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.
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