Cyprus-Forum.com

[Lit]

http://www.businessweek.com/ap/financia ... 7F9500.htm

April 21, 2010, 8:50AM ET

Qatar and Cyprus signed an agreement on Wednesday to build a multimillion dollar luxury hotel, office and residential complex in the commercial center of the island's capital.

Qatar's Emir Sheik Hamad bin Khalifa Al-Thani and Cyprus President Dimitris Christofias signed the deal to establish a joint venture in which the two countries will hold an equal stake in the 55,000 square-meter (592,020 square foot) complex that will also include retail shopping and residential quarters.

Construction crews are expected to break ground for the first phase of the complex -- a 5-star hotel -- by the end of the year, said Mohmmed Bin Ali Al Hedfa, Chief Executive Officer of Qatari Diar, Qatar's real estate investment company.

The Qatari official put the hotel's estimated cost at over $150 million (euro111.7 million) and it will be completed within 30 months once construction begins. Officials did not disclose the overall cost of the complex.

Al Hedfa said oil-rich Qatar opted to invest in Cyprus because the island was left relatively unscathed from the global economic crisis.

"We believe in the economy of Cyprus," he said.

Cyprus Finance Minister Charilaos Stavrakis said the government will contribute the land on which the complex will be built. The land's value will be calculated by an international real estate appraiser.

The two countries also signed an agreement on forging closer air transport links.

[cyprusgrump]

See also: -

http://www.cyprus-forum.com/viewtopic.php?t=29558

[Lit]

Finally, some good news coming out of Cyprus today:


Cyprus, Qatar sign deal for tourism complex jv

http://in.reuters.com/article/fundsNews ... 2420100421

NICOSIA, April 21 (Reuters) - 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.

[B25]

This deal was almost lost due to the stupidity of the RoC.

They could have clinched this ages ago. Fortunately it worked out for the best so good luck to them.
I hope this will be the start of many to come. Cyprus will be the envy of the middle east soon.

Just wait till we get to the oil and gas, wow, things will really begin to happen.

Just think, giving GR a blank cheque and sending him to a weapons expo.

[beverley10]

May hang on to my place now,those rich sheiks can put their servants in it !!