Cyprus and Qatar deal could happen soon

 

CYPRUS and Qatar are poised to finalise a long awaited agreement to develop the land opposite the Hilton hotel in Nicosia, some six months after they signed a basic framework agreement, and three years after the initial memorandum of understanding.

According to stockwatch.com.cy, finance minister Kikis Kazamias is due to meet with representatives of Qatari state firm, Qatari Diar, and the six-member council  tasked with fleshing out the legal, technical and financial details of the project in the morning.

Qatari Diar is an investment vehicle wholly owned by the Qatar Investment Authority. It has separate management and leadership, but it is chaired by Sheikh Hamad bin Jassim bin Jabr al -Thani, who also controls the QIA.

The council is composed of three members from the Republic of Cyprus: Chairman Christos Mavrelis and members: Andreas Pittas, Pambos Papageorgiou and four Qatari members. 

In November 2008 Qatari Diar Real Estate Investment Company and the government signed an MoU to conduct feasibility studies and land evaluation for a new project which includes a luxury hotel, apartments, shops and offices which would be available to Cypriot and foreign investors.

 

 

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