ECONOMY

Revamp for six marinas projected at 100 million

A significant chapter in the privatization of ETA, the asset management arm of the Greek National Tourist Organization, will have been completed when the six marinas which it administers are finally turned over to private investors. The marinas are Zea, Flisvos, Alimos, Vouliagmenis, Thessaloniki and a new one constructed at the Peace and Friendship stadium in Neo Faliron. Tasos Homenidis, head of ETA, told Kathimerini that investments in the six marinas will come to about 100 million euros. The privatization of the Zea marina has been completed, while this week the contract for the Flisvos marina is due to be signed with the winning consortium. The tender for the Alimos marina is still in progress, with ETA negotiating with the bidder. In the coming days, the bidder is expected to inform ETA whether it accepts the conditions of the agreement, especially the five-year guaranteed rental and the provision of additional guarantees for the capital of the special purpose company to be set up to administer the marina. Following the completion of the negotiations, the issue will then be referred to the Cabinet, which will decide on whether to approve the result of the tender. ETA has also completed talks with Astir Palace Vouliagmenis on a five-year rental of the Vouliagmenis marina. The marina is intended to be incorporated into the Vouliagmenis tourist group. This year, a new marina is due to be opened. Located in front of the Peace and Friendship stadium, the new marina will have a capacity for 275 vessels. Construction will be in two stages, with the first phase expected to be completed in the spring. It will be privatized at the same time. The marinas in the Saronicos Bay have total mooring capacity for 3,000 crafts, insufficient nevertheless to meet demand. The services are also inferior while dismal conditions at the marinas pose a serious danger to both vessels and passengers. In the next two years, with the completion of the projects, this picture will change.