QATAR has signed a deal with Cyprus

21/04/2010
On Wednesday 21 Of April, the Government of Cyprus and Qatar signed a number of agreements including a construction project opposite the Hilton Hotel in Nicosia that will include a five-star hotel, a shopping mall, offices and a residential complex. "But it will surely help real economy", he pointed out. QATAR has signed a deal with Cyprus to develop a hotel, office and residential complex in the capital Nicosia, targeting rising numbers of visitors to the east Mediterranean island.

According to reports, Qatari Diar Real Estate Investment Company and the Cypriot government agreed to set up a joint venture for the development of a leisure complex, with the initial investment exceeding 150 million dollars.
The agreements and memoranda were signed at the Presidential Palace in Nicosia during official talks between delegations of Cyprus and Qatar, headed by President Demetris Christofias and the Emir of Qatar Sheikh Hamad Bin Khalifa Al Thani.

Officials said that the first phase will include a five star hotel, while the second phase will comprise apartments and offices. The capital contribution from each side in the venture was still under negotiation. Each side will hold 50 percent.
The area allocated for the complex is close to the commercial hub of the capital and is expected to cover 50,000 square metres of construction.

The joint venture agreement was one of several signed on Wednesday between the Cypriot government and Qatar, whose ruler Emir Sheikh Hamad bin Khalifa al-Thani headed a large delegation on a visit to the island.

 


LEPTOS ESTATES KEY PROJECTS

View All Projects

Adonis Beach Villas

Adonis Beach Village is Leptos Estates’ latest, most luxurious development, set in one of the most desirable locations in Paphos based on the success of the nearby ...

Coral Seas Villas

Coral Seas Villas is located on the coastline in a generally pristine area within walking distance to the Coral Beach Hotel, a 15 minute drive to the metropolitan city of...

Kamares Village

Leptos Estates has created one of the most exclusive developments in Cyprus that is amongst the most distinctive in the Eastern Mediterranean, Leptos Kamares Village. Thi...

Limassol Del Mar

Limassol Del Mar expresses the island's 'new wave' of architecture through its unique High-rise Curvilinear design, that fully capitalizes on the plot's 1...