Egyptian business tycoon Naguib Sawiris plans to invest around €220 million ($246 million) in the construction of a marina at a tourist resort in Ayia Napa, Cyprus, said a report.

Sawiris also announced plans to set up a luxury hotel, villas and apartments in Ayia Napa as part of its global expansion strategy, reported the Cyprus Mail.

Welcoming the investment, Cypriot President Nicos Anastasiades said the project was of great importance to the island country in the Eastern Mediterranean Sea, said the report.

Sawaris said Cyprus was selected for the project because "we believe in this country with beautiful beaches."

Work on the marina is expected to start in the middle of this year and the entire project will be ready in three years, it added.