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Naguib Sawiris Developing $223 Million Luxurious Properties on Gorgeous Beaches of Cyprus

Naguib Sawiris' latest business venture, the Ayia Napa Marina real estate project in Cyprus, is set to be completed in 2021. The development is expected to be the island's first 'elite' area.

Staff Writer

If you ever thought Cyprus was an irrelevant tiny island above Egypt that has no purpose, think again. Naguib Sawiris, Egypt’s second richest man, is embarking on a new $235 million real estate project will blossom on the coast of Ayia Napa in Cyprus.

Sawiris showcased the lavish project, Aiya Napa Marina, in a press conference in Dubai’s Burj Al Arab on Sunday with the aim of attracting UAE investors seeking a luxurious experience, according to Zawya. The Ayia Napa Marina project will feature high-rise towers with 190 apartments and 29 villas, with some having access to private beaches. Prices for residential units will range between 500,000 and 5.2 million euros.

The project also seeks to create an opulent property skyline in Cyprus just like that of Dubai. “People here [in 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 in the press conference.

As a regular visitor of the beaches of Ayia Napa, Sawiris believes that the project will create Cyprus’ first ‘elite’ area. He also added: “If you don’t drink, you don’t like partying, music or tranquillity, and beauty, and you don’t like boats, snorkelling, surfing… We would not want you.”

The project is expected to be complete by 2021.

Main image retrieved from Ayia Napa Marina.