Economy & Community
By synergizing the power of hospitality and healthcare, our project serves as a catalyst for economic progress, both locally and nationally. It redefines the boundaries of conventional development, generating a ripple effect of prosperity that extends throughout the community and beyond. With this project, we envision a brighter future where economic growth, environmental sustainability and human well-being go hand in hand.
LOCAL AND NATIONAL ECONOMY
Size of investment
A direct foreign investment of €170 million that will, undoubtedly, have an immediate positive impact on the local and national economy
Contribution to the GDP
During the first ten years, the project’s direct contribution to the Gross Domestic Product will be approximately €516 million.
Job creation:
The approximately 450 jobs that will be created will undoubtedly have a positive effect on the local community and on the economy in general.
Direct financial contribution to the local authorities
The project alone will contribute around 11% of the total budget of the Municipality of Sotira (based on the information which is officially available for 2018) that will, in turn, help the further development of the public infrastructure of the municipality.
Tourism
A world class hotel with an alternative architectural approach in an underdeveloped tourist zone that will improve, enrich and differentiate the tourism product, thus helping the country fulfil multiple strategic goals
Winter Tourism
The hotel will be open throughout the year and will help the area establish itself as an all-year-round destination.
Medical Tourism The hospital will become a medical hub between Cyprus and other countries, such as Israel, offering a wide range of high-quality medical services within a luxury resort so that patients and their companions can stay on the island for the rehabilitation period or for holidays.
RECOVERY AND RESILENCE PLAN 2021-2026
The proposed project aligns fully with the strategic objectives of the Recovery and Resilience Plan that aims to enhance economic resilience and foster long-term economic, social, and environmentally sustainable development and prosperity within the country. The plan encompasses investments and reforms across five key areas, as follows:
1. Public Health: The proposed hospital will undeniably enhance access to medical healthcare in a region that has suffered from a lack of substantial investments in the healthcare sector.
2. Transition to a Green Economy: We are deeply committed to a culture of sustainability and environmental awareness, and our proposal deliberately mitigates any adverse environmental impacts while promoting the goals of the nearby Special Protection Area of the Natura 2000 European network.
3. Strengthening the Resilience and Competitiveness of the Economy: Our proposal contributes to the plan`s objectives by fostering development in various sectors, including rural development, medical tourism, winter tourism, and the enrichment and diversification of the tourism industry.
4. Digital transformation: We will integrate digital technology into all aspects of our business, thereby creating value for ourselves, our clients, and the broader economy.
5. Employment, Social Protection, Education, and Human Resources: The creation of 450 jobs, providing year-round employment and opportunities for highly skilled and educated personnel, will redefine the employment landscape in the region, addressing issues related to seasonality and the scarcity of well-compensated job opportunities.
Job creation
The approximately 450 jobs that will be created will undoubtedly have a positive effect on the local community and on the economy in general.
Mitigation of the effects of seasonality
The hotel and the hospital will remain open throughout the year, thus, offering to the local population all year-round employment.
Mitigation of urbanization
Jobs for highly skilled and educated personnel will be created that will mitigate the trend of moving to one of the cities for better employment opportunities.
Local Businesses
Our development will support the existing local businesses and will encourage the establishment of new ones.
Improvement of the local cultural, sports and entertainment infrastructures
Amongst others, the development will include a gallery, an events’ center, gym, tennis courts and a number of food and beverage outlets.
Improvement of the medical services offered locally
The high-end hospital will offer medical services that are currently not offered locally and will, undoubtedly, elevate the standard of the medical services provided in the area.
Conversion of the whole area into a landmark
The area is enclosed between the Ayia Napa Marina and the Liopetri River National Park. At the same time, the authorities plan to landscape the whole of the seafront zone which will connect the two. Our project will provide an intermediate reference point that will create a unified composition and help transform the whole of the area into a landmark.
Improvement of public infrastructure
Roughly, 20,400m2 of land will be offered to the public, either as green area which will be landscaped and given to the authorities or as public access parks and parking spaces landscaped and maintained by ourselves. This can offer invaluable synergies with the existing public infrastructure, such as the Municipal Amphitheater and the under-study revamp of the coastal zone. In fact, our plans include the creation of a large number of parking spaces serving the amphitheater and the seafront zone, footpaths giving access to the seafront, public parks and special infrastructure offering shelter and food sources to the wild-life.
1. Existing municipal amphitheater & park that do not have parking spaces and access to the beach.
2. Synergy with the amphitheater & park (parking spaces, squares and greenery for public use).
3. Synergy with the amphitheater, park and seafront (public access to the beach and integration with the Municipality’s plans to landscape the seafront*).
4. Synergy with the Special Environmental Protection Area and integration with Municipality’s plans to landscape the seafront.
5. Synergy with the Special Environmental Protection Area and integration with Municipality’s plans to landscape the seafront.
Sea View
The alternative architectural approach adopted with the small footprint of the buildings will ensure that the sea view from any location behind the project will not be blocked.
Ensuring unrestricted sea views through the buildings
