Ayia Napa Marina (M.M. Makronisos)

Construction contractor license

M.M. Makronisos Marina Limited itself has no building-contractor license in the registries of the Cyprus Council for Registration of Building Contractors (contractorscouncil.org.cy) — this has already been checked and confirmed previously in both the 'Οικοδομικά' (building) list and the 'Τεχνικά' (technical works) list for the Famagusta district. This is expected: Makronisos is a project/land-holding SPV, not a construction firm. At the same time, the actual general contractor is publicly disclosed: the Greek TERNA S.A. (GEK TERNA group) — according to GEK TERNA's own project page and a number of industry sources (AKSM, Cyprus Profile), TERNA carried out the marine and infrastructure works of Phase 1 (budget approx. €80-86 million) and was also the contractor for Phase 2 (approx. €164 million) under the 'Design, Finance, Build and Operate' model. This is a real, verifiable, and widely known international contractor (a public group traded on the Athens Stock Exchange), which in itself is a positive transparency signal about 'who is actually building'. However: (1) points are not awarded as for the developer's own license — this license belongs to a different company (TERNA), not to M.M. Makronisos Marina Limited; (2) we were unable to independently confirm whether TERNA itself (or its Cyprus project entity/JV) is registered in the Cyprus Contractors Council registry under its own name — this remains a separate unverified item. Of the seven companies that submitted bids in 2016 (Salini Impregilo, Terna, the BESIX/J&P consortium, a Russian-Cypriot alliance, Aktor, Metka/Medcon/Archimedes, and the Cidonio/Piacentini/Cybarco consortium), the selection of TERNA is documented in open sources, which further increases the reliability of this disclosure.

• GEK TERNA — project page 'Ayia Napa Marina 1st Phase'
• AKSM — Development of Ayia Napa Marina (TERNA, Phase 2)
• Cyprus Profile — Ayia Napa marina construction bids in (2016, 7 tender participants)
• Financial Mirror — Ayia Napa Marina is a tourism jewel (2022)

Legal entity

The fact from the brief is confirmed: the company secretary is the corporate service provider C.P. Palema Services Limited (a mild opacity signal, standard practice in Cyprus). Overall, however, the level of disclosure of the ownership structure is above average for a Cyprus SPV: (1) the official director list of M.M. Makronisos Marina Limited (HE304821) publicly includes Naguib Onsi Naguib Sawiris himself (the Egyptian billionaire, chairman of Orascom) and Stavros Karamontanis (Stavros/Stayros Karamontanis) — that is, the ultimate beneficiaries are not hidden behind nominee directors alone, they themselves are in the director list; (2) the press repeatedly and independently names the parent structures: on the Sawiris side — Gemini Real Estates / ORA Developers (Orascom group), on the Cypriot partner's side — Caramondani Group / Caramondani Bros Public Co Limited (HE9603, a company formerly publicly traded on the Cyprus Stock Exchange, later bought out and delisted via C.B. Holdings Ltd); (3) the project's executives are publicly known and give interviews under their own names and titles — Stavros Karamontanis as CEO, Amr El Adawy as CFO (a CBN interview about the financing structure being 'entirely shareholder-funded', >€300 million invested). The ultimate beneficial owner (UBO) is not published in Cyprus's open registry (the UBO registry itself is not public), so full transparency cannot be verified for free, but the link to two large, publicly known groups (Orascom/Sawiris and Caramondani) is in itself a significant positive signal.

• CompaniesRegistry.cy — company record for M.M. Makronisos Marina Limited (HE304821): directors, secretary, status
• CyprusRegistry.com — M.M. Makronisos Marina Limited HE304821
• CBN — Amr El Adawy: We want to establish Ayia Napa Marina as a strategic asset...
• CyprusRegistry.com — Caramondani Bros Public Co Limited HE9603 (formerly on the Cyprus Stock Exchange)

Town planning permits

There is no centralized public registry of building permits in Cyprus, so the assessment is based only on the developer's own disclosure and government statements. No specific Town Planning Permit number was found on the developer's website or in the press — disclosure on this point is absent. Nevertheless, the project received a noticeably higher level of government publicity than a typical residential development: (1) the very fact and date of the 'Design, Finance, Build and Operate' concession agreement between M.M. Makronisos Marina Ltd and the Ministry of Energy, Commerce, Industry and Tourism (signed in 2012) is widely documented in the press; (2) in April 2016 the press (Cyprus Property News) reported approval by the Planning Authority of a revised permit for Phase 2 of the project; (3) in 2021 the Cyprus Council of Ministers approved the marina's status as a 'port of limited use' — a government-level decision covered by Cyprus Mail with quotes from Transport Minister Yiannis Karousos and Deputy Tourism Minister Savvas Perdios. This is not in itself equivalent to publishing a permit number, but it is noticeably above the baseline level of disclosure for a Cyprus project.

• Cyprus Property News — Ayia Napa marina revised plans (2016)
• Cyprus Mail — Ayia Napa marina to be a 'jewel of the Mediterranean' (2021, Council of Ministers decision on the port's status)
• Caramondani Group — Ayia Napa Marina project page (2012 concession)