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.