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State-owned Qatar Investment Authority (QIA) has signed a $70 million deal with the Republic of Cuba to develop a five-star tourist resort in the Central American communist nation.
The QIA’s real estate arm Qatari Diar said on Monday it had signed a memorandum with the Cuban government to construct the project.
The resort is part of a joint venture with Gran Caribe, a company owned by the Cuban Ministry of Tourism. Three further sites have been identified in Cuba for future developments, Qatari Diar said in a statement.
The investment consists of a 200-bedroom hotel and 60 deluxe villas. Cayo Largo Resort is located on an island accessible by aircraft off the Cuban mainland. The hotel development will include a spa and fitness centre and conference facilities.
Ahmed Al-Mazroei, deputy chief executive of Qatari Diar, said project highlighted the “strong relationship” between the two countries.
The construction of the resort will generate hundreds of jobs while enhancing Cuba’s infrastructure and status as a tourist destination, Al-Mazroei added.
QIA invests the country's surplus wealth and manages assets worth close to $60 billion.
Qatari Diar was established in December 2004 to support Qatar’s growing economy and to coordinate the country’s real estate development priorities.
The company in February said it plans to develop two real estate projects in Syria including a $250 million mixed-use development in Lattakia.
RELATED: Qatar plans $250mn Syria development
In January Qatari Diar completed the purchase of London's Chelsea Barracks for 959 million pounds ($1.87 billion). It plans to replace the army barracks with a luxury housing development.
RELATED: Qataris buy jewel of Chelsea for $2bn
