Proposed investment by Qatar in Cyprus may fall through

Finance Minister Vasos Shiarli has indicated that a proposed investment by Qatar in an open field opposite Hilton hotel, in Nicosia, will probably not materialise, adding that the Emir of Qatar has expressed his intention to proceed with an investment or with some investments in Cyprus.

Sharli, who briefed Monday the House Committee on Development Plans and Public Expenditure Control on this issue, said that President Demetris Christofias sent on April 2 a letter to the Emir, asking him to clarify his intentions. He added that there has been no reply to the letter so far.

Shiarli noted that there had been indications during deliberations with President Christofias’ representatives that the Emir wants to make an investment or investments in Cyprus.

He noted however that this particular investment may not proceed for various reasons, adding that it is expected that the Emir will clarify his intentions at the political level.

Responding to a question, the Minister said that the Emir has from time to time asked about the projects which could be implemented in Cyprus, adding that the Cyprus Investment Promotion Agency has sent a catalogue with such projects to the Emir.

Cyprus and Qatar signed in April 2010 two agreements and four memoranda of understanding, covering sectors such as air services and the creation of a joint venture for a project opposite Hilton Hotel in Nicosia, including a five-star hotel, a shopping mall, offices and apartments.

The agreements and memoranda were signed at the Presidential Palace in Nicosia during official talks between delegations of Cyprus and Qatar, headed by President Christofias and the Emir of Qatar.