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  • Cypriot Foreign Minister to Asharq Al-Awsat: Riyadh is the Key to the Region

    Cypriot Foreign Minister to Asharq Al-Awsat: Riyadh is the Key to the Region

    ΚύπροςThe Cypriot Minister of Foreign Affairs Ioannis Kasoulidis spoke to Asharq Al-Awsat for more than an hour and a half about the good relations between his country and the Arab region. He also touched on his meeting with President Abdel Fattah El-Sisi last month during a visit to Cairo in the presence of the Foreign Minister Sameh Shoukry as well as the Secretary-General of the Arab League Ahmed Aboul Gheit. There are four Gulf embassies in the capital of his country; they belong to Qatar, the UAE, Kuwait and Oman. He expressed hopes that the Saudi flag would fly over his territory and a Saudi embassy in Nicosia would be opened soon. There is also a Cypriot embassy in Riyadh, and he stressed that Saudi Arabia is the key to the Arab region. His interview with Asharq Al-Awsat follows:

    • How was your visit to Egypt last month?

    It was a very fruitful meeting. I was received by President El-Sisi and the prime minister and we had very friendly, warm talks with the Foreign Minister Sameh Shoukry. I also visited the Arab League and Secretary-General Ahmed Abou Gheit. Let me say first of all that my visit to Egypt came in order to consolidate bilateral relations and to attend the meetings that were held in anticipation of the summit that is going to take place in October in Cairo between the Greek PM, the President of Cyprus and the President of Egypt in the context of the trilateral strategic coordination that is taking place between these three countries, and it is a continuation of what had been decided in Athens last year.

    One of the main aims of this upcoming summit is considered part of the cooperation in the field of security, and the cooperation that exists in matters of security between the three countries in fighting terrorism and other asymmetrical threats. We decided in Athens that there should also be tangible results and we agreed on ways of combating terrorism, ISIS in particular, and that we will assist in the planting of olive trees in the Sinai Peninsula and in the creation of fish farms in certain areas designated by Egypt, particularly in Port Said. So I wanted to make sure that everything is going as had been decided so that these results will be able to be announced. There are other areas of cooperation between these three countries, including the exchange of ministerial meetings that have taken place. This week we are going to have the Egyptian Minister of Petroleum in Cyprus.

    Egypt is one of our neighbours, a very significant country, pivotal for security in the region, and we value very much our strategic relationship with Cairo which aims at contributing to the stability and security in our region, particularly the eastern Mediterranean and beyond. Traditionally, Egypt and Cyprus have been very close from the time of Makarios and Nasser, this working together has been reinvigorated in the last few years. I am proud to say that I am the first EU minister that has visited Cairo on the 3rd of September 2013, just two months after the second revolution of the Egyptian people.
    The coming conference in Cairo will be the implementation of projects decided in Athens.
    Another purpose of my visit to Cairo was to discuss, with the foreign ministry but also El-Sisi, matters concerning our region regarding issues like Libya, Yemen, Syria, Middle East peace problems and so on.

    • How did you hear about the military coup attempt in Turkey?

    We were informed of a coup taking place from the media. Of course, we were worried. We were worried first of all because we don’t want a military junta coming back to Turkey, this is something that is unacceptable and retrograde for the period we are going through. We were relieved that the coup failed and we were relieved that the democratically elected government prevailed. So this was our first reaction. We are worried when there is an army of 43,000 troops in Cyprus and when these troops, for a few hours, are without orders and nobody knows who was where and who was supporting who. So, of course, we were worried.

    • Did you go on high alert given that there are more than 40,000 Turkish troops stationed in northern Cyprus?

    We didn’t go on high alert. We didn’t want to make movements that would provoke the other side. We were very restrained. Yes, our national guard took some measures but they were the appropriate measures that didn’t cause any concern to the Turkish Cypriot side.

    • Did you speak with Turkish officials during or after the coup?

    During the coup we spoke unofficially with the Turkish Cypriot leadership. We exchanged news with them and informed them that the situation did not affect us.

