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Cyprus and Qatar sign Agreements and Memoranda of Understanding
2010-04-23 13:52:18

The Republic of Cyprus and the State of Qatar signed, in the presence of the President of the Republic Mr Demetris Christofias and the Emir of Qatar Sheikh Hamad Bin Khalifa Al Thani, two Agreements and four Memoranda of Understanding covering various fields of activity. The Agreements and MoUs were signed at the Presidential Palace within the framework of a one-day official visit of the Emir of Qatar in Cyprus on April 21.

Specifically, an Air Services agreement between the Governments of the two countries was signed by the Minister of Communications and Works Mrs Erato Kozakou-Markoullis and the Qatari Minister of State for International Cooperation and Acting Minister of Business and Commerce Mr Khaled Bin Mohamed Al Attiyah.

The second agreement was signed between the Republic of Cyprus and the company Qatari Diar for the formation of a joint venture foreseeing a project in Nicosia which will include a luxurious hotel, a shopping mall, offices and apartments. This agreement was signed by the Minister of Finance Mr Charilaos Stavrakis and Qatari Diar’s CEO Mr Mohammad Bin Ali Alhadfa.

In addition, four Memoranda of Understanding were signed. The MoU between the Government of the Republic of Cyprus and the Government of the State of Qatar on Labour Cooperation was signed by the Minister of Labour and Social Insurance Mrs Sotiroulla Charalambous and the Qatari Minister of State for International Cooperation. The MoU on cooperation between the two Governments in the field of Standards and Conformance was signed by the Minister of Commerce, Industry and Tourism Mr Antonis Paschalides and the Qatari Minister of State for International Cooperation.

Moreover, a Memorandum of Understanding was signed between the Cyprus Chamber of Commerce and Industry (CCCI) and Qatar’s Chamber of Commerce and Industry. The MoU was signed by CCCI President Mr Manthos Mavromatis and the Ambassador of the State of Qatar to Cyprus Mr Mubarak Bin Abdulrahman Al Nasser.

Lastly, a Memorandum of Understanding was signed between the Cyprus Institute of Neurology and Genetics and Qatar’s Supreme Council of Health regarding cooperation in the provision of services, research and education in the fields of neurology, genetics and biomedical science. The MoU was signed by the President of the Board of Directors of the Institute Mr Chris Fylaktou and Qatar’s Ambassador to Cyprus.

Referring to the agreement to set up a joint venture between the Republic of Cyprus and the company Qatari Diar for the construction of a project in Nicosia which will include a five star hotel, a commercial center, offices and apartments estimated at $150 million, Minister of Finance, Charilaos Stavrakis, said that this agreement is a vote of confidence in the economy of Cyprus and shows the credibility the Cypriot economy has among foreign investors.

Minister Stavrakis underlined that the joint venture will constitute the biggest immediate investment that has ever taken place in Cyprus. Moreover, he said that Qatar is the biggest investor in the world, noting that cooperation with Cyprus has not only enormous political benefits, but also other important benefits, such as the creation of hundreds of jobs, during and after the completion of the project, as well as income for the state from the VAT of the project.

The Minister said that the Qatari officials aim to finish the hotel construction in 30 months and added that the Cypriot government would make sure that the project is completed within the set timeframe.

“The government of Cyprus will do whatever possible to help them conclude the project within this timeframe”, he said.

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