The finalization of the agreement with Qatar for the joint development of a land opposite Hilton seems to have frozen.

Although all obstacles with regard to the evaluation of the state land were overcome, certain new data seem to hold up the agreement.

Qatar evaluated the land at €38 million, while the government at €138. Finally, the government agreed to €50 million on condition that it will enjoy all additional profits from the sale of the commercial and housing units.

The agreement raised expectations to the Cypriot government that during the visit of the Qatari representatives in early March, the contracts would be signed.

However, things have changed partly due to the wider geopolitical developments.

Speaking to StockWatch, member of the three-member Cypriot committee that handles the issue, Andreas Pittas said that via a letter the Qatari informed the government that they cancel their visit to Cyprus.

“The letter does not clarify the reasons for the cancellation neither does refer to a withdrawal of their interest. The Cypriot side believes that this is linked to their involvement in the Arabic unrest”, he concluded.