    • Do you agree that the July 15 coup attempt in Turkey could actually be a further push for a settlement of the Cyprus problem as a way for the country to restore relations with the EU and the US?

    The negotiations in Cyprus between the leaders of the two communities have been going on with a steady form of progress all the time. Ideas always need to mature before they converge. The longer the talks last, the more risks that an extraneous event can take place, such as the fallout of the failed coup. But I must say that after the coup attempt there were meetings between President Anastasiades and Mr. Akinci that show that nothing has affected the talks themselves.

    The express wish of both leaders is to finish within 2016. Now let’s say that 95 or 98 per cent has been agreed and there remains something to go over to 2017, there is a problem if there is a stalemate and we don’t advance. We have been advancing so far.

    • Following the coup attempt, Cypriot officials have been reiterating that it is not possible for Turkey to a have a role in security and guarantees of a settlement agreement. What is your view of that?

    We have been saying this even before the coup attempt. We are saying that we seek a security system, following the agreement, that will make Greek Cypriots and Turkish Cypriots feel equally secure. An arrangement that results in a symmetrical sense of security between the two communities. We must find a way that we both feel equally secure.

    • President Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci last week held their first discussions on territory, security and guarantees. The last time the issues were discussed at the negotiating table was in 2004. After a summer break, the leaders are expected to meet eight more times over the coming weeks, dedicating part of their discussions to these issues. Can we expect an agreement anytime soon?

    I think if we have the political will, we can reach an understanding on the territorial and security issues, which are the two issues that have not yet been discussed apart from a first examination of the matter. We can then see the end of the road more clearly. This is going to take place in the days and weeks to come. On the 14th of September, after seven meetings, the leaders will decide about the next steps. You begin with preliminary points of view from both sides and then you try to narrow the gaps and reach a convergence. It needs a little bit of time.

    • How is Cyprus handling the migrant crisis that is facing the EU and which has hit Greece the hardest in recent weeks?

    Cyprus is the closest EU state to Syria. Despite that, because we are an island, we were spared. We were not affected that much by the migrant crisis. We get a boat every now and again. But because we are an island, we are not very attractive to the migrants. The reason is that the migrants want to go to affluent countries of the EU; Germany, Sweden, etc. They don’t want to come to Cyprus because if they come here that means they will be stuck here. They are only entitled to political asylum and will have to remain in Cyprus. They cannot go far. The EU has decided a fair distribution of migrants to all members of state. For Cyprus, according to the formula, we are supposed to receive 500 people. We were asked twice to go and collect refugees belonging to those in mainland Europe, only six accepted to come. We were asked to go and get 129 migrants from Greece. As for the others, they didn’t want to come.

    • Italian oil and gas giant Eni has said it will start exploratory drilling off the south of Cyprus next year, following a meeting between the company’s boss and the Cypriot President. How will this affect Cyprus?

    You know very well that after the discovery in the Egyptian exclusive economic zone (EEZ), a new geological model was used by Eni for this discovery, which proved that there should be many more reserves of natural gas in the eastern Mediterranean, whether in the Egyptian EEZ, the Cypriot EEZ or the Israeli EEZ, leaving alone Lebanon which also has possible reserves. So a lot of companies have shown interest in drilling, including Eni for the three areas which have been assigned to them. A new competition for new blocks took place in Cyprus with very good results, interests of companies like Exxon Mobile, and a company associated with Qatar Petroleum, Total. So many companies have shown interest. Next year there will be an announcement of new concessions and an assignment of locations for companies. This is extremely important. Not just for the economic prospects that will come, but the future prosperity on this island will serve both communities in Cyprus and will be an additional factor on why we should be united, not divided.

    From March 2017 onwards, it’s up to the companies to decide. There is the option of pipelines which can go to Turkey if there is a solution to the problem of Cyprus. Then there is this project related to Greece. There is the LNG way to export through tankers, if you have an LNG power station. There are two in Egypt, waiting for us.

