The adoption of the Qatari investment in Cyprus is finally on track, after the examination by the Council of Ministers of the agreement with Qatari Diar for the allocation of state land against an equal investment by Qatar.

The evaluation of the state land opposite Hilton, which will be allocated to the joint venture, is estimated at €50 million, that is, one third of the initial evaluation of the Land Registry.

Government Spokesman, Stephanos Stephanou stated that the proposal of the three-member committee is currently before the Council of Ministers. “The government’s next moves will be equally responsible to the benefit of the Cyprus economy and the interests of Cyprus”, he said.

“The Council of Ministers allowed the three-member committee to proceed with the agreement”, he told the journalists.

At the same time, he did not omit to emphasize the prospects that the Qatari investment will create for the island’s economy.

According to Mr. Stephanou, although the visit of Foreign Minister, Marcos Kyprianou to Qatar today is linked to the government’s policy for a further strengthening of its relations with several countries, including Qatar, the relations between the two countries develop rapidly.

The investment concerns the purchase of a state land opposite Hilton by a joint venture. The government will participate with 50% and Qatari Diar with 50% too. The investment will include the construction of a luxury hotel and a complex of other developments.