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Cyprus shoots down Qatari investment plan
Wednesday, June 13, 2012
Cyprus has shot down a Qatari investment plan in the country's capital city.
An understanding was reached in 2008 between Qatari Diar Real Estate Investment Company and the Cypriot Government to evaluate a plot of land opposite Nicosia's Hilton hotel for mixed-used development. But this week, the Finance Minister commented: "it would seem that the investment in question may likely not go ahead, for various reasons."
"In
a roundabout way, the Finance Minister today has told us that it is not
happening," responded Cyprus' opposition party.
"And to make it appear as if the Qataris will not leave
without investing a single euro, they [the government] are now making vague
references to other investments, and this to justify their incompetence for
failing to bring to fruition a development project which they have been
advertising for more than two years."
Source: OPP
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