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Joint venture in Nicosia to get underway

Earlier today bulldozers moved in to a military camp in Nicosia and started to demolish it in readiness for the re-development of the area in a joint venture between the Republic of Cyprus and Qatar.

A MULTI-MILLION Euro luxury development project between Cyprus and Qatar will be getting underway in the coming days.

The Island’s Finance Minister visited the military camp earmarked for the development in the heart of Nicosia to inspect the site and gave the go-ahead for the bulldozers to move in and tear the camp down; the camp ceased operating three weeks ago.

The joint project will include a luxury hotel, apartments, shops and offices located opposite the Nicosia Hilton hotel on the centre of town.

The project is a joint venture between the Republic of Cyprus and the Qatari Diar Real Estate Investment Company.

The agreements and memoranda were signed at the Presidential Palace in Nicosia in 2010 during official talks between delegations of Cyprus and Qatar, headed by President Demetris Christofias and the Emir of Qatar Sheikh Hamad Bin Khalifa Al Thani.

Readers' comments

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  • out of the frying pan into the fire says:

    With so many hotels, shops, keep fit clubs, etc etc in Cyprus. I wonder who is going to use it?

  • dimitri says:

    funny thing is members of the opposition are up in arms over the sale as the valuation of the plot as done by the land registry etc is far higher than the agreed sale price, nobody really mentions that everything is over valued anyway…..and wait for it, there are reports that land/property prices will rise due to the natural resources finds…I really don’t know how these people in power think….we need a change in Cyprus anyone but the opposition and the parties available will be fine.

  • steviered says:

    I bet there will be no problems issuing title deeds on this development.

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