As CFO of Ayia Napa Marina, Amr El Adawy has a vantage point that looks beyond numbers.
Overseeing one of Cyprus’ most ambitious mixed-use developments, he talks about the weight of financial stewardship and shaping a legacy for the Famagusta district.
What are the main financial complexities in managing a mixed-use development that combines luxury real estate, retail, hospitality and marine operations under a single umbrella?
Ayia Napa Marina is a multifaceted and demanding project, developed by ORA Developers and Caramondanis Bros. From the outset, we identified its inherent complexities and proactively implemented the necessary tools and processes to manage them effectively. The project operates across the four key pillars you mentioned, plus the Event Centre. While each operates independently from a financial management perspective, their performance ultimately consolidates into a unified financial structure. This approach allows us to monitor profitability and cash flows distinctly for each segment, making it easier to pinpoint operational strengths, weaknesses and any emerging complexities. However, the true financial challenge lies in the fact that the project has been entirely funded by its shareholders. Their unwavering belief in the vision for Ayia Napa Marina and their consistent support have been instrumental – with a total investment exceeding €300 million to date, it stands among the most significant developments in Cyprus and is, without question, the largest in the Famagusta district. And we are not done yet! Planning for the next phases is already underway.
What role do you see Ayia Napa Marina playing in Cyprus’ broader tourism strategy?
Our vision for Ayia Napa Marina is clear: we want to establish it as a premier, year-round destination and a strategic asset within Cyprus’ broader tourism landscape. This ambition is not a distant goal; it is a reality that we are actively shaping in the short to mid-term through focused investment, strong partnerships and an unwavering commitment to excellence. Ayia Napa Marina is redefining the urban character of the Famagusta district. It is no longer simply a part of it but a destination in its own right. Our iconic Twisted Tower, visible from nearly every vantage point in the area, has quickly become a landmark that draws significant interest. Visitors come not just to see, but to experience everything the Marina has to offer. Importantly, we maintain a strong, collaborative relationship with the local authorities, working together to elevate the profile of the district and position Ayia Napa Marina as a key contributor to Cyprus’ long-term tourism success.
Is the Marina overly dependent on a narrow pool of international investors or clientele? Do you regard the diversification of revenue streams as necessary for its long-term resilience?
Ayia Napa Marina was conceived as a multifaceted project from the outset and diversification is embedded in its DNA. Our community is truly international, with property owners from across the globe – 38 different nationalities, including a strong presence of Cypriot investors – reflecting both local confidence and the global appeal in our real estate offering. On the commercial front, we are particularly proud that our retail and service zones, ranging from restaurants and fashion boutiques to pharmacies and marine services, are operated entirely by local entrepreneurs who believed in the vision of Ayia Napa Marina and partnered with us from the early stages, contributing to its authenticity and success. Our marine infrastructure is equally robust. With over 300 wet berths accommodating everything from private yachts to superyachts, alongside a state-of-the-art dry stack and full-service boatyard, we offer facilities that meet the highest international standards, something that is consistently affirmed by our boating community. We continue to pursue a strategy of revenue diversification across multiple verticals – real estate, hospitality, events, retail and marine services – and we are already seeing encouraging results. This approach is not only prudent but essential for ensuring long-term resilience and sustainable growth in an evolving global market.
As CFO, how do you navigate the tension between enforcing financial discipline and fostering long-term ambition and sustained growth?
Striking the right balance between financial discipline and long-term ambition is both a challenge and a responsibility that we take very seriously. It requires robust financial planning frameworks that integrate short-term performance metrics with long-term strategic objectives. Our models are designed not only to ensure fiscal health in the present but also to support sustainable growth and innovation over time. We actively promote a culture of calculated risk-taking, encouraging innovation, particularly in areas where we see long-term value creation – that includes continued investment in Marina operations, renewable energy integration and sustainability initiatives. As a certified ISO and a Blue Flag Marina, environmental responsibility is not an afterthought; it is a strategic pillar. We dedicate resources to R&D aimed at optimising operational efficiency and enhancing the visitor experience. Our financial governance ensures that capital is deployed toward initiatives that align with the company’s strategic priorities. All major investments are made in close coordination with our shareholders and under the guidance of the Board, ensuring transparency, accountability and alignment with our long-term vision. Ultimately, financial discipline is not about constraint; it is about enabling the organisation to take bold, forward-looking steps from a position of strength.