    • How does Egypt being a member of the UN Security Council for 2016-17 effect hopes over the Cyprus negotiations?

    It’s a great help with our cases in front of the Security Council twice a year. We get a tremendous help both at the UNSC but also at the OIC.

    • You also met with Arab League Secretary-General Ahmed Aboul Gheit. How are Cypriot relations with the Arab League?

    Cyprus is a member of the EU and values very much the strategic dialogue between Europe and the Arab world. For us, the Arab world is the closest group of countries and the obvious essential partner in working together. Visiting the Secretary-General of the Arab League was important to reiterate our friendship, our support of areas of cooperation between the EU and the Arab League, but also to explain to him the strategic opening of Cyprus, the strategic foreign policy of Cyprus, in reaching all the Arab countries.

    • There is a new UAE embassy in Cyprus. Is this the start of a new era in relations with the GCC?

    As you know we have resident embassies in Cyprus from Kuwait and Oman, and now the UAE. Saudi Arabia sent letters of credence from Athens last year.

    We have an embassy in Riyadh, in Kuwait, in the UAE and Oman. And of course you know King Abdullah II is visiting Cyprus on the 6th. There is a full range of diplomatic activity and improvement of relations with all the GCC and Arab countries of the region. There are twelve Arab embassies in Cyprus including Syria and Libya.

    • When will there be a Saudi embassy in Cyprus?
    I look forward to having the Embassy of the Kingdom of Saudi Arabia in Cyprus soon and the Saudi flag flying in the skies of our country.

    The Minister of Foreign Affairs’ Curriculum Vitae:

    Ioannis Kasoulides was born on the 10th of August 1948, in Nicosia.

    He studied Medicine at the University of Lyon in France and specialised in Geriatrics in London. He participated in the May ‘68 student demonstrations and founded and chaired the Federation of Cypriot Students’ Union in France.

    Ioannis Kasoulides served the centre-right wing party Democratic Rally from various posts, including the post of the President of the Youth Organization of the Party. In 1991 he was elected as Member of the House of Representatives.

    When Glafkos Clerides won the Presidential Election in March 1993 he was appointed Government Spokesman, a position in which he served until April 1997 when he was appointed Minister of Foreign Affairs until the end of term of Clerides’ administration in February 2003.

    During his term as Minister of Foreign Affairs, Ioannis Kasoulides led the diplomatic effort that marked the beginning and the completion of the accession negotiations of Cyprus to the European Union.

    In June 2004 Ioannis Kasoulides was elected for the first time as Member of the European Parliament achieving an outstanding vote record. He was appointed full member of the Foreign Affairs Committee and under this capacity he served in various positions, including the Presidency of the ad hoc Committee for Human Rights in Western Sahara. He also served as member of the Bureau of the European People’s Party (EPP).

    Mr Kasoulides ran for President in the February 2008 elections in Cyprus. He won the first round, entering the run-off election against the eventual winner, Mr Demetris Christofias. Mr Kasoulides received just under 47% of the vote, having the support of the Democratic Rally only.

    In June 2009 Ioannis Kasoulides was re-elected as Member of the European Parliament, breaking his previous outstanding record for the number of votes. He was elected Vice President of the EPP group of the European Parliament, and was appointed Head of the Foreign Affairs working group. He was re-elected in the same position in 2012.

    Ioannis Kasoulides is fluent in English, French and German. He is the author of the book “Cyprus – EU: The accession as I witnessed it”.

    He is married to the doctor, Anaesthesiologist Mrs Emy Kasoulidou and they have a daughter, Joanna.

    Mr Kasoulides assumed office as Minister of Foreign Affairs of the Republic of Cyprus on 1st March 2013.

    The four resident embassies in Cyprus: UAE, Oman, Kuwait, Qatar

    (english.aawsat.com)

  • Cyprus-Egypt pipe deal opens door for East Med gas

    Cyprus-Egypt pipe deal opens door for East Med gas

    ΟικονομίαCyprus has signed a deal to build a pipeline to supply Egypt with natural gas once production starts from the Aphrodite field located offshore the Mediterranean island.

