By: Amr Adel

Dubai - Mubasher: Egyptian billionaire and business tycoon, Naguib Sawiris, announced on Sunday the launching of the Ayia Napa Marina project in Cyprus with a total investment of EUR 220 million ($235.4 million).

Sawiris said in a press conference in Dubai that investing in the project, which is set to be completed by 2021, allows either permanent residence or getting the Cypriot nationality, according to the volume of the investment.

Ayia Napa Marina Cyprus consists of two residential towers with 190 deluxe apartments, 29 villas, and a yacht marine, as well as retail stress, cafes and restaurants.

The project allows residents in the UAE to invest abroad for their families and themselves, with the opportunity to obtain a European visa, and allows GCC citizens to get a European nationality, Sawiris added.

The Egyptian businessman also noted that buying a unit for not less than EUR 300,000 (AED 1.18 million) allows the buyer to have a permanent residence for himself and his family.

As part of the Cypriot government’s initiative to encourage foreign investments, investors can be granted the country’s nationality when investing EUR 2 million (AED 7.86 million) or more.

Translated by: Moslem Ali