Naguib Sawiris was received by President Nicos Anastasiades who later tweeted: "We welcome the highly important €220 million investment by Orascom in Ayia Napa."
Energy and Tourism Minister Giorgos Lakkotrypis said the Egyptian investor had come to an agreement with the consortium that planned to build the marina in the Ayia Thekla area.
"The project is of great importance to Cyprus," Lakkotrypis said outside the presidential palace.
Work on the marina was expected to start mid-2015.
"It is a project that will enrich our tourist product, in line with the objective of the new strategy," the minister said.
Sawiris said he had opted to invest in Cyprus "because we believe in this country" which has beautiful beaches.
The Egyptian businessman said he expected the project to be completed in three years. It will include a marina, a luxury hotel, villas and apartments.
He said the aim was to promote Ayia Napa as a top tourist destination.