The representatives of the state development company Qatari Diar proved to be tougher negotiators than expected by the Finance Minister. The big difference in the evaluation and the methodology of the two sides was a good reason for a new meeting at Doha, Qatar this time. In the month, the two sides will try to create a good climate for negotiations in order to bridge the gap.
Today’s negotiations started from the opening of the evaluation files made by Antonis Loizou on behalf of the Republic of Cyprus and by Colliers International on behalf of Qatar. The significant difference that emerged was enough to keep the two parties on the negotiation table for almost three hours.
The meeting was attended by the six Board members of the joint venture, the Finance Minister, Mr. Loizou, the Head of Qatari Diar, the legal advisor of the Company, the Qatari Ambassador and a Colliers representative.
The evaluations are a secret. However, according to what it was said in Parliament a week ago, Mr. Loizou’s evaluation is lower than the evaluation of €143 million of the Land Registry and higher than that of €105 million published by the daily newspapers.
Presenting his evaluation, Mr. Loizou gave special emphasis to the sale of properties in the region.
On the other hand, Qatar’s team bases its evaluation on the average sale of plots in several Nicosia areas.
Differences also have to do with the viability of the project and the sale prices of the flats and offices that will be built near the luxury hotel of 220 rooms.
In his statements, Mr. Stavrakis said that the second appointment in Doha has been scheduled for November 28.
Characterizing the first part of the deliberation as constructive, he avoided referring to the evaluations, stressing, however, that there is good faith by both sides.
Mr. Stavrakis also avoided answering to the journalists’ questions, since “negotiations are still in progress and it would not be right to reveal anything in relation to the evaluations”.
“What is important is that there is good faith and will to end up with an agreement”, he noted.
The Minister reiterated that “the land evaluation is indeed a significant part of the joint venture but what is important is to make sure that the project is viable and will be disposed properly to foreign buyers”.
Qatar’s team came out of the Ministry but soon went back in to finalize the agreement.
Today’s negotiations started from the opening of the evaluation files made by Antonis Loizou on behalf of the Republic of Cyprus and by Colliers International on behalf of Qatar. The significant difference that emerged was enough to keep the two parties on the negotiation table for almost three hours.
The meeting was attended by the six Board members of the joint venture, the Finance Minister, Mr. Loizou, the Head of Qatari Diar, the legal advisor of the Company, the Qatari Ambassador and a Colliers representative.
The evaluations are a secret. However, according to what it was said in Parliament a week ago, Mr. Loizou’s evaluation is lower than the evaluation of €143 million of the Land Registry and higher than that of €105 million published by the daily newspapers.
Presenting his evaluation, Mr. Loizou gave special emphasis to the sale of properties in the region.
On the other hand, Qatar’s team bases its evaluation on the average sale of plots in several Nicosia areas.
Differences also have to do with the viability of the project and the sale prices of the flats and offices that will be built near the luxury hotel of 220 rooms.
In his statements, Mr. Stavrakis said that the second appointment in Doha has been scheduled for November 28.
Characterizing the first part of the deliberation as constructive, he avoided referring to the evaluations, stressing, however, that there is good faith by both sides.
Mr. Stavrakis also avoided answering to the journalists’ questions, since “negotiations are still in progress and it would not be right to reveal anything in relation to the evaluations”.
“What is important is that there is good faith and will to end up with an agreement”, he noted.
The Minister reiterated that “the land evaluation is indeed a significant part of the joint venture but what is important is to make sure that the project is viable and will be disposed properly to foreign buyers”.
Qatar’s team came out of the Ministry but soon went back in to finalize the agreement.
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