THE GOVERNMENT has confirmed a major investment interest in Cyprus by both a Chinese firm and the US/Canadian multinational conglomerate Triple Five.
Government spokesman Stefanos Stefanou said that contacts have been going on for some time and that the government will only make announcements when deals have actually been signed.
According to press reports Triple Five, owned by the Ghermezian family, intends to go ahead with a series of mega-investments in Cyprus. Negotiations have reached an advanced stage and tomorrow representatives of the company will finalise details of the scope of its investment.
It is believed that Triple Five wants to enter the banking system by establishing its own bank – and has already applied for permission. It is also believed that it will buy €500 million worth of Cypriot bonds. Reports also suggest that it will get involved in the tourism sector and ferry tourists to Cyprus on its own aircraft.
The company is also active in the energy sector and has suggested that it is interested in natural gas.
Last week it was reported that a Chinese company was negotiating with the Cypriot authorities for developing the old Larnaca airport terminal; negotiations between Hermes Airports and the potential investors from China have been going on for more than a year.
Asked about legislation to be introduced to secure a ‘one-stop-shop’ service to speed up procedures for companies wishing to invest, Stefanou said that this is among the government’s priorities and will be further discussed at a meeting between the Cyprus Investment Promotion Agency, the Finance Minister and the President.
They will discuss ways of making the organisation more flexible so that it can do away with red tape and speed up the process of enrolling foreign companies.
Triple Five
Triple Five is a multinational conglomerate and diverse development and finance corporation, with offices in major U.S. and Canadian cities. Triple Five’s major and unique strength is its experience in a wide range of projects giving it the ideal expertise for creating successful mixed-use developments.
Triple Five’s activities encompass the development, management and ownership of world-scale ventures in many fields including shopping centres, tourism projects, office buildings, municipal planning and development, revitalization programs and their implementation, urban entertainment destinations, recreation and amusement parks, hospitality projects, casino, residential developments, commercial and industrial real estate, auto and industrial manufacturing, natural resource development (oil, gas and minerals), technology, research, venture capital, banking and finance. Triple Five develops, manages, owns and operates its world-wide enterprises through a staff of more than 2,000 staff.
Chinese investment
Although negotiations between Hermes Airports and the potential investors from China have been going on for more than a year, little information has been released. But here is a video of plans for the old Larnaca airport terminal and other facilities from SigmaLive.
[youtube=http://www.youtube.com/watch?v=0LMAxhNmVPk&w=470]