Pafilia on Friday withdrew its interest in a tender to design, build and operate a Paphos marina.
It said that it has complied with all its obligations in the procedure which has dragged on for 10 years, fulfilling all the requirements set by the Committee on the Management of Marina but that the interminable court procedures that still continue have not allowed the tender to be awarded.
The company said that the continued uncertainty for which it is not responsible and the delay in awarding the tender has discouraged an interested investor from investing in the project. Both the investor and the company have had capital deposited for the past year as proof of their economic viability.
Pafilia said that it would be best if the competition was relaunched with a new open process that satisfied new market conditions and would attract considerable interest. While reiterating its support for the construction of the marina which would boost the economy, Pafilia said it was continuing with its development programme which comprise the projects Minthis, ONE and NEO.
The marina was to be built at Potima, Kissonerga. The plan was for a capacity for 1000 boats and more than 42,000 square metres of residential and commercial developments.