Egyptian billionaire pitches Cyprus project to investors

Egyptian businessman Naguib Sawiris has showcased a new 220 million euro real estate project in Cyprus, aimed at investors in the United Arab Emirates looking for a luxury experience, Zawya news service reported.

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.

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. Read full report here