Two ma­jor tourism projects get go-ahead for im­ple­men­ta­tion

Kathimerini English - - Focus - BY NIKOS ROUSSANOGLOU

Next sum­mer will likely see con­struc­tion start on two ma­jor tourism and hous­ing in­vest­ment projects on Crete and in the Pelo­pon­nese with a to­tal value of 700 mil­lion euros and which will cre­ate 1,800 per­ma­nent jobs.

They are the Itanos Gaia in­vest­ment in Crete by Loy­al­ward, a sub- sidiary of the Mi­noan Group which is listed on London’s AIM mar­ket, and Ki­lada Hills, which will be im­ple­mented by another AIM-listed company, Dol­phin Cap­i­tal In­vestors (DCI), founded by Mil­tos Kam­bourides.

The Greek state has ap­proved both in­vest­ment projects’ strate­gic in­vest­ment spe­cial de­vel­op­ment plans and they are the first two projects set to be re­al­ized in the Gen­eral Direc­torate for Strate­gic In­vest­ments’ 10 months of op­er­a­tion.

The next steps con­cern the sign­ing of the pres­i­den­tial de­crees and the is­sue of the con­struc­tion li­censes. Th­ese de­crees de­ter­mine the zon­ing character, the in­vest­ment iden­tity, the land us­age and the pre­cise lo­ca­tion of the strate­gic in­vest­ment projects.

Itanos Gaia con­cerns a tourism de­vel­op­ment of 25 square kilome- ters at Kavo Sidero in east­ern Crete, and will in­clude the cre­ation of five ho­tels and a golf course, bud­geted at 267.7 mil­lion euros. Ki­lada Hills will be de­vel­oped on a 2 sq.km. plot in the east­ern Pelo­pon­nese, close to DCI’s other units, Aman­zoe and Nikki Beach. The new project will in­clude a ho­tel, a va­ri­ety of lux­u­ri­ous ac­com­mo­da­tion units and a golf course, with a bud­get of 418 mil­lion euros.

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