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Bureaucracy blocks investment in North Cyprus

Bureaucracy blocks investment in North Cyprus

November 07
10:13 2014

Former president of the Istanbul based football club Besiktas Serdar Bilgili, has said that a project to build a hotel complex in North Cyprus may be abandoned, Turkish daily ‘Hurriyet’ reports.

Bilgili (above) said that the project, aimed at attracting golf tourists and launched four years ago in association with American hotel chain Marriott has been thwarted by a raft of bureaucratic obstacles.

“We have made plans to make an investment of 150 million euro. We’ve planned to build a 350 room complex with a golf course. Cyprus had the potential to become a new Monte Carlo. However, we came across a lot of bureaucratic problems. We agreed with Marriott hotel chain to solve them. We signed an agreement for joint investment. We started the investment, but due to several difficulties we were confronted with, we are at the stage of abandoning the investment. Cyprus is not an easy place for investments. The banks do not give loans. Instead of five months for a project to be approved, it takes 2.5 years. I think that we should not take further risks for this investment”, Bilgili said.

 

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