BUSINESS

Two major tourism projects get go-ahead

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 subsidiary 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 kilometers 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.

Online