Posted on May 26, 2011

Cyprus has approved an agreement with Qatari Diar Real Estate Investment Co to set up a joint venture with the initial investment exceeding $150m to develop a hotel, shopping, office and apartment complex in the capital Nicosia, the Peninsula has reported early this week.

The contribution in capital of each side in the venture is still under negotiation, Mohmmed bin Ali Al Hedfa, Diar CEO said. Each side will hold 50%, he added.

source: Peninsula

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