    The agreement sets the political framework for additional commercial agreements, Cyprus’ Energy Minister Yiorgos Lakkotrypis and Egypt’s Petroleum Minister Tarek el-Molla said.

    Asked if this gas will also be exported to Europe and other markets, Constantinos Filis, director of research at Institute of International Relations, told New Europe this depends on the agreements that will be made by the Consortium that will take over.

    Italian energy major ENI is developing Egypt’s massive offshore Zohr field where exploration activities yielded positive results. “If Zhor field proves efficient to cover Egypt’s growing internal consumption, then any further quantities concentrated in Egypt will probably going to be exported,” Filis said, adding that in that case, the natural gas will be transported in the form of liquefied natural gas (LNG), which makes the European market, in contrast to the Asian one, of the most attractive options.

    Filis said the agreement to build a pipeline between Cyprus and Egypt would probably affect the East Med pipeline. He added, however, that the East Med project anyway was a low priority.

    “However, East Med can be materialised with Israeli gas alone. But the Cypriot side, as it realised that the Vassilikos LNG plan [in Cyprus] could not been realised, logically turned to the most ‘obvious’ option, given that Egypt hosts two LNG facilities that do not need lots of money and time in re-operating. Of course, the political risk is high, given Cairo’s authoritarian regime struggle to stabilise internally and the danger of extremist elements, which are emerging in the country and the concomitant terrorist resurgence. So, Nicosia should develop more alternatives for exporting its gas,” Fillis said, adding that he encouraging news is that new energy finds in its Exclusive Economic Zone (EEZ) are underway.

    According to Lakkotrypis, the first gas through the Cyprus-Egypt gas pipeline should be completed sometime between 2020 and 2022.

    Cyprus, Egypt and Greece are already planning to expand energy cooperation. Nicosia and Athens are in separate talks on strengthening energy ties with Tel Aviv.

    Asked if the Cyprus-Egypt deal means that a pipeline across Turkey for Med gas seems even more distant, Filis told New Europe that in his view there is no pipeline across Turkey but rather to Turkey. Using Turkish soil for transporting gas from the Mediterranean is a very problematic scenario, not least in terms of cost – due to the need for building new infrastructure connecting the southern with the north-western part of the country – but also with regard to the dangers stemming from the fragile internal environment and its gradual alienation from the West, Filis said.

    “In any case, since we are not talking about huge quantities – based on nowadays discoveries – in the wider region, the latter cannot feed many projects/markets at the same time. But again, the defining factor is Israel, as the more mature producer, and Egypt because of Zhor field and to a lesser extent Cyprus,” Filis said.

    (www.neweurope.eu)

  • Crete becomes the Silicon-Island of high technology R&D

    Crete becomes the Silicon-Island of high technology R&D

    ΓενικάOn the 30th of June 2016, KALEAO Ltd, a high-tech start-up company based in Cambridge, UK, inaugurated their new development centre within the FORTH – Foundation for Research and Technology – Hellas research centre in Crete.

    FORTH (in Greek: ITE) is one of the largest research centers in Greece with modern facilities, highly qualified personnel, and a reputation as a top-level research foundation worldwide. KALEAO helps FORTH to grow as a key European research centre and attraction pole for high-tech corporate development. KALEAO designs and manufactures advanced computer systems and delivers solutions based on its innovative approach to web-scale computing.  Last week, KALEAO unveiled KMAX, their new commercial product, offering a true converged rack mountable hardware platform and software computing appliance.

    The inauguration officially sealed the FORTH – KALEAO collaboration towards a joint research lab on low power computing and shows a clear indication of the growing international high-tech involvement in Crete, Greece. FORTH started collaborating with the founders of KALEAO in EuroServer, a research project part of the EU’s FP7 programme.   FORTH, as a partner of the project, designed various hardware prototypes of key importance for the project, including significant operating system software components.

