Greek investors are very keen to invest in the Cyprus economy and are eyeing opportunities in excess of half a billion euros.
Informed sources told INSIDER that two big Athens-based construction companies – J&P-AVAX S.A. and Terna S.A. – have joined forces and are close to signing the deal worth over 500 million euros to construct the Mediterranean island’s first integrated casino-resort in coastal Limassol.
Based on an impact study, the casino-resort project is expected to contribute 4% to GDP growth per year or 700 million euros to the Cypriot economy after its second year of operation. In addition, 4,000 people will be hired for its construction and 2,500 permanent jobs will be created upon completion.
A big investment deal which is in the pipeline concerns the takeover of Hilton Cyprus by PANGAIA investments of Greece, the interests of which belong to Cypriot national Christophoros Papachristophorou through the Invel investment group.
To date, major shareholders at Hilton Cyprus are MIG (75.08%) and Louis Hotels (21.74%). Hilton Cyprus is the only 5-star hotel in Nicosia, the capital, with a capacity of 294 rooms.