Qatari Diar enters $150m venture with Cyprus

22 Apr 2010

(MENAFN) The Chief Executive Officer at Qatari Diar Real Estate Investment Company said that the company has agreed with the Cypriot government to set up a joint venture for the development of a leisure complex, with the initial investment exceeding $150 million, Gulf News reported.

The CEO affirmed that the first phase will be a five star hotel, while the second phase will be apartments and offices. The contribution in capital of each side in the venture was still under negotiation, he said. Each side will hold 50 percent.

The area allocated for the complex is close to the commercial hub of the capital and is expected to cover 50,000 square meters of construction, Cypriot officials said.

The joint venture agreement was one of several signed yesterday between the Cypriot government and Qatar, whose ruler, Shaikh Hamad Bin Khalifa Al Thani, headed a large delegation on a visit to the island.

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