The Council of Ministers approved the agreement with Qatar, which provides for an investment in Nicosia.

In statements after the Cabinet’s meeting, Government Spokesman Stephanos Stephanou said that the agreement provides for the construction of a luxury hotel, apartments, shops and offices, for Cypriot and foreign investors.

The agreement, he went on to note, is of great importance for Cyprus, since it has a positive impact on the economy and Cyprus in general.

“The investment of Qatar is a vote of confidence for the Cypriot economy, opening many and great prospects, strengthening the economy, growth, creating hundreds of new jobs, upgrading and enriching Nicosia’s tourist product and opening new prospects for new investments in Cyprus from Qatar and other countries”, he pointed out.

The government, Stephanou said, expresses its satisfaction over the conclusion of the agreement with Qatar and pledges to continue its efforts aiming at “strengthening the economy, the development and creating new prospects for the present and future of Cyprus and our people”.