Cyprus-Qatar JV gets go-ahead

Ready in time for 2012 EU Presidency?

Finance Minister Charilaos Stavrakis and the three local members of the board of the joint venture that will manage Qatar’s investments in Nicosia, met on Monday to decide on the next steps to launch the luxury hotel project valued at EUR 150 mln.
Speaking after the meeting, which was also attended by officials from the Land Surveys and the Town Planning departments, Stavrakis said it was necessary to move fast and cover lost time as the agreement was signed six weeks ago but only approved by the House of Representatives last week.
He said that the first action is to agree on the value of the state land where the hotel and office complex will be built, currently occupied by the military police barracks.
The three Cypriot members of the board are former Communications and Works and Finance Minister Christos Mavrellis, former chairman of the Employers and Industrialists Federation (OEV) Andreas Pittas and economist Pambos Papageorgiou.
Mavrellis said that it was important to implement the agreement the soonest possible, adding that “we want this very important decision by Qatar to be utilised because new prospects for investments in Cyprus by businesses and the government of Qatar will open.”
Asked if the project would be ready in time for Cyprus' presidency of the EU, Mavrellis said “this is an ambitious aim and we hope to meet it,” adding that it was possible.
The House of Representatives already voted through a government bill enabling the Council of Ministers to appropriate state land.
The bill passed after the approval of an amendment by ruling AKEL clarifying that this type of land arrangement only applied to this specific case. It was supported by AKEL and coalition partners DIKO, while 20 MPs from the opposition parties DISY, EDEK, EVROKO and the Greens abstained.