    Professor Constantine Stephanidis, Director of FORTH’s Institute of Computer Science (ICS-FORTH), stated: “At ICS-FORTH, we strongly believe that one of the key factors for the future growth of the Greek economy is innovation in the high technology sectors and we have been working diligently for more than three decades for the advancement of science and technology in the ICT field, placing equal emphasis in basic and applied research, and aiming to bring the research results into the real economy of Greece – and Europe.  FORTH plays a central role in the science and technology ecosystem of Crete. The island is the home of several academic and research institutions of the highest international standing, and is the host of high-tech developments that are based on three pillars: outstanding academic performance, capacity for excellent research, and propensity for industrial innovation.  ICS-FORTH has always been working within the boundaries of this triangle, and I am personally very proud, as its Director, for the outcome of our unwithering contributions and active support in establishing, at international level, licensing agreements with industry, the transfer to industry of the intellectual property rights – thus monetizing research results, and the startup of a number of high tech companies that have their research and engineering basis operating in Crete – with this latest and most prominent addition of KALEAO. Our systematic approach in this direction has created several visible positive effects on the local Research and Technological Development ecosystem and is also contributing towards preventing, and ultimately reversing, the ‘brain drain’ trend in our field”.

    To the declaration of FORTH, Professor John Goodacre, co-founder and CSO of KALEAO, added: “We are very happy with our development centre in Crete and with our collaboration with FORTH, since these yielded the design of key components of our flagship solution KMAX.  With the increasing research agenda of the Computer Architecture and VLSI Systems (CARV) Laboratory at FORTH and the new KALEAO development centre in the Science and Technology Park of Crete (STEP-C), we expect to see an increasing collaboration between FORTH and industry, collaboration that creates new exciting academic and job opportunities in silicon high-technology in this beautiful Greek island – The new “Silicon-Island’’.

    (www.greeknewsagenda.gr)

  • Egypt Government Approves Five Oil And Gas Exploration Deals

    Egypt Government Approves Five Oil And Gas Exploration Deals

    ΑίγυπτοςEgypt’s government has approved five oil and gas drilling and exploration agreements with foreign companies, Petroleum Minister Tarek El Molla said on Wednesday.

    Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible.

    Four of the deals are offshore Mediterranean gas exploration and drilling agreements between Egypt’s state gas board EGAS and BP, Eni, Total, and Edison.

    The fifth deal, which is an oil drilling deal in the Gulf of Suez, is between state petroleum board EGPC and local company Trident Petroleum.

    Egypt currently produces about 3.9 billion cubic feet of gas per day and imports another 1-1.1 billion cubic feet per day.

    (www.rigzone.com)

  • Greece is the fourth largest European investor in Egypt: Greek ambassador

    Greece is the fourth largest European investor in Egypt: Greek ambassador

    Ε.Κ.Α.Greek ambassador to Egypt Christodoulos Lazaris is ending his mission to Egypt after serving a six-year term.

    Lazaris has contributed greatly to the development of Greek entrepreneurship and commercial bilateral relations between the two countries and worked vigorously to achieve the historic tripartite summits between Greece, Egypt, and Cyprus.

    He also worked closely with the Greek Orthodox Patriarchate of Alexandria and All Africa and with the Greek communities of both Alexandria and Cairo.

    On this occasion, the Greek Community Club and the Greek Community of Alexandria hosted a farewell cocktail and dinner in honour of the ambassador, where the president of the Greek Community of Alexandria, John Papadopoulos, as the host of the event honoured the ambassador with the commemorative silver plate of the Greek Community of Alexandria.

    The event was attended by significant figures, including the pope and patriarch of Alexandria and All Africa, his Beatitude Theodoros II, the consuls of Russia, France, and Sudan, representatives of the Consulate of Palestine, representatives of the Bibliotheca Alexandria, and the Alexandria Opera House, and the presidents and representatives of the Greek associations of Alexandria and Cairo.

    To learn more about the bilateral relations between Egypt and Greece during his mission to Egypt, Daily News Egypt sat down with the ambassador. 

