Cyprus has chosen two consortiums to run services at the east Mediterranean island's largest port of Limassol.

The first — comprised of Germany's EUROGATE International, Cyprus' Interorient Navigation Company and East Med Holdings, based in Luxembourg — will run the port's container terminal.

Cyprus' transport ministry says the second consortium — made of Dubai's DP World, its subsidiary P&O Maritime and Cyprus' G.A.P. Vassilopoulos — will operate sea services and a multi-purpose terminal at the port.

Thursday's announcement came as the country looks to turn Limassol port into a regional player given its proximity to the Suez Canal, one of the world's busiest shipping traffic routes.

More details will be available once parliamentary approval is given in the next six weeks. The state will retain ownership of the port.