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 offices and apartments. Each side will hold a 50 per cent stake in the venture.
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.