    What is your opinion about this event taking place here in Alexandria?

    Greece has a very strong presence in Alexandria and the Greek community here is very active. Also, we have strong ties with the Bibliotheca Alexandria.

    As your time in Egypt is coming to an end, how would you explain Egyptian-Greek relations?

    Greece is usually the voice of Egypt in the European Union. To some extent we have managed to fix the false image that exists about Egypt and have prevented the spread of such an image.    

    Both countries are very close economically and politically. We cooperate together in security issues. Egypt and Greece share the same view on fighting terrorism and have similar models when it comes to foreign and defence policies.

    We have cooperated with Egypt on a number of issues related to the crises in Syria and Libya, immigration, and refugees.

    Keep in mind that both countries are close geographically, making Alexandria a very important centre. This fact encourages and enhances our cooperation together, especially in regards to naval activities. For example, in the recent EgyptAir aeroplane crash, the first ships to arrive were Greek. They were sailing back to Greece from the Alexandria port, so, when needed, they sailed back to Egypt.

    In general, we are talking about a trilateral cooperation as it involves not only Egypt and Greece, but also Cyprus.

    How about the economic ties between Egypt and Greece? 

    Greece is the fourth largest European investor in Egypt. We have around 208 companies in Egypt.

    Our sixth trading partner worldwide is Egypt, and I think that we are going to improve this position this year.

    We are also among the first 10 trading partners for Egypt.

    Can you tell us about cultural bilateral relations?

    Over the past six years, we have been concentrating more on business relations. Yet, Greece maintains a strong cultural presence in Egypt, especially in Alexandria.

    Greek cultural centres are very active in Egypt, particularly the Greek language schools, which have a very high enrolment.

    The Greek Community of Alexandria is one of the major cultural institutions in the city.

    We are keen to have at least one cultural event per month in Egypt. But, of course, there are usually more.

    After ending your duty as the Greek ambassador to Egypt, what is the next country you will serve in?

    I will serve in Spain, which I consider a soft landing. I wished to serve more time in Egypt, but I have already been here for six years.

    (www.dailynewsegypt.com)

  • Egypt Government Approves Five Oil And Gas Exploration Deals

    Egypt Government Approves Five Oil And Gas Exploration Deals

    ΕνέργειαEgypt’s government has approved five oil and gas drilling and exploration agreements with foreign companies, Petroleum Minister Tarek El Molla said on Wednesday.

    Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible.

    Four of the deals are offshore Mediterranean gas exploration and drilling agreements between Egypt’s state gas board EGAS and BP, Eni, Total, and Edison.

    The fifth deal, which is an oil drilling deal in the Gulf of Suez, is between state petroleum board EGPC and local company Trident Petroleum.

    Egypt currently produces about 3.9 billion cubic feet of gas per day and imports another 1-1.1 billion cubic feet per day.

    (www.rigzone.com)

  • Delphi to host top level Economic Forum

    Delphi to host top level Economic Forum

    Γενικά νέαThe first annual Delphi Economic Forum will be held at the European Cultural Centre of Delphi (ECCD, February 25 – 28, 2016) under the auspices of the President of the Hellenic Republic, Prokopis Pavlopoulos. The aim of the conference is to engage business, political, academic and other influential opinion makers, in an effort to address emerging challenges for Greece and to contribute to a policy framework that will set the grounds for the country’s socio-economic transformation and revival.

    Among the issues to be discussed at the Conference, according to the 4-day program, are the shifts in the global balance of power, strategies for sustainable development, Greece’s constitutional revision dilemmas, Europe’s migration and refugee crisis, Foreign Direct Investment and entrepreneurship as key drivers for the Greek economy, energy issues, the Greek pension system and the demographics of ageing, media and education reforms, the cooperation with the Greek Diaspora, as well as extremism and populism as challenges for the future of Europe.

