprus Ports Authority. Specifically, the CPA requested an additional €8 million, with the largest expenditure being €2.4 million for equipment rental, loading and unloading services, and other related services. Furthermore, €1.8 million was requested for port and other essential support services, €400,000 for renting and operating radiographic and other port/mechanical equipment, and €1.4 million for court-awarded compensation costs.

Meanwhile, as the process of finding new investors continues, Kition issued a new statement on July 23, criticizing the government. The Ministry of Transport responded with a brief announcement, stating it would address the company's accusations after consulting with the Legal Service.

Specifically, Kition Ocean Holdings accused the government of inadequately managing and operating Larnaca Port and Marina, while also providing its version of events. The company, which had undertaken the project before the agreement was terminated, claimed it never locked up equipment or refused to hand it over, countering statements made by the Transport Minister. Kition also emphasized that the actions and statements of the government are causing significant damage to its reputation and reserves all its legal rights in this matter.