Qatari Diar invest $70m in Cuba

The Memorandum of Agreement was signed by Ahmed Al-Mazroei, Deputy Chief Executive of Qatari Diar and Marta Lomas, Minister for International Investment, Republic of Cuba at Qatari Diar's Lusail headquarters.

The investment at Cayo Largo will develop an exclusive 5-star resort, consisting of a 200 bedroom hotel and 60 deluxe villas. Cayo Largo Resort is located on an island, twenty five minutes by aircraft off the Cuban mainland. The hotel will also have world class facilities including a spa and fitness centre and conference facilities.

The $70m investment is a joint venture with Gran Caribe, a Cuban company 100% owned by the Cuban Ministry of Tourism. Three further sites have been identified in Cuba for future developments.

Speaking at the ceremony, Ahmed Al-Mazroei, Deputy Chief Executive of Qatari Diar said, 'Qatari Diar are delighted to have signed this Memorandum of Agreement. We believe that this project highlights the strong relationship between our two countries and we look forward to working with Gran Caribe on the development. This is another example of Qatari Diar's focus of creating long term sustainable projects.'

In keeping with Qatari Diar's tradition of creating sustainable, community-enhancing projects, the building of the resort will generate hundreds of jobs during the construction phase while enhancing Cuba's tourism infrastructure and desirability as a tourist destination. The resort will boast the highest standards of quality of luxury and will reflect the traditions and customs of the local culture. The resort will also help cater to the needs of the Cuban business and tourism sectors, and will serve as an attractive venue for the growing number of people expected to travel to the country in the near future.

Marta Lomas, Minister for International Investment, Republic of Cuba added, 'This is the beginning of a partnership that will continue to strengthen the relationship between the State of Qatar and the Republic of Cuba and our two leaders.'

Marcelo V. Montenegro, Qatari Diar's Country Manager for Cuba added that 'Cuba is a fantastic country to visit. These investments will continue to develop Cuba's tourism infrastructure. We look forward to completing the development and working on the three additional sites.'