To what extent is Ayia Napa Marina vulnerable to geopolitical turbulence in the Eastern Mediterranean?
It’s a universal truth that investors, regardless of geography, prioritise political and fiscal stability when assessing long-term opportunities. While Cyprus remains a stable and attractive jurisdiction overall, Ayia Napa Marina, like many large-scale developments, has faced its share of challenges due to evolving policy decisions. The cancellation of the Cyprus Investment Programme and the introduction of VAT on certain elements of the project have had a tangible impact. These policy shifts were not anticipated at the project’s inception and introduced some complexity for stakeholders. That said, our shareholders remain firmly committed to the long-term vision of Ayia Napa Marina. We are already engaged in discussions and planning for the next phases of development and are working closely with the relevant authorities to ensure alignment and support for our future expansion. Our focus is on fostering a stable and transparent investment environment that will allow the project – and the broader district – to thrive over the coming years.
What would you identify as Ayia Napa Marina’s most significant achievements over the past year and what are your core strategic longer-term priorities?
Over the past 12 months, Ayia Napa Marina has reached several important milestones that reflect both the dedication of our internal teams and the strength of our long-term vision. One of the most significant achievements was the successful handover of completed villas and apartments in the iconic East Tower. Our residents can now fully enjoy their homes and the world-class amenities of the Marina, which marks a major step in transforming the project from a vision into a vibrant, living community. Commercially, we have also continued to build momentum. Ayia Napa Marina hosted a series of successful public events, including concerts and a street food festival, that reinforced our role as a cultural and social hub for residents and visitors. We also expanded our retail and hospitality offerings by welcoming new partners. Events hosted on the Tower Pool Deck have added another layer of exclusivity and experience to the property. Supporting the local community and economy is integral to our identity and our commitment to CSR will continue to grow in parallel with the project. The next major milestone is the development of the West Tower, of which the foundations are already complete, and construction is progressing steadily. Additionally, we are planning the development of a stand-alone hotel on the eastern side of the Marina, alongside several other phases that will further enrich the project. We remain in close dialogue with national and local authorities to ensure that the necessary support is in place for the successful delivery of these future phases. As one of the most significant sources of Foreign Direct Investment in Cyprus, we are confident that our continued progress will benefit not only our stakeholders but the broader economy and community as well.
Given the growing unpredictability of global tourism, how is the Marina preparing for financial sustainability – particularly in the face of evolving client expectations and intensifying global competition?
In today’s dynamic global tourism landscape, adaptability and foresight are critical to ensuring financial sustainability so we have adopted a multi-dimensional approach to navigate these complexities and evolving client expectations. First, we continuously invest in enhancing the quality and diversity of our offerings, from luxury residences and state-of-the-art marine facilities to a vibrant commercial and events calendar. This broad spectrum of services allows us to appeal to a wide-ranging clientele, mitigating risk and strengthening revenue streams. Second, we prioritise innovation and responsiveness. Our team closely monitors global trends and client feedback, enabling us to adapt quickly – whether that means integrating new technologies, expanding our sustainability initiatives or tailoring experiences to meet emerging demands. Third, we recognise that differentiation in a competitive market requires more than just amenities; it requires a commitment to exceptional service and a unique sense of place. We cultivate strong community ties and local partnerships to create authentic, memorable experiences that distinguish Ayia Napa Marina from other destinations. Finally, rigorous financial planning and prudent risk management underpin every aspect of our operations. We maintain flexible financial models that account for a range of scenarios, ensuring that we can sustain growth and profitability, even amid uncertainty. Through this balanced strategy of innovation, quality, community engagement and financial discipline, Ayia Napa Marina is well positioned to thrive in an unpredictable global tourism environment.
What kind of legacy do you hope Ayia Napa Marina will leave for Cyprus and the Famagusta district?
Aligned with our shareholders’ vision, we aim to establish Ayia Napa Marina as a landmark destination that adds lasting value to both the Famagusta district and Cyprus overall. As future phases unfold, we are committed to enhancing the area, while respecting its urban and environmental character. Our legacy will be measured by the positive impact on the local economy, new job creation and meaningful contributions to the community’s social and cultural life.
(Photo by TASPHO)
- This article was published in the August issue of GOLD magazine. Click here to view it