Wednesday, April 30, 2008

Qatari Diar to develop $70mn resort in Cuba

Gulf Times
Tuesday, 29 April, 2008

Qatari Diar’s deputy chief executive officer Ahmed al-Mazroei and Cuba’s Minister for International Investment Marta Lomas shaking hands after concluding an agreement to develop a $70mn five-star resort at Cayo Largo island in Cuba

QATARI Diar will develop a $70mn five-star resort at Cayo Largo island in Cuba.An agreement to the effect was signed between Qatari Diar and the Cuban government at the former’s Lusail headquarters. The Cayo Largo development will be a joint venture by Qatari Diar and Gran Caribe, 100% owned by the Cuban ministry of tourism. The resort which will have a 200 bedroom hotel and 60 deluxe villas. The hotel will also have world class facilities including a spa and fitness centre besides state of the art conference facilities.

The Qatari Diar and Gran Caribe joint venture has identified three more sites in Cuba for further developments. Cayo Largo Resort is located on an island, 25 minutes by aircraft off the Cuban mainland. The agreement was signed for Qatari Diar by its deputy chief executive officer, Ahmed al-Mazroei and for the Cuban government by Marta Lomas, Minister for International Investment. Speaking at the ceremony al-Mazroei said the project was another example of Qatari Diar’s focus on creating long term sustainable projects.

“Qatari Diar is delighted to have signed the agreement with the government of Cuba. We believe the project highlights the strong relationship between our two countries and look forward to working with Gran Caribe on the development. “In keeping with Qatari Diar’s tradition of creating sustainable, community-enhancing projects, the resort development will generate hundreds of jobs during the construction phase besides boosting Cuba’s tourism sector.

The resort will be built to the highest standards of luxury and will reflect the local traditions and customs,” he said. Lomas said: “This is the beginning of a partnership that will strengthen the relationship between the State of Qatar and the Republic of Cuba and our two leaders.” Marcelo V Montenegro, Qatari Diar’s country manager (Cuba), said he looked forward to completing the project within schedule and start working on the three additional sites subsequently.

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