Cyprus Mail
Business Cyprus Property

Kuwaiti investors to probe property deals

President Nicos Anastasiades and the Prime Minister of the State of Kuwait, Sheikh Jaber Al- Mubarak Al-Hamad Al-Sabah.

By Evie Andreou

THE chairmen of three Kuwaiti investment funds arrived on Wednesday for a series of meetings with government officials and the Cyprus Investment Promotion Agency (CIPA), to discuss investment prospects mainly in the property sector.

The investors, who arrived on a private jet and represent the Kuwait Projects Company (KIPCO), will first meet with CIPA officials on Thursday and then with president Nicos Anastasiades, finance minister Harris Georgiades and energy minister Giorgos Lakkotrypis.

Charis Papacharalambous, Director General of CIPA, told the Cyprus Mail “the delegation from Kuwait is here on an exploratory mission. They are here to be informed about Cyprus’s economic and banking system. There is no specific project on the table.”

He said that CIPA has arranged a presentation by the Association of Valuers and Property Consultants for the Kuwaiti delegation on property development in Cyprus.

The investors also expressed interest in the privatisation of semi-government organisations and in the energy sector.

Papacharalambous said that we need to be down to earth regarding this visit and not cause a lot of noise over nothing. “These things take time and at the moment there is nothing more to it,” he said.

Following Anastasiades’ official visit to Kuwait last October as part of a series of trips to Gulf states with the aim of attracting investors, Cyprus and Kuwait signed a series of bilateral agreements including cooperation in fighting terrorism, organised crime, drugs trafficking and illegal migration.

Agreements were also signed for cooperation in the areas of tourism, education, and health.

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