- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Joint venture in Nicosia to get underway

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.