A 50:50 joint venture has been established to create a property investment fund that will develop the state-owned land opposite the Hilton Hotel in the capital Nicosia.

 

Qatar's Diar Real Estate Investment Company will invest $150 million (AED 551 million) in this new joint venture and the Cyprus government will contribute the land on which the complex will be built. The area allocated for the complex is close to the commercial hub of Nicosia.

 

The two countries Cyprus and Qatar hold an equal stake in the 55,000 square-meter (592,020 square foot) tourism complex. Upon completion, the project will include a 5-Star hotel, luxury residential apartments, retail space and office buildings. It is destined to become a major tourist destination, aimed at sophisticated investors and tourists from around the globe.

 

"This major tourism development underscores the strong relationships that exist between Cyprus and the Middle East countries and clearly underlines the confidence in Cyprus' economy which has remained relatively unscathed from the global economic crisis," HE Paschalides said.

 

Highlighting Cyprus's attractiveness for Middle East visitors, Vassilis Theocharides Director, Cyprus Tourism Organisation (CTO) Middle East & Arabian Gulf Office said, "Even if you've been to Cyprus before, there's always a new world to discover. Cyprus lies at the crossroads of three continents, where East meets West and a new experience awaits the visitor under the sun every day. Where Championship Golf courses, inviting beaches, and breathtaking mountain trails lie around luxurious hotels and the cuisine is among the finest in the world."

 

"Tourism arrivals to Cyprus from the Middle East rose by 9.5% percent from January to March 2010 year on year denoting an overall 6% growth. Tourism accounts for around 11 percent of Cyprus's gross domestic product," Mr. Theocharides concluded.