Limassol, Cyprus. Cypriot beverage maker Keo is awaiting final government approvals for a €50 million investment in a new distribution and spirits bottling centre in Limassol.
The company has been waiting for more than two years for planning and building permits, despite submitting applications to the relevant authorities.
Licensing process
According to Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), the licensing procedure is now in its final stages.
The Limassol District Local Government Organisation (EOA Limassol) said the permit would be issued once positive opinions are received from the Department of Environment and the Department of Public Works.
Keo said delays in the licensing process have increased the overall cost of the investment as construction costs in Limassol continue to rise.
Planned facilities
The development will consolidate Keo’s main production, processing and logistics operations in a single Distribution and Spirits Bottling Centre.
The facilities are planned for the Archangel Michael area of Polemidia, at a site selected on economic and operational grounds. The location is adjacent to the port access road, providing direct access to the Port of Limassol and the Limassol-Paphos motorway.
Economic impact
Keo said the project is expected to have a significant economic and development impact on Cyprus.
The company intends to begin construction immediately after receiving the required planning and building permits.
