Qatar, Cyprus ink agreement to develop real estate project
Published by Irhal
April 22- The Qatari Diar Real Estate Company and the Government of Cyprus have signed an agreement for the development of a hotel, office and residential complex in Cyprian capital, Nicosia. The project will be made at a cost of over $150 million, said Mohmmed bin Ali Al Hedfa, Group Chief Executive Officer of Qatari Diar. In the first phase, a five-star hotel will be made while the second phase will comprise…
The project site is in the heart of the commercial district of Nicosia spanning over 50,000 square metres.
Qatar has reported a growth of 11 per cent in its economy despite the global financial crisis last year while Cyprus is a tourist economy. It has a well-developed tourism infrastructure along its coastline but does not have many luxury hotels in Nicosia. Tourism makes up for about 11 per cent of Cyprus’ GDP.
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