Cyprus, Qatar sign deal for tourism complex jv

Qatar has signed a deal with Cyprus to develop a hotel, office and residential complex in the capital Nicosia, targeting rising numbers of visitors to the east Mediterranean island.Qatari Diar Real Estate Investment Company and the Cypriot government agreed to set up a joint venture for the development of a leisure complex, with the initial investment exceeding 150 million dollars, officials said.

Mohmmed bin Ali Al Hedfa, Group Chief Executive Officer of Qatari Diar, owned by the Gulf state, said 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, Al Hedfa said. Each side will hold 50 per cent.The area allocated for the complex is close to the commercial hub of the capital and is expected to cover 50,000 square metres of construction, Cypriot officials said.