2023 Doing Business in Cyprus (India Edition)
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DOING BUSINESS C YPRUS<br />
34<br />
INDIA EDITION<br />
Artist Impression: City of Dreams Mediterranean<br />
Artist Impression: Grand Hyatt Limassol<br />
Artist Impression: Ritz-Carlton Residences<br />
ITourism and real estate have<br />
product. The new cas<strong>in</strong>o resort, City of<br />
Dreams Mediterranean, has extensive<br />
always been robust sectors<br />
facilities and five-star status. The cas<strong>in</strong>o<br />
resort is Hong Kong-based Melco’s first<br />
of the Cypriot economy,<br />
expansion outside of Asia and is the<br />
and a concerted effort to<br />
biggest cas<strong>in</strong>o of its k<strong>in</strong>d <strong>in</strong> Europe, with<br />
the <strong>in</strong>vestment of €600 million for this<br />
diversify <strong>Cyprus</strong>’ offer<strong>in</strong>g <strong>in</strong><br />
mega project.<br />
recent years has paid off.<br />
Spurred by this unique development,<br />
<strong>Cyprus</strong> garnered another landmark<br />
<strong>in</strong>vestment deal <strong>in</strong> 2022 with Israeli bus<strong>in</strong>ess magnate Gilad Shabtai <strong>in</strong>vest<strong>in</strong>g <strong>in</strong> over<br />
130,000 m 2 of land for development surround<strong>in</strong>g the new <strong>in</strong>tegrated cas<strong>in</strong>o resort <strong>in</strong><br />
Limassol. The dest<strong>in</strong>ation and value of the area are set to be elevated by this key real<br />
estate <strong>in</strong>vestment.<br />
Proposals <strong>in</strong>clude the development of exclusive seven-star facilities provid<strong>in</strong>g<br />
bespoke services for owners and <strong>in</strong>vestors. Plans are also <strong>in</strong> place for additional
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