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Qatari investment deal collapses

It seems that the Qatari plans to invest in the development of a €500 million mixed-use real estate project in Nicosia may have collapsed

ACCORDING to media reports, Qatar is quitting its real estate investment plans for Cyprus. It appears that Qatar believed that the investment was too big a risk and it had expressed its discontent with the government concerning other related matters.

Last November we reported that Qatari Diar Real Estate Investment Company and the Cyprus government signed a Memorandum of Agreement to undertake feasibility studies and land evaluation for a new project in Nicosia, Cyprus.

The project was to have been located on 25,000m2 of a prime site in Nicosia and required a financial investment of some €500 million. It would have included a 5-star hotel, luxury residential villas and apartments, retail space and office buildings. It was envisaged that the project would have become a major tourist destination, aimed at sophisticated investors and tourists from around the globe.

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