Qatar and Cyprus in €400 million investment deal

Cyprus and Qatar signed on 21/4/10 a 400 million euro deal to develop a hotel, residential and commercial complex in central Nicosia.

The project will be located on some 250,000 square metres of prime land at the entrance of Nicosia, just across the road from the Hilton hotel.

Qatar and Cyprus are setting up a 50:50 joint venture that will develop the five-star hotel, a commercial centre as well as offices and apartments. Cyprus’ contribution to the venture will be the land, valued at around €112 million – the amount Qatar will inject into the venture, according to the agreement. The rest of the money will be borrowed by the venture, without however Cyprus providing any guarantees. The project will cover some 50,000 square metres of construction as well as large underground parking.

Management of the project will be assumed by Qatar.

Relevant links

• Ministry of Finance, Republic of Cyprus
• Qatar Investment Authority
• Cyprus Investment Promotion Agency
• Investment Lawyers in Cyprus