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In a clear expression of confidence in the Cypriot economy, the joint venture will develop a hotel and a residential and commercial complex in the capital, Nicosia, in a bid to attract overseas business to Cyprus. The project will be situated on 250,000 square metres of prime land in Nicosia, close to the Hilton hotel. Cyprus and Qatar will set up a joint venture and Cyprus will contribute the land, worth around 112 million, while Qatar will invest the same amount into the venture.

Cypriot Finance Minister, Charilaos Stavrakis, said he expected the total investment to be in excess of 300 million and that he felt it was a very positive development for the country. Qatar had evaluated the state of the Cypriot economy and found it satisfactory with good prospects.

The chairman of the Cyprus Chamber of Commerce and Industry (KEVE), Manthos Mavrommatis, said, It is not only the agreement that is important it also signals the prospect of achieving more agreements, this time through the private sector. He added that the practice in countries like Qatar was first for the state to make the first move, paving the way for private investment to follow. There is lots of potential to attract more investment in other commercial sectors. We can prove in practice that Cyprus is a reliable centre of investment, said Mavrommatis.

In terms of the Cyprus property sector, Cyprus has so far relied heavily on British and Russian property buyers but there is now hope from real estate professionals that the agreement will help to promote Cyprus in the greater Middle Eastern region and open new doors in oil-rich countries.

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