Invest Cyprus Welcomes € 180 Million Investment in Cyprus and Will Create Over 1,800 Jobs | cyprus economy
NICOSIA – Invest Cyprus hailed a € 180 million investment in Cyprus by US hedge fund firm NCH Capital as a “clear sign” of the island’s economic recovery after COVID, according to a September 9 press release . NCH Capital’s plans to expand in Cyprus with three major hotel and apartment projects near Larnaca are expected to create more than 1,000 jobs during the construction phase next year and another 800 once the projects are fully operational.
The shift in demand from traditional family hotels to ‘high quality’ branded resorts in the wake of the pandemic has boosted NCH Capital’s plans, said Andreas Santis, head of the organization in Greece and the Balkans westerners. The construction of the projects is expected to radically change the image of the west coast of Larnaca, a seaside area with untapped development opportunities. Several luxury hotels are being developed along this magnificent coastline.
Explaining why NCH Capital chose Cyprus for its expansion, Santis said: “Cyprus is an investment-friendly country with qualified personnel, excellent infrastructure, high-level services and perfectly positioned geographically. The stable tax system, the cost of living lower than in other European countries and the high standard of living are also a big plus.
NCH Capital’s projects focus on the west coast of Larnaca and include a 5-star mixed-use resort with a branded hotel and residences, known as ‘Floating Scapes’, which will be developed in partnership with Edge Development. Group, a Cypriot company operating in the construction and development sector in Larnaca.
They also plan to invest in the redevelopment of an abandoned hotel into a mixed-use tourist and residential complex and to develop 23,000 m² of land into a commercial building – called Troy – with 280 apartments functioning as a complex with spa, swimming pools. and other amenities. . They will partner with an Israel-based real estate organization for the project.
“Cyprus has always been a country in which tourism is a fundamental pillar of its economy. We are confident that this will continue and that the shift from traditional family hotels to branded hotels will improve the tourism product and attract better quality tourism, ”Santis said.
“Our investment in Cyprus will have a positive impact on job creation and tourism, helping to boost the local and national economy. Having a U.S. statutory investor keen to position themselves in Cyprus and expand their business sends a message of optimism and signals a light at the end of the tunnel.
Santis added that NCH Capital recently obtained permits to develop a branded boutique hotel in the city of Larnaca and is in final talks to acquire an existing commercial building in Larnaca which will be fully refurbished and converted into an office. upscale and residential building. NCH Capital is also exploring other opportunities in the education and medical sectors, he said.
George Campanellas, Managing Director of Invest Cyprus, said: “These promising development plans are a clear sign that the Cypriot tourism industry will experience a strong recovery after the global coronavirus pandemic. International investors will take note that Cyprus offers enormous potential as an ideal location for developing real estate and tourism activities. As Invest Cyprus, our goal is to identify the right type of investments to make a strategic shift towards a diverse and enriched destination.
Invest Cyprus has a dedicated unit, TourInvest, which focuses on investments in the tourism sector as part of a larger project bank, through which investors can access available projects in thematic areas. The recently launched Project Bank twinning platform will help interested investors to identify investment opportunities and available projects. Some of the investment opportunities currently available include an integrated golf resort, sports complex, assisted living and rehabilitation center, theme amusement park, among others.
About NCH Capital.
Founded in 1993 by George Rohr and Moris Tabacinic, NCH Capital Inc. is a New York-based American management company specializing in emerging markets. The company manages approximately $ 3 billion through a network of ten offices in Eastern Europe, Russia and Brazil, with a professional staff of approximately 150 people who are fully integrated into their local business communities. The company’s high value-added strategies are executed, depending on the set of local opportunities, through investments in real estate, agribusiness, private equity and publicly traded securities.
About Invest Cyprus
Invest Cyprus (Cyprus Investment Promotion Agency) is the investment authority of the Government of Cyprus dedicated to attracting and facilitating foreign direct investment in the country. Its mandate is to market Cyprus as an FDI destination to the world, providing certainty on all aspects of running a business in Cyprus and helping potential investors develop their business case for invest in the country.
More information is available online: https://www.investcyprus.org.cy/.