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Cyprus and Qatar finalise deal for leisure venture
Venture will see the construction of a hotel, office and residential project in Nicosia.
May 21, 2011 2:32 by Reuters
Cyprus and Qatar have finalised a deal for the emirate to invest in a leisure complex on the east Mediterranean island, Cypriot officials said on Friday.
“It is an agreement which we anticipate will open new prospects for investment into Cyprus,” government spokesman Stefanos Stefanou told reporters, adding the venture would be run jointly by a team from Cyprus and Qatar.
Qatari Diar Real Estate Investment Company and the Cypriot government agreed last year to develop a hotel, office and residential complex in Nicosia.
Qatari officials said at the time said the initial value of the investment would exceed $150 million. (Writing by Michele Kambas; Editing by Dan Lalor)