    High-level government officials, influential politicians and major experts from Greece and abroad are expected to attend, as well as distinguished businessmen, market executive’s academics and journalists from the international and domestic community. The list of speakers includes Helene Ahrweiler, President of the Administration Council of ECCD, Ioannis Dragasakis, Deputy Prime Minister of Greece, George Katrougalos, Minister of Labor, Ioannis Amanatidis, Deputy Minister of Foreign Affairs, Kostas Bakoyannis, Governor of Central Greece Region, Dimitris Avramopoulos, European Commissioner for Migration, Corina Cretu, Regional Policy Commissioner, Declan Costello, Director of Economic Relations of the European Commission, Deborah Wince-Smith, President and CEO, US Council on Competitiveness, Lucas Papademos, former Greek Prime Minister, Thanos Dokos, Director General Hellenic Foundation for European and Foreign Policy, and many more.

    Τhe Conference is taking place in Delphi, one of the most important archaeological sites of Greece, which seems to appear in the itinerary of every traveler who is attracted to the oracle that influenced affairs in the known world for over a thousand years.

    (greeknewsagenda.gr)

  • Arab-backed fund signs $434m deal to buy luxury Greek resort

    Arab-backed fund signs $434m deal to buy luxury Greek resort

    ΓενικάThe new agreement includes amended special zoning and spatial planning for the development of Astir Palace.

    Greece’s privatisation agency said it signed a €400 million ($434.3 million) deal with Jermyn Street Real Estate Fund to sell Astir Palace, a luxury seaside resort outside Athens.

    Greece’s top administrative court had blocked the sale of the Astir Palace hotel complex in March, saying the town planning scheme that Greece submitted violated Greek law, as the construction of a large number of residential buildings would harm the natural and urban environment.

    “Jermyn Street Real Estate Fund has signed the new agreement to submit the amended special zoning and spatial plan for the development of Astir Palace,” the Hellenic Republic Asset Development Fund (HRADF) said.

    The fund represents investors from Turkey, Abu Dhabi, Dubai, Kuwait and other emirates.

    The agency said the agreement ensured that the fund’s development plan for the resort was adjusted to the court’s opinion.

    “The whole process is expected to be completed within the first half of 2016,” HRADF said.

    The agency is expected to cash in about €100 million from the deal. The rest of the proceeds will go to National Bank, Greece’s largest lender, which owns about 85 per cent of the resort.

    Privatisations have been a key condition of Greece’s international bailouts since 2010, but its state asset sales scheme has produced poor revenues due to bureaucratic delays and lack of political will.

    So far, Athens has raised only about €3.5 billion from state asset sales versus an original target of €50 billion.

    (neoskosmos.com)

  • 7th Annual Capital Link Invest in Greece Forum

    7th Annual Capital Link Invest in Greece Forum

    ΟικονομίαFor the 17th year, a major international Forum on Investing in Greece is taking place in New York City on Monday, December 14th, 2015 organized in cooperation with the New York Stock Exchange and major global banks.

    We invite you to join the Forum – institutional investors can also request 1×1 meetings with government officials and company management.

     There is no charge to attend for qualified attendees. Registration is by Invitation Only.

    THE FORUM FEATURES:

    Four Greek Government Ministers,

    Eight global investment banks, (Senior executives from: Citi, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch Bank of America, Mizuho, UBS)

    Senior representatives from the International Monetary Fund, the European Commission, the European Central Bank and the European Stability Mechanism,

    Top US investors including Paulson & Co, WL Ross & Co, York Capital, Calamos Investments,

    Corporate CEOs from Greece and the United States including senior executives from the three Greek Banks

    There are several panel discussions focusing on the developments and outlook of the Greek Economy and business and investment opportunities in the country. Greece has been going through a time of unprecedented difficulty and change, as the country restructures its economy and strives to embark on a period of renewed growth and stability. A lot of progress has been achieved, but there are still significant challenges ahead. Developments in Greece have far reaching implications for the European Union and the global economy.

    To register please click on the link below:

    http://forums.capitallink.com/greece/2015/