The $150 million government joint venture with Qatar’s property investment fund is the latest scheme to cash in on the growing Middle East tourism market – following moves by several Cypriot developers targeting buyers from the region.
“This investment is obviously good news,” said Simos Similides, sales director of Pafilia. “Cyprus is becoming a hub for financial, services and property investment, providing a bridge between Europe and the Middle East.”
“A large number of investment and pension funds are showing interest in investing in Cyprus and direct flights from the Middle East to Cyprus are increasing, with new agreements being signed and existing services being expanded.”
Qatari Diar’s CEO, Mohmmed bin Ali Hedfa, said Cyprus had not been as hard-hit by the recession as other countries. "We believe in the economy of Cyprus," he said.
The project in Nicosia will include apartments, offices, a shopping mall and five-star hotel and the first phase will take 30 months to complete.
Source: OPP
