The government is expected to tone down in order to adopt the agreement reached with Qatar in April for the construction of a luxury hotel in the heart of Nicosia. The estimate for the value of the property opposite Hilton will determine Qatar’s investment in the joint venture and is expected to spark off talks between the two sides, which have already appointed their valuators.
“In case that both sides do not agree with the price of land, the agreement is automatically cancelled. The government will do its best to enforce the project”, Finance Minister stated yesterday, speaking at CyBC Radio.
“It is about the biggest possible investment ever made in Cyprus with significant political and economic impacts. Therefore, we do our best to achieve the venture”, he stressed.
“The agreement provides that both sides will evaluate the land and will have to end up with a compromise. If there is no agreement between them, then the agreement is automatically cancelled. This provision is so that the two sides have an incentive and end up with a rational sum”, he explained.
At the same time, the Minister said that the enforcement of the agreement is a difficult issue and stressed that the Qatari are tough negotiators. “We had reached a legal agreement complicated enough and we stick to it. We hope that the valuators reach a compromise for the sale of property”, he said.
Mr. Stavrakis also rejected allegations that the government proceeded with the valuation of the land.
Meanwhile, only yesterday a letter was received by valuator, Antonis Loizou who announced that are preliminary bidders and that they have to wait 15 days for possible objections by companies that have been rejected.
“The company has made all necessary arrangements and is ready to proceed with the valuation of land that will be used for the construction of the project. They have to have their proposal ready in 15-20 days after receiving the official order”.
“All required procedures have been completed and what is still pending is the evaluation of land. So far, no meeting has been held with the rest of the Board members determined by Qatar”.
The time margin for the completion of the procedures is nine months after the signing of the agreement on April 21, 2010.
“In case that both sides do not agree with the price of land, the agreement is automatically cancelled. The government will do its best to enforce the project”, Finance Minister stated yesterday, speaking at CyBC Radio.
“It is about the biggest possible investment ever made in Cyprus with significant political and economic impacts. Therefore, we do our best to achieve the venture”, he stressed.
“The agreement provides that both sides will evaluate the land and will have to end up with a compromise. If there is no agreement between them, then the agreement is automatically cancelled. This provision is so that the two sides have an incentive and end up with a rational sum”, he explained.
At the same time, the Minister said that the enforcement of the agreement is a difficult issue and stressed that the Qatari are tough negotiators. “We had reached a legal agreement complicated enough and we stick to it. We hope that the valuators reach a compromise for the sale of property”, he said.
Mr. Stavrakis also rejected allegations that the government proceeded with the valuation of the land.
Meanwhile, only yesterday a letter was received by valuator, Antonis Loizou who announced that are preliminary bidders and that they have to wait 15 days for possible objections by companies that have been rejected.
“The company has made all necessary arrangements and is ready to proceed with the valuation of land that will be used for the construction of the project. They have to have their proposal ready in 15-20 days after receiving the official order”.
“All required procedures have been completed and what is still pending is the evaluation of land. So far, no meeting has been held with the rest of the Board members determined by Qatar”.
The time margin for the completion of the procedures is nine months after the signing of the agreement on April 21, 2010.
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