The government hopes that Qatar’s interest in investments opposite Hilton will be reheated after almost four months of inactiveness.
In May, the government had announced the finalization of the agreement, after the two sides agreed on the sum that Qatar will pay against the allocation of the state land to the joint venture.
Since then, however, Qatar showed no immediate interest in signing the agreement, giving food to scenarios that the fiscal condition of the country led to the collapse of the attempt.
The three members of the joint venture representing Qatar postponed their visit to Cyprus in June, when it was expected that the two sides would sign the agreement.
In the past few days, however, it seems that Qatar reheated its interest in the investment.
According to Board member of the joint venture, Andreas Pittas, a new round of deliberations and exchange of documents via lawyers were launched in mid August so that the Qataris visit Cyprus for the final signatures when the time is right.
According to the agreement, Qatar must submit to the government the sum of €50 million as an initial investment for development on condition that the Republic will enjoy all additional profits from the sale of commercial and housing properties.
The Qatari investment will be against the allocation of the state land to a joint venture, in which the Cypriot state will participate with 50% and Qatari Diar with 50%.
The initial agreement was announce din April 2010.
The project will include the construction of a luxury hotel, flats, shops and offices, which will address to Cypriot and foreign investors.
The agreement also provides that the promotion of the project will be undertaken by a six-member joint venture, which comprises of three members. Christos Mavrellis will be its Chairman and Pambos Papageorgiou and Andreas Pittas are members.
In May, the government had announced the finalization of the agreement, after the two sides agreed on the sum that Qatar will pay against the allocation of the state land to the joint venture.
Since then, however, Qatar showed no immediate interest in signing the agreement, giving food to scenarios that the fiscal condition of the country led to the collapse of the attempt.
The three members of the joint venture representing Qatar postponed their visit to Cyprus in June, when it was expected that the two sides would sign the agreement.
In the past few days, however, it seems that Qatar reheated its interest in the investment.
According to Board member of the joint venture, Andreas Pittas, a new round of deliberations and exchange of documents via lawyers were launched in mid August so that the Qataris visit Cyprus for the final signatures when the time is right.
According to the agreement, Qatar must submit to the government the sum of €50 million as an initial investment for development on condition that the Republic will enjoy all additional profits from the sale of commercial and housing properties.
The Qatari investment will be against the allocation of the state land to a joint venture, in which the Cypriot state will participate with 50% and Qatari Diar with 50%.
The initial agreement was announce din April 2010.
The project will include the construction of a luxury hotel, flats, shops and offices, which will address to Cypriot and foreign investors.
The agreement also provides that the promotion of the project will be undertaken by a six-member joint venture, which comprises of three members. Christos Mavrellis will be its Chairman and Pambos Papageorgiou and Andreas Pittas are members.
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