May 9 - The Cyprus Government has signed an agreement with Qatari Diar Real Estate Investment Company to invest Dh551 million in a real estate venture that includes a five-star hotel, luxury apartments, retail space and office buildings, said officials on Saturday.
This development will take place in Cyprus’ capital Nicosia and both countries will be equal stakeholders in the project."This major tourism development underscored the strong relationships that exist between Cyprus and the Middle East countries and clearly underlines the confidence in the Cyprus economy, which has remained relatively unscathed in the global economic climate. This development needless to say has helped restore investor confidence in the tourism industry of Cyprus," said Antonis Paschalides, Cyprus minister of trade, commerce and tourism.
The project will be completed in 30 months and construction is due to begin in two months’ time. Tourists to Cyprus from the Middle East rose 9.5 per cent in the first quarter of this year. Total arrivals from the Middle East are expected to surpass 50,000 in 2010.