Qatar to invest $150 mln in Cyprus hotel JV

 — MoUs signed for aviation, health and research —

Cash-rich Qatar is expected to invest some $150 mln in a new venture with the Cyprus government to build a luxury hotel and commercial complex in the capital Nicosia.
The Emir of Qatar arrived early on Wednesday on a brief visit and signed a host of bilateral agreements with President Christofias.
Chief among them was the establishment of a 50:50 venture with Qatari Diar Real Estate Investment Company, a property investment fund that will develop the state-owned land opposite the Hilton Hotel to include offices and apartments, shops, restaurants and underground parking. Qatari Diar is a wholly-owned subsidiary of the Qatar Investment Agency.
Sheikh Hamad Bin Khalifa Al Thani, who was accompanied by his spouse, Sheikha Mozah Bint Nasser Al Missned and a 90-member entourage, also signed memoranda of understanding (MoUs) on energy, aviation, research and health.
Qatar, that is fast becoming the leading player in the global LNG natural gas supply market, had shown interest to invest in Cyprus, with Demetris Christofias and other government officials visiting the Gulf state last year and Qatar hosting a cultural event in Nicosia in December to coincide with their National Day.
The Emir also signed a cooperation agreement with the Cyprus Institute of Neurology and Genetics which was visited by Sheikha Mozah Bint Nasser and First Lady Elsie Christofia, where the visiting dignitary said that Qatar invests some 2.8% of its GDP in research, health and education.
The Emir also paid a visit to House President Marios Garoyian and returned to the Presidential Palace for an official lunch hosted in his honour by the President and the First Lady.
The delegation, that included the Qatari ministers of finance, energy, international cooperation, as well as high-ranking officials from state-owned companies, departed from Larnaca airport early